Inflation Data - January CPI year-on-year growth decreased to 2.4%, below the market expectation of 2.5% and down from the previous value of 2.7%[2] - Core CPI also fell to 2.5%, down from 2.6%, marking the lowest level since April 2021[2] - Month-on-month, core CPI rose by 0.3%, in line with expectations, compared to a previous increase of 0.2%[2] Energy and Commodity Trends - Energy inflation dropped further, with January CPI energy component year-on-year growth at -0.1%, down from 2.3%[3] - Gasoline prices saw a year-on-year decline of -7.5%, contributing significantly to the overall energy inflation drop[3] - Core commodity inflation fell to 1.1% year-on-year, down from 1.4%, with used car prices plummeting to -2% year-on-year, a decline of 3.6 percentage points from the previous month[4] Service Inflation - Core service inflation decreased to 2.9% year-on-year, down from 3%, while month-on-month growth increased to 0.4% from 0.3%[4] - Housing inflation year-on-year was 3.3%, slightly down from 3.4%, indicating a continued moderation trend[4] - Medical services showed a rebound, with year-on-year growth rising to 3.9%[4] Market Reactions and Expectations - Following the inflation data release, U.S. stock indices experienced moderate gains, and the dollar index fell below 97[4] - The probability of the Federal Reserve lowering interest rates before June increased to 68%, up from 62%[4] - The yields on 2-year and 10-year U.S. Treasury bonds fell to 3.4% and 4.05%, respectively, both reaching new lows since November 2025[4]

春节假期临近，为及时、准确掌握市场价格动态，营造良好的市场环境，2月9日至10日，省发展改革委组织工作组赴自贡市自流井区绿源生活超市、汇东 梨苑农贸市场、贡井区自贡航空产业园、沿滩区中华彩灯大世界及周边酒店餐饮开展节前市场巡视调查。 工作组重点巡视调查了粮油肉蛋菜奶及水产品、景区门票及周边住宿餐饮、景区配套交通服务和停车场收费服务、工业及能源产品等商品和服务价格运行 情况，详细了解了节前货品储备、物流运输及价格走势。从现场情况看，春节临近，消费需求逐渐增加，市场货源充足，价格基本平稳，景区执行市场价 格并予以公示，对特殊群体进行优惠，主副食品、旅游服务及酒店住宿价格总体平稳，未发现异常波动。工作组在现场向经营者强调，须自觉履行价格自 律义务，依法诚信经营、明码标价，加强安全和卫生管理，严禁出现囤积居奇、哄抬价格等扰乱市场秩序的行为，景区要依法依规进行价格公示，持续加 强安全隐患排查整治。工作组要求，属地价格主管部门要积极宣传价格政策，合理引导消费者预期，提醒并告诫经营者加强行业自律，主动承担社会责 任，确保节日期间重要民生商品货丰、量足、价稳，保持诚实守信的经营行为，杜绝恶意炒作和扰乱市场经济秩序等违法行为。 ...

Core Viewpoint - The State Council has issued a work plan to accelerate the cultivation of new growth points in service consumption, aiming to enhance quality supply and promote consumer benefits, thereby providing more momentum for economic growth [1]. Group 1: Key Areas of Focus - In transportation services, the plan promotes deep integration of railways and tourism, developing special tourism routes and enhancing experiences in cruise, night boat, and yacht consumption, which enriches tourism product supply and upgrades transportation infrastructure and services [1]. - In the housekeeping service sector, the plan supports enterprises in innovating service models and improving professional standards to address issues such as difficulty in finding, using, and trusting housekeeping services, allowing residents to enjoy more convenient and professional services [1]. - For online audio-visual services, the work plan aims to establish a supportive policy framework to promote orderly competition and innovative development in the market, enriching the supply of quality content to better meet the diverse cultural and entertainment needs of the public [1]. Group 2: Emerging Service Areas - In the performance service sector, the plan seeks to optimize management and standardize the ticketing market to provide a fair and transparent purchasing environment, while encouraging cross-regional tours to make quality cultural resources accessible to a broader audience [2]. - In sports event services, the plan aims to increase the supply of quality events and promote market-oriented and commercial operations of events, further stimulating sports consumption potential and fostering the development of the sports industry [2]. - For emerging emotional and experiential services, such as immersive performances and theme parks, the work plan proposes innovative regulatory approaches, implementing prudent regulation for new business models, while enhancing the crackdown on illegal activities to create a favorable consumption environment for new industries [2]. Group 3: Overall Impact - The enhancement of service consumption quality is ultimately aimed at improving residents' sense of happiness and gain. The work plan includes a series of policy measures that not only drive the growth of service consumption volume but also promote a leap in quality, satisfying public consumption needs while driving the development of related industrial chains and increasing employment [2].

服务消费与民生福祉紧密相关。《工作方案》中很多领域和大众日常生活紧密联系，发展好这些领域有 助于提升居民幸福感、获得感。鄢东表示，下一步，将依托服务消费协调机制，牵头抓好《工作方案》 落实，统筹各方面力量，加快培育服务消费新增长点，为我国经济高质量发展提供有力支撑。 经济日报北京2月6日讯（记者潘卓然）国新办6日举行国务院政策例行吹风会，介绍《加快培育服务消 费新增长点工作方案》有关情况。 "《工作方案》对进一步优化和扩大服务供给、培育服务消费新增长点、促进服务消费提质惠民作出系 统部署。"鄢东介绍，围绕激发重点领域发展活力、培育潜力领域发展动能、加强支持保障等3个方面， 提出了相关支持举措。聚焦交通服务、家政服务、网络视听服务、旅居服务、汽车后市场服务、入境消 费等重点领域，以及演出服务、体育赛事服务、情绪式体验式服务等潜力领域，从放宽市场准入、清理 不合理限制措施、培育优质品牌和经营主体、优化消费环境等方面，分领域提出具体创新支持举措。同 时，针对各新增长点领域的共性政策需求，提出优化标准化布局、加强企业信用信息公示、创新开发特 色金融产品和服务等支持保障措施。 商务部副部长鄢东表示，近年来，我国服务消费 ...

Core Insights - The Chinese government is promoting a new work plan to accelerate the cultivation of new growth points in service consumption, aiming to optimize and expand service supply and enhance the quality of service consumption [1][2] Group 1: Policy Overview - The work plan includes systematic deployments to stimulate development in key service sectors and nurture potential growth areas, focusing on transportation, domestic services, online audio-visual services, tourism, automotive aftermarket services, and inbound consumption [1] - Specific innovative support measures are proposed for various sectors, including easing market access, removing unreasonable restrictions, fostering quality brands, and optimizing the consumption environment [1] Group 2: Economic Impact - Service consumption is becoming a crucial engine for high-quality economic development, with an expected annual growth rate of 8.5% in per capita service consumption expenditure from 2020 to 2025 [2] - By 2025, per capita service consumption expenditure is projected to account for 46.1% of total per capita consumption expenditure, indicating a significant shift towards service-oriented consumption [2] Group 3: Consumer Trends - There is a notable shift in consumer focus from mere availability of services to the quality and personalization of service offerings, with increasing demand for diverse and high-quality service products [2] - The work plan aims to support emerging fields such as emotional and experiential services through innovative regulatory approaches and the creation of healthy development environments [2] Group 4: Social Relevance - The development of service consumption is closely linked to public welfare, with the work plan targeting areas that directly impact daily life, thereby enhancing residents' sense of happiness and satisfaction [2] - The government plans to leverage a service consumption coordination mechanism to ensure the effective implementation of the work plan, mobilizing various resources to support high-quality economic development [2]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [4][7]. Core Insights - Service consumption is experiencing rapid growth and its importance is continuously increasing. The "Work Plan" released by the State Council on January 29, 2026, aims to optimize and expand service supply, focusing on key and potential areas to cultivate new growth points in service consumption. By 2025, service consumption expenditure is projected to account for 46.15% of per capita household consumption expenditure, showing a steady increase from 2024. Service retail sales are expected to grow by 5.5% year-on-year, outpacing the overall retail sales growth by 1.8 percentage points, indicating strong growth momentum [2]. - The "Work Plan" categorizes supported areas into key and potential sectors, each with distinct characteristics and targeted policies. Key sectors focus on current main service consumption areas, aiming to enhance quality supply to directly stimulate demand, covering transportation services, domestic services, online audio-visual services, travel services, automotive aftermarket, and inbound consumption. This is beneficial for the travel chain and duty-free related sectors within the social service segment. Potential sectors emphasize emerging business formats with strong synergy effects and significant growth potential, including performance services, sports event services, and experiential services, creating long-term investment opportunities in new consumption sectors [2]. Summary by Relevant Sections - The investment suggestion indicates that China's consumption structure is shifting from a product-led model to a balanced approach between goods and service consumption, with experience-based service consumption expected to become a major growth engine. The outlook for 2026 suggests that consumption promotion policies will remain stable, but recovery in the fundamentals will take time due to adjustments in household balance sheets. The social service sector is expected to focus on structural opportunities in the first half of the year. The upcoming 9-day holiday during the Spring Festival is anticipated to further boost the tourism market [3]. - Specific investment opportunities include: (1) companies in the travel chain benefiting from policy catalysts and gradually recovering consumer confidence; (2) duty-free leaders poised to take advantage of the Hainan Free Trade Port's operational opportunities and the new airport duty-free landscape; (3) chain restaurant leaders in a critical phase of scaling and market share growth; (4) early-stage investment value in emerging experiential sectors such as sports events and concerts [3].

国务院办公厅近日印发《加快培育服务消费新增长点工作方案》提出，将优化和扩大服务供给，聚焦重 点领域、潜力领域，加快培育服务消费新增长点。这是我国适应居民消费结构升级内在需求的选择，也 是应对当前复杂经济形势、夯实经济增长基础的关键举措。 从发展机遇看，我国政策环境持续优化为服务消费拓展了空间，从中央到地方密集出台促消费政策，形 成了良好的协同效应。市场需求展现出强大韧性，2025年我国文体休闲、交通出行等领域零售额保持两 位数增长，居民对美好生活的向往为服务消费提供了持久动力。同时，人口结构变化蕴含创新动能，城 镇化进程带来新增消费需求，"Z世代"和银发群体推动细分市场形成。科技创新更是重塑服务形态，数 字技术催生新业态新模式。但要清醒认识到，我国服务消费占居民消费比重与发达经济体相比仍有差 距，部分领域高质量供给不足抑制了消费需求，消费环境仍有完善空间，平衡创新与监管、增强居民消 费能力等难题仍待破解。 推动服务消费提质扩容，需围绕激发重点领域活力和培育潜力领域动能双管齐下。在激发活力方面， 《工作方案》聚焦交通服务、家政服务、网络视听服务、旅居服务、汽车后市场服务、入境消费六大领 域，提出具体路径，体现了 ...

Core Viewpoint - The State Council's recent issuance of the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption" aims to optimize and expand service supply, focusing on key and potential areas to foster new growth points in service consumption, which is essential for adapting to the upgrading of residents' consumption structure and addressing the current complex economic situation [1] Group 1: Economic Context - China's economy is transitioning from high-speed growth to high-quality development, with service consumption becoming a crucial component of the domestic demand system, necessitating an enhancement in quality and expansion [1] - The shift in consumer structure from primarily goods consumption to a balance between goods and services is significant, with service consumption projected to contribute to a 5.5% year-on-year increase in service retail sales by 2025, and per capita service consumption expenditure reaching 46.1% [1] Group 2: Development Opportunities - The continuous optimization of the policy environment in China has expanded the space for service consumption, with numerous consumption-promoting policies being implemented at both central and local levels, creating a synergistic effect [2] - Strong market demand is evident, with retail sales in sectors such as cultural and recreational services and transportation expected to maintain double-digit growth by 2025, driven by residents' aspirations for a better life [2] - Demographic changes, urbanization, and the emergence of the "Z generation" and senior groups are creating new consumption demands, while technological innovation is reshaping service forms and giving rise to new business models [2] Group 3: Strategic Focus Areas - The "Work Plan" emphasizes stimulating vitality in key areas and nurturing potential sectors, specifically targeting six major areas: transportation services, housekeeping services, online audio-visual services, travel services, automotive aftermarket services, and inbound consumption [2] - In potential sectors, the plan focuses on performance services and sports event services, aiming to enhance incentive mechanisms, optimize safety management, cultivate quality brands, and build platform carriers to promote the development of new business formats [2] Group 4: Support and Coordination - The "Work Plan" highlights the need for robust support and coordinated efforts, advocating for the establishment of a standard system, strengthening credit construction, and enhancing fiscal and financial support to solidify the development foundation [3] - It calls for fiscal and financial policy tools to work in concert to effectively lower service industry costs and guide resource allocation, ensuring that tasks are implemented across departments and regions to create a positive dynamic of "government guidance and market leadership" [3] - As the "Work Plan" is implemented and policies take effect, the potential of service consumption is expected to be continuously released, providing strong momentum for high-quality economic development and meeting the public's pursuit of a high-quality life [3]

Group 1: Core Initiatives - The Nanjing government has introduced ten measures to support citizens and businesses during the 2026 Spring Festival, focusing on enhancing service quality and boosting economic development [1] Group 2: Consumer Benefits and Activation - Five initiatives are aimed at stimulating consumer spending, including special promotional events, support for trade-in programs, and a variety of cultural and tourism activities [2] - The city plans to host over 400 promotional events and offer more than 50 million yuan in discounts through e-commerce platforms [2] - Consumers can receive subsidies of up to 20,000 yuan for vehicle trade-ins and 15,000 yuan for other consumer goods [2] - A series of over 600 cultural and tourism events will be organized to cater to diverse visitor needs, emphasizing local traditions and attractions [2] - Special discounts on tickets and services will be available for visitors arriving in Nanjing during the festival [2] Group 3: Support for Enterprises - Three measures are designed to encourage businesses to increase production and expand markets, including transportation subsidies for non-local workers returning to Nanjing [3] - Support will be provided for foreign trade companies to participate in key international trade exhibitions during the festival [3] - A campaign to honor city builders will be launched, showcasing their contributions through public displays [3] Group 4: Employment Services and Efficiency - Two initiatives focus on enhancing employment services and providing robust support, including the operation of 900 employment service stations during the festival [3] - The city will offer various support packages, including housing for new workers' families and community engagement activities [3] - Transportation services will be reinforced to ensure adequate supply during peak travel times [3]

Core Viewpoint - The State Council of China has issued a "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption," aimed at optimizing and expanding service supply to enhance service consumption quality and support high-quality economic development [1] Group 1: Support Policies - The plan focuses on key areas such as transportation services, housekeeping services, online audio-visual services, travel and accommodation services, automotive aftermarket services, and inbound consumption, aiming to stimulate development through optimizing service supply, promoting pilot projects, innovating consumption scenarios, and enhancing talent training [1] - It emphasizes potential areas like performance services, sports event services, and experiential services, working on improving incentive mechanisms, optimizing safety management, cultivating quality brands, and building platform carriers to foster development momentum [1] - The plan includes strengthening support for cultivating new growth points in service consumption through establishing a standard system, enhancing credit construction, and reinforcing financial support [1] Group 2: Implementation Requirements - The plan requires local governments and relevant departments to enhance policy design, innovate support measures, and optimize the service consumption environment, with the possibility of formulating specific support policies for various service consumption sectors as needed [1]