金吾财讯 | 中国银河证券发研报指，提振服务消费已成为共识，但财富效应带来的基本面边际变化可能先行。服务消费对居民就业、收入、通胀的关键性影响已为决策层和市场充分认知，区域性的补贴与假期制度优化等自上而下的政策也在持续落地。但考虑到目前服务消费仍未有类似耐用品消费的全国性补贴政策，因此我们认为与政策脱敏，但与流动性和财富效应挂钩的高端消费表现将相对占优，大众消费有望在此后接力复苏。
金吾财讯 | 中国银河证券发研报指，提振服务消费已成为共识，但财富效应带来的基本面边际变化可能先行。服务消费对居民就业、收入、通胀的关键性影响已为决策层和市场充分认知，区域性的补贴与假期制度优化等自上而下的政策也在持续落地。但考虑到目前服务消费仍未有类似耐用品消费的全国性补贴政策，因此我们认为与政策脱敏，但与流动性和财富效应挂钩的高端消费表现将相对占优，大众消费有望在此后接力复苏。
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