Apple(US:AAPL) Western Securities·2025-08-10 11:11Group 1: Policy Impact on Consumption - The "old-for-new" policy has seen a subsidy scale double to 300 billion yuan, with 162 billion yuan allocated in the first half of the year[10] - Retail sales in China grew by 5% year-on-year in the first half of the year, but the monthly growth rate fell from 6.4% in May to 4.8% in June, indicating a slowdown[11] - The consumption multiplier effect of the "old-for-new" policy for home appliances and automobiles decreased from 2.29/2.68 times in Q4 2024 to 1.96/2.11 times in the first half of 2025[15] Group 2: Sector Performance - The service consumption sector is expected to take over from goods consumption as the main driver of growth, supported by policy shifts towards service consumption[2] - The automotive sector saw a significant increase in sales, with over 290 million vehicles scrapped and 370 million replaced in 2024, generating over 920 billion yuan in sales[30] - The consumer electronics sector experienced a decline in retail growth, with the retail growth rate for communication equipment dropping from 33% to 13.9% in June 2025[35] Group 3: Economic Indicators - The macroeconomic environment shows a recovery in upstream industrial prices, while downstream demand continues to decline, particularly in logistics[54] - The real estate sector remains under pressure, with a year-on-year decline in new housing sales area narrowing to -6.6% in June 2025, compared to -13.8% in the previous year[42] - The government plans to issue 4.4 trillion yuan in special bonds for infrastructure projects in 2025, an increase of 500 billion yuan from the previous year[36]