从而形成促就业、增收入、稳预期、增强居民消费能力的良性循环。 普惠政策滴灌民生基础 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出"大力提振消费"，并作出"加大直达消费者的普惠政策力度"等具体 部署。 消费提振夯实增长根基 《建议》提出扩大优质消费品和服务供给。以放宽准入、业态融合为重点扩大服务消费，强化品牌引领、标准升级、新技术应用，推动商品 消费扩容升级，打造一批带动面广、显示度高的消费新场景。培育国际消费中心城市，拓展入境消费。 近两年来，浙江省湖州市着力解决城市老旧小区"上下楼难"问题，优先将使用年限过长、故障率高、居民意见大的700余台老 旧电梯纳入更新改造库。截至10月31日，已有367台电梯全面完成"以旧换新"并投入使用。新华社发（伊凡摄） 编导：蔡志坚 包装：胡心懿 综合新华社记者报道 《建议》提出，加大直达消费者的普惠政策力度，增加政府资金用于民生保障支出。完善促进消费制度机制，清理汽车、住房等消费不合理 限制性措施，建立健全适应消费新业态新模式新场景的管理办法，落实带薪错峰休假。强化消费者权益保护。 天津市北辰区举行2025年消费品以旧换新惠民服务活动，现场汇聚了汽车、家 ...

▽以下是正文 记者从省邮政管理局获悉，省邮政业安全发展中心监测数据显示，"双11"期间（10月21日至11月11日），全省邮政快递企业共处理快件包裹3.6亿件，人 均使用快递7.68件，单日处理峰值1908.08万件，刷新历史纪录。 全省邮政快递企业共揽收快递包裹1.26亿件，日均揽收量为572.14万件，为日常业务量的122.07%。快递市场规模持续扩大，凸显了邮政快递业在促进消 费升级和支撑实体经济发展中的重要作用。 图源：云新闻客户端 从品类上看，"双11"期间，出滇产品以苹果、鲜花、橘橙、绿植和人参果为主，体现出鲜明的季节性与地域特色，主要流向北京、上海、广州、深圳及成 都、重庆等城市；入滇产品中，服装鞋包、日用百货、休闲零食、美妆护肤和数码产品位居前列，这5类产品占入滇产品总量的比重超过七成，消费结构 总体延续往年特点。 为保障旺季行业平稳运行，云南邮政管理部门制定了全省行业旺季服务保障方案，部署旺季服务保障重点工作任务，利用行业大数据平台实时监测调度运 行情况，排查整治寄递渠道安全隐患；进一步畅通投申诉渠道，11月1日起邮政业申诉服务12305热线归并至12345政务服务热线，实现群众诉求"一线应 ...

Core Viewpoint - The Hong Kong stock market indices rose in the afternoon of November 12, with mixed performance in tech stocks, strong performance in property stocks, a rebound in biopharmaceutical stocks, and a decline in solar energy stocks [1] Group 1: Market Performance - The three major indices in the Hong Kong stock market all experienced gains [1] - The Hang Seng Tech Index ETF (513180) saw a slight increase, with leading stocks including JD Health, Midea Group, Haier Smart Home, Sunny Optical Technology, Xiaomi Group, and JD Group [1] - Xiaomi Group's stock rose over 2% in the afternoon session [1] Group 2: Xiaomi's Performance - Xiaomi reported a total payment amount exceeding 29 billion yuan during the "Double Eleven" shopping festival, as of November 11 at 23:59 [1] - The company claimed to have offered 2 billion yuan in discounts, with individual products having discounts up to 4,000 yuan, covering various categories including mobile phones, digital products, and home appliances [1] Group 3: JD's Performance - JD's "Double Eleven" sales report revealed a record high in transaction volume, with the number of orders increasing by nearly 60% year-on-year and the number of placing users growing by 40% [1] - Third-party data indicated that JD's app had the fastest growth in active users within the industry, ranking first in product quality, price, and service satisfaction [1]

小米集团-W(01810)涨超3%，截至发稿，涨3.68%，报44.56港元，成交额38.55亿港元。 国盛证券（002670）近期研报指出，小米手机产品结构的持续优化或对手机毛利率带来正向贡献。但考 虑到全球存储芯片市场迎来涨价潮，成本端压力加大，该行预计公司Q3和Q4手机毛利率将维持在11% 左右。此外，该行认为，虽然国补降低可能对家电赛道增长造成一定的影响，但凭借产品品质优势与供 应链管控能力，小米在IoT领域的综合竞争力有望保持稳健。 消息面上，小米发布2025年双11战报，截至11月11日23:59:59，全渠道累计支付金额破290亿元。据了 解，今年双11，小米号称让利20亿，单品最高立省4000元，活动产品涵盖手机、数码、家电等各种品 类。 ...

Core Insights - The article discusses the aggressive offline expansion strategies of major e-commerce platforms, JD.com and Tmall, in reshaping China's home appliance retail market amid increasing consumer demand and government policies promoting trade-in programs [1][5]. Offline Expansion Strategies - JD.com has opened four new stores in a single month, while Tmall has established over 14,000 digital stores nationwide, indicating a significant push into offline retail [1][3]. - Tmall's strategy began with the rural Taobao project in 2014, transitioning to Tmall Supermarket in 2017, and has rapidly expanded into first- and second-tier cities in 2023 [3][10]. - JD MALL, launched in September 2021, focuses on major cities and has plans to open 26 stores by September 2025, emphasizing a self-operated model with over 200,000 products available [4][3]. Market Dynamics and Consumer Behavior - The online retail sector is facing a bottleneck in traffic growth, prompting platforms to seek new consumer bases offline [6]. - The e-commerce penetration rate is projected to decline from 27.6% in 2023 to 26.8% in 2024, with a stagnation at 25.0% from January to September 2025 [6]. - The shift in consumer focus from "what can be bought" to "what can be bought immediately" highlights the importance of speed, certainty, and convenience in purchasing decisions [8]. Supply Chain and Digitalization - To avoid pitfalls experienced by traditional appliance retailers like Gome and Suning, e-commerce giants are enhancing their supply chains and digital capabilities [10][11]. - JD MALL employs a direct sourcing model to reduce costs and improve price competitiveness, while Tmall focuses on refined operations and service enhancement [10][11]. - Digitalization is identified as a core competitive advantage for offline stores, with plans to integrate online and offline data for targeted marketing and inventory management [11]. Future Retail Trends - The future of retail is shifting towards enhancing service quality, reimagining offline experiences, and creating intangible value such as trust and loyalty [11]. - Retailers are encouraged to redefine their roles from mere sales platforms to service providers and community spaces, emphasizing the integration of online and offline experiences [11].

Core Insights - The Guizhou provincial government is implementing measures to stimulate consumer spending and promote economic recovery, as highlighted in a recent press conference [1][4]. Consumer Market Performance - In the first three quarters, Guizhou's total retail sales of consumer goods increased by 3.8%, with retail sales of above-designated size growing by 5.1%, surpassing the national average by 0.2% [4]. - The value added in wholesale and retail, as well as accommodation and catering industries, grew by 5.7% and 5.3%, respectively, also exceeding national averages [4]. Characteristics of Consumption - Strong support for commodity consumption is evident, with significant participation in trade-in programs for automobiles and home appliances, resulting in a total consumption of 49.762 billion yuan [4]. - The province has seen a notable increase in the replacement of automobiles (20.7%) and communication equipment (42.6%) [4]. Service Consumption Potential - A new initiative launched in October aims to enhance service consumption across various sectors, including dining, accommodation, and entertainment, with a focus on quality improvement [5]. - New business formats such as specialty coffee and craft beer have seen rapid growth, with a 52.8% increase in coffee and tea consumption in Guiyang [5]. New Consumption Drivers - The implementation of the "Ten Hundred Thousand" e-commerce development project has led to the establishment of multiple e-commerce demonstration parks and bases, contributing to a 12.6% increase in online retail sales, totaling 104.93 billion yuan [6]. - The launch of the "One Code Guizhou" online exhibition for local liquor aims to boost digital consumption [6]. Consumption Scene Activation - Guizhou has developed 140 commercial districts and 116 pedestrian streets, enhancing the shopping experience and attracting tourists [7]. - Various promotional activities have been organized around key consumption periods, generating over 2 billion yuan in retail and dining consumption [7]. Policy Measures for Consumption Expansion - The provincial government is continuing to promote trade-in programs for consumer goods, with new policies aimed at facilitating automobile replacement and upgrades [8]. - A new subsidy program for purchasing new cars has been introduced, offering financial incentives based on the price of the vehicle [8]. Support for Key Industries - Recent measures have been introduced to support the development of the catering and retail sectors, with specific initiatives aimed at assisting businesses facing challenges [9]. - The government is actively working to implement consumption promotion policies and provide targeted support to the wholesale, retail, accommodation, and catering industries [9].

Core Insights - The wholesale and retail industry in China has shown positive growth in the first nine months of 2025, with a value-added increase of 5.6% year-on-year, reaching 10.5 trillion yuan, accounting for 10.3% of GDP [1] - The industry is supported by a diverse range of business formats, with significant profit growth in wholesale and retail sectors [1][2] - The rural market is demonstrating strong vitality, with rural retail sales growing faster than urban areas, and e-commerce in rural areas is thriving [2][3] Group 1: Wholesale and Retail Performance - The wholesale sector's profit increased by 8.2% year-on-year, with industrial consumer goods and production materials seeing profits rise by 17.9% and 6.4% respectively [1] - Retail sales reached 32.5 trillion yuan, growing by 4.6% year-on-year, with various retail formats such as convenience stores and supermarkets showing positive growth [1] Group 2: Urban and Rural Market Development - Urban commercial activity is stable, with foot traffic and sales in monitored pedestrian streets increasing by 4.3% and 4.4% respectively [2] - Rural retail sales reached 4.9 trillion yuan, growing by 4.6%, outpacing urban growth by 0.2 percentage points, with rural e-commerce sales increasing by 7.7% [2] Group 3: Consumer Trends and Innovations - The "trade-in" policy has led to significant consumer engagement, with over 76 million consumers participating in the program, resulting in the purchase of over 1.26 billion home appliances and 880 million digital products [3] - Traditional brands are revitalizing, with events generating significant sales and online-offline sales reaching 169 billion yuan [3]

Core Insights - The "2025 Double 11 Xianyu Observation Report" reveals innovative shopping strategies among young consumers during the Double 11 shopping festival, such as price comparison on Xianyu before making purchases and trying out products before buying full sizes [1][5][10] Group 1: Consumer Behavior Trends - There is a significant increase in group buying, with the number of participants among mothers and pet owners doubling year-on-year, indicating a shift towards collaborative purchasing to save costs [5][8] - Young consumers are increasingly using Xianyu as a "trial center," with a 300% surge in digital rental orders and a 33% increase in beauty sample orders, allowing them to test products before committing to larger purchases [8][10] Group 2: Market Dynamics - Xianyu has emerged as a benchmark for price comparison among young consumers, with local brands like Huazhi and Proya gaining popularity over international brands, reflecting a trend of "national brands gaining favor" during major sales [5][10] - The platform has seen a rise in various skill services, such as part-time delivery and customized shopping guides, which have become popular among young people looking to balance consumption with income generation [8][10] Group 3: Innovative Usage of Resources - Users are creatively repurposing items, such as using kindergarten nap beds for pets and converting second-hand down jackets into dog beds, showcasing a trend of finding alternative uses for products [10] - The report highlights the emergence of new business opportunities through instant retail and service reselling, driven by the increasing demand for virtual assets and skill services [8][10]

Group 1 - Guangzhou will host a "Warm Winter Consumption Season" from November 2025 to March 2026, integrating major events like the 15th National Games and the Spring Festival to create a city-wide consumption festival [1] - The city aims to convert the excitement from the National Games into consumer enthusiasm by offering exclusive discounts at key tourist attractions and commercial complexes, with nearly one million free and discounted tickets available at 59 major cultural and tourism sites [1] - Events such as the Guangzhou Marathon, food festivals, and boat carnivals will be held concurrently to enhance the overall experience for visitors [1] Group 2 - The "Flower Street" tradition, recognized as a national intangible cultural heritage, will be incorporated into the "Guangzhou New Year, Flower City Viewing" theme, featuring various festive activities including a fireworks display and lantern festival [2] - A "Sports Consumption Carnival" and "Guangzhou Sports Consumption Season" will be organized, engaging all 11 districts with unique sports activities linked to the National Games, such as a cycling event in Zengcheng and a climbing festival in Panyu [2] - A new round of vehicle trade-in subsidies will be launched, offering up to 5,000 yuan for car purchases, alongside subsidies for home appliances and electronic products, with details to be announced soon [2]

Core Insights - The China Import and Export Fair (Canton Fair) has seen a significant increase in international participation, with nearly 240,000 foreign buyers from 223 countries and regions attending, marking a 6.8% growth compared to the previous session [1] - Cross-border e-commerce is a vital component of the digital economy, contributing 9.2% to China's foreign trade growth in the first three quarters of the year, with an import and export value of approximately 2.06 trillion yuan [1] - The 2025 China Digital Trade Development Report predicts that cross-border e-commerce exports will exceed 2.15 trillion yuan in 2024, with significant growth in Southeast Asia and Latin America [2] Cross-Border E-Commerce Trends - Multi-market strategies have become a consensus among cross-border e-commerce sellers, with varying approaches based on company capabilities [2][6] - Emerging markets such as Southeast Asia and Latin America are increasingly targeted by sellers to diversify risks and seek new growth opportunities [6][7] - The rise of AI and big data technologies is transforming cross-border e-commerce, enhancing supply chain management and customer service efficiency [8][10] AI Integration in Cross-Border E-Commerce - AI is shifting cross-border e-commerce from an "experience-driven" model to a "data-driven" one, improving product recommendations and personalized marketing strategies [8][10] - The application of AI in cross-border e-commerce includes fraud detection, material verification, and enhancing operational efficiency [10][11] - Future development in cross-border e-commerce will heavily rely on AI, which will enhance product value, user experience, and international brand recognition [11]