According to China Securities Co.,Ltd. Research Reports, 1) the Central Economic Work Conference has listed "significantly boosting Consumer spending and comprehensively expanding domestic demand" as the top priority for 2025. The focus on "Two New (equipment upgrading and replacing old consumer goods with new ones) + Two Heavy (implementation of major national strategies and construction of security capabilities in key areas)" will continue. The proposal of "special actions to boost Consumer spending" and "special actions to reduce overall Logistics costs" is expected to bring more support for new Consumer scenarios, such as "first launch economy," "ice and snow economy," and "Silver economy." 2) Consumer policies are expected to be strengthened; the replacement policy is anticipated to continue and "expand its scope" in 2025. Home goods: This year, provinces and cities have adapted their approaches, and ongoing subsidies are expected to be sustainable. It is anticipated that the range and scale of home subsidies will increase next year. Potential categories: Some provinces and cities have already implemented subsidies for home textiles and children's clothing. It is expected that subsidies for ice and snow, outdoor apparel, and other clothing will likely be included in government subsidies, keeping a Bullish outlook on the sports and outdoor sector.