今年前三季度设备更新加快推进 消费品以旧换新政策成效明显

Core Insights - The latest data from the National Taxation Administration indicates a significant acceleration in equipment updates and the effectiveness of the "old-for-new" consumption policy in China, particularly in the first three quarters of 2025 [1][2] Group 1: Equipment Procurement Trends - In the first three quarters of this year, the amount spent by industrial enterprises on machinery and equipment increased by 9.4% year-on-year [1] - High-tech manufacturing maintained a strong growth momentum, with machinery and equipment procurement rising by 14% [1] - The electricity, heat, gas, and water production and supply sectors saw a 10.5% increase in machinery and equipment procurement [1] - The information transmission, software, and IT services sectors experienced significant growth, with procurement amounts increasing by 26.8% and 32.5% respectively [1] Group 2: Digital Equipment Investment - Nationally, the procurement of digital equipment by enterprises grew by 18.6% year-on-year, indicating a strong push towards digital transformation [1][2] - High-end manufacturing sectors, such as shipbuilding and computing, reported year-on-year increases in digital equipment procurement of 17.3% and 22.7% respectively [1] Group 3: Role of Private Enterprises - Private enterprises showed a more pronounced role in equipment updates, with machinery and equipment procurement increasing by 13% year-on-year, surpassing state-owned and foreign enterprises [2] - In innovative sectors, private enterprises in the internet and smart drone industries saw procurement increases of 32.8% and 70.5% respectively [2] Group 4: Impact of "Old-for-New" Policy - The "old-for-new" policy has significantly boosted retail sales in various sectors, with home appliance sales such as refrigerators and televisions increasing by 48.3% and 26.8% year-on-year [2] - Retail sales in furniture and lighting also saw substantial growth, with increases of 33.2% and 17.2% respectively, particularly in smart home products like robotic vacuum cleaners, which grew by 75% [2] - The newly expanded scope of the policy also led to a 19.9% increase in retail sales of mobile communication devices [2]