CITIC Securities' Research Reports indicate that promotional expenditures will be a focus of work next year, which will help boost Consumer confidence, promote a positive economic cycle, and drive investment in various sectors of the trade and retail industry: 1) From central to local levels, policy implementation may have regional characteristics, which is expected to bring greater policy dividends for Consumer enterprises with regional advantages or those deeply engaged in offline operations. It is recommended to focus on department stores, supermarkets, maternity and baby products, tourist attractions, and other formats in various regions. 2) Stabilizing foreign trade and foreign investment brings new requirements for constructing new foreign trade formats and improving foreign trade services, which generates dividends for foreign trade clusters and services. Recommendations include Zhejiang China Commodities City Group, leading cross-border e-commerce companies, etc. 3) Valuations are attractive, and spending willingness is greatly affected by income expectations. Although stimulation may not show immediate effects, as policies gradually yield results, these industries may eventually see recovery, such as duty-free, medical beauty, Baijiu(Chinese Liquor), and other industries. It is advisable to pay attention to the leading firms in these competitive fields that have been validated through multiple cycles.