Group 1: Summer Consumption Promotion Activities - Fujian Province's Commerce Department has launched a vibrant summer consumption season with over 1000 promotional activities focusing on eight key areas including trade-in programs, inbound consumption, foreign trade products, and new energy vehicle consumption [1][4][21] - The government and enterprises will collaborate to create diverse summer consumption scenarios to stimulate consumer spending [1] Group 2: Tax Refund and E-commerce Initiatives - The implementation of the "immediate purchase and refund" policy for outbound tax refunds is underway, with 114 tax refund stores established, including 40 that offer immediate refunds [7] - E-commerce platforms like Taobao and JD.com will host over 30 trade connection events, involving more than 430 foreign trade companies and over 50,000 products [10] Group 3: Culinary and Service Consumption Events - Various culinary events such as "One County One Table Dish" and "Eight Fujian Food Carnival" will be organized, along with the distribution of 40 million yuan in dining consumption vouchers [12] - A series of service consumption activities will focus on sectors like dining, accommodation, and tourism, promoting integrated development of commerce, tourism, and culture [14] Group 4: Consumer Guides and Night Economy - Regular consumer guides will be released, and local areas are encouraged to create "night consumption maps" to enhance the night economy [16] - Summer activities will include events like summer fun, cooling retreats, and beer festivals to attract consumers [16]

Group 1 - The "618" shopping festival in 2025 started a week earlier than in 2024, leading to significant sales growth driven by government subsidies [3][5] - Total online retail sales during the "618" period reached nearly 2 trillion yuan, with a year-on-year growth of approximately 9.8% [3] - Major platforms like Taobao Tmall, JD, Douyin, and Pinduoduo saw year-on-year sales growth of 4%, 17%, and 15% respectively [3] Group 2 - The "old-for-new" subsidy program has led to a surge in sales of home appliances and 3C digital products, with 113 brands achieving sales exceeding 100 million yuan [5] - An estimated 150 billion yuan of "old-for-new" funds were utilized from January to May, with additional central funds expected to be released in July and October [5] - The total "old-for-new" funds for the second half of the year are projected to be around 138 billion yuan, averaging 23 billion yuan per month [5] Group 3 - The proportion of second-hand housing sales in major cities has been increasing, with some cities reaching nearly 70% [8] - In June, the proportion of second-hand housing transactions was 58.2%, a 10 percentage point increase compared to the same period last year [8] Group 4 - Recent tensions between Iran and Israel have impacted global oil prices, which saw a rise before a drop after June 20 [9] - Historically, a 10% increase in international oil prices has a direct impact of approximately 0.08 percentage points on domestic CPI and 0.5 percentage points on PPI [9]

行 业 及 产 业 家用电器/ 小家电 2025 年 06 月 27 日 清洁电器 618 受益以旧换新表现亮 眼，高性价比机型仍为首选 看好 ——清洁电器 618 数据解读 相关研究 证 券 研 究 报 告 证券分析师 行 业 研 究 / 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 程恺雯 (8621)23297818× chengkw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： ⚫ 风险提示：政策落地不及预期风险，原材料价格波动风险；汇率波动风险。 请务必仔细阅读正文之后的各项信息披露与声明 行 业 点 评 - ⚫ 清洁电器 618 表现亮眼，受益国补以旧换新。根据奥维云网数据，清洁电器在家电各 品类中 618 销售表现亮眼，扫地机等主要品类实现销额双位数增长，2025 年 5 月 12 日至 6 月 22 日（W20-W25）扫地机线上销额达到 33 亿元，同比+27%，销量 96.7 万台，同比+35%，均价 3415 ...

Core Viewpoint - The article discusses the recent economic data in China, highlighting the growth in consumer spending supported by policies like "trade-in for new" and the stabilization of the real estate market. It raises questions about sustaining this growth amid potential pressures from declining export growth and real estate price fluctuations. Group 1: Consumer Spending - In May, China's total retail sales reached 41,326 billion yuan, growing by 6.4% year-on-year, with accelerated growth in consumer goods, particularly in home appliances and mobile phones, driven by the "trade-in for new" policy [1][3] - The "trade-in for new" policy has significantly supported consumption, contributing 1.3 percentage points to the retail sales growth in the first five months of the year [4] - The internal growth momentum for consumer spending has improved due to a decrease in unemployment rates and an increase in disposable income [4][5] Group 2: Economic Growth Forecast - The GDP growth rate for the second quarter is expected to be around 5.3%-5.4%, with retail sales growth also projected at approximately 5.4% [6] - However, there are concerns that internal consumption growth may face pressures from declining export growth and fluctuations in real estate prices in the second half of the year [6] Group 3: Export and Trade - China's total import and export value in the first five months was 17.94 trillion yuan, with a year-on-year growth of 2.5%. Exports to ASEAN and the EU increased, while exports to the US declined [8] - The diversification of export destinations has effectively mitigated geopolitical risks, with ASEAN becoming China's largest export market [8][9] Group 4: Real Estate Market - The real estate market is still in an adjustment phase, with new housing sales showing significant variation across cities. First-tier cities have shown resilience, while second-hand housing prices continue to decline [12][15] - Policies aimed at increasing the supply of quality housing are seen as crucial for stabilizing the real estate market, with expectations for further relaxation of restrictive policies in major cities [15]

黑色建材日报 2025-06-27 钢材 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 螺纹钢主力合约下午收盘价为 2973 元/吨, 较上一交易日跌 3 元/吨（-0.10%）。当日注册仓单 18221 吨, 环比持平。主力合约持仓量为 219.1778 万手，环比增加 19178 手。现货市场方面, 螺纹钢天津汇总价格 为 3170 元/吨, 环比减少 10/吨; 上海汇总价格为 3060 元/吨, 环比减少 10 元/吨。 热轧板卷主力合约收 盘价为 3103 元/吨, 较上一交易日涨 5 元/吨（0.161%）。 当日注册仓单 70514 吨, 环比减少 1779 吨。主 力合约持仓量为 151.0669 万手，环比增加 26 ...

央视网消息：记者26日从国家发展改革委举行的新闻发布会上了解到，今年以来，我国实施更加积极有为的宏观政策，经济运行总体平 稳。 去年11月以来，国家发展改革委联合财政部下达2025年以工代赈中央专项投资165亿元，支持地方实施以工代赈项目3900多个，预计能够 解决38万名困难群众的就业增收问题。在此基础上，近日，国家发展改革委联合有关部门印发了《以工代赈加力扩围促进重点群体就业增收行 动方案》，将新增安排一批中央预算内投资项目，对重点群体较为集中的地区予以支持，首次将城乡融合发展中小型基础设施建设纳入支持范 围。 国家发展改革委政研室副主任、新闻发言人李超称："《行动方案》将以工代赈劳务报酬占中央对项目投入资金的比重由30%以上提高至 40%以上，尽可能增加群众务工收入。我们已经完成了新增资金的重点群体摸底、项目谋划申报等前期工作，正在抓紧组织开展项目审查，有 序推进投资计划下达工作。" 下一步，国家发展改革委将抓紧下达新增以工代赈中央预算内投资计划，推动此前已下达计划的项目迅速形成实物工作量。同时，推动各 地最大程度挖掘以工代赈项目用工岗位规模，最大力度吸纳当地困难群众参与建设。 在"两新"政策带动下，今 ...

流动性增量预期较强，估值端存在明显支撑——A 股市场 2025 年下半年投资 策略报告 基金研究 市场结构分化，主动权益基金收益跑赢指数——公募基金 2025 年半年度投资 策略 金融工程研究 主要指数全部上涨，两融余额小幅下降——融资融券周报 晨会纪要（2025/06/27） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.06.27） 宏观及策略研究 证 行业研究 券 聚焦内需视角下，关注以旧换新与新消费投资机会——轻工制造&纺织服饰 2025 年半年度投资策略报告 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 晨会纪要（2025/06/27） 宏观及策略研究 流动性增量预期较强，估值端存在明显支撑——A 股市场 2025 年下半年投资策略报告 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S115012403000 ...

群友评论：Yu7 五分钟大定 1000 亿人民币，相当于中国 GDP 的 0.1 个百分点其实仔细看，小米 01810 从四月的关税贸易战底部到现在也有 +50%反弹不弱于以太坊多少 😂另外车圈小白也有个疑问，手机能以旧换新，为啥 SU7 不能以旧换新换 YU7 呢？ https://t.co/ZNSz33e2bW ...

Core Viewpoint - The integration of finance and consumption in the Guangdong province, particularly in the Greater Bay Area, is driving economic vitality and enhancing consumer experiences through innovative financial products and government subsidies [2][5][6]. Group 1: Financial Initiatives - China Construction Bank (CCB) Guangdong Branch is actively increasing consumer loan offerings and has introduced the "Yangyidai" product aimed at enhancing the financial well-being of the elderly population [5][6]. - The "Yangyidai" product has already seen over 140 million yuan in loans disbursed, serving more than 550 clients, showcasing a successful model for financial institutions to engage with the aging population [6]. - CCB is also participating in local events, such as the "Dongguan Coffee Culture Festival," to promote consumer spending through credit card discounts and special offers [5]. Group 2: Consumer Support Programs - The Guangdong provincial government has implemented a "trade-in" policy to stimulate consumption, supported by financial institutions like CCB, which offers additional discounts and financing options for consumers [8][9]. - Consumers can benefit from government subsidies and bank promotions when purchasing new electric bicycles and home appliances, significantly reducing their costs [8][9]. - CCB's "CCB Yuehuanxin" campaign is designed to enhance consumer purchasing power through targeted marketing and financial support for home appliances and furniture [11]. Group 3: Innovative Financial Strategies - CCB Guangdong Branch is developing two key ecosystems focused on new energy vehicles and home renovation financing, utilizing a "circle-chain-group" strategy to tailor financial services to specific consumer needs [12][13]. - This strategy allows CCB to provide personalized financial products, enhancing customer experience and creating competitive advantages in the consumer finance market [12][13]. - The successful implementation of this model is evidenced by individual cases where clients received quick loan approvals and favorable terms, demonstrating the effectiveness of CCB's targeted approach [13].

Group 1 - The State Council issued a plan to improve the credit repair system, focusing on ten aspects for comprehensive regulation [1] - The National Development and Reform Commission announced that the third batch of funds for the consumption upgrade program will be distributed in July [2] - The Civil Aviation Administration of China prohibited passengers from carrying non-3C marked or recalled power banks on domestic flights to ensure aviation safety [2] Group 2 - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset field [3] - Several local brokers in Hong Kong have completed the upgrade of their licenses, indicating a growing interest in the digital asset market [3] Group 3 - The domestically developed Loongson 3C6000 processor was launched, matching the performance of mainstream products expected in 2023 or 2024, showcasing China's advancements in independent technology [4]