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、 ...

（来源：内蒙古日报） 转自：内蒙古日报 本报通辽2月1日电 （记者 霍晓庆 实习生 珍珍）近日，随着国家新一轮大规模设备更新和消费品以旧换 新政策的全面落地，科左中旗消费市场热潮涌动。真金白银的财政补贴，叠加商家推出的多元促销活 动，有效点燃了消费者的购物热情。 据了解，2026年国家统一以旧换新政策针对性发力，消费者购买冰箱、洗衣机、电视等6类指定一级能 效或水效家电产品，可享受销售价格15%的补贴，单件最高补贴达1500元。政策红利的精准释放，让门 店客流量和销售额持续攀升。"以旧换新的政策补贴加上商家搞活动，一共便宜了1000多元，真是太划 算了。"刚在金北家海尔专卖店内拿下一款电视机的保康镇居民丛庆说。 汽车消费市场同样火爆。在保康镇人和汽贸展厅，咨询购车与补贴政策的消费者络绎不绝。2026年汽车 以旧换新政策进一步优化，对符合条件的报废更新或置换更新车辆给予不同比例的定额补贴。商家同步 推出的店补、金融方案等多重优惠，形成了"国家补贴+企业让利"的双重激励。 科左中旗投资促进局商务股王宇表示，商务部门将持续开展政策宣传进社区、进乡镇，优化消费环境、 丰富消费场景，让以旧换新真正成为惠民利民、提振经济 ...

Group 1 - The average GDP growth target for 2026 across twenty provinces is set at 5.1%, a slight decrease of 0.2 percentage points from the 2025 target, but an increase of 0.1 percentage points compared to the actual growth rate in 2025, indicating a more pragmatic and positive outlook [2][11][44] - Eight regions, including Beijing and Shandong, have set their GDP growth targets at around 5% or higher, while Hainan and Xinjiang lead with targets of approximately 6% and 5.5%-6%, respectively [2][11][44] - Economic powerhouses like Guangdong, Henan, and Zhejiang have adopted a more optimistic tone in their reports, emphasizing efforts to achieve better results in their economic performance [3][11][44] Group 2 - Investment growth targets show significant regional differentiation, with western regions like Xinjiang setting a high target of around 8%, while coastal provinces generally aim for around 5% [4][15][44] - Most regions have set their retail sales growth targets above the actual performance in 2025, with notable increases in targets for Henan and Xinjiang, while Hebei and Guangdong maintain targets around 5% [20][44] - Employment remains a priority, with provinces like Guangdong, Shandong, and Henan setting ambitious targets for new urban jobs, while environmental indicators are becoming more stringent, with specific PM2.5 concentration targets set by Beijing and Shandong [5][27][44] Group 3 - Expanding domestic demand is still the primary task, shifting focus from physical consumption to a balance of goods and services, with policies like "trade-in" becoming normalized [6][29][44] - Service consumption is being elevated, with various regions focusing on "first-release economy" and "silver economy" to create new demand [6][29][44] - The concept of "new quality productivity" is gaining traction, with regions leveraging their unique advantages for differentiated development, such as Beijing focusing on AI and quantum technology, while Zhejiang aims to create a national-level integrated circuit cluster [6][29][44]

National Policies - The implementation of the National IV truck replacement policy will continue into 2026, boosting market confidence [6] - The Ministry of Transport and the State Taxation Administration issued the "Management Measures for Network Freight Carrier Platforms," which includes requirements for licensing, safety management, and service consistency [2] - A comprehensive transportation safety production and service guarantee plan for the 2026 Spring Festival was released, emphasizing the enhancement of charging services for new energy vehicles [5] Local Policies - Hebei plans to establish 1,200 "super-fast combined" charging stations by 2027 to enhance electric vehicle charging infrastructure [12] - Shandong supports the commercial application of intelligent connected vehicles, allowing for extensive testing and market operations [14] - Sichuan is implementing a data-driven approach to enhance safety risk management for passenger and hazardous goods transport [15] - Liaoning has extended and optimized differentiated charging policies for designated vehicles, offering discounts for certain transport vehicles [17] - Henan is enhancing regulation of freight platforms and encouraging public reporting of illegal "overweight" vehicles [18][21] - Inner Mongolia is promoting transparency in highway rescue service charges to protect the rights of both the rescued and the rescuers [22] - Beijing will transition to electronic invoices for tolls starting February 2026, improving efficiency and public service [24]

2026 年 2 月 1 日 春季行情有望延续 投 资 2026 年 2 月份投资策略报告 投资要点： S0340523110001 电话：0769-22119276 邮箱：zenghao@dgzq.com.cn | 邮箱：zenghao@dgzq.com.cn 上证指数 4117.95 深证成指 14205.89 | 涨跌幅 3.76% 5.03% 证 券 研 究 | | --- | --- | | 收盘点位 | | | 沪深 300 4706.34 | 1.65% | | 创业板指 3346.36 | 4.47% | | 北证 50 1531.55 | 6.33% | | 科创 50 1509.40 | 12.29% | | 资料来源：东莞证券研究所，iFinD 上证指数月线走势 | 报 | | 告 | | | 资料来源：东莞证券研究所，Wind | | 上证指数月线走势 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 月度策略/A 股市场 分析师：费小平 资料来源：东莞证券研究所，Wind SAC 执业证 ...

Core Viewpoint - The Guangxi government is launching a large-scale consumption promotion event titled "Buy in China - 2026 Guangxi Spring Consumption Season" from January to March, featuring over 1,000 activities across six major themes to stimulate consumer spending and enhance the festive atmosphere [1][2]. Group 1: Subsidy and Consumer Incentives - The event includes significant subsidy policies, such as up to 20,000 yuan for consumers who scrap old cars for new ones, 15% subsidies on specified energy-efficient appliances (up to 1,500 yuan), and 15% subsidies on digital products priced under 6,000 yuan (up to 500 yuan) [1]. - The "Smart Life · Enjoy Guangxi" program focuses on promoting the replacement of old goods with new ones, enhancing consumer engagement through financial incentives [1]. Group 2: Local Products and Online Sales - The "Special Products · Quality Guangxi" theme promotes local goods, featuring a live-streaming event showcasing over a hundred quality products, including Wuzhou Liubao tea and Liuzhou snail noodles, alongside more than 150 online and offline activities [2]. - The initiative aims to boost the visibility and sales of Guangxi's local specialties, enhancing regional economic activity [2]. Group 3: Food and Hospitality Promotions - The "Premium Services · Taste Guangxi" theme includes special offers from well-known restaurants and hotels, such as discounted reunion dinners and low-priced hot spring packages, to attract consumers during the festive season [2]. - A lottery system linked to consumer spending will be introduced, with prizes of up to 800 yuan for invoices over 100 yuan [2]. Group 4: Cultural and Sports Events - The "Gathering in Guangxi · Charm Guangxi" theme integrates cultural, tourism, and sports activities, featuring non-heritage consumption seasons and various large-scale performances to enrich the festive experience [2]. - Sports events, including the Guangxi County Football Super League and various basketball competitions, will be organized to enhance community engagement and participation [2]. Group 5: Payment and Convenience Enhancements - The "Worry-Free Payment · Smooth Travel Guangxi" theme focuses on improving payment experiences for consumers, with special offers for inbound tourists and various financial incentives from institutions [3]. - Initiatives like "1 penny subway rides" and random discounts aim to enhance consumer convenience and encourage spending [3]. Group 6: Regional Collaboration and Activities - The "All-Region Linkage · Vibrant Guangxi" theme ensures comprehensive coverage across 14 cities and 111 counties, with over 200 unique activities planned to celebrate the New Year [3]. - Local governments are allocating significant funds for consumer incentives, such as 6 million yuan in Nanning and 20 million yuan in Yulin, to foster a festive shopping atmosphere [3].

1月30日，永州市冷水滩区舜德购物中心京东电器门店，消费者在咨询补贴政策。春节前夕，永州市通 过发放补贴、举办消费活动等举措，持续推进以旧换新，有效激发了市民消费需求。 雷中祥 摄 ...

Core Viewpoint - Suning.com is expected to achieve a net profit of 50 million to 75 million yuan for the year 2025, demonstrating resilience and solid operational fundamentals despite market challenges [1][2] Group 1: Financial Performance - The company has maintained profitability for two consecutive years by focusing on its retail service provider strategy and solidifying its core home appliance business [1] - The e-commerce segment has seen a significant revenue increase of 23.18% year-on-year, driven by the integration of online and offline consumption scenarios [2] - The sales proportion of customized products across all channels reached 23.4%, enhancing supply chain efficiency [2] Group 2: Strategic Initiatives - Suning.com has opened 79 new large experiential stores, including Suning Max and Suning Pro, as part of its large store strategy [1] - The company has launched the "Home + Plan" to empower brand partners and franchisees, enhancing customer acquisition and service capabilities [1] - The retail cloud business has shown a 15.9% year-on-year growth in self-operated product sales in the second half of the year [1] Group 3: Market Opportunities - The company is poised to leverage the upcoming "Two New" policy in 2026, which aims to support equipment updates and consumption upgrades, creating new growth opportunities [2] - Suning.com is actively exploring overseas cooperation opportunities and enhancing its core capabilities to align with current consumer upgrade trends and policy support [2] - The company is expected to benefit from its strong offline service and experience advantages as the "Two New" policy expands [2]

Core Viewpoint - Zhanjiang's business development has shown resilience and growth, with significant achievements in 2025, setting a strong foundation for the upcoming "15th Five-Year Plan" period [1][3]. Group 1: Consumption Market Performance - In 2025, Zhanjiang's total retail sales of social consumer goods reached 162.06 billion yuan, growing by 2.8%, maintaining its position among the top six in the province for five consecutive years [6]. - The "old-for-new" policy directly boosted sales by approximately 4.67 billion yuan, with retail sales of furniture and home appliances increasing by over 500% and 286% respectively [6]. - Online retail sales grew by 16.4%, ranking fifth in the province, indicating sustained consumer vitality [6]. Group 2: Foreign Trade and Investment - In 2025, the total import and export volume reached 62.86 billion yuan, with an average annual growth of 7.5% during the "14th Five-Year Plan," surpassing the provincial average [8]. - Actual foreign investment during the "14th Five-Year Plan" totaled 15.58 billion yuan, ranking first in the northern and western regions of Guangdong, reflecting a steady improvement in the level of openness [8]. Group 3: Collaborative Development and Trade Facilitation - Zhanjiang Comprehensive Bonded Zone has achieved over 8 billion yuan in cumulative import and export volume since its operation, showcasing effective collaboration and innovation [9]. - The number of open berths at Zhanjiang Port has increased to 58, leading the northern and western regions of Guangdong, with the implementation of a "parallel port" smart logistics model significantly enhancing shipping efficiency [12]. Group 4: County-Level Commercial Upgrades and Cultural Tourism - New counties, including Xiamen and Wuchuan, have been selected for national-level county commercial construction actions, indicating a focus on upgrading local commerce [13]. - The integration of cultural tourism and dining has been exemplified by the selection of Lianjiang's Anpu Food Town as a provincial-level typical case, enhancing local economic vitality [13]. Group 5: Strategic Focus for 2026 - In 2026, Zhanjiang's business system will focus on five key areas to achieve a strong start for the "15th Five-Year Plan," aiming to boost consumption and attract investment [15]. - Initiatives will include promoting local products nationally, enhancing cross-border e-commerce, and expanding international cooperation through participation in key trade fairs [21][23]. - Efforts will be made to ensure a stable supply of essential goods and maintain price stability, contributing to a secure market environment [29].