两新政策促经济回升，券商：后续有1400亿元以旧换新资金

Group 1: Economic Growth and Consumption - The government emphasizes boosting consumption to effectively respond to external challenges and promote economic recovery, which also enhances people's livelihoods and development vitality [1] - In April, the total retail sales of consumer goods reached 37,174 billion yuan, showing a year-on-year growth of 5.1% and a month-on-month increase of 0.24% [3] - The industrial sector maintained rapid growth, with the added value of industrial enterprises above designated size increasing by 6.1% year-on-year in April, supported by the "two new" policies and industrial upgrades [4] Group 2: Consumer Trends and New Dynamics - The sales of consumer goods related to the "old for new" policy saw significant growth, contributing notably to the overall retail sales increase [5] - In April, retail sales of household appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment grew by 38.8%, 33.5%, 26.9%, and 19.9% year-on-year, respectively, all exceeding the overall retail sales growth rate [5] - Online retail and instant retail are gaining popularity, with the online retail sales of physical goods increasing by 5.8% year-on-year from January to April, continuing to outpace overall retail sales growth [5] Group 3: Investment and Foreign Trade - Fixed asset investment grew by 4% year-on-year from January to April, with investment in equipment and tools rising by 18.2%, contributing 64.5% to total investment growth [5] - Despite external challenges, foreign trade maintained stable growth, with total imports and exports increasing by 2.4% year-on-year from January to April, and exports to Belt and Road countries growing by 3.9% [6] - The government plans to implement special actions to boost consumption, enhance residents' purchasing power, and improve the consumption environment to better unleash consumption potential [6] Group 4: Policy Support for Consumer Goods - CITIC Securities reported that over 1,600 billion yuan has been allocated for the second batch of the "old for new" policy, with an additional 1,400 billion yuan expected [7] - The policy is anticipated to continue driving demand recovery in small kitchen appliances, with certain products included in the subsidy range by 2025 [7]