从乡村田间的高效送货上门到城市商超里的人头攒动，中国新一轮"两新"（大规模设备更新和消费品以 旧换新）政策正在各地加速落地实施，持续激发市场新活力。"新国补"落地后的十多天时间里，多地线 下门店人气攀升、销售火热，中国市场迎来2026年首波消费热潮。 新一轮"两新"政策对稳定经济增长、促进社会健康发展发挥着重要作用。2026年"两新"政策重点从追求 规模转向更为精准配置资源，更聚焦于智能化、绿色化的消费新趋势。例如，消费品以旧换新领域，在 继续补贴手机、平板、智能手表(手环)基础上，新增纳入智能眼镜。在设备更新方面，政策将老旧小区 加装电梯、养老机构设施、消防救援、检验检测以及商业综合体、购物中心等线下消费基础设施的设备 更新纳入支持范围……呈现"精准发力，提质增效"的鲜明特征。各地积极用好中央政策"工具箱"，财政 支出靠前发力，为"两新"政策落地提供了坚实支撑。政策与市场协同发力，成效"立竿见影"。开年以 来，覆盖"国补"范围的商品销售量大幅增长，需求旺盛，为企业发展开拓了新的空间。 "国补"持续发力，让潜能巨大的乡村市场不断得到激发。数据显示，2025年1月至10月，我国乡村消费 品零售额5.5万亿元，同 ...

日前，国家发展改革委、财政部联合印发《关于2026年实施大规模设备更新和消费品以旧换新政策的通 知》(以下简称《通知》)，对2026年"两新"工作作出系统部署。 刘琼认为，2026年"两新"工作将此前定额补贴优化调整为按车价比例补贴，补贴资金支出随车辆价格调 节，既能稳定更新总量，又能改善补贴车型结构，减少"内卷式"、低水平的价格竞争。 在支持家电以旧换新方面，《通知》提出，个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器 等6类家电中1级能效或水效标准的产品，按产品销售价格的15%给予补贴，每位消费者每类产品可补贴 1件，每件补贴不超过1500元。 "根据有关行业数据，6类家电产品保有量占城乡家庭家电保有量的70%以上，通过进一步集中资源，让 补贴资金覆盖人群更广、带动效应更强，'得补率'更高。"刘琼介绍。 此外，《通知》继续支持数码和智能产品购新：个人消费者购买手机、平板、智能手表手环、智能眼镜 等4类产品(单件销售价格不超过6000元)，按产品销售价格的15%给予补贴，每位消费者每类产品可补贴 1件，每件补贴不超过500元。 "2026年政策在巩固传统大宗耐用消费品的同时，扩大对数码智能产品的支持范 ...

科技日报讯（记者刘园园）日前，国家发展改革委、财政部联合印发《关于2026年实施大规模设备 更新和消费品以旧换新政策的通知》（以下简称《通知》），对2026年"两新"工作作出系统部署。 据悉，为优化实施"两新"政策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，近日， 国家发展改革委会同财政部，已向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧 换新资金计划。 "2026年政策在巩固传统大宗耐用消费品的同时，扩大对数码智能产品的支持范围，在手机、平 板、智能手表（手环）的基础上，进一步优化至智能眼镜产品，满足居民对新技术、新产品、新场景的 需求。"国家信息中心经济预测部副研究员袁剑琴说。 关于推进大规模设备更新，《通知》明确，在继续支持工业、电子信息、能源电力、交通运输、物 流、教育、文旅、医疗、设施农业、粮油加工、安全生产、海关查验、住宅老旧电梯、节能降碳环保等 领域设备更新项目的基础上，将老旧小区加装电梯、养老机构、消防救援设施、检验检测等领域设备更 新纳入支持范围，更好满足民生和安全需要。支持商业综合体、购物中心、百货店、大型超市等线下消 费商业设施设备更新。 "与2025年相 ...

1 、中国将成为首个为央行数字货币计息的经济体。 中国人民银行出台数字人民币行动方案，新一代数字人民币计量框架、管理体 系、运行机制和生态体系将于 2026 年 1 月 1 日正式启动实施。届时，数字人民币钱包余额将按照活期存款计付利息，数字人民币将 从 " 数字现金时代 " 迈入 " 数字存款货币 " 时代。 2 、存量 " 公积金 + 商贷 " 利率 1 月 1 日起同步下调。 根据央行相关通知，对于 2025 年 5 月 8 日以前已经发放的公积金贷款，自 2026 年 1 月 1 日开始，首套房 5 年以下利率降至 2.1% ， 5 年以上降至 2.6% ；二套房 5 年以下降至 2.525% ， 5 年以上降至 3.075% 。商业贷款方面，五年期 LPR 下调至 3.5% ，贷款人可选择 3 个月、 6 个月或 1 年重定价周期。 3 、 2026 年国补方案正式发布。 国家发改委、财政部印发《关于 2026 年实施大规模设备更新和消费品以旧换新政策的通知》，同时 下达首批 625 亿元资金支持消费品以旧换新。 2026 年国补对象新增智能眼镜、智能家居等智能产品，剔除家装、电动自行车两大 类。购 ...

External Environment of Business Transformation - The external environment for the transformation of financing leasing companies is characterized by both pressure and opportunities. Regulatory policies are guiding the industry back to its core functions of "financing + asset leasing," with specific requirements for financial leasing companies to maintain a direct leasing business ratio of no less than 50% [1][12][17] - The market environment is affected by policies aimed at reducing local government debt, which limits traditional non-standard financing business, while a low-interest-rate environment intensifies competition with banks and trusts, leading to a narrowing of industry spreads. However, opportunities arise from large-scale equipment updates and national policies like the "dual carbon" strategy, which open growth avenues in green leasing and high-end equipment leasing [1][28][29] Core Transformation Directions - The transformation paths focus on four core areas: 1. Aviation and shipping leasing, leveraging the standardized nature of aircraft and vessels for competitive differentiation [2] 2. Green low-carbon leasing, covering wind power, photovoltaics, energy storage, and green transportation, aligning with the characteristics of heavy assets and long cycles in the new energy sector [2][33] 3. High-end equipment leasing, targeting technology-intensive equipment such as industrial robots and semiconductor devices to meet industrial upgrade demands [2][34] 4. Micro and agricultural leasing, utilizing industrial chain financial models to support small and medium-sized manufacturing enterprises and agricultural equipment updates [2][31] Transformation Outcomes and Challenges - The transformation outcomes show a divergence between financial leasing companies. Financial leasing companies that started early and made significant efforts are seeing a 25.16% year-on-year increase in direct leasing business in 2024, with green leasing assets reaching 1.07 trillion yuan. However, there is a notable disparity in business structures between leading and smaller institutions [2][31] - In contrast, commercial leasing companies face greater transformation pressures, with 36% of sampled companies experiencing a decline in business scale, 73% reporting a drop in profitability, and 55% facing asset quality challenges. Successful cases like Guoyin Financial Leasing and Everbright Financial Leasing have optimized their business structures through early investments in aviation and green energy sectors, but many companies still encounter initial "growing pains" during transformation [2][31] Risks in the Transformation Process - The transformation process must address multiple risks, including intensified competition in popular sectors, funding shortages for smaller companies, and various operational risks associated with aviation, new energy, and micro-businesses. Blindly following trends without adequate risk control may lead to deteriorating asset quality [3][12][26] Opportunities from Policy Support - The "dual carbon" strategy and national policies promoting large-scale equipment updates and consumption upgrades present significant opportunities for financing leasing companies. The government has allocated approximately 300 billion yuan in special bonds to support these initiatives, which align well with the leasing industry's asset characteristics [28][29] - The transformation of urban investment enterprises into comprehensive operators provides further business opportunities for financing leasing companies, especially in new infrastructure and livelihood-related sectors. Companies with deep ties to urban investment can leverage their resources to continue operations in these areas [30]

每经记者｜李星 每经编辑｜陈柯名 裴健如 商务部等部门12月31日发布关于2026年汽车以旧换新补贴实施细则，明确参与申领2026年汽车报废更新补贴旧车的注册登记时间，相比2025年进一步扩大 支持范围。 细则还明确 报废旧车购买符合条件的新能源乘用车新车，按新车销售价格12%给予补贴，补贴金额最高2万元； 报废燃油乘用车，并购买符合条件的燃油乘用车新车，按新车销售价格的10%给予补贴，补贴金额最高1.5万元。 对报废新能源车并购买燃油车的，不给予补贴。 置换更新则是对换购符合条件的新能源乘用车新车，按新车销售价格的8%给予补贴，补贴金额最高1.5万元； 对换购符合条件的燃油乘用车新车，按新车销售价格的6%给予补贴，补贴金额最高1.3万元。 消费者可通过电脑端登录"全国汽车流通信息管理系统"网站（https://qclt.mofcom.gov.cn），点击"汽车以旧换新"专题，进入申请页面，填写申请信息并上 传所需附件。 2026年汽车报废更新中： 若参与申领补贴的报废旧车为汽油乘用车，则其注册登记时间应在2013年6月30日（含当日，下同）之前； 若参与申领补贴的报废旧车为柴油及其他燃料乘用车，则其注册登记 ...

【内容摘要】12月30日，资金面有所收敛，跨年资金成本继续上升；债市情绪有所修复，超长债回暖；转债市场主要指数集体收涨，转债个券多数上涨；各 期限美债收益率走势分化，主要欧洲经济体10年期国债收益率普遍上行。 一、债市要闻 （一）国内要闻 【个人销售未满2年住房增值税将下调至3%】12月30日，财政部、税务总局发布《关于个人销售住房增值税政策的公告》，明确个人将购买不足2年的住房 对外销售的，按照3%的征收率全额缴纳增值税；个人将购买2年以上（含2年）的住房对外销售的，免征增值税。《公告》自2026年1月1日起施行。 【2026年"两新"政策出炉，"范围、标准、机制"全面优化】12月30日，国家发展改革委、财政部发布《关于2026年实施大规模设备更新和消费品以旧换新政 策的通知》，明确2026年"两新"政策的支持范围、补贴标准和工作要求。据悉，国家已于近日向地方提前下达2026年第一批625亿元超长期特别国债支持消 费品以旧换新资金计划，满足元旦、春节等旺季消费需求。2026年"两新"政策主要在支持范围、补贴标准、实施机制三方面进行优化。 【财政部：切实抓好地方政府债务监督，有效抓好财政收入、超长期特别国债等 ...

据新华社电 国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新政策 的通知》30日对外发布，明确2026年"两新"政策的支持范围、补贴标准和工作要求。2026年"两新"政策 主要做了3个方面优化。 一是优化支持范围。设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养 老机构设备更新，在安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合 体、购物中心、百货店、大型超市等线下消费商业设施的设备更新。消费品以旧换新方面，进一步集中 资源，着力提升覆盖人群广、带动效应强的重点消费品"得补率"。继续实施汽车报废更新和汽车置换更 新补贴；继续实施家电以旧换新补贴，支持范围聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类 产品；同时，将数码产品购新补贴拓展为数码和智能产品购新补贴，支持范围包括手机、平板、智能手 表（手环）、智能眼镜和智能家居产品（含适老化家居产品）。 通知要求，国家发展改革委发挥"两新"部际联席会议制度牵头部门作用，会同财政部安排超长期特别国 债资金实施"两新"政策，加强统筹协调和跟踪调度。 二是优化补贴标准。设备更新方面，将住宅老 ...

1. Report's Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The 2026 national subsidy program for consumer goods replacement is released, with changes in subsidy targets and amounts [2][13]. - Multiple factors are driving copper prices to new highs, and the price is expected to continue rising in 2026 [5]. - The Fed agreed to cut interest rates in December, but officials have significant differences. Further rate cuts may be appropriate if inflation declines as expected [3][15]. - The real - estate market has new policies, such as a reduction in the VAT rate for short - term housing sales, which will impact the market [14]. 3. Summary by Relevant Catalogs 3.1 Macro Data - In Q3 2025, GDP grew at a 4.8% year - on - year rate, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1]. - In November 2025, the manufacturing PMI was 49.2%, slightly up from 49.0% in the previous month but down from 50.3% last year [1]. - The non - manufacturing PMI business activity in November 2025 was 49.5%, down from 50.1% in the previous month and 50.0% last year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The 2026 national subsidy plan for equipment renewal and consumer goods replacement is announced, including subsidy details for new cars and home appliances [2][13][14]. - The list of state - owned trading enterprises for tungsten, antimony, and silver exports from 2026 - 2027 is released [2]. - On December 30, 2025, there were 31 positive - basis and 37 negative - basis domestic commodity varieties [3]. 3.2.2 Metals - On December 30, 2025, COMEX gold futures rose 0.20% to $4352.30 per ounce, and COMEX silver futures rose 7.88% to $76.02 per ounce [4]. - Indonesia plans to cut nickel production in 2026 to balance supply and demand [5]. - Multiple factors are driving copper prices to new highs, and it's expected to continue rising in 2026 [5]. 3.2.3 Coal, Coke, Steel, and Minerals - As of mid - December 2025, the price of coke (quasi - first - class metallurgical coke) decreased 2.79% month - on - month, hitting a new low since late October [7]. 3.2.4 Energy and Chemicals - On December 30, 2025, WTI crude oil futures fell 0.22% to $57.95 per barrel, and Brent crude oil futures fell 0.24% to $61.34 per barrel [9]. - OPEC+ is expected to maintain the suspension of production increases [9]. 3.2.5 Agricultural Products - Since 2025, domestic pig prices have declined, and it's expected to recover in the second half of 2026 [10]. - In 2025, the national grain purchase volume reached 830 billion jin, remaining stable for three years [10]. 3.3 Financial News 3.3.1 Open Market - On December 30, 2025, the central bank conducted a 7 - day reverse repurchase operation of 312.5 billion yuan, with a net injection of 253.2 billion yuan [12]. 3.3.2 Key News - The 2026 national subsidy plan for consumer goods replacement is released [2][13]. - The VAT rate for short - term housing sales is reduced from 5% to 3% starting in 2026 [14]. - The Fed agreed to cut interest rates in December, but officials have differences [3][15]. 3.3.3 Bond Market - The sentiment of ultra - long bonds has recovered slightly, while other maturities are still weak. Bond futures show differentiation [20]. - Currency market interest rates mostly rose, with some short - term rates hitting new highs or lows [22]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 6.9901 on December 30, 2025, up 197 points [25]. - The US dollar index rose 0.22% to 98.22 in New York trading [25]. 3.3.5 Research Reports - Huatai Fixed - income believes that the bond market will remain volatile and slightly weak in Q1 2026 [26]. - CICC Fixed - income believes that the overall credit risk of central and state - owned real - estate enterprises is controllable in 2026 [26]. - CITIC Securities expects a more active fiscal policy and a moderately loose monetary policy in 2026 [27]. 3.4 Stock Market - The A - share market had a narrow - range adjustment, with the Shanghai Composite Index slightly down, and the Shenzhen Component Index and ChiNext Index up [30]. - The Hong Kong stock market rose, with the Hang Seng Index up 0.86% and the Hang Seng Tech Index up 1.74% [30]. - In 2025, the Hong Kong IPO scale ranked first globally. It's predicted that about 160 new stocks will be listed in 2026 [31].

各省、自治区、直辖市人民政府，国务院各部委、各直属机构： 智通财经12月30日讯，国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新 政策的通知。支持汽车报废更新。个人消费者报废登记在本人名下的乘用车，并购买纳入《减免车辆购 置税的新能源汽车车型目录》的新能源乘用车或2.0升及以下排量燃油乘用车的，给予汽车报废更新补 贴支持，购买新能源乘用车补贴车价的12%(最高不超过2万元)、购买2.0升及以下排量燃油乘用车补贴 车价的10%(最高不超过1.5万元)。支持汽车置换更新。个人消费者转让登记在本人名下的乘用车，并购 买纳入《减免车辆购置税的新能源汽车车型目录》的新能源乘用车或2.0升及以下排量燃油乘用车的， 给予汽车置换更新补贴支持，购买新能源乘用车补贴车价的8%(最高不超过1.5万元)、购买2.0升及以下 排量燃油乘用车补贴车价的6%(最高不超过1.3万元)。 国家发展改革委 财政部关于2026年实施大规模设备更新和消费品以旧换新政策的通知 发改环资〔2025〕1745号 为全面贯彻党的二十大和二十届历次全会精神，认真落实中央经济工作会议部署，根据《推动大规模设 备更新和消费品以旧换新 ...