“以旧换新”补贴节奏放缓，8月社零总额增速下降，促消费力度将持续扩大

Group 1: Consumer Market Performance - In August, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4% and a month-on-month increase of 0.17% [2] - From January to August, the total retail sales amounted to 323,906 billion yuan, showing a year-on-year increase of 4.6%, with service retail sales growing by 5.1% [2] - The "old-for-new" policy has positively impacted sales, particularly in sectors like furniture, home appliances, and electric vehicles, with significant retail growth observed [4] Group 2: Investment Trends - Fixed asset investment from January to August grew by 0.5%, marking a continuous decline for five months, reaching a historical low outside the pandemic lockdown period [7] - Private fixed asset investment decreased by 2.3% during the same period, heavily influenced by a 16.7% drop in real estate development investment [7] - Equipment investment showed resilience, with a 14.4% increase in equipment and tools purchases, contributing to a 2.1 percentage point growth in fixed asset investment [8] Group 3: Policy Impact and Future Outlook - The government is implementing measures to stimulate private investment, focusing on easing entry barriers and enhancing support for new infrastructure and emerging service sectors [9] - Upcoming consumer policies, including childcare subsidies and free preschool education, are expected to enhance consumer capacity and willingness [5] - The upcoming Mid-Autumn Festival and National Day holidays are anticipated to further boost consumer spending [5]