12月31日，"潮玩起势・玩赚新年"元旦迎新国潮创玩展在东莞市石排镇"中国潮玩之都·漫博中心"启 幕。展会以"展聚资源、会谋发展、节燃氛围、全年续航"为主题，打造"新品首发、内容首秀、企业首 展、舞台剧首演、品牌首店"五首亮点，将有效推动B端产业扩容提质、带动C端消费旺势增长，让东莞 潮玩从"业态集聚"走向"全时生态"。 值得一提的是，今年国字号展会"漫博会"落地石排镇以来，依托"专业展+专业镇"模式，石排漫博中心 线上线下展销额达1.8亿元。据石排镇党委书记詹志斌介绍，当前石排正以"专业展+专业镇"为抓手，持 续优化产业生态，推动"潮玩小镇"向"潮创小镇"加速迈进，努力打造成全国潮玩资源的集聚地、国潮品 牌的孵化地、产业创新的策源地、消费娱乐的目的地。 "五大主题馆+全链条场景" 打通B端产业链路、升级C端消费体验 据介绍，此次展会构建"五大主题馆+全链条场景"的展示矩阵，既为产业搭建资源对接平台，也为公众 打造沉浸式消费场景。其中，"中国潮玩之都品牌展"聚焦B端需求，狼博旺、TOYCITY、摩动核等本土 头部品牌集中亮相。"ChinaDebut国潮首发展"聚焦"首发、首秀、首展"，汇集500+新品，34个 ...

当"银发族"迷上了网购，"抢券""凑单"一点不输年轻人；当农民朋友把直播间开进田间地头，将带着露 水的农产品送上人们的餐桌……数字消费早已不再是少数弄潮儿的专利，而是惠及越来越多人群，成为 激发我国超大规模市场巨大消费潜力的"加速器"。报告显示，我国数字消费用户中"Z世代"占比 27.2%、"银发族"占比12.2%、农村用户占比26.0%，这一数据凸显出数字消费的普惠性，也使得扩大内 需的"底盘"愈发稳固。 (责任编辑：朱赫) 如何激发我国14亿人超大规模市场的消费潜力？数字技术大有可为——移动互联网突破了做生意的时空 界限，随时买全球、卖全球；大数据、人工智能带来"千人千面"的购物体验，促进个性化需求精准匹 配；虚拟现实、元宇宙提供了前所未有的沉浸式感受，打开促消费的新天地…… 只要动动手指，不论何时，都会有人将热气腾腾的外卖或应急药品送上门——购物体验如此方便"到 家"，以至于很多"老外"在离开中国后仍然念念不忘。数字技术带来的红利，不仅深刻改变了人们的日 常生活，更为构建强大国内市场持续注入新动能。 线上线下的场景融合，为扩大内需打通"全链路"。微短剧用户6.26亿人、网络游戏用户5.84亿人，数字 文 ...

Investment Rating - The tourism industry maintains a stable development trend, with a stable outlook rating [29] Core Insights - In the first three quarters of 2025, domestic travel volume and total spending both experienced double-digit growth year-on-year, although the growth rate of total spending has slowed down despite an increase in travel volume [4][29] - The recovery of inbound tourism is strong, with international flight passenger transport volume exceeding the same period in 2019 [4][8] - The industry is supported by various government policies aimed at promoting high-quality development in tourism [27][29] Summary by Sections Industry Operation Status - Domestic tourism reached 4.998 billion trips in the first three quarters of 2025, an increase of 761 million trips, representing an 18.0% year-on-year growth, surpassing the 2019 level [4] - Domestic tourism revenue totaled 4.85 trillion yuan, a year-on-year increase of 11.5%, but the growth rate has slowed compared to the previous year [4] - Inbound tourism saw a 23.5% year-on-year increase in international flight passenger transport volume, reaching 591.55 billion ton-kilometers [8] Sub-industry Analysis Scenic Areas - Most scenic areas saw improved cash flow, but profitability declined compared to the previous year, with total profits of 1.785 billion yuan, down 5.67% year-on-year [10] Hotels and Restaurants - The hotel industry faces intensified competition, with only a few major hotel groups showing slight improvements in occupancy rates and RevPAR [14][20] - Major hotel groups reported mixed performance, with some experiencing significant profit declines due to high base effects from previous asset sales [20] Duty-Free Shopping - The duty-free market in Hainan continues to face pressure from weak consumer spending, with sales down 7.7% year-on-year in the first three quarters [22] - However, the market began to recover in September 2025, showing a 3.4% year-on-year increase in monthly sales [24] Industry Policies - The government has introduced multiple support policies, including cultural tourism consumption vouchers and expanding the supply of quality products to promote high-quality development in the tourism sector [27][29] Outlook - The tourism industry is expected to maintain stable demand, supported by ongoing government policies and a recovering economy, with a stable outlook rating maintained [29]

（付一夫为苏商银行特约研究员） 在全球经济格局深刻调整与国内发展阶段转换的双重背景下，内需作为大国经济的"稳定器"和"主引 擎"，其战略地位日益凸显。前不久刚刚召开的中央经济工作会议将"坚持内需主导，建设强大国内市 场"置于明年八大重点任务之首，且日前《求是》杂志发表重要文章《扩大内需是战略之举》。这一系 列举措绝非应对短期波动的权宜之计，而是基于经济发展规律、国内外环境深刻变化以及中国式现代化 长远目标所作出的战略抉择。 本文将从经济学视角，系统剖析为扩大内需的原因及其多重战略意义，并探讨未来系统性、结构性的实 施路径。 一、扩大内需的战略逻辑 扩大内需战略的提出与强化，根植于对大国经济规律的深刻认识、对当前内外部挑战的现实回应，以及 对经济发展阶段转换的主动适应。 其一，扩大内需是遵循大国经济发展的普遍规律。 总管全球经济发展史，大国经济普遍具有的特征都是以内需为主导。无论是美国的消费驱动型经济，还 是德国、日本在体量扩大后因过度依赖外需而暴露的脆弱性，都印证了这一规律。我国作为拥有14亿多 人口、4亿多中等收入群体的超大规模经济体，已具备形成内部良性循环的巨大潜力和客观条件。将发 展的立足点更多放在国内 ...

Core Insights - The article highlights a significant shift in travel preferences towards immersive experiences driven by personal interests, moving away from traditional sightseeing [1] - The "14th Five-Year Plan" period has seen a surge in demand for cultural and tourism experiences, emphasizing the integration of tourism with agriculture, industry, and sports [1] Group 1: Industry Developments - Since the "14th Five-Year Plan," China has launched 40 national-level tourist resorts, 204 national-level leisure streets, and 345 national-level night cultural and tourism consumption clusters [2] - There are 1,597 key rural tourism villages and towns, 300 classic red tourism scenic spots, and over 1,400 provincial-level resorts and leisure streets available for exploration [2] Group 2: Policy Initiatives - The Ministry of Industry and Information Technology and other departments have issued a plan to enhance the adaptability of consumer goods supply and demand, focusing on expanding diverse interest consumption offerings [2] - The plan includes supporting the introduction of high-quality cultural and tourism products, promoting innovative IP in the animation industry, and encouraging cultural trade activities [2] - There is an emphasis on revitalizing cultural and tourism consumption scenes, with a focus on integrating non-heritage products into retail environments to unlock their consumption potential [3] Group 3: Consumer Engagement - The initiative aims to cater to both domestic and inbound tourists, promoting activities that encourage rural tourism while providing market opportunities for rural products [3]

Core Insights - The State Council's policy briefing introduced a plan to enhance the adaptability of supply and demand in consumer goods, promoting consumption through collaboration among six departments, including the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism [1] Group 1: Consumer Trends - There is a strong demand and vibrant consumption for domestic trends, cultural creative products, and intangible cultural heritage items, leading to the emergence of popular products that resonate well with consumers [1] - The plan aims to enhance cultural identity and spiritual satisfaction while meeting consumer needs [1] Group 2: Product Development - The initiative will focus on creating high-quality intellectual properties (IPs) and improving cultural creative products, guiding the development of "city gifts" and promoting high-quality domestic products [2] - The plan includes the introduction of quality intangible cultural heritage products and services, integrating excellent creativity and traditional Chinese culture into fashion design [2] Group 3: Consumption Experience - The strategy encourages the enrichment of urban walking, rural tourism, and camping experiences, promoting immersive experiences and digital art in cultural tourism [2] - Various promotional activities will be organized, including "traveling with performances" and "traveling with events," to meet diverse consumer needs [2] Group 4: Policy Implementation - The plan will support regional cultural and tourism consumption activities and explore integrated measures to benefit consumers [2] - Nighttime consumption and tax refund policies for outbound tourists will be enhanced to attract more international visitors [2]

Core Insights - The government is enhancing the adaptability of supply and demand in consumer goods to promote consumption through new products, refreshed scenarios, and innovative activities [2] Group 1: Supply and Demand Adaptability - There is a strong demand for domestic products, cultural creations, and intangible cultural heritage products, leading to the emergence of popular products that meet consumer needs while enhancing cultural identity and spiritual satisfaction [2] - Structural mismatches in supply and demand still exist, with some products experiencing oversupply while high-quality supply remains insufficient [2] - The transition from old to new driving forces is ongoing, with a lack of innovative applications and supply for new products that cater to residents' quality and personalized needs [2] Group 2: Support for Quality Cultural and Tourism Products - The government is supporting the launch of quality cultural tourism products, including awards for animation to encourage innovation in the industry and the development of quality intellectual properties [3] - Initiatives include expanding the pilot scope for cultural and creative product development and promoting high-quality products through exhibitions and trade activities [3] Group 3: Revitalizing Cultural and Tourism Consumption Scenarios - Guidelines for the construction of intangible cultural heritage workshops are being developed to enhance quality and efficiency, promoting a range of related products and services [4] - Seasonal activities such as "Non-Heritage Goodies, National Trend Renewal" are being organized to promote non-heritage products in various sales channels, including supermarkets and duty-free shops [4] Group 4: Innovative Cultural and Tourism Consumption Activities - Nationwide cultural and tourism consumption promotion activities are being held, focusing on seasonal products and services that enhance the consumer experience [6] - Initiatives like "Travel with Performances" and "Travel with Events" are designed to meet diverse consumer needs while promoting rural products [6] - The government is also implementing measures to attract more international tourists through tax refund policies and promoting immediate refunds for purchases [6]

Group 1: AI and Digital Marketing - Company is developing OrangeGPT, an AI training and big data analysis platform that integrates RAG technology and industry marketing knowledge, capable of multimodal generation including text and image [2] - FastMai Xiaozhi, a subsidiary, has integrated and supports DeepSeek; the company has also opened public testing for its intelligent agent [2] - Company has established strong partnerships in digital marketing with platforms like Douyin, Xiaohongshu, and Bilibili, accumulating a large number of quality clients [2] Group 2: Semiconductor and Storage - Company focuses on semiconductor storage products, primarily NAND and DRAM, with a subsidiary that has products applicable in data centers [2] - Company is involved in the lithium resource extraction and recycling business, with projects in Tibet and Argentina, and has completed a lithium carbonate production line with an annual capacity of 2,000 tons [3] Group 3: Consumer Goods and Retail - Company is a leading domestic men's pants brand located in Xiamen, Fujian, and has seen significant stock performance with five consecutive trading limits [3] - Company operates in the daily ceramic products sector and has also experienced a strong stock performance with three consecutive trading limits [3] Group 4: Strategic Acquisitions and Investments - Company plans to acquire Tianyi Chemical, a leader in brominated flame retardants [4] - Company intends to invest up to 540 million in acquiring Kuixin Technology, expanding into the semiconductor sector [4] - Company is involved in the natural gas business and plans to purchase related assets from its controlling shareholder [4] Group 5: Free Trade and Economic Development - High-standard construction of Hainan Free Trade Port is underway, with a closure set to start on December 18 [5] - Company has significant land holdings in Hainan for industrial use, focusing on non-woven fabric products [5] Group 6: Robotics and Automation - Company specializes in intelligent control valves, essential for industrial internet and IoT applications [4] - Company is developing intelligent cockpit and assisted driving products, with several features already implemented [5]

Group 1 - The core viewpoint highlights the significant growth in foreign tourism and shopping in China, with key statistics showing a 30.2% increase in foreign arrivals and a 12.3% growth in travel service imports and exports [1][2] - The number of foreign visitors entering China reached 38.05 million in the first half of the year, with visa-free entries increasing by 53.9% to 13.64 million [1] - The travel service export saw a remarkable increase of 68.7%, while the total number of duty-free shops exceeded 7,200, with a 186% rise in the number of people enjoying tax refunds [1] Group 2 - Major cities like Beijing, Shanghai, and Shenzhen are the primary entry points for foreign tourists, with an expanding interest in inland and western cities, showcasing a diverse and rich cultural experience [2] - Tourists are increasingly interested in bringing back a variety of Chinese products, from traditional items like silk and tea to modern innovations such as smart appliances and drones [2] - The influx of tourists is prompting businesses to enhance service levels, with cities developing integrated service platforms and improving consumer experiences [3]

Core Insights - The implementation of the departure tax refund policy has significantly boosted inbound consumption, with "China Purchase" sales nearly doubling in the first half of the year [1][2] Group 1: Policy Impact - The number of departure tax refund stores has increased to over 7,200, with the number of people enjoying tax refunds rising by 186% year-on-year [1] - Tax refund sales and amounts have grown by 94.6% and 93.2% respectively compared to the previous year [1] Group 2: Consumer Experience - New shopping experiences have emerged, with travelers enjoying immediate tax refunds upon purchase, enhancing their shopping satisfaction [3] - The introduction of "code refund" services allows travelers to complete tax refund processes online, improving efficiency by over 40% [7][8] Group 3: Local Business Opportunities - Local businesses, including high-end watch retailers, anticipate sales growth of over 10% due to the departure tax refund policy [3] - Major brands like Huawei and DJI are preparing to apply for tax refund store registration, indicating a growing interest in the policy [4] Group 4: Enhanced Convenience - The establishment of centralized tax refund points in major shopping areas has made the process more convenient for travelers [9][10] - New measures allow travelers to choose from multiple departure points for tax refunds, increasing flexibility in travel arrangements [11]