Core Viewpoint - The recent joint issuance of the "Guiding Opinions on Financial Support for Boosting and Expanding Consumption" by six Chinese government departments signals a strong commitment to expanding domestic demand, stimulating consumption, and promoting high-quality development [1][4] Group 1: Policy Measures - The "Opinions" propose 19 key measures across six areas, providing a clear direction for financial support of consumption and a roadmap for consumption upgrades [1] - Specific measures include innovative financing models, extending loan terms, and developing intellectual property pledge financing to address challenges in service consumption [2][3] Group 2: Consumption Trends - China's retail sales of consumer goods reached 41.326 trillion yuan in May 2025, with a year-on-year growth of 6.4%, indicating strong resilience and potential in the consumption market [1] - The focus on improving service consumption, particularly in sectors like cultural tourism, sports entertainment, and education, highlights the importance of these areas for driving consumer spending [2] Group 3: Financial Support Mechanisms - The need for systemic reforms to establish a long-term financial support mechanism for consumption is emphasized, aiming to enhance residents' consumption capacity and willingness [1][3] - The integration of data credit, consumer finance, and supply chain finance is proposed to improve financial understanding of emerging consumption industries [3] Group 4: Implementation and Collaboration - The "Opinions" call for a collaborative approach among various departments to ensure effective implementation, including data sharing and resource integration [3] - Establishing a classification assessment mechanism and incentive system for financial institutions is suggested to enhance their role in supporting consumption [3]

0:00 近日，金融支持消费再迎重磅文件。中国人民银行、国家发展改革委、财政部等六部门日前联合发布 《关于金融支持提振和扩大消费的指导意见》（以下简称《意见》），从支持增强消费能力、扩大消费 领域金融供给、挖掘释放居民消费潜力、促进提升消费供给效能、优化消费环境和政策支撑保障等六个 方面推出19条重点举措，进一步明确了金融促消费的"路线图"。 《意见》中提及的一个词值得关注——服务消费。此前，今年4月25日召开的中央政治局会议指出，要 大力发展服务消费，增强消费对经济增长的拉动作用。实际上，服务消费涉及的方面很多，往往与高附 加值产业、与我们的生活密切相关，如餐饮、旅游等。再具体一些，养老方面，"5000亿元服务消费与 养老再贷款"是今年5月宣布推出的一揽子金融政策的组成部分，该政策将执行至2027年末。 这次《意见》再次特别强调，"增加对批发零售、餐饮住宿、家政服务、养老托育等领域信贷投放，重 点丰富适合小微企业的信用类金融产品，支持经营主体产业升级、业态融合，助力挖掘基础型服务消费 潜力。"增加对养老托育等领域经营主体的融资支持，这是从供给端发力的关键举措。简单来说，就是 可以为养老机构提供低息长期贷款， ...

■择远 提振和扩大消费再迎重磅政策支持。近日，中国人民银行、国家发展改革委、财政部、商务部、金融监管总局、中国证监 会等六部门联合印发《关于金融支持提振和扩大消费的指导意见》（简称《意见》），从六个方面提出19项重点举措。 消费作为最终需求，带动了生产和投资，也连接着供给和需求，是经济增长的重要引擎。大力提振消费，既是当前扩内 需、稳增长的重要抓手，也是应对外部环境变化、畅通国内大循环、提升居民生活品质的关键。《意见》明确了当前金融支持 消费增长的方向和重点：聚焦商品消费、服务消费和新型消费三大重点领域，通过信贷、债券、股权融资等"组合拳"，为释放 消费增长潜能、更好发挥消费对经济发展的基础性作用提供全方位的金融支持。 这体现了金融支持消费的"精准滴灌"。比如，在"支持发展服务消费"方面，《意见》提出，"围绕文化旅游、体育、娱乐、 教育培训、居住服务等领域创新融资模式，在依法合规、风险可控前提下结合产业发展周期适当延长贷款期限，积极开展应收 账款、知识产权等质押融资业务，促进激发改善型服务消费活力"。 在笔者看来，随着这些"金"举措持续、精准发力，将有效激发消费潜力的释放，有助于形成"金融赋能消费、消费拉动增 ...

提振消费是扩内需、稳增长的关键。招联首席研究员董希淼表示，中央经济工作会议确定今年九项重点 工作任务，第一项就是"大力提振消费、提高投资效益，全方位扩大国内需求"，同时部署开展提振消费 专项行动。在这种情况下，宏观经济政策的着力点应加快转向消费特别是居民消费。这既是我国经济增 长驱动力量发生变化后的必然选择，也将进一步推动经济从生产驱动型向消费驱动型转型。 近日，中国人民银行、国家发展改革委、财政部、商务部、金融监管总局、中国证监会等六部门联合发 布《关于金融支持提振和扩大消费的指导意见》（以下简称《意见》），明确当前金融支持消费增长的 方向和重点，全面构建支持提振消费的多层次金融服务体系，引导金融机构从消费供给和需求两端强化 服务，推动扩大高质量消费供给，助力释放消费增长潜能。 当前，外部环境剧烈变化，高度不确定性持续压制全球需求，外需对经济增长的支撑作用趋弱。业内人 士分析，我国经济正加速向以内需为主导的增长模式转型，消费已成为构建新发展格局的重要引擎，对 拉动经济增长具有重大作用。《意见》从支持增强消费能力、扩大消费领域金融供给、挖掘释放居民消 费潜力等6个方面提出19项重点举措。 博通咨询金融行业首席 ...

Core Viewpoint - The People's Bank of China and six other departments have issued guidelines to support the expansion of consumption, focusing on innovative financing models in various service sectors [1] Group 1: Financial Support for Service Consumption - Emphasis on combining consumption promotion with improving people's livelihoods, increasing credit support for key areas of service consumption [1] - Targeted credit investments in wholesale retail, catering, accommodation, domestic services, and elderly care, particularly for small and micro enterprises [1] - Development of personalized and differentiated financial products and services tailored to specific service consumption scenarios [1] Group 2: Innovative Financing Models - Encouragement to innovate financing models in cultural tourism, sports, entertainment, education training, and residential services [1] - Proposals to extend loan terms in line with industry development cycles while ensuring compliance and risk control [1] - Promotion of accounts receivable and intellectual property pledge financing to stimulate the vitality of improved service consumption [1]

Group 1 - In May, the Consumer Price Index (CPI) in Yongzhou City decreased by 0.6% year-on-year and by 0.3% month-on-month [1] - Among eight categories of goods, five experienced price increases while three saw declines year-on-year [1] - The prices of other goods and services rose by 7.5%, while transportation and communication prices fell by 3.5% year-on-year [1] Group 2 - Non-food prices decreased by 0.3% month-on-month, with service prices down by 0.1%, contributing to a CPI decline of approximately 0.04 percentage points [2] - Housing prices, both self-owned and rental, fell by 0.7% and 0.4% respectively, impacting CPI by about 0.10 percentage points [2] - International oil price declines led to domestic gasoline and diesel prices dropping by 3.8% and 4.0%, respectively, affecting CPI by approximately 0.15 percentage points [2]

证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20250612 从"管高价"到"管低价"：如何提振核心 CPI？ 2025 年 06 月 12 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 占烁 执业证书：S0600524120005 zhansh@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 相关研究 《并购重组驶入"快车道"助力科技 企业估值提升》 2025-06-08 《融资需求回暖，5 月社融增速或继 续抬升》 2025-06-08 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：今年 2 月以来，CPI 连续 4 个月负增长，但主要是食品和能 源项目驱动，代表经济整体供需状况的核心 CPI 同比增速自去年 9 月以 来明显回升。从核心 CPI 的三大组成部分来看，核心商品、居住服务价 格的上行空间都相对有限，如果要进一步提振核心 CPI，政策应着眼于 提振其他服务价格，服务 ...

Group 1 - The core viewpoint of the article is the launch of the "Hive Platform" by Shenzhen Juyoumi Industrial Co., Ltd., which focuses on residential service solutions for China's over 300 million existing homes [1][2] - The company has established 50 community stores across seven regions in Shenzhen, covering over 1,000 communities and more than 100,000 families, creating a "one-kilometer service circle" for home improvement needs [1] - The founder highlighted that 60% of China's urban residential properties are over 10 years old, indicating a significant demand for renovation services that have historically faced inefficiencies and high costs [1] Group 2 - The "Hive Platform" operates through a tiered structure of community stores, experience stores, and flagship stores to address various renovation needs, while integrating a modular pricing system to enhance transparency [2] - The company plans to initiate a "Community Store Partner" program to transition from direct management to authorized stores, aiming for national expansion [2] - The strategic vision includes a three-step plan: deepening operations in Shenzhen, expanding to Guangzhou, and ultimately reaching a nationwide presence, with a goal of creating a trillion-yuan consumer service platform focused on residential services within the next decade [2]

（图源：贝壳，下同） 从ChatGPT到DeepSeek，AI的效率和进化速度已经被充分证实，且伴随AI应用接入千行万业，科技驱动 的社会效率提升正逐步显现。一站式新居住服务平台贝壳（NYSE:BEKE;HKEX:2423）再次以稳健的成 绩单佐证，通过大数据、AI和互联网技术构筑居住服务行业底层逻辑，不仅能驱动自身业绩向上，还 能促进行业进化，提升服务者效率和消费者体验。 一季度财报显示，2025Q1，贝壳实现总交易额（GTV）8,437亿元（人民币，下同）、同比增长 34.0%，净收入233亿元、同比增长42.4%，净利润8.55亿元，经调整净利润13.93亿元。 "科技给行业的变迁和发展带来另一种可能，就是让消费者的体验'十倍好'、让服务者的效率'十倍高'、 让平台创造的价值'十倍大'。"贝壳联合创始人、董事长、首席执行官彭永东表示，"展望未来，我们 对'一体三翼'战略下的公司长期发展充满信心，并将坚定地在AI应用上持续投入。" 拥抱科技，穿越周期 房地产是经济周期之母，理论上整个产业链都难有超额阿尔法。也即，在房地产行业景气时，交易平台 顺周期向上；而在周期下行时，又跟随跌宕。 贝壳，却是个例外。 2 ...

导语 ：港股通遇上南向资金"扫货潮"，这不仅是一次资本洪流托举，还是产业价值重新定义的 契机。 过去一年，南向资金以158%的同比增幅向市场表达了对港股的热情，以7470.17亿元港股的净买入 量，超过2020年的5967.41亿元，创下历年净买入额新高。与此同时，在布局方向上，"稳中求进"的 特征也越发明显。 正值港股通名单调整之际，3月10日，深交所消息显示，贝壳、讯飞医疗科技、华润饮料、小菜 园、毛戈平、越疆等27只个股获调入，而奈雪的茶、SOHO中国、海伦司、绿景中国地产等28只个 股获调出。 在地产行业持续调整期，科技驱动的新居住服务代表贝壳走向台前。新旧轮换之间，贝壳的逆势而 行是南向资金托举之力的作用，还是"房地产科技"在港股市场有特殊的吸金密码？ 南向资金走出高息股、红利股"舒适区"的另一表现是，对港股通标的的投入增加。拉长时间线来 看，2024年底，南向资金对港股通标的股的整体持股比例为15.83%，至2025年3月，这一比例进一 步增长至16.45%。 这对于被纳入港股通的个股而言是个好消息。2021年9月，快手被纳入港股通后5个交易日内股价涨 幅高达26.17%，艳压阿里巴巴、腾讯、美团 ...