Core Viewpoint - The article discusses the "Guangzhou Consumption Promotion Special Action Implementation Plan (Draft for Comments)" aimed at stimulating consumer demand and enhancing the local economy through various measures and initiatives [4]. Group 1: Employment and Income Promotion - The plan includes hosting large-scale job fairs and optimizing employment services to enhance job opportunities [5]. - It aims to expand channels for property income and support personal investment in government bonds [5][6]. - The minimum wage will be adjusted to 2500 yuan/month, and measures will be taken to ensure reasonable income growth [6]. Group 2: Consumer Capability Support - The plan emphasizes increasing support for childbirth and childcare, including the implementation of child medical service improvements [7]. - It aims to enhance educational services by increasing enrollment in high schools and improving early childhood education [7]. - The healthcare and elderly care systems will be improved, including the establishment of friendly hospitals for mothers and children [8]. Group 3: Service Consumption Enhancement - The plan promotes the "Eat in Guangzhou" initiative through various food festivals and culinary events [9]. - It aims to optimize cultural and tourism consumption by enhancing service offerings at cultural venues and tourist attractions [10]. - Sports consumption will be developed through major events and community sports activities [10]. Group 4: Major Consumption Upgrade - The plan encourages the replacement of old consumer goods and supports home renovations [12]. - It aims to meet housing consumption needs by promoting the renovation of old neighborhoods and improving housing policies [12]. - The automotive consumption scene will be expanded through various initiatives, including hosting automotive events [13]. Group 5: Quality Consumption Improvement - The plan seeks to create a new urban consumption brand, "Yangcheng Consumption New Eight Sceneries," to enhance the shopping experience [14]. - It promotes new consumption models such as live e-commerce and community group buying [14]. - The plan supports the development of first-release economies to attract new brands to Guangzhou [14]. Group 6: Consumption Environment Enhancement - The plan includes measures to protect workers' rights to rest and vacation [16]. - It aims to improve the consumer environment by increasing the number of trustworthy consumption units and enhancing credit systems [17]. - The plan promotes the upgrade of consumption carriers, including the development of high-end commercial spaces [17]. Group 7: Optimization of Restrictive Measures - The plan proposes to reduce consumption restrictions by optimizing real estate policies and eliminating purchase limits [18]. - It aims to create a first-class business environment to facilitate economic activities [18]. Group 8: Strengthening Policy Support - The plan emphasizes the need for coordinated policies across various sectors to support consumption [19]. - It aims to enhance investment support for projects in education, healthcare, and cultural tourism [19][20]. - The plan encourages financial institutions to provide better credit support for consumer loans [20].

点击小程序查看报告原文 市场目前最关注的就是关税是否会对通胀造成影响，而5月CPI报告中几乎没有体现关税的向下传导。 从数据上看，核心商品5月环比从上月0.1%降至零增长。其中，新车环比下跌0.3%，二手车下跌0.5%， 特朗普政府针对进口汽车25%的关税目前仍未体现在整车零售端。家具与床具（-0.8%）、服装 （-0.4%）环比同样在下跌，即便针对于小包裹进口的关税已明显抬升。 不过，一些受关税影响较大的 品类价格仍出现显著上涨 。 比如家用电器（+4.3%）、玩具与游戏（+2.2%）、电脑（+1.1%）等，但 这些项目还不足以提升整体通胀。 5月的数据展示了这样一幅图景：由于消费者端需求存在不确定性，企业并未像疫情期间财政货币双扩 张之时那样借着供应链扰动的情况"趁火打劫"般大幅涨价，抬高利润空间。相反，由于企业"提前抢进 口"库存充足，许多零售商仍在一边等待关税的取消与减免，一边以较低价格销售关税实施前采购的商 品，暂时通过消耗库存和压缩利润空间"吃掉"部分通胀压力。 服务通胀的低迷也有助于缓解通胀压力。 美联储最关注的剔除房租后的核心服务（supercore）价格环 比涨幅回落至0.1%，其中，机票价 ...

Core Insights - The Dragon Boat Festival holiday in Jiangsu from May 31 to June 2 saw a total of 12.42 million visitors and a total consumption of 4.693 billion yuan, representing a year-on-year increase of 2.15% and 0.20% respectively [1] - Despite adverse weather conditions, the tourism sector in Jiangsu managed to achieve slight growth in visitor numbers and spending [1] - The province launched over 1,880 cultural and tourism activities during the holiday, highlighting the integration of intangible cultural heritage with tourism [1] Group 1: Visitor Statistics - A total of 12.42 million visitors were recorded across 644 A-level tourist attractions, 195 key rural tourism villages, and 84 museums [1] - The total consumption reached 4.693 billion yuan, with a 1.5% year-on-year increase in off-site tourism consumption through UnionPay channels [1] Group 2: Cultural Activities - The "Water Rhythms Jiangsu" event featured various cultural activities, including dragon boat races and heritage exhibitions, attracting significant participation [2] - The holiday also included 584 performances, with attendance reaching 287,000 and ticket revenue increasing by 574% year-on-year to 224 million yuan [2] Group 3: Sports and Family Engagement - The Dragon Boat Festival coincided with Children's Day, leading to increased family visits to attractions, with ticket bookings for major scenic spots rising by 25% [3] - The integration of sports events with tourism was evident, as local football leagues and dragon boat races attracted large crowds and boosted local tourism spending [3] Group 4: Promotional Offers - Various local governments introduced promotional packages, including free admission to popular attractions and discounts on travel services, to enhance visitor experience [4] - Specific initiatives included free public transport for tourists in Changzhou and the distribution of over 3,000 tourism vouchers in Suqian [4]