新政策相比以往有五个主要增量内容： 扩大单方面免签范围将显著推动入境游，利好北京、上海等核心旅游城 市。OTA 平台（携程、同程）及核心城市酒店（亚朵、华住）有望受益。 政策鼓励数字服务消费创新，支持 AI 在电商、眼镜、教育等领域应用， 并统筹利用资金支持文旅、养老设施建设，引导社会资本投入，重庆百 货等涉及消费贷业务的公司将直接受益。 行业景气环比改善，服务消费政策落地，有望享多重红利 20250917 摘要 中国服务消费占比远低于发达国家（70%），提升空间巨大。政策鼓励 服务消费升级，尤其在文旅行业，地方政府正积极改善服务质量，同时 服务消费对就业吸纳能力强，是政策持续鼓励的重要原因。 新政策五大增量包括：优化学生假期（探索春秋假利好旅游），鼓励 IP 联动（如泡玛特、名创优品），赛事与文旅联动（如苏超），AI 技术应 用（AI 电商、AI 眼镜等），以及规范非学科培训机构许可，多维度促进 消费增长。 商务部新政具体实施方向包括：培育服务消费平台，建设新业态试点城 市，扩大互联网、文化等领域对外开放，推出文创精品，延长文博场馆 营业时间并优化预约，旨在提升供给质量和创新能力。 政策鼓励引进国外体育赛事 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the transformation of the consumer industry driven by AI technology, highlighting opportunities in smart glasses, AI e-commerce, AI education, and AI personal services starting from 2025 [1][2][4]. Core Insights and Arguments 1. **AI Integration in Consumer Sector**: - AI will significantly impact the consumer industry, with smart glasses and AI-enhanced services expected to emerge as key areas of growth [2][5]. - Meta has successfully launched commercial smart glasses, prompting domestic companies like Xiaomi and ByteDance to follow suit, indicating a strong market potential for smart glasses [4][5]. 2. **Emotional Value Consumption**: - This includes IP content, addictive consumption (e.g., coffee, tea, new tobacco products), and self-indulgent consumption (e.g., gold jewelry, health and fitness) [1][6]. - Consumers are increasingly prioritizing emotional needs and personal preferences after basic needs are met, benefiting from the IP economy driven by a second baby boom and rising national confidence [1][6][16]. 3. **Cost-Performance Consumption**: - Expected to become a primary investment focus, with growth potential in discount retail stores (e.g., snack shops), functional brands, and second-hand trading platforms [1][6][9]. - Historical data from the US and Europe suggests that regardless of economic conditions, once material needs are satisfied, a shift to cost-performance consumption occurs [18]. 4. **Service Consumption Trends**: - Anticipated to see continued growth in both volume and price, potentially addressing employment issues and becoming a focus of policy support [1][6][23]. - The US service consumption share has reached 70%, while China remains predominantly goods-focused [23]. 5. **AI in E-commerce**: - AI e-commerce is enhancing cross-border trade efficiency through AI customer service and video editing translation, although profitability remains to be observed [3][7][10]. - AI tools have enabled international trade businesses to achieve 24/7 multilingual communication, significantly increasing transaction volumes [7]. 6. **AI Education**: - AI education can overcome traditional educational challenges, such as scalability, equity, and personalization [3][11]. - Companies like Tianli International Holdings have successfully launched AI education products, demonstrating positive outcomes [11]. Additional Important Insights - **Standardization in Service Industry**: - Standardization is crucial for scaling service consumption, with companies like Haidilao and Huazhu Group improving service quality through standardized practices [1][25]. - The online transition is seen as the best way to address marginal cost issues and achieve scale in the service sector [26][27]. - **Retail Channel Evolution**: - Japan's retail landscape has shifted towards high-cost performance channels, with discount stores rapidly growing and traditional pricing structures being disrupted [19][20]. - Retailers targeting low-income groups often report better profitability compared to those focused on the middle class [21]. - **Future of Service Consumption in China**: - With rising disposable income, service consumption in China is expected to grow, moving towards a balance of volume and price increases [23]. - The capital market has historically overlooked the service sector due to challenges in standardization and marginal cost issues, but successful companies can achieve significant growth once these challenges are addressed [24]. This summary encapsulates the key points discussed in the conference call, providing insights into the evolving consumer landscape influenced by AI technology and changing consumer preferences.