核心CPI涨幅连续4个月保持在1%以上。 随着扩内需促消费政策措施持续显效，叠加元旦临近，居民消费需求增加，CPI同比涨幅回升，核心 CPI涨幅连续4个月保持在1%以上。 国家统计局1月9日发布的数据显示，居民消费价格指数（CPI）环比上涨0.2%，同比上涨0.8%，扣除食 品和能源价格的核心CPI同比上涨1.2%。 受国际大宗商品价格传导拉动以及国内重点行业产能治理相关政策持续显效等因素影响，工业生产者出 厂价格指数（PPI）环比上涨0.2%，同比下降1.9%。 食品价格拉动CPI 2025年12月CPI同比上涨0.8%，涨幅比上月扩大0.1个百分点。国家统计局城市司首席统计师董莉娟分 析，同比涨幅扩大主要是食品价格涨幅扩大拉动。 12月份，食品价格同比上涨1.1%，涨幅比上月扩大0.9个百分点，对CPI同比的上拉影响比上月增加约 0.17个百分点。食品中，鲜菜和鲜果价格涨幅分别扩大至18.2%和4.4%，对CPI同比的上拉影响比上月合 计增加约0.16个百分点。 新质生产力培育壮大，带动相关行业价格同比上涨。数字经济相关产业发展势头强劲，新原料新材料生 产快速增长，绿色转型持续赋能发展，外存储设备及部件价 ...

"本次消费季活动将持续到2026年2月，覆盖零售、餐饮、文体、亲子、家电等多领域消费新场景。"河 东区商务局相关负责人介绍，活动期间，河东区联动全区重点商场、文旅场所及品牌商户，推出多元化 促消费举措。其中，建行生活App线上发放政府消费券，覆盖七大商业综合体的餐饮、零售、家电数 码、娱乐休闲等业态；金茂汇的"赛博音乐节"、乐堤港的"绮幻童话戏剧节"、万达广场的"奇遇粉丝 节"、远洋未来广场的"互动音乐会"等轮番开启，还有户外网球、海河慢跑、骑行俱乐部等文体项目与 星巴克手工坊、乐高赛等亲子体验活动。 "这机器人太逗了！不仅会跳舞，还知道过来合影，鼓掌捧场呢！"昨晚，"购在河东 跨年盛惠"2026年 度新春消费季在天津金茂汇启动，以兼具科技感与仪式感的形式，拉开为期近3个月的新春消费季序 幕。现场，宇树机器人的助兴表演，更是引得欢呼不断。 （来源：天津日报） 转自：天津日报 记者了解到，作为海河东岸商业带核心节点，金茂汇、嘉里汇、中海俄欧风情街以"跨年运动环线"、特 色文化联动与连贯视觉装饰，打造沉浸式消费体验。 消费季启动当日，金茂汇3周年店庆与跨年活动也同步开展。 ...

Core Insights - The 2025 Central Economic Work Conference emphasizes "domestic demand as the main driver" and "prioritizing people's livelihoods" as key tasks for the upcoming year, aligning with the long-term goals of enhancing consumer capacity and improving the social security system outlined in the 15th Five-Year Plan [2] Income Growth - The conference introduces a plan to increase income for urban and rural residents, marking a shift from short-term consumption stimulation to long-term income structure improvement, with a focus on synchronizing income growth with economic growth and labor remuneration with productivity [3] - The income growth plan targets various groups, including college graduates and migrant workers, aiming to stabilize employment and income through job retention and quality enhancement actions [3] - Policies will also address the income of flexible workers like delivery personnel by improving their social security mechanisms, thereby alleviating their concerns about spending [3] Supply Expansion - The conference prioritizes domestic demand and proposes actions to boost consumption by expanding the supply of quality goods and services [6] - There is a focus on upgrading consumer goods from basic to high-quality products, with policies aimed at promoting the iteration of popular items like smartphones and smart home devices [8] - The initiative includes expanding the scope of trade-in policies to cover various categories, enhancing the adaptability of supply to meet consumer needs [8] Investment Promotion - Investment is highlighted as a crucial lever for expanding domestic demand, with the conference calling for measures to stabilize and invigorate private investment [11] - The conference acknowledges a 1.7% year-on-year decline in fixed asset investment in the first ten months of the year, while emphasizing the need for structural optimization in investment, particularly in high-tech sectors [11] - The government aims to create a stable and predictable environment for private investment by addressing barriers and expanding access [13] Consumption Environment Improvement - The conference outlines measures to eliminate unreasonable restrictions in the consumption sector, aligning with the goal of building a unified national market [14] - Policies will encourage the development of new consumption formats such as digital and green consumption, enhancing the management of emerging consumption models [16] - The initiative includes the establishment of a national unified market construction regulation to improve market order and protect consumer rights, fostering a more favorable consumption environment [16]

Key Points - The article discusses the recent performance of equity and bond markets, highlighting a rotation in market styles with a focus on value and dividend stocks over previously dominant technology growth stocks [3][6][11] - It emphasizes the potential for theme-based investments to gain traction, particularly in new technologies and industries undergoing restructuring or expansion [3][12][13] - The article outlines the performance of various fund indices, noting a significant divergence in returns across different styles and sectors [8][10][12] Equity Market Overview - In October 2025, the equity market experienced high volatility, with major indices showing declines compared to the previous months [6][11] - The technology growth sector, which had previously outperformed, saw a correction, while value and dividend sectors gained [6][11] - Specific sectors such as coal, oil, and non-ferrous metals showed strong gains, while media, automotive, and electronics faced significant declines [6][11] Bond Market Overview - The bond market showed signs of recovery in October, with yields declining as market sentiment improved following positive signals from US-China trade negotiations [7][20] - The central bank's actions, including the resumption of government bond trading, contributed to this recovery [7][20] - Various bond fund indices reported positive returns, indicating a shift in investor sentiment towards fixed income assets [7][20][23] Fund Performance Review - The article reviews the performance of public funds, noting that the overall performance in October was weaker than in previous months, with all major equity fund indices recording losses [6][11] - The article highlights the performance of thematic funds, which saw varying results based on market conditions and sector performance [9][10][12] Investment Strategy Insights - The article suggests that the current market environment may favor sectors with strong earnings growth and defensive characteristics, particularly in light of ongoing economic uncertainties [3][12][13] - It recommends a cautious approach to equity investments, focusing on sectors that are likely to benefit from government policies and global economic trends [3][12][13] - The article also discusses the importance of diversifying investment strategies across different fund types to manage risk and enhance returns [19][27][28]

Group 1: Service Industry IP Emergence - The rise of "service industry IP" reflects a profound transformation in China's consumption structure, gradually replacing "product IP" as a media and online focus[11] - In 2024, the proportion of per capita service consumption expenditure reached 46.1%, an increase of approximately 6.4 percentage points since 2013[10] - The domestic tourism market saw 5.615 billion trips in 2024, a year-on-year increase of 14.8%, with total spending reaching 5.75 trillion yuan, up 17.1%[32] Group 2: Factors Driving Service Industry IP - Intensified local competition has led to a demand for service industry IP, as traditional economic drivers like real estate enter a downturn, increasing fiscal pressure on local governments[2] - The K-shaped consumption differentiation indicates that some consumers are willing to pay a premium for unique experiences, while others prioritize cost-effectiveness, creating a conducive environment for service industry IP development[5] - The emergence of grassroots service IP, such as "粥饼伦" and "鸡排哥," highlights the emotional value provided to consumers, enhancing their overall experience[41] Group 3: Government Support Measures - Local governments have implemented supportive measures for service industry IP, such as relocating popular vendors and promoting them as cultural ambassadors[42] - Initiatives like customized tourism lines and free access to local attractions for ticket holders have been introduced to enhance consumer experience and engagement[42] - The government's role is crucial in maintaining the long-term appeal of service industry IP, ensuring that these initiatives are sustainable and beneficial for local economies[43] Group 4: Risks and Challenges - Potential risks include inadequate support policies for service consumption development and the exacerbation of economic impacts from the real estate downturn[44] - A slowdown in resident income growth may also affect consumer spending and support for service industry IP[44]

Core Viewpoint - The Chongqing government has introduced measures to eliminate consumption barriers and stimulate consumer spending, focusing on sectors like automotive, housing, and cultural services [1][3]. Group 1: Measures to Boost Automotive Consumption - The measures aim to resolve issues in the second-hand car market, such as transaction bottlenecks and strict regulations on modified vehicles, by enhancing information sharing and simplifying transaction processes [3]. - Initiatives include supporting second-hand car exports and easing registration for modified vehicles [3]. Group 2: Housing Consumption Development - The plan addresses restrictions on housing provident fund withdrawals, optimizing the process for purchasing existing homes and relaxing conditions for full payment home purchases [3]. Group 3: Cultural and Sports Service Consumption - The strategy focuses on utilizing existing resources like sports venues and parks to enhance cultural and sports consumption experiences, including free or low-cost access to sports facilities and hosting unique sports events [3]. Group 4: Attracting External Consumption - Measures are designed to improve the convenience and attractiveness of external consumption, such as developing tax refund stores, enhancing payment systems for inbound tourists, and promoting local specialty brands [3]. Group 5: Optimizing Medical Service Consumption - The initiative supports medical institutions in providing diverse services, including foreign-related medical services and allowing institutions to set prices for personalized medical services [4]. Group 6: Improving Consumer Environment - The focus is on strengthening consumer rights protection through strict regulation and improved services, including combating counterfeit goods and optimizing administrative enforcement in the consumption sector [5].

Core Insights - Chengdu has achieved impressive rankings in various consumer categories during the recent "Golden Week," including first in "Top 10 Cities for Food Attraction" and second in "Top 10 Domestic Long-Distance Travel Destinations" [1][2] - The city recorded a total foot traffic of 22.63 million in 10 monitored commercial districts, with a year-on-year increase of 2.3%, and a revenue of approximately 4.46 billion yuan, up 4.2% year-on-year [1] - Chengdu's commercial streets are thriving, with 215 featured streets attracting 40.52 million visitors and generating 6.32 billion yuan in revenue, reflecting a year-on-year growth of 5.0% and 5.4% respectively [1] New Street - New Street, a 350-meter alley in Chengdu, has over 60 merchants and has become a bustling food destination, with peak daily customer counts reaching nearly 1,000 during the holiday [3][4] - The restaurant "Long Hu Ren Jia" reported a daily revenue exceeding 80,000 yuan during peak days, showcasing the strong demand for dining options in the area [3] - The community has implemented a collaborative management approach to maintain cleanliness and order while allowing businesses to expand their outdoor seating, enhancing the street's appeal [4][6] Water Street - Water Street, covering 163 acres, saw a total foot traffic of 146,000 during the holiday, a 40.38% increase compared to the previous year [9] - The "Manchester United Dream Theater" has become a popular attraction, contributing to a 30% increase in sales during match events [9][10] - The street features over 110 shops, with a 90% occupancy rate, and aims to create a vibrant commercial space that blends culture, shopping, and leisure [10][11] Luhua CPI - Luhua CPI, a unique commercial space, has a customer conversion rate of nearly 50%, with an average retail spending exceeding 2,000 yuan per visitor [14][15] - The area emphasizes a natural and artistic environment, with a focus on creating a relaxed atmosphere for visitors [14][15] - The project has seen significant growth, with an expected foot traffic of over 1.8 million and revenue of approximately 60 million yuan in 2024 [15][16]

Group 1 - The overall consumption market in China shows a stable development trend, with both basic and upgraded goods sales performing well, and online retail reaching a new high for the year [1] - New consumption formats such as instant retail and live streaming sales have seen significant growth, with both categories experiencing double-digit growth in transaction volume from January to July [4] - Retail sales in physical stores above designated size increased by 4.2% year-on-year from January to July, while warehouse membership stores saw growth rates exceeding 30% [6] Group 2 - The service consumption market is expanding rapidly, with service retail sales increasing by 5.2% year-on-year, outpacing the growth rate of goods retail sales by 0.3 percentage points [8] - The cultural and tourism consumption sectors are thriving, with retail sales in tourism consulting, transportation services, and cultural and recreational services maintaining double-digit growth from January to July [10]

Core Insights - Shanxi Province has implemented a special action to boost consumption in the business sector, leading to a significant increase in retail sales and supporting high-quality economic development [1] Group 1: Consumption Growth - The total retail sales of consumer goods in Shanxi reached 385.48 billion yuan in the first half of the year, with a year-on-year growth of 6.1%, which is 1.1 percentage points higher than the national average of 5.0% [1] - The province ranked 10th nationally in terms of retail sales growth, highlighting its role as a "main engine" for economic development [1] Group 2: Trade-in Programs - The trade-in program for consumer goods has shown significant results, particularly in the automotive, home appliance, and communication equipment sectors, which grew by 5.9%, 38%, and 44.3% respectively [1] - This program contributed to a 5.1 percentage point increase in the retail sales of above-limit consumer goods in the province [1] Group 3: E-commerce Growth - Online retail sales have surged, maintaining a growth rate of over 30% for two consecutive months, driven by key consumption events such as the Dragon Boat Festival and "618" shopping festival [1] - The online retail sales of above-limit consumer goods increased by 37.5% in the first half of the year, contributing an additional 3.0 percentage points to the overall retail sales growth [1] Group 4: Cultural and Sports Goods Demand - There is a strong demand for cultural and sports goods, with various cultural performances and sports events actively engaging consumers [1] - In the first half of the year, the retail sales of cultural office and sports entertainment goods increased by 50.1% and 47.6% respectively [1]

Group 1 - The core viewpoint of the articles highlights the significant growth in consumer spending in Shanxi Province, driven by various policy measures aimed at boosting consumption and expanding service consumption [1][2] - In the first half of the year, the total retail sales of consumer goods in Shanxi reached 385.48 billion yuan, representing a year-on-year increase of 6.1%, which is 1.1 percentage points higher than the national average of 5.0% [1] - The implementation of the "old for new" consumption policy has shown positive results, with significant growth in major consumer goods: automotive sales increased by 5.9%, home appliances by 38%, and communication equipment by 44.3%, collectively contributing 5.1 percentage points to the retail sales growth [1] Group 2 - Online retail consumption has surged, with a 37.5% increase in online retail sales for the first half of the year, contributing 3.0 percentage points to the overall retail sales growth, indicating the innovative vitality and new growth potential of the Shanxi consumer market [1] - There is a strong demand for cultural and sports-related goods, with significant growth in cultural office supplies and sports entertainment items, increasing by 50.1% and 47.6% respectively, reflecting the residents' pursuit of a richer cultural life and ongoing optimization of consumption structure [2] - The Shanxi Provincial Department of Commerce plans to continue implementing policies to stimulate consumption and expand effective demand, aiming to contribute to the sustained economic improvement of the province [2]