当前，世界经济进入“慢球化”与新型经济全球化深度调整期，全球价值链加速向区域化、近岸化、安全化重构，经济全球化正由制造业全球化转向服务业全球化，规则、规制、管理、标准已然成为大国竞争的核心赛道。与此同时，我国也正全面迈入服务经济发展新阶段。建议立足全球价值链重构新形势，紧扣“能力提升-路径选择-政策落地”这条主线，分梯队精准施策，抢抓“十五五”前中期战略窗口实现重点突破。

4 月7日至8日，全国服务业大会（以下简称大会）在北京 召开。这是新时期首次聚焦国民经济第一大产业——服务业而举 行的全国性大会，标志着国家对服务业的战略定位已经从“国民 经济支撑者”转向“现代化产业体系引领者”。站在“十五五” 开局的全新起点，这次大会不仅是一次政策的全面呈现，更是落 实顶层设计、落地配套政策，推动服务业真正实现拉动增长、吸 纳就业和保障民生的关键布局。

Mechanical, engineering, and plumbing (MEP) services hold critical importance in ensuring that building facilities are operating in an efficient manner with the optimum use of energy. To achieve better results in the project, building owners are increasingly entering into long-term contracts with third-party specialized vendors offering MEP services. Outsourcing MEP services to specialized vendors helps in reducing operating costs, optimizing energy consumption, and improving the productivity of facilities.

2025Q1-Q2，限额以上化妆品同比分别增长3.1%、2.6%，增势稳健，环比2024年有显著改善（24全年-1.1%，Q1-Q4分别为3.3%、 -1.2%、-5.5%、-1.5%）。线上来看，上半年天猫+抖音同比增长13.1%，环比去年有所提速。综合来看，2025H1化妆品行业呈现出：增速小幅改善，行业增速落入稳健增长区间的特征。

激光类医美服务主要通过操作医疗激光美容设备的方式来实现，主要功效包括紧致抗衰、祛斑去色素、祛痘印和脱毛等。现阶段，激光美容在学术领域的发展较为成熟，医美机构推出的行业相关能够满足消费者的多元化变美需求，上游激光设备的品牌价值对中游医美服务会产生一定的影响。随着医美消费客流持续复苏，预计中国激光类医美服务市场的规模增长将持续至 2027 年。

The global GIS market in the utility industry refers to the market for geographical information system (GIS) technologies, systems, and solutions that are specifically designed and used by utility companies. These utilities include sectors such as electricity, gas, water, and sewage. GIS is a system that allows for the collection, storage, analysis, and visualization of geospatial data. In the utility industry, GIS is used to manage assets, infrastructure, and operations efficiently. It provides utilities with the ability to map and analyze their network of assets, such as power lines, pipelines, water distribution systems, and other infrastructure elements. This helps utilities in planning, designing, maintaining, and optimizing their infrastructure.

The integrated facility management market size was valued at USD 142.05 billion in 2023, and it is expected to reach USD 217.08 billion by 2029, registering a CAGR of 7.08% during the forecast period (2024-2029). An integrated facilities management (IFM) primarily brings all the facility management contracts under a single service. IFM combines complex facilities management and soft FM such as security, cleaning, and waste management. Bringing all these different services together under a single umbrella can result in better customer service, better coordination between FM services, and consolidated costs to bring everything in under budget.

2024 年 3 月《关于 2023 年中央和地方预算执行情况与 2024 年中央和地方预算草案的报告》财政预算报告中，明确在深化财税体制改革中提出“在保持宏观税负和基本税制稳定的前提下，进一步完善税收制度、优化税制结构，研究健全地方税体系，推动消费税改革，完善增值税制度”。 本文意在梳理消费税改革历史及国内消费税特征，并阐述对此次消费税改的重点。

全球电商渗透率稳步提升，中国跨境电商行业规模增长空间较大：全球电商渗透率自 2017 年的 10.4%提升至 2023 年的 19.5%。分地区来看，当前全球主要 国家电商零售渗透率相较中国（47%）仍有一定差距，未来具备较大提升空间。根据艾瑞咨询数据预计，伴随全球电商渗透率的稳步提升，2025 年我国跨境出 口电商行业规模有望达到 10.4 万亿元，2022-2025 年 CAGR 为 16.4%。

我们认为，物业服务行业处于消费服务、公用事业和地产链的交汇点，且地产链属性正在逐渐消退，消费服务属性正在提升。中期来看，物业服务行业具备高股息的潜力，仅需企业着力提升分红派息水平。我们推荐运营 能力佳、应收规模控制得当、有分红提升趋势的头部物业服务企业。