供给与需求，是经济发展的一体两面。当前，我国消费市场呈现升级加速、分层加快的态势：一方面，居民消费呈现个性 化、品质化、智能化、绿色化的多样化需求；另一方面，部分行业"内卷式"竞争加剧，同质化、低端化供给过剩，好产品"买 不到"的结构性矛盾凸显。《方案》紧扣供需适配这一"牛鼻子"，既给规模增量"定目标"，又给结构升级"指方向"。 ■孟珂 近日，工业和信息化部等六部门联合印发了《关于增强消费品供需适配性进一步促进消费的实施方案》（以下简称《方 案》），提出两个阶段的主要目标：到2027年，消费品供给结构明显优化，形成3个万亿级消费领域和10个千亿级消费热点， 打造一批富有文化内涵、享誉全球的高品质消费品；到2030年，供给与消费良性互动、相互促进的高质量发展格局基本形成， 消费对经济增长的贡献率稳步提升。 突出数智融合，培育新质生产力。智能网联汽车、消费电子、智能穿戴产品、民用无人机……《方案》列出的重点领域， 高度契合新质生产力发展方向。近年来，科技创新和产业创新加快融合，数字消费、绿色消费快速壮大，为经济高质量发展增 添新的动力。 厚植文化基因，让国潮崛起激活消费自信。《方案》将潮玩、珠宝首饰、国潮服饰纳入 ...

3个万亿级和10个千亿级 消费热点有哪些? 工业和信息化部等六部门近日印发的《关于增强消 费品供需适配性进一步促进消费的实施方案》提 出,到2027年,形成3个万亿级消费领域和10个千 亿级消费热点。11月27日举行的国务院政策例行吹 风会上,工业和信息化部有关负责人进行了解读。 "3个万亿级和10个千亿级消费热点"是基于 对消费趋势、产业基础和技术变革的综合研 ii 7J) ] 上山 不 会订时可 万亿级消费领域 ▶ 包括老年用品、智能网联汽车、消费电子等 H:如 权威解读 以老年用品为例 在我国人口老龄化程度不断加深的时代背 景下,市场规模已从2014年的2.6万亿元 增长到2024年的5.4万亿元,年复合增长 率达到7.3%,成为银发经济的重要支撑 千亿级消费热点 ▶ 包括婴童用品、智能穿戴产品、化妆品、 健身器材、户外用品、宠物食品用品、 民用无人机、潮玩、珠宝首饰与国潮服饰等 这些领域已展现出强劲的增长势头和巨大的发 展潜力,让消费市场呈现出多元化、活力化等 重要特征 IP经济（也就是利用知识产权 所创造的经济）契合年轻群体 消费偏好,各类潮玩产品快速 火爆全球 可以预见，多点开花、分层推进的消费 ...

近日，工业和信息化部会同5部门联合印发《关于增强消费品供需适配性进一步促进消费的实施方案》 （以下简称《实施方案》）。11月27日上午，国务院新闻办公室举行政策例行吹风会，工业和信息化部 副部长谢远生等介绍有关情况。 实现生产和消费从量到质的转变 "总体看，当前我国消费品供给已进入优质优价新发展阶段，基本满足了人民美好生活需要。但部分领 域供需结构性错配问题依然存在。"谢远生表示，如国内首饰、箱包、化妆品等领域高端品牌还比较 少；适应居民品质化、个性化需求的新产品创新应用和供给不足；部分消费热点尚未完全充分供给。 聚焦供需错配的主要领域和环节，《实施方案》提出5个方面的举措。 拓展增量，加速新技术新模式创新应用。打造一批重点领域标志性产品和首用场景样板，推广柔性生 产、用户参与设计等高效响应制造新模式，完善中试验证等服务平台，推动人工智能等新技术融入研发 生产销售应用全链条。 深挖存量，扩大特色和新型产品供给。针对绿色、健康、农村、国潮等新型和重点领域消费，加快特殊 膳食食品、休闲运动等产品研发创新，提升消费品能效、水效限定值标准，推广体育优品目录和历史经 典产品消费地图，开展名优产品巡展和下乡活动等。 细分 ...

Core Insights - The Chinese government aims to create three trillion-yuan-level consumption sectors and ten hundred-billion-yuan-level consumption hotspots by 2027, focusing on supply-side structural reforms to stimulate domestic demand [1][2] Group 1: Trillion-Yuan Consumption Sectors - The three identified trillion-yuan consumption sectors are elderly products, smart connected vehicles, and consumer electronics, with the elderly products market expected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, reflecting a compound annual growth rate of 7.3% [1] Group 2: Hundred-Billion-Yuan Consumption Hotspots - The ten hundred-billion-yuan consumption hotspots include baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and national trend clothing [1] Group 3: Market Trends and Consumer Preferences - There is a strong growth momentum in these sectors, driven by trends such as health consciousness and fitness, leading to increased demand for outdoor products and fitness equipment. The IP economy aligns with the consumption preferences of younger demographics, resulting in a rapid global rise of trendy products [2]

Core Insights - The document outlines a plan to enhance the adaptability of supply and demand in consumer goods, aiming for significant structural optimization by 2027, with the creation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1][5]. Group 1: Trillion-Level Consumption Sectors - The three trillion-level consumption sectors identified include elderly products, smart connected vehicles, and consumer electronics, reflecting a comprehensive assessment of consumption trends, industrial foundations, and technological changes [1][2]. Group 2: Hundred-Billion-Level Consumption Hotspots - The ten hundred-billion-level consumption hotspots encompass baby and children's products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food and supplies, civilian drones, trendy toys, jewelry, and national trend clothing, all showing strong growth momentum and significant development potential [2][4]. Group 3: Market Dynamics and Growth Potential - The elderly products market is projected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, with a compound annual growth rate of 7.3%, highlighting the importance of the silver economy [1][2]. - The implementation plan aims to stimulate the domestic consumption market's resilience and vitality, potentially generating several trillion yuan in new consumption markets by 2027 through supply-side structural reforms [5]. - The strategy includes optimizing existing products by enhancing quality and cultural elements, as well as creating new products and services to meet emerging consumer needs, such as smart home ecosystems and solutions for the elderly [5].

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has issued an implementation plan aimed at enhancing the adaptability of supply and demand in consumer goods, targeting the formation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027 [1][3]. Group 1: Trillion-Level Consumption Sectors - The three trillion-level consumption sectors identified include elderly products, smart connected vehicles, and consumer electronics [3]. - The market size for elderly products is projected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 7.3%, highlighting the significance of the silver economy [3]. Group 2: Hundred-Billion-Level Consumption Hotspots - The ten hundred-billion-level consumption hotspots encompass baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food and supplies, civilian drones, trendy toys, jewelry, and national trend clothing [3]. - These sectors are showing strong growth momentum and significant development potential, contributing to a diversified and vibrant consumer market [3]. - The rise of health-conscious living and the concept of national fitness are driving increased demand for outdoor products and fitness equipment, while the IP economy aligns with the consumption preferences of younger demographics, leading to the rapid global popularity of trendy toy products [3]. Group 3: Market Resilience and Vitality - The multi-faceted and layered approach to cultivating consumption hotspots is expected to significantly enhance the resilience and vitality of the domestic consumer market, providing solid support for the construction of a new development pattern [3].

Core Insights - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, targeting significant optimization of the supply structure by 2027, with the goal of creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1][4]. Group 1: Trillion-Level Consumption Sectors - The three trillion-level consumption sectors identified include elderly products, intelligent connected vehicles, and consumer electronics, reflecting a comprehensive assessment of consumption trends, industrial foundations, and technological changes [1][2]. - The elderly products market is projected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, with a compound annual growth rate of 7.3%, highlighting the importance of the silver economy [1]. Group 2: Hundred-Billion-Level Consumption Hotspots - The ten hundred-billion-level consumption hotspots encompass baby and children's products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food and supplies, civilian drones, trendy toys, jewelry, and national trend clothing, all showing strong growth momentum and significant development potential [2][4]. - The rise of health-conscious lifestyles and the concept of national fitness have led to increased demand for outdoor products and fitness equipment, while the IP economy aligns with the consumption preferences of younger demographics, driving the popularity of trendy products globally [4]. Group 3: Market Dynamics and Growth Opportunities - The implementation plan focuses on supply-side structural reforms, accelerating brand leadership, standard upgrades, and the application of new technologies, which are expected to stimulate the multiplier effect and structural dividends of China's vast domestic market, potentially generating trillions of yuan in new consumption markets by 2027 [4][5]. - There are two main growth avenues: "stock optimization" through enhancing product quality and cultural elements, and "incremental creation" by developing new products and services tailored to emerging demographics and needs, such as smart home ecosystems and solutions for the elderly [5].

Group 1 - The market sentiment is becoming more optimistic, with A-shares showing a five-week consecutive rise in weekly K-line performance, indicating a growing profit effect for investors [1] - Institutional funds have seen widespread net inflows, with public mutual funds exceeding estimated net redemptions in June, and private equity registrations surpassing 30 billion yuan, a 125% year-on-year increase [2] - Retail investors are also increasing their participation, with margin balances exceeding last year's peak, and active private equity positions remaining high at 82% [2] Group 2 - Historical data suggests that bull markets characterized by a divergence between fundamentals and liquidity typically last no more than four months, raising questions about the sustainability of the current market trend [3] - The current anti-involution narrative indicates potential investment opportunities in undervalued cyclical manufacturing sectors, particularly in construction materials, basic chemicals, steel, and transportation [4] - The upcoming World Artificial Intelligence Conference in 2025 is expected to catalyze growth in various sectors, with the STAR Market likely to experience a rebound due to supportive policies [5] Group 3 - Strategies for responding to the market surpassing 3600 points include balancing investments between Hong Kong and A-shares, with a focus on technology sectors and cyclical industries [6][7] - Investor sentiment is leaning towards a bullish outlook, with 55% of surveyed investors believing the market is in a bull phase, and a majority expecting the market to stabilize above 3600 points [9] - The technology sector remains a favored investment direction, with 46% of investors maintaining a focus on this area, while consumer sectors are also gaining attention [10]

Core Viewpoint - Huatai Securities remains optimistic about the large consumption sector in 2025, suggesting four structural investment themes within the consumption sector [1] Group 1: New Consumption Investment Opportunities - Head brands in beauty and personal care, as well as domestic fashion, are achieving market share breakthroughs through product innovation and omnichannel strategies [1] Group 2: High-Growth Emotional Consumption Sector - The market for emotional consumption, including trendy toys, pet economy, and immersive services, is building a high-prosperity market worth hundreds of billions through social and scenario-based consumption models [1] Group 3: Booming Silver Economy - The silver economy, focusing on age-friendly smart appliances and elderly education tourism, is expected to enter a golden development period supported by policy and changing perceptions [1] Group 4: "AI+" Consumption Technology Empowerment Opportunities - Companies providing computing power services and solutions, along with leading consumer stocks that are first to implement these technologies, show significant growth potential [1]