CITIC SEC Research Reports state that the Central Economic Work Conference in 2024 clearly proposed to "expand domestic demand in all aspects" and "strengthen and expand the implementation of 'two new' policies." This year, the quota for trade-ins may have been largely used up, with the multiplier effect on incremental consumption reaching 2-3 times. It is expected that next year the trade-in funding amount will further increase to around 300 billion yuan, with categories likely to expand to include mobile phones and more home furnishing and decoration. Additionally, local consumption coupons are beginning to be upgraded and expanded, with funds usually sourced from local fiscal budgets, which is bullish for Dining and other consumption service directions.