美股财富效应是海外服务消费和高端消费的核心驱动力之一，而我国过往高端&可 选消费的增长高度绑定地产景气度与可支配收入。"924"以来政策协同发力优化宏 观环境，无风险利率走低推动居民资产再配置，股市财富效应或推动高端消费复苏。 投资要点： [Table_Report] 相关报告 批发零售业《千问 App 接入全生态，AI 购物时代 来临》2026.01.18 批发零售业《智能眼镜：多厂商发力，走向规模 化应用》2026.01.12 批发零售业《即时零售亮眼，电商品类表现分 化》2025.11.22 批发零售业《老铺黄金大幅涨价，恒隆广场店开 业》2025.10.26 批发零售业《风格切换下，新消费再迎布局良 机》2025.10.19 财富效应对消费影响复盘 [Table_Industry] 批发零售业 消费行业深度研究 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030 ...

Core Viewpoint - The Ministry of Culture and Tourism and the Civil Aviation Administration of China have issued an action plan aimed at enhancing the integration of the cultural, tourism, and civil aviation sectors by 2027, focusing on improving service levels and expanding route coverage [1]. Group 1 - The action plan aims to significantly improve tourism travel service levels by 2027 [1]. - It emphasizes broader coverage of international and domestic tourism routes [1]. - The plan promotes a diverse range of integrated products and scenarios to create a virtuous cycle of demand-driven supply and supply-driven demand [1]. Group 2 - The action plan encourages more tourist cities to be included in the "trunk and branch connectivity, full network integration" aviation transport service network [1]. - It supports the opening of mutual flights and circular routes to popular tourist destination branch airports [1]. - The initiative includes the development of "air express" and border tourism routes [1].

经济观察网 商务部等9部门印发《关于扩大服务消费的若干政策措施》（下称《措施》）。《措施》提 出，优化学生假期安排，完善配套政策。在放假总天数和教学时间总量保持不变的情况下，鼓励有条件 的地方结合气候条件、生产安排、职工带薪休假制度落实等因素，科学调整每学年的教学和放假时间， 探索设置中小学春秋假，相应缩短寒暑假时间，增加旅游出行等服务消费时间。 ...

人民财讯9月16日电，商务部等9部门印发《关于扩大服务消费的若干政策措施》，其中提出，优化学生 假期安排，完善配套政策。在放假总天数和教学时间总量保持不变的情况下，鼓励有条件的地方结合气 候条件、生产安排、职工带薪休假制度落实等因素，科学调整每学年的教学和放假时间，探索设置中小 学春秋假，相应缩短寒暑假时间，增加旅游出行等服务消费时间。 ...

Group 1: CPI Analysis - In May, China's CPI decreased by 0.1% year-on-year, slightly better than the expected decline of 0.2%[4] - The month-on-month CPI fell by 0.2 percentage points, aligning with seasonal trends observed over the past five and ten years[6] - Energy prices significantly impacted CPI, with a month-on-month decline of 1.7%, contributing approximately 0.13 percentage points to the overall CPI decrease[6] Group 2: PPI Analysis - China's PPI decreased by 3.3% year-on-year in May, a larger decline than the previous month's 2.7%[4] - The month-on-month PPI fell by 0.4%, consistent with the previous month, indicating continued weak performance[26] - Production material prices were under pressure, with a year-on-year decline of 4.0%, affecting the overall industrial producer price level by about 2.98 percentage points[30] Group 3: Sector Performance - Service prices showed stronger recovery compared to consumer goods, with service prices rising by 0.5% year-on-year, while consumer goods continued to decline[9] - Transportation and communication prices experienced significant month-on-month declines, with transportation fuel prices dropping by 3.7%[11] - Core CPI, excluding energy, saw an increase, indicating a recovery in non-energy consumer goods and services driven by policy support and holiday effects[25]