Group 1 - The core viewpoint is that consumption is becoming the main engine of economic growth in China, with retail sales expected to exceed 50 trillion yuan by 2025, contributing over half to economic growth [1] - In the past year, there has been a significant increase in diverse consumer goods such as communication equipment, cultural office supplies, and sports entertainment, all showing growth rates exceeding 10% [1] - The rural market is expected to grow faster than urban areas, with county and township consumption accounting for nearly 40% of total retail sales by 2025, indicating a shift from "buying available" to "buying quality" and "enjoying services" [1] Group 2 - The State Council meeting on January 16 emphasized the need to cultivate new growth points in service consumption, including online education, intangible cultural heritage experiences, the silver economy, and green consumption [2] - Policies such as the implementation of paid leave and the upcoming nine-day holiday during the 2026 Spring Festival are expected to boost consumer spending by providing more time for consumption [2] - The "old-for-new" policy is being expanded to stimulate the replacement of home appliances, furniture, and digital products, which not only promotes upgrades in living standards but also optimizes industrial structure [2] Group 3 - The focus on consumption and domestic demand has been a consistent theme in the recent State Council meetings, with expectations for a more substantial "policy package" to promote consumption in 2026 [3] - The early allocation of funds from the first batch of ultra-long-term special government bonds is anticipated to increase fiscal support, extending from durable consumer goods to a broader range of sectors [3] - With the implementation of income increase plans for urban and rural residents, the establishment of paid leave systems, and the optimization of the consumption environment, the potential for service consumption is expected to be deeply released, leading to faster growth in the consumption market this year [3]