智通财经APP获悉，信达证券发布研报称，中国股票的定价逻辑正在潜移默化改变，中美贸易中逐步占 据更主动地位，中国制造业进入全球化发展周期；地产止跌在途，反内卷构成经济思路转折，宏观尾部 风险降低；新技术/新产业涌现，结构性发展领域涌现更多机会。核心板块配置方向有四点，结构性成 长的新消费趋势、全球资源配置能力提升的出海、高股息策略长期占优和价值低估的消费白马。 信达证券主要观点如下： 新消费：时代的选择 （1）个护&宠食&婴护：宠食行业呈量价齐升趋势，多元化增长驱动有望抬高天花板且消费者教育壁 垒更高、品牌粘性强，具备显著大单品效应，头部品牌具备较高壁垒；婴童行业格局分散，但优秀品牌 依托质价比&爆款产品快速迭代提份额，行业向精细化、功能化和专业化的方向深度发展，前者注重女 性情感营销，后者强调产品功能营销。上述赛道均受益于消费升级与国货品牌本土化优势，在产品、渠 道、营销等维度持续创新，推动行业向高端化、细分化方向发展。建议关注乖宝宠物、中宠股份、依依 股份、百亚股份、登康口腔、润本股份等。（2）黄金珠宝：该行看好2026年精品金饰延续良好景气 度，核心源于金饰保值增值属性以及头部企业产品&品牌逻辑强化，份 ...

在通过创新"做大蛋糕"的同时，《方案》也注重"深挖存量"，即通过对现有产品的提质升级和对细分市 场的精准切割，实现"做优蛋糕"。政策鼓励产品向绿色化、健康化、智能化迭代升级，顺应了居民消费 从生存型向发展型、享受型转变的趋势。同时，围绕不同年龄人群的差异化需求，《方案》提出，"丰 富婴童产品供给""加强优质学生用品供给""扩大时尚'潮品'供给""优化适老化产品供给"，体现了覆盖全 生命周期的消费关怀。 场景是需求转化为消费的载体，环境是消费持续释放的保障。近年来，从"冰雪+"到"银发旅游专列"， 从"以旧换新"到"即时零售"，各类创新场景不断涌现，既满足了人们的多元需求，也为经济回升向好注 入动力。《方案》提出，"培育消费新场景新业态"，旨在通过场景创新，增强消费的互动性、便捷性和 体验感，对促进消费提质升级，更好满足人民高品质生活需求具有重要意义。同时，在消费环境保障方 面，《方案》强调"强化财政金融支持"，保障企业创新升级的资金需求，并通过完善质量认证、打击假 冒伪劣等措施，增强消费者的安全感和信任感。 老百姓想要什么、喜欢什么，企业就需要琢磨什么、生产什么。在供给端，加速新技术创新应用，扩大 特色和新型 ...

Group 1 - The State Administration for Market Regulation has introduced a new credit repair management method to encourage individuals to correct violations and rebuild credit, effective from December 25 [1] - The new method categorizes violations into three levels: minor, general, and serious, each with different public disclosure periods and repair conditions [1] - Minor violations with only warnings will not be publicly disclosed, while general violations will have a minimum disclosure period of three months and a maximum of one year; serious violations will be disclosed for a minimum of one year and a maximum of three years [1] Group 2 - The Ministry of Industry and Information Technology and six other departments have issued a plan to enhance the supply of consumer goods, aiming to create three trillion-yuan consumption sectors and ten billion-yuan consumption hotspots by 2027 [2] - The plan includes 19 key tasks focusing on new technology applications, expanding the supply of unique products, and creating new consumption scenarios [2] - Key industries targeted include smart connected vehicles, smart home products, consumer electronics, and green building materials, with a goal to develop iconic products and innovative enterprises [2] Group 3 - The plan emphasizes the need to improve the supply of baby products, quality student supplies, trendy fashion items, and products for the elderly [3] Group 4 - The Ministry of Industry and Information Technology has initiated commercial trials for satellite IoT services, targeting industries such as transportation, energy, and agriculture [4] - The trials aim to enhance market supply, stimulate market activity, and establish a safety regulatory framework for emerging industries [4] - Companies that fail to provide services or violate regulations may have their trial qualifications revoked [4] Group 5 - Hunan Province has launched initiatives to create friendly environments for new employment groups, addressing issues faced by delivery workers and couriers [5] - Specific measures include optimizing delivery environments, improving access to buildings, and providing essential services like drinking water and charging stations [5] - The initiative aims to enhance the overall working conditions for new employment groups [5] Group 6 - Sichuan Province has released guidelines to improve government services and administrative efficiency through the "Efficient Completion of One Thing" initiative [6] - The guidelines propose the integration of artificial intelligence into government services to provide intelligent support for both citizens and officials [6] - The focus is on creating a list of key services and exploring streamlined processes for various stages of business development [6] Group 7 - Hangzhou has introduced a new land management reform to align land use with industrial needs, promoting a market-oriented approach [7] - The reform includes categorizing commercial land into industrial and real estate types, with incentives for industrial land use [7] - The city is piloting flexible land use policies to adapt to changing industrial trends, enhancing the responsiveness of land planning [7][8]

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand for consumer goods, leading to consumption upgrades that drive industrial upgrades, with a goal of achieving a dynamic balance between supply and demand at a higher level by 2027 [1][5]. Group 1: Objectives and Goals - By 2027, the plan targets the formation of three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots, along with the creation of high-quality consumer goods that are culturally rich and globally recognized [6][1]. - By 2030, a high-quality development pattern characterized by positive interaction and mutual promotion between supply and consumption is expected to be established, with a steady increase in the contribution of consumption to economic growth [2][9]. Group 2: Key Strategies - Accelerate the innovation and application of new technologies and models, including the cultivation of flexible manufacturing factories and promoting user participation in design to meet personalized consumer demands [10]. - Expand the supply of distinctive and new products, focusing on green products, rural consumption upgrades, leisure and sports products, health product innovations, and the integration of tourism with wellness services [12]. - Precisely match the needs of different demographic groups by enriching the supply of baby and children's products, enhancing quality student supplies, expanding fashionable "trendy" products, and optimizing products for the elderly [14]. Group 3: New Consumption Scenarios and Environments - Foster new consumption scenarios and business formats, including a matrix for online and offline product launches, promoting "national trends going global," and developing new business models like live e-commerce and instant retail [15]. - Create a favorable development environment by utilizing large-scale equipment updates and trade-in policies for consumer goods, enriching consumer finance products and services, and strengthening regulatory oversight in the consumer sector [17][16].

方案从加速新技术新模式创新应用、扩大特色和新型产品供给、精准匹配不同人群需求、培育消费新场 景新业态、营造良好发展环境5方面部署了19项重点任务。 拓展增量，明确加快布局新领域新赛道、推广高效响应制造新模式、强化人工智能融合赋能等。如聚焦 智能网联新能源汽车、智能家居、消费电子、现代纺织、食品、绿色建材等重点行业，打造百个标志性 产品、百家创新企业和一批可体验可推广的新产品首用场景样板。 深挖存量，要求促进绿色产品扩容迭代、推动农村消费品提质升级、大力发展休闲和运动产品等。包括 适应绿色化低碳化消费趋势，提高消费品能效、水效限定值标准；面向赛事经济、户外经济、冰雪经济 等新需求，加强多功能智能化体育健身器材、冰雪和户外运动装备等优质产品供给。 记者26日获悉，工业和信息化部等六部门联合印发《关于增强消费品供需适配性进一步促进消费的实施 方案》，提出到2027年，消费品供给结构明显优化，形成3个万亿级消费领域和10个千亿级消费热点， 打造一批富有文化内涵、享誉全球的高品质消费品。 方案聚焦以消费升级引领产业升级，以优质供给更好满足多元需求，实现供需更高水平动态平衡，还提 出到2030年，供给与消费良性互动、相互 ...

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in the consumer sector, promoting consumption potential and economic growth through structural reforms and targeted initiatives [1] Group 1: Key Tasks and Goals - The plan outlines 19 key tasks across five areas, focusing on balancing supply and demand while leading industrial upgrades through consumption upgrades [1] - By 2027, the supply structure of consumer goods is expected to be significantly optimized, creating three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1] - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is anticipated, with a steady increase in consumption's contribution to economic growth [1] Group 2: Innovation and New Product Supply - The plan emphasizes accelerating the application of new technologies and models, particularly in sectors like smart connected vehicles, smart home products, and green building materials [2] - It promotes flexible and customized production models, establishing a digital system that integrates user demand, intelligent design, and flexible manufacturing [2] - Specific measures include enhancing the supply of green products, upgrading rural consumer goods, and expanding the influence of historical classic products [2] Group 3: Targeted Consumer Needs - The plan aims to enrich the supply of products for different demographics, including children, students, and the elderly, focusing on quality and intelligent development [3] - It encourages the development of new consumption scenarios and business models, such as flagship stores and live e-commerce, to stimulate consumer engagement [3] - The initiative also includes promoting shared consumption models in public spaces, enhancing accessibility for various consumer groups [3] Group 4: Supportive Environment - The plan calls for strengthened financial support and the organization of special events to foster a conducive environment for consumption growth [3] - It highlights the importance of utilizing policies for equipment upgrades and trade-in programs to stimulate consumer spending [3] - The initiative aims to leverage policy funding to support the quality upgrade of the consumer goods industry [3]

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand for consumer goods, promoting consumption upgrades to lead industrial upgrades and ensuring high-level dynamic balance between supply and demand, marking the first consumer promotion policy document issued after the 20th National Congress of the Communist Party of China [2][5]. Group 1: Key Tasks - The plan outlines 19 key tasks across five areas: expanding new technologies and innovative applications, deepening the supply of unique and new products, segmenting markets to match diverse consumer needs, empowering new consumption scenarios and business formats, and optimizing the development environment [3][6]. Group 2: Goals and Targets - By 2027, the structure of consumer goods supply is expected to be significantly optimized, forming three trillion-level consumption fields and ten hundred-billion-level consumption hotspots, while creating a number of high-quality consumer goods with cultural connotations and global recognition [3][6]. - By 2030, a high-quality development pattern characterized by positive interaction and mutual promotion between supply and consumption is anticipated to be basically formed, with a steady increase in the contribution rate of consumption to economic growth [3][6].

Core Insights - The Ministry of Industry and Information Technology of China, along with five other departments, has issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for a significant optimization of the supply structure by 2027 [1] - The plan focuses on leading industrial upgrades through consumption upgrades, ensuring high-quality development where supply and consumption interact positively by 2030, with a steady increase in consumption's contribution to economic growth [1] Group 1: Key Focus Areas - Accelerating the application of new technologies and models, including the promotion of efficient manufacturing models and the integration of artificial intelligence [1] - Encouraging the development of smart home robots, smart appliances, and AI-enabled devices to provide various life services [1] Group 2: Expanding Supply - Expanding the supply of distinctive and new products, including green products, rural consumer goods, leisure and sports products, and health product innovations [2] - Enhancing the influence of historical classic products and diversifying interest-based consumption offerings [2] Group 3: Targeting Specific Markets - Precisely matching the needs of different demographics by enriching the supply of baby products, quality student supplies, trendy fashion items, and products catering to the elderly [2]

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, promoting consumption upgrades to lead industrial upgrades and achieving a dynamic balance between supply and demand [1][3] Group 1: Key Areas of Focus - The plan outlines 19 key tasks across five areas, focusing on industries such as smart connected vehicles, smart home products, consumer electronics, modern textiles, food, and green building materials [1] - It emphasizes the development of innovative applications and the creation of flagship products and enterprises, along with establishing testing platforms in various consumer goods sectors [1] Group 2: Expanding Product Supply - The plan advocates for the development of leisure and sports products, targeting new demands from event economies and outdoor activities, and promoting high-quality sports equipment [2] - It aims to diversify product offerings for specific demographics, including children's products, quality student supplies, trendy items, and age-appropriate products [2] Group 3: Innovation and Internal Demand Activation - By 2027, the plan targets a significant optimization of the consumer goods supply structure, aiming to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [3] - The policy is expected to positively impact various industries, including smart vehicles, home products, and health-related goods, by fostering technological innovation and responding to new market demands [3][4] Group 4: Focus on Specific Demographics - The policy particularly addresses the needs of specific consumer groups, promoting the refinement and quality enhancement of products for children, students, and the elderly [4] - New consumption formats such as live e-commerce and instant retail are expected to develop in an orderly manner, injecting vitality into core business districts and new product launches [4]

Core Viewpoint - The implementation plan aims to enhance the adaptability of supply and demand in consumer goods, promoting consumption upgrades to lead industrial upgrades and achieving a dynamic balance between supply and demand [1][2]. Group 1: Key Areas of Focus - The plan outlines 19 key tasks across five areas, focusing on industries such as smart connected vehicles, smart home products, consumer electronics, modern textiles, food, and green building materials [1]. - It emphasizes the development of leisure and sports products, targeting new demands from event economies, outdoor economies, and winter sports, while promoting high-quality sports equipment [1][2]. Group 2: Targeted Consumer Needs - The plan aims to match diverse consumer needs by enriching the supply of baby products, enhancing quality student supplies, expanding trendy products, and optimizing products for the elderly [2][3]. - It also seeks to cultivate new consumption scenarios and business models, including the promotion of product launches, orderly development of platform consumption, and regulated shared consumption [2]. Group 3: Future Goals - By 2027, the plan targets a significant optimization of the consumer goods supply structure, aiming to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [2]. - By 2030, it envisions a high-quality development pattern where supply and consumption interact positively, with a steady increase in consumption's contribution to economic growth [2]. Group 4: Industry Impact - The implementation of the plan is expected to positively impact multiple industries, including smart connected vehicles, smart home products, consumer electronics, and green building materials, driving technological innovation through the creation of flagship products and innovative application scenarios [2][3]. - The sports and leisure product sectors are anticipated to benefit from new demands arising from event and outdoor economies, gaining new growth momentum [2].