Core Viewpoint - The "Beijing Deepening Reform to Boost Consumption Special Action Plan" aims to achieve an average annual growth of around 5% in total market consumption by 2030, establishing 2-3 new consumption landmarks worth over 100 billion yuan, and enhancing Beijing's role as an international consumption center [1] Group 1: Promoting Income Growth and Reducing Burdens - The plan emphasizes implementing an employment-first strategy to drive income growth for urban and rural residents, particularly focusing on supporting college graduates and flexible employment [2] - Measures will be taken to improve the minimum wage standards and promote agricultural income through modern agriculture and rural tourism [2] - A public service guarantee mechanism will be established to enhance elderly care services and support for child-rearing, alongside improving financial services for the elderly [2] Group 2: Optimizing Service Consumption Experience - The plan aims to explore new cultural and entertainment consumption by revitalizing historical cultural sites and supporting online performances and exhibitions [3] - It includes initiatives to develop new tourism consumption scenarios and promote major projects like the second phase of Universal Studios [3] - The focus will also be on enhancing sports consumption by cultivating high-value international and local events [3] Group 3: Enhancing Product Consumption Momentum - The plan seeks to elevate the "Jingcai Four Seasons" city consumption brand and promote themed consumption activities monthly [5] - It encourages the development of international food brands and supports the establishment of flagship restaurants in Beijing [5] - The initiative includes creating unique dining experiences and promoting the integration of dining with various public spaces [5] Group 4: Creating Diverse and Integrated Spaces - The plan emphasizes revitalizing commercial spaces through innovative operational models and mixed-use developments [7] - It aims to enhance the consumption capacity of the "dual hubs" by leveraging airport resources and expanding international passenger services [7] - Support will be provided for the expansion of duty-free shops and cross-border e-commerce initiatives [7]

Core Insights - The new consumption wave is significantly impacting the Z generation's emotional spending habits, leading to a hot performance in the secondary market [1] - Two main driving forces behind the rise of new consumption are the generational shift in consumer demographics and the transformation of consumption concepts [1] Group 1: Market Dynamics - The main consumer group is shifting from the 70s and 80s generations to the Z generation, who prioritize emotional value and personalized experiences in their spending [1] - There is a transition from blindly pursuing brand premiums to prioritizing quality-price ratios, which has directly contributed to the rise of domestic brands [1] Group 2: Characteristics of New Consumption - New consumption focuses on personalized needs of niche markets rather than the mass market [1] - Growth in new consumption is less affected by macroeconomic fluctuations compared to traditional consumption [1] - Traditional consumption emphasizes "stock optimization," while new consumption focuses on "incremental creation," suggesting a potential for independent market performance [1] Group 3: Investment Research Framework - The investment research framework includes micro-observation, logical validation, and value assessment, starting with online data tracking for high-growth products [2] - Identifying common patterns among high-growth products and conducting in-depth research on relevant targets is essential [2] - Channel and grassroots research are conducted to understand consumer perceptions of products, followed by financial analysis including profit forecasts [2] Group 4: Valuation Perspectives - There is a need for a balanced view on the valuation of new consumption companies, as some have seen significant stock price increases while maintaining high growth rates [2] - Conversely, some companies that have recently gone public may experience price fluctuations due to market sentiment, potentially leading to bubble risks [2] Group 5: Risk Management Strategies - The company employs a dual approach to manage portfolio risks by selecting stocks with sustainable performance and adjusting positions based on market risk preferences [2]