六部门《促消费实施方案》解读：供需协同共进，把握消费新机遇

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the new consumption sector, highlighting companies like Pop Mart, Laopu Gold, and Mao Ge Ping that have successfully created demand through quality supply, emphasizing the importance of supply-side improvements for economic growth and national influence [1][2][3]. Core Insights and Arguments 1. Supply-Side Emphasis: The new consumption policy shifts focus from demand-side subsidies to enhancing supply-side capabilities to better match current consumer needs, reflecting the strong performance of the new consumption sector in 2025 [2][3]. 2. Interest Consumption: The policy encourages diverse emerging interest consumption, particularly in cultural creativity and the pet economy, benefiting companies like Pop Mart and Morning Glory [4]. 3. Smart Products: The advancement of AI models and decreasing costs are expected to promote the adoption of smart consumer goods, with companies like Connet Optical being highlighted [4]. 4. Brand Apparel: The document notes rapid growth in leisure and sports products, with domestic brands like Bosideng, Anta, and HLA having significant market share growth potential [4]. 5. Manufacturing Upgrades: Focus on developing new textile fibers and eco-friendly materials benefits companies like New Australia and Taihua New Materials [4]. 6. Event Economy: The policy supports the event economy and smart sports venue construction, positively impacting companies like Lisheng Sports and Zhujiang Co., which has expanded its sports venue operations [5][6]. 7. Health Products: The health supplement industry is projected to grow significantly due to aging demographics, with a market size of 200-300 billion yuan, and New Hope Health reporting a 20% year-on-year growth in its China business [5][6]. Additional Important Insights - New Consumption Client Growth: By the end of Q3 2025, the company reported that new consumption clients accounted for over 50% of its business, up from approximately 30% in Q4 2024, driven by internet e-commerce brands [7]. - North America Business Outlook: The North American segment is undergoing restructuring with the divestment of the personal care business, expected to be completed by the end of next year, which will aid in business consolidation [8]. - European and Asia-Pacific Performance: The European market is experiencing rapid growth due to new facilities in the UK and Germany, while the Asia-Pacific region remains stable [9]. - Future Development Outlook: The company is optimistic about future growth in the China region, particularly in new consumption, and anticipates a turning point in the North American market [10]. - Infant Formula Market: The infant formula market is expected to stabilize due to improved birth policies, with Yili leading the market share [11]. - Home Appliance Sector: The home appliance industry is expected to see a gradual improvement in fundamentals through 2026, with recommendations for leading companies like Midea, Haier, and Gree [12][14]. - Pet Food Sector: Despite short-term challenges, the pet food sector is entering a phase of high-quality development, with companies like Guai Bao and Zhongchong being recommended for their competitive advantages [16][17]. This summary encapsulates the key points discussed in the conference call, providing insights into various sectors and companies that are poised for growth and transformation.