二要以强化管理提高发展质量。坚持向内挖潜，做好全面预算管理，加强全员、全要素、全生命周期成 本管控，加大应收款项、合同资产、存货和应付款项管控力度。加强上市公司质量和市值管理。 三要以有效投资积蓄发展潜力。围绕产业链强基补短、基础设施建设、能源资源保障、前瞻产业布局等 重点领域，用好各类支持政策，靠前谋划实施一批重大项目和标志性工程，厚植可持续发展基础。 一要以抢抓市场拓展发展空间。密切关注宏观形势，加强行业运行结构性、趋势性分析，加大滚动监测 力度，提升产供储销各环节的反应灵敏度。要探索运用各种大数据模型和行业模型，精准捕捉潜在市场 需求，创新提升商品和服务品质，培育壮大文旅、数字、健康等消费新场景，努力形成新的增长点。 12月22日，国务院国资委主任张玉卓在2025年度中央企业负责人会议上表示，2026年要全力以赴稳经 营、提质效。 ...

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of "digital intelligence" and "consumption" in the 14th Five-Year Plan, aiming to drive high-quality development in service consumption through the digitalization of the service industry [1][2]. Group 1: Strategic Significance of Service Industry Digitalization - Service industry digitalization is a crucial approach to align with technological revolution trends and cultivate new productive forces, with a focus on integrating AI, big data, and cloud computing [2]. - It meets the growing demand for high-quality, personalized services as consumer preferences shift towards more diverse and enjoyable experiences [3]. - Digitalization supports the construction of a new development pattern and enhances the reliability of domestic circulation, which is vital for China's modernization [4]. Group 2: Challenges and Solutions in Service Consumption - The service industry faces a "low-level equilibrium trap," where there is a mismatch between high demand and insufficient quality supply, particularly in sectors like elderly care and childcare [5]. - Digitalization can optimize service supply and expand coverage, breaking the deadlock between supply and demand [5]. Group 3: Achievements in the 14th Five-Year Plan - Significant advancements in digital infrastructure have been made, with over 459.8 thousand 5G base stations established, enhancing network quality and user experience [6][7]. - The platform economy has thrived, with online retail in service consumption projected to reach approximately 2.44 trillion yuan in 2024, accounting for 15.7% of total online retail [8]. - New consumption scenarios have emerged, integrating online and offline experiences, and enhancing consumer engagement through immersive technologies [9]. Group 4: Directions and Paths for the 15th Five-Year Plan - The focus will be on deepening the integration of technology and service consumption, emphasizing the need for personalized and immersive service experiences [14][16]. - Key measures include breaking institutional barriers to stimulate service supply and fostering a regulatory framework that adapts to new business models [15]. - The plan aims to enhance the quality of service consumption by promoting the integration of modern services with advanced manufacturing and agriculture [16]. Group 5: Policy Environment and Safety Measures - The government aims to optimize fiscal and financial policies to support public services and enhance consumer confidence [17]. - Data security and privacy protection will be prioritized to ensure the safe operation of digitalized services [17]. - There will be an emphasis on improving digital literacy and talent cultivation to support the growth of new service consumption models [17].

Core Viewpoint - The article discusses the significant progress in the pilot program for new consumption formats, models, and scenarios initiated by the Ministry of Finance and the Ministry of Commerce to stimulate domestic demand and unleash consumer potential [1][2]. Summary by Sections Pilot Program Overview - The pilot program has officially announced a list of 50 cities, including all four direct-controlled municipalities and five cities with independent planning, covering major provinces across the country [2]. - The program will last for two years, with the central government providing up to 400 million yuan per city based on city size to enhance the consumption market [4]. Funding and Support Structure - Funding will be tiered based on city size: super-large cities will receive a total of 400 million yuan, large cities 300 million yuan, and other cities 200 million yuan, with funds distributed in two batches [5]. - The policy focuses on supply-side innovation, supporting the establishment of first-store economies, diverse service consumption scenarios, and collaborations with well-known IPs [5][6]. Key Support Areas - The program aims to create first-store centers and economic clusters, supporting the opening of flagship and concept stores for leading domestic and international brands [6]. - It encourages the development of diverse service consumption scenarios, enhancing cultural, health, and entertainment functions in shopping areas, and promoting night economy initiatives [6]. - The initiative also supports collaborations between local cultural resources and popular IPs to create innovative consumption experiences [6]. Economic and Employment Impact - The pilot program is expected to stimulate both consumption and employment, fostering high-quality, innovative supply to meet diverse consumer demands [7][8]. - It aims to create numerous job opportunities across various service sectors, including retail, dining, and tourism, thereby enhancing the employment absorption capacity of the service industry [7][8].

Group 1 - The core viewpoint of the news is the implementation of a comprehensive plan to enhance service consumption quality and expand its capacity in Sichuan Province, focusing on various sectors including dining, elderly care, and cultural tourism [2][3][4] - The plan includes nurturing 2,000 distinctive local shops to improve urban liveliness and convenience, alongside initiatives to enhance community elderly care services and develop new home service industries [4][5] - The strategy aims to tap into the growth potential of improved service consumption by promoting sports events and outdoor activities, as well as enhancing non-academic training services [4][6] Group 2 - The plan outlines 19 measures across four main areas: improving basic service consumption, exploring growth potential in improved service consumption, enhancing development momentum for service consumption, and optimizing the consumption environment [3][4] - New service consumption scenarios and business models will be developed, leveraging commercial complexes, pedestrian streets, and cultural sites to create unique and international service experiences [5][6] - Financial support will be strengthened for key service consumption sectors and the elderly care industry through various policy tools, aiming to meet diverse consumer needs and stimulate economic growth [6]

Market Overview - The market experienced a high of 3899 points before a decline, with all three major indices dropping over 1% [1] - The Consumption ETF (159928) fell by 1.61%, marking a three-day downward trend, with a total trading volume of 1 billion yuan, slightly higher than the previous day [1] - The Consumption ETF (159928) attracted nearly 800 million yuan in two days, with a total size exceeding 19.7 billion yuan, leading its peers [1] Hong Kong Market - The Hong Kong Consumption 50 ETF (159268) also saw a decline of 1.43%, with a trading volume exceeding 33 million yuan [3] - Over the past five days, there were net inflows on four days, accumulating over 32 million yuan [3] - Notable stocks included Pop Mart rising over 4% and China Duty Free increasing over 2%, while stocks like Anta Sports and Midea Group fell over 2% [3] Policy Measures - The State Council introduced policies to expand service consumption, selecting around 50 pilot cities for new consumption models [5] - A series of policy documents will be released to promote high-quality development in the accommodation industry and integrate railways with tourism [5] - The government plans to conduct over 25,000 cultural and tourism consumption activities during the consumption month, distributing over 330 million yuan in consumption subsidies [5] Service Consumption Policies - The recent policies are seen as a refinement of the 2024 guidelines for promoting high-quality service consumption, emphasizing cross-department collaboration [6][7] - The measures cover 19 specific actions across key service sectors, including culture, tourism, sports, education, and health, aiming to enhance service consumption from multiple dimensions [7] - The policies focus on practical execution and operational feasibility, introducing innovative and implementable measures [7] Key Highlights of the Measures - The policies include initiatives for service consumption seasons, targeting areas with high demand potential [8] - Supply-side measures aim to expand openness and reduce restrictions in various sectors, enhancing service product offerings [8] - Demand-side strategies focus on attracting inbound consumption and exploring new consumption forms through AI and digital services [8] - Financial support will be provided through various tools to inject liquidity into the service consumption market [8] Industry Insights - The policies are expected to boost sectors like IP economy, maternal and infant care, and AI-driven consumption [9][10] - The IP economy is encouraged to innovate and create new consumption scenarios, with strong growth in domestic IP industries [9] - Maternal and infant care will benefit from supportive policies, reducing costs and stimulating demand in related industries [9] - AI technology is anticipated to enhance consumer experiences and create new products and scenarios in the market [10] Consumption ETF Insights - The Consumption ETF (159928) is characterized by its resilience across economic cycles, with top ten holdings accounting for over 68% of its weight [11] - Key holdings include leading liquor brands and major players in the agricultural sector, indicating a strong focus on essential consumer goods [11] - The Hong Kong Consumption 50 ETF (159268) is positioned as an efficient choice for investing in the Hong Kong consumption sector, supporting T+0 trading and not occupying QDII quotas [12]