在江苏扬州的迎新春促消费市集上，设置了"焕新生活专区"，聚焦汽车、家电及数码产品，全力推动新一轮以旧换新政策落地。今年一季度，当地将投入 2.37亿元专项补贴资金，释放消费潜力。在新疆乌鲁木齐、内蒙古包头，为满足消费者多元化换新需求，不少商家在"国补"基础上，还联合企业推出手机、 家电等多种优惠套餐。在黑龙江哈尔滨、云南曲靖、山西太原等地，"国补+企业让利+商家补贴"三重优惠，带动节前数码产品、绿色智能家电销售升温。 各地还优化服务，助力"两新"政策下沉。辽宁辽阳工信部门的工作人员、行业专家，前往当地精细化工企业，协助企业摸排评估，建立台账，重点推进高耗 能落后机电设备淘汰更新，提升企业数智化水平。安徽多地组织农机销售企业带着产品进村展销，现场宣传农机购置补贴、以旧换新政策，"国补+企业春 节让利"的促销吸引了不少村民。 央视网消息（新闻联播）：春节临近，在"两新"政策带动下，各地多措并举，优化服务流程，提振消费活力。 ...

Group 1 - The core idea of the news is the launch of the "2026 'Buy New Year' Special Activity Plan" by the Ministry of Commerce and nine other departments to stimulate consumer spending during the Spring Festival, which will take place from February 15 to 23, covering nine days of holiday [1] - The activity plan includes six components: food, accommodation, transportation, tourism, shopping, and entertainment, focusing on cultural traditions, family reunions, and shopping needs, aiming to create diverse consumption scenarios [1][2] - The plan is expected to enhance economic vitality and improve residents' happiness by stimulating consumption potential through various measures [1] Group 2 - The "Good Purchase" section of the plan encourages retail sectors to conduct promotional activities, including setting up market areas for New Year goods and supporting local fairs [2] - A series of support measures are introduced, such as prize invoices, increased subsidies for old-for-new exchanges, and enhanced financial support through consumption red envelopes and discounts [3] - The old-for-new policy is highlighted as a key driver for consumption, with an expected sales volume of 3.92 trillion yuan in 2025 benefiting 494 million consumers [3][4] Group 3 - The plan aims to promote green consumption and reduce resource waste while stimulating demand for product upgrades through increased old-for-new exchanges [4] - Financial support for consumption is expected to increase, with a projected 500 billion yuan in fiscal funds for 2026, expanding the scope of consumption incentives [5] - The integration of transportation and tourism is emphasized, with measures to enhance inbound tourism and optimize shopping experiences for international travelers [6][7] Group 4 - The plan encourages collaboration between financial institutions and key merchants to launch exclusive Spring Festival activities, including discounts and digital currency incentives [8][9] - Cross-industry collaborations are promoted, linking various sectors such as dining, accommodation, and entertainment to create bundled offers for consumers [9][10] - Overall, the combination of these policies is expected to effectively stimulate domestic demand, promote consumption upgrades, and support the recovery of the real economy [10]

此外，方案还提出，鼓励金融机构与重点商户合作，策划春节专属活动，推出消费红包、消费立减等优 惠，扩大活动覆盖面。结合地方促消费活动，推出支付满减、积分抵现等优惠措施，鼓励使用数字人民 币智能合约消费红包。充分满足小额现金需求，加强手机红包技术保障。金融机构保障适量网点开门营 业，满足群众金融服务需求。 2日，商务部等9部门印发《2026"乐购新春"春节特别活动方案》。其中提出，鼓励各地增加春节期间消 费品以旧换新补贴数量，加大线下实体零售支持力度，动员企业春节期间持续开展汽车、家电、数码和 智能产品相关展销活动，引导企业打造智能终端等产品体验专区，对到店体验消费者给予更多优惠，加 大政策解读和线下体验式消费宣传力度，营造浓厚换新氛围。 ...

Economic News - The Ministry of Commerce announced a special plan for the 2026 Spring Festival, promoting various measures to facilitate inbound consumption, including multilingual maps and increased flight capacity on international routes [2] - The Ministry of Industry and Information Technology reported that the added value of China's electronic information manufacturing industry is expected to grow by 10.6% year-on-year in 2025, outpacing the growth rates of the overall industrial and high-tech manufacturing sectors [2] - China's shipbuilding industry maintained its global leadership for the 16th consecutive year, with a completion volume of 53.69 million deadweight tons in 2025, representing a year-on-year increase of 11.4% [2] - The People's Bank of China conducted a 750 billion yuan reverse repurchase operation on February 2 [2] Industry Insights - The pig farming industry is experiencing a short-term price recovery, with the average price of live pigs rising to 12.90 yuan/kg by January 20, 2026, despite a decline in December [6][7] - The supply side shows a decrease in the breeding sow population, with a total of 39.61 million sows reported at the end of December 2025, down 1.10% from October [7] - The industry is expected to see accelerated capacity reduction due to policy adjustments and ongoing low prices, with a potential price upturn anticipated in the second half of 2026 [8] - Major companies in the sector, such as Muyuan Foods and Wens Foodstuff Group, reported varying sales prices and volumes in December, with average sales prices showing a slight decline [9] Company News - Qingdao Bank reported a significant improvement in its financial performance for 2025, with operating income of 14.57 billion yuan and a net profit of 5.19 billion yuan, reflecting year-on-year growth of 8% and 21.7% respectively [11][12] - The bank's non-performing loan ratio decreased to 0.97%, and the provision coverage ratio increased to 292.3%, indicating improved asset quality [13] - The bank's loan and total asset growth rates were 16.5% and 18.1% year-on-year, respectively, supported by strong credit demand in the Qingdao region [12]

Core Insights - The report maintains a bullish outlook on the real estate market, highlighting the significant debut of commercial real estate REITs, with the first batch of applications exceeding 32.1 billion RMB, accounting for 14% of the existing C-REITs market [5] - The cancellation of the "three red lines" policy marks a pivotal shift, indicating a return to orderly market development and improved financing channels for real estate companies [16][20] - The report notes a strong year-on-year increase in transaction volumes for both new and second-hand homes, with new home transactions in 50 cities up 3.3% week-on-week and 37.2% year-on-year [5][9] Group 1: Central Policies - The cancellation of the "three red lines" policy allows for a more market-oriented development of the real estate sector, which had previously constrained financing for weaker firms [16] - The central government is actively managing expectations and stabilizing the policy environment to facilitate a turning point in the real estate cycle [16] Group 2: Transaction Performance - New home transactions saw a week-on-week increase of 3.3% and a year-on-year increase of 37.2%, reflecting a recovery from last year's low base due to the Spring Festival [5][9] - Second-hand home transactions also showed significant growth, with a year-on-year increase of 154.9%, driven by a favorable comparison to last year's figures [9] Group 3: Market Dynamics - The report indicates that the new home supply has improved, with a week-on-week increase of 34.5%, which is unusual before the Spring Festival, suggesting increased developer confidence [5] - The second-hand market remains robust, with a year-on-year increase in visits and transactions, indicating sustained demand [5] Group 4: Land Market Performance - The land market showed weaker performance, with total land sales in 300 cities amounting to 12.7 billion RMB, down 20% week-on-week and 69% year-on-year [5] - The report highlights a supply of 7.93 million square meters, with a land absorption rate of 51%, indicating a dual weakness in supply and demand [5] Group 5: Company Performance and Recommendations - The report suggests that companies with strong investment fundamentals and low valuations, such as China Jinmao and China Overseas, are leading the sector [5] - The property management sector also performed well, with a 2.6% increase, outperforming the Hang Seng Index [5] Group 6: C-REITs Overview - The C-REITs composite return index rose by 0.36%, with 41 out of 78 REITs showing gains, particularly in the renewable energy and highway sectors [5]

2日，商务部等9部门印发《2026"乐购新春"春节特别活动方案》。 其中提出，鼓励各地增加春节期间消费品以旧换新补贴数量，加大线下实体零售支持力度， 动员企业春节期间持续开展汽车、家电、数码和智能产品相关展销活动，引导企业打造智能 终端等产品体验专区，对到店体验消费者给予更多优惠，加大政策解读和线下体验式消费宣 传力度，营造浓厚换新氛围。 此外，方案还提出，鼓励金融机构与重点商户合作，策划春节专属活动，推出消费红包、消 费立减等优惠，扩大活动覆盖面。结合地方促消费活动，推出支付满减、积分抵现等优惠措 施，鼓励使用数字人民币智能合约消费红包。充分满足小额现金需求，加强手机红包技术保 障。金融机构保障适量网点开门营业，满足群众金融服务需求。 全文如下： 2026"乐购新春"春节特别活动方案 2026年春节将迎来9天假期，为繁荣节日市场、丰富群众文化生活、激发假期消费活力，打造全域联 动、全民乐享的春节消费盛宴，结合农历马年文化内涵与春节消费特点，制定本方案。 一、工作思路 贯彻落实党中央、国务院关于扩大内需、提振消费系列决策部署，深入实施提振消费专项行动，打 造"购在中国"品牌，坚持政府引导、市场主导、全民参与， ...

经济观察网据央视新闻客户端消息，2日，商务部等9部门印发《2026"乐购新春"春节特别活动方案》。 其中提出，鼓励各地增加春节期间消费品以旧换新补贴数量，加大线下实体零售支持力度，动员企业春 节期间持续开展汽车、家电、数码和智能产品相关展销活动，引导企业打造智能终端等产品体验专区， 对到店体验消费者给予更多优惠，加大政策解读和线下体验式消费宣传力度，营造浓厚换新氛围。 此外，方案还提出，鼓励金融机构与重点商户合作，策划春节专属活动，推出消费红包、消费立减等优 惠，扩大活动覆盖面。结合地方促消费活动，推出支付满减、积分抵现等优惠措施，鼓励使用数字人民 币智能合约消费红包。充分满足小额现金需求，加强手机红包技术保障。金融机构保障适量网点开门营 业，满足群众金融服务需求。 ...

Group 1 - The consumption market in China is showing new highlights driven by a series of consumption-boosting policies, with significant growth in rural-related consumption demand [2] - Retail sales in the home appliance sector, such as refrigerators, kitchenware, and communication devices, are projected to grow by 17.4%, 12.9%, and 18.6% respectively in 2025, indicating a shift towards quality upgrades in rural consumption [2] - The sales and revenue of new energy passenger vehicles are expected to increase by 24.3% and 21.1% respectively, reflecting the impact of large-scale equipment renewal policies in agricultural production and circulation [2] Group 2 - The growth of cultural tourism and service consumption is expanding opportunities for rural industry development, with significant increases in sales revenue from cultural performances, scenic spots, and leisure activities [3] - Digital consumption is increasingly influencing the rural market, with sales in internet life service platforms and food delivery services continuing to grow, and new sales methods like live streaming and online transactions gaining traction [3] - There is a steady increase in consumption demand related to elderly care and childcare services, supported by the ongoing development of the childcare service system, which enhances the rural public service framework [3]

2025年，我国消费市场向新而行，保持稳健增长。2025年社会消费品零售总额突破50万亿元，同比 增长3.7%，比2024年加快0.2个百分点，规模居全球零售市场前列。2025年服务零售额同比增长5.5%， 快于商品零售额1.7个百分点，体现了较强的活力和潜力。 这些成绩不仅彰显了我国消费市场的强大韧性，也为2026年我国消费市场持续向好奠定了坚实基 础。对于今年的扩内需工作，中央经济工作会议将"坚持内需主导，建设强大国内市场"列为今年经济工 作重点任务首位。商务部等部门发布文件，指导地方相关部门和金融机构加强协同，精准施策，推动惠 民生和促消费紧密结合；多部门明确继续实施消费品以旧换新政策；国家发展改革委宣布，研究制定出 台2026年至2030年扩大内需战略实施方案；有关方面正在研究制定稳岗扩容提质行动和城乡居民增收计 划……近期，一揽子提振和扩大消费的政策陆续发布，为今年扩大内需工作锚定了方向。 提升以旧换新政策效能 2025年12月底，国家发展改革委、财政部联合发布《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》，对2026年"两新"工作作出系统部署。其中，2026年消费品以旧换新政策重 ...

全域联动年味十足 商文旅体融合发力 ■本报记者罗颢 围绕"特色好物·品质广西"主题，广西将联动东盟开展网上年货节、邮政年货节等超150场线上线下活 动，梧州六堡茶、柳州螺蛳粉等上百款桂品通过"与辉同行·阅山河广西行"等直播专场走向全国。 "购在中国——2026广西乐购新春消费季"活动已于1月30日正式启动。记者昨日从自治区商务厅获悉， 此次活动以"策马八桂·悦见美好"为主题，持续至3月底。全区将推出6大板块28项主题、超1000场次促 消费活动，以亿元补贴、全域联动、便利服务三重保障，为区内外消费者奉上一场覆盖"吃住行游购 娱"的新春消费盛宴。 真金白银补贴加码 换新消费实惠满满 此次消费季活动，最受关注的是"智焕生活·惠享广西"以旧换新系列活动，推出超亿元补贴政策，覆盖 汽车、家电、数码三大品类。 在汽车领域，消费者报废旧车换购新能源乘用车，可享12%补贴（最高2万元）；换购2.0升及以下燃油 乘用车，可享10%补贴（最高1.5万元）。旧车界定时间进一步放宽，汽油车、柴油车及新能源车分别 延至2013年、2015年、2019年6月30日前登记上牌。 家电与数码产品补贴同样力度空前。消费者购买1级能效的冰箱、 ...