Hong Kong Stock Concept Tracking | Nine departments release "19 measures" to expand service consumption, and the policy to promote consumption is expected to be further strengthened (including conceptual stocks)

Recently, the Ministry of Commerce and other 9 departments jointly issued the "Several Policy Measures to Expand Service Consumption", with greater effort to boost consumption, expand domestic demand, promote improvement in people's livelihood and upgrade consumption transformation, actively cultivate new growth points for service consumption, and provide strong support for promoting high-quality economic development. The issuance of the "Measures" indicates that the country is paying more attention to service consumption than before. The "Measures" propose 19 specific tasks in 5 aspects, including cultivating platforms to promote service consumption, developing new formats, modes, and scenarios for consumption; enriching high-quality service supply, improving the levels of cultural and entertainment, sports, household, elderly care, and child care services; attracting more overseas visitors for consumption, expanding digital service consumption; strengthening financial and fiscal support, coordinating the use of various funds such as central budget investment and local government special bonds to support the construction of service facilities, and increasing support for credit in service consumption; optimizing the methods of service consumption statistics. Overall, the range of service consumption covered by the "Measures" is very wide, including industries such as the internet, culture, telecommunications, museums, sports events, education and training, as well as high-end medical, leisure and vacation services. The related service consumption industries will benefit from the favorable policies. Minister of Commerce Wang Wentao had previously stated publicly that the main contradiction in service consumption is the shortage of supply, more precisely, the shortage of high-quality service supply. It is necessary to solve the problem of the shortage of high-quality service supply through further opening up and deregulation, which is the main focus of the "Measures". Su Jian, a professor at Peking University's School of Economics, stated that the wide scope of industries covered by the "Measures" and the specific and clear measures focus on expanding the high-quality supply and demand of service consumption, as well as on strengthening financial and fiscal support, including "providing financial interest support to service industry entities to reduce the financing costs of operating entities", all of which will help stimulate the vitality of the service consumption market. On September 15, the economic data for August was released, with the trend in the consumption sector being closely watched. According to the data released by the National Bureau of Statistics, the total retail sales of consumer goods in August was 3.9668 trillion yuan, an increase of 3.4% year-on-year and an increase of 0.17% month-on-month. From January to August, the total retail sales of consumer goods was 32.3906 trillion yuan, an increase of 4.6% year-on-year, with a 5.1% year-on-year increase in service retail sales, showing a continued expansion trend in the market. Fu Linghui, spokesman for the National Bureau of Statistics and director of the Department of Comprehensive Statistics of the National Economy, said that overall, under the joint effect of various consumption promotion policies, commodity consumption in August was basically stable, with strong resilience in service consumption, continuous growth in new types of consumption, and the market space still expanding, indicating that the trend of consumption expansion has not changed. Wang Qing, chief macroeconomic analyst at Everbright Securities, said that consumption promotion policies are expected to be further strengthened in the future, with the annual social retail growth rate likely to reach around 4.5%, an increase of 1.0 percentage points from the previous year. This is a specific manifestation of this year's macroeconomic policy focusing on promoting consumption as the core and vigorously boosting domestic demand. Chen Zhiyi, an analyst at Orient Securities, pointed out that with the slowdown in investment growth and the focus of financial resources, we are witnessing a policy shift from physical to experiential service consumption and from a focus on "big and comprehensive" physical investment to a shift towards experience-based service consumption. It is important not to underestimate the impact of local governments and relevant departments on the supply side of service consumption. In dimensions such as AI+ service consumption, high-level opening up + service consumption, consumer protection, financial and fiscal support, the shifting focus of consumption policies and their effectiveness are just beginning. Related concept stocks: HuaZhu Group Limited (01179): In May, Goldman Sachs released a research report stating that HuaZhu Group's performance in the first quarter of 2025 was in line with expectations, with accelerated hotel additions and a Buy rating. After adjustments for foreign exchange and other one-time items, EBITDA grew by 5% year-on-year to 1.5 billion RMB, in line with expectations. As a leading domestic hotel group, HuaZhu will continue to benefit from the recovery in tourism consumption and accommodation demand. Policy support for service facility construction is favorable for the further expansion and upgrading of the industry leader. Trip.com Group Limited (09961): In May, Goldman Sachs released a research report stating that Trip.com Group's first quarter revenue in 2025 met expectations, but profit margins exceeded expectations, prompting a Buy rating, with revenue expected to grow by 12%-17% year-on-year for 2025. As a global leader in online travel platforms, Trip.com will benefit from the recovery and growth of domestic and international tourism consumption. The mention in the policy of "attracting overseas visitors for consumption" will directly bring incremental opportunities to its inbound tourism business. China Travel International Investment Hong Kong Limited (00308): in its interim results announcement, the company revealed its agreement to acquire a 75% stake in Jilin Province Songhu Lake International Resort Development Co., Ltd. held by Changchun Vanke, as well as a 75% stake in Beijing Wanbingxue Sports Co., Ltd. held by Wanke Hotel Management. The company is expected to complete the delivery in the second half of 2025. The project is expected to have an annual tourist volume of over 350,000 and income of over 300 million RMB during the stabilization period, and the company is expected to contribute incremental profits. With multiple tourist attractions, hotels, and passenger transport businesses in Hong Kong and the mainland, the company is a pure target of the Hong Kong-Macao tourism concept, directly benefiting from the optimization of entry policies and the release of domestic leisure tourism demand. China Tourism Group Duty Free Corporation Limited (01880): One of the core businesses of China Tourism Group Duty Free Corporation is to provide tax-free shopping services for inbound tourists, especially at its downtown duty-free shops in major port cities such as Shanghai, Beijing, and Guangzhou. If the policy can introduce more convenient visa and tax refund measures, or relax the qualification for shopping at downtown duty-free shops, it will bring incremental customer groups and sales for the company. Galaxy Entertainment Group Limited (00027): The company develops and operates hotels, casinos, and integrated resorts in Macau. The company has numerous Michelin-starred restaurants, high-end luxury shopping centers, world-class entertainment venues (in cooperation with multiple INT'L ENT groups), and Asia's top water parks. Encouragement of inbound consumption in the policy will directly benefit Macau's gaming and integrated resort business, and its non-gaming entertainment, performances, dining, and shopping consumption will also simultaneously increase.