20251130-华源证券-北交所消费服务产业跟踪第四十一期_六部门发布消费品_供需适配_政策_关注重点消费领域北交所相关公司_16页_1mb

Policy Overview: The six departments (Ministry of Industry and Information Technology, National Development and Reform Commission, Ministry of Commerce, Ministry of Culture and Tourism, People's Bank of China, and State Administration for Marked) jointly issued the "Implementation Plan for Enhancing Consumer Goods Supply-Demand Fit and Promoting Consumption" on November 26, 2025. This plan follows the Fourth Plenum of the 20th CPC Central Committee, emphasizing supply-demand balance to support economic growth through消费升级 and产业升级. Key goals include establishing three trillion-yuan consumption fields and ten hundred-billion-yuan hotspots by 2027, with high-quality development by 2030.

Key Sectors Identified: The plan focuses on万亿级 consumption fields like elderly products, intelligent connected vehicles, and consumption electronics. It also highlights千亿级 hotspots such as infant products, smart wearables, cosmetics, outdoor products, and pet supplies. These sectors show strong growth trends and potential, with companies like those in health, cultural IP, pet food, and smart home being monitored on the North Exchange.

North Exchange Companies: Relevant companies include those in health products (e.g., Yizhi Magic芋, Wuxi Jinghui), cultural IP (Bolinx龙, Taixu雪), pet food (Lus 股份), and smart home (Shijing 智能). These firms are aligned with the plan's priorities and represent opportunities in emerging consumption areas.

Market Performance: The North Exchange consumption service stocks had mixed weekly performance from November 24 to 28, 2025, with a median stock price decline of -0.48%. Companies like Zhulao Liu (8.30% ↑), Leishen Tech (7.46% ↑), and Qishi Dairy (4.62% ↑) outperformed. The sector's PE ratio remained around 49.7x, indicating slight stability despite minor market fluctuations and a total market cap decrease.

Recent Announcements: Companies like Jinfubio received regulatory approvals (e.g., D-class medical device certification in the Philippines), showcasing technological advancements and international expansion potential. Other firms reported positive developments in areas such as FDA inspections and overseas contracts.

Risk Factors: Potential risks include macroeconomic uncertainties, intense market competition, and data errors, which could affect investment outcomes. Investors are advised to assess individual company fundamentals and market conditions carefully.