今年来，随着消费品以旧换新行动持续加力扩容，消费市场提振效果显著。商务部数据显 示，截至 5 月 31 日， 2025 年消费品以旧换新 5 大品类合计带动销售额 1.1 万亿元，发 放直达消费者的补贴约 1.75 亿份。 有市场分析认为，基于稳增长相关政策的持续发力，叠加金融机构、电商平台等市场主体的 深度协同，这一行动有望进一步撬动消费潜能，为经济增长注入强劲动力。 根据商务部数据， 2024 年，消费品以旧换新带动相关产品销售超 1.3 万亿元。而今年仅 前 5 个月，消费品以旧换新 5 大品类已合计带动销售额 1.1 万亿元，发放直达消费者的补 贴约 1.75 亿份。 其中，汽车以旧换新补贴申请量达 412 万份； 4986.3 万名消费者购买 12 大类家电产品 7761.8 万台； 5352.9 万名消费者购买手机等数码产品 5662.9 万件；电动自行车以旧换 新 650 万辆；家装厨卫"焕新" 5762.6 万单。 今年消费品以旧换新带动销售额加速破万亿的背后，核心在于政策加力与范围扩容双轮驱 动，消费者热情得以有效激发，乘数效应持续释放。 在财政支持方面，今年中央财政安排超长期特别国债资金 ...

正值"618"大促，线上线下促销活动持续多日，大家对于以旧换新的热情不减。然而，5月底以来，社交 媒体也出现关于重庆、江苏、湖北等地暂时无法申领"国补"的讨论。 针对相关热点话题，国家有关部委回应称，今年1月和4月已分别下达两批共计1620亿元中央资金，支持 地方做好一、二季度消费品以旧换新工作。后续还有1380亿元中央资金将在三、四季度分批有序下达， 同时地方也将相应配套和自行安排足够的地方资金，"国补"还将继续惠及广大消费者。 此外，业内人士表示，少部分地区阶段性地完善了"国补"政策实施节奏，实际上消费品以旧换新工作将 持续全年，消费者每月每周都有参与申领"国补"的机会。最近一些企业、平台和自媒体借机炒作，搞饥 饿营销，营造恐慌情绪，消费者要特别注意辨别。实际上，除上述少数地区外，大多数省份国补优惠活 动也在正常推进。 这3000亿元超长期特别国债，再加上地方按比例配套和自行安排的资金，共同构成了"国补"的资金来 源。 但是这3000亿元是"切块"分配到地方的。在分配时，会综合各地区常住人口数量、地区生产总值、汽车 和家电保有量、2024年消费品以旧换新政策及资金执行情况等因素，资金分配向2024年消费品 ...

Core Viewpoint - The article highlights the positive impact of government subsidies on the elderly population in Beijing's Chaoyang District, facilitating home modifications for aging individuals and enhancing their quality of life through financial support and improved living conditions [1][2][3]. Group 1: Government Support and Subsidies - The Chinese government has allocated approximately 300 billion yuan in special long-term bonds to support the "Two New" initiatives, which include subsidies for home modifications for the elderly [1]. - Chaoyang District provides subsidies ranging from 60% to 80% for home modifications, with a maximum limit of 5,000 yuan per household [2]. - As of now, Chaoyang District has issued subsidies to 10,034 households, amounting to around 36 million yuan, which has stimulated approximately 60.89 million yuan in elderly household consumption, demonstrating a leverage effect of nearly 1.7 times the subsidy amount [2]. Group 2: Implementation and Community Engagement - A three-tiered mechanism involving district, street, and community levels has been established to ensure effective policy implementation, with community workers responsible for promotion and review [3]. - The policy has expanded its coverage from economically disadvantaged elderly families to all registered elderly households in the district, allowing for a wider selection of products and services [3]. - The introduction of personalized services, such as tailored modifications for individual needs, has been emphasized, with local authorities adapting to specific requirements of elderly residents [4]. Group 3: Market Demand and Consumer Behavior - The subsidies have effectively reduced financial barriers for elderly individuals, increasing their willingness to spend on necessary home modifications [2]. - The policy not only alleviates the financial burden on the elderly but also stimulates market demand for aging-related products and services [3]. - The implementation of similar policies in other regions, such as Hebei Province, indicates a growing trend towards supporting elderly home modifications through financial incentives [3].

NO.3 Labubu预售大放量二手市场价格已松动 ｜2025年6月20日星期五｜ NO.1 安踏任命姚剑为狼爪总裁 在完成收购后，安踏对"狼爪"品牌进行了新的人事任命。6月18日，安踏集团向媒体确认，任命姚剑为 狼爪品牌总裁，负责狼爪品牌全球业务运营。这一任命将于2025年7月1日生效。此举是"为了更好地匹 配集团战略发展规划"。姚剑此前是亚玛芬大中华区总经理，统管"始祖鸟"等多个亚玛芬集团旗下品 牌。 点评：安踏任命姚剑为狼爪总裁，或将借助其管理亚玛芬的经验，提升狼爪业务运营效率，对公司股价 形成一定支撑。这一举措有助于巩固狼爪在大众户外市场的地位，对户外运动板块产生积极影响。 NO.2 有关部门就"国补"下一步计划回应 近期，多地传出以旧换新"国补"暂停或者调整的消息。对此，国家相关主管部门就"国补"下一步计划回 应称，今年国家安排3000亿元超长期特别国债资金支持消费品以旧换新，目前已向地方下达了共计1620 亿元资金，剩余资金将有序下达。2025年的消费品以旧换新政策将全年实施，有关部门正指导地方平稳 有序使用"国补"资金，推动政策发挥更大效能。 点评："国补"剩余资金有序下达利于稳定市场预期，增强 ...

Market Growth - The water purifier market has accelerated significantly this year, with retail sales increasing by 24.4% and retail volume by 16.7% from January to May, making it the second highest growth category in the home appliance industry after cleaning appliances [1] - The market share of high-capacity water purifiers has grown rapidly, indicating a shift in consumer preferences towards more efficient products [1] Policy Impact - The inclusion of water purifiers in the consumer product replacement subsidy program is crucial for the industry's growth, lowering the barriers for high-quality water products and encouraging companies to invest in R&D [1][2] - The implementation of the "old for new" policy has effectively activated the stagnant market, allowing water purification devices to enter more households [2] Consumer Trends - A report by the China Household Electrical Appliances Association highlights ten major consumption trends for household water use, emphasizing the importance of quality water purifiers and the growing demand for personalized drinking experiences [2] - 79% of consumers are concerned about water quality, with a focus on freshness, taste, and mineral retention, reflecting a shift in consumer needs towards more specific drinking scenarios [2] Industry Standards - The industry is urged to seize opportunities for sustainable development, with initiatives like the "China Residents' Drinking Water and Water Purifier Knowledge Q&A" series aimed at educating consumers about safe drinking practices [3] - The market for household ice-making water purifiers is expanding rapidly, but there is currently a lack of unified standards for these products, prompting the China Household Electrical Appliances Association to work on establishing group standards by the end of the year [3]

6月19日消息，美联储在货币政策委员会FOMC会后宣布，联邦基金利率的目标区间依然维持在4.25%至4.5%。至此，FOMC已连续四次货币政 策会议决定暂停行动。美联储官员利率预测中位值显示，美联储官员本次对今年的利率展望保持不变，明后两年均上调。这意味着，相比今年3 月美联储公布的利率预测，本次预测的明后两年降息力度低于上次。 特朗普在社交媒体上表示，美联储的关键借贷利率应至少降低两个百分点，利率能降2.5%就很好。特朗普近来讲话呼吁的降息幅度一次比一次 大，从开始的1%，到后来的2%，再到最新的2.5%。分析称，这是典型的特朗普风格，更像是谈判起点而非实际要求。（华尔街见闻） ｜点评｜ 美联储本次不降息和市场预期的一致，目前市场普遍预计美联储将在9月重启降息。美国加征关税带来的广泛影响在5月宏观数据中体 现得并不明显，美联储现在难以判断在进出口贸易中，关税上涨带来的成本提升最终谁会承担得更多一些。如果是消费者承担，则有可能引起 后续通胀小幅上行。 点击按钮▲立即预约 美联储连续四次会议暂停降息 美国现在的就业市场和通胀水平都处于相对稳定的状态，美联储降息的必要性不足。美联储现在只是在推测未来可能出现的种种 ...

2025.06. 19 本文字数：1494，阅读时长大约3分钟 作者 | 第一财 经 陈益刊 在刚刚发布的5月份经济数据中，消费超预期走高是最大亮点。 国家统计局数据显示，5月份，社会消费品零售总额41326亿元，同比增长6.4%，这比4月份加快1.3 个百分点，为2024年以来月度最高水平。 关于5月份消费走高，官方归纳为"五一""端午"假期、"6·18"平台促销提前、消费品以旧换新政策等因 素。 今年中国继续实施消费品以旧换新政策（下称"国补"），但国补品类扩围，手机等数码产品被纳入， 国补资金额度也比去年翻倍增至3000亿元，且简化补贴流程，消费者更快拿到国补资金。 自去年下半年国补推出后，家电、数码、汽车等产品销量明显大涨，今年也延续这一趋势，尤其是节 假日消费明显提升。 "我们门店'五一'假期仅第一天的销售额就接近1000万元，国补拉动销售作用非常明显。"山东济南一 家大型家电门店店长告诉第一财经。 今年一些电商平台"6·18"网购促销活动比去年提前一周，在5月13日就启动，商家降价优惠叠加国补 优惠引燃消费者购物热情，5月份消费品以旧换新明显提速。 商务部数据显示，截至5月31日，2025年消费品 ...

1—5月份，辽宁省固定资产投资同比增长0.1%。从三次产业看，第一产业投资同比增长16.3%，第二产 业投资同比增长1.7%，第三产业投资同比下降2.1%。分领域看，基础设施投资同比增长1.5%，制造业 投资同比增长12.8%。建设项目8593个，同比减少885个，下降9.3%；完成投资额同比增长6.5%。其 中，亿元以上建设项目3272个，减少199个，同比下降5.7%；完成投资额同比增长11.0%。 1—5月份，辽宁省实现社会消费品零售总额4191.3亿元，同比增长6.4%。其中，辽宁省限额以上消费品 零售额1889.4亿元，同比增长9.7%。从限额以上单位商品零售类别看，零售额同比增长的有：家用电器 和音像器材类（91.2%）、家具类（77.0%）、建筑及装潢材料类（53.0%）、通讯器材类（43.9%）、 文化办公用品类（35.0%）、粮油食品类（20.3%）、日用品类（13.3%）、体育娱乐用品类（9.9%）、 烟酒类（9.4%）、化妆品类（5.8%）、金银珠宝类（4.7%）、汽车类（4.4%）和服装鞋帽针纺织品类 （0.4%）；同比下降的有：石油及制品类（-1.9%）、饮料类（-1.2%）和中西药 ...

华夏时报（www.chinatimes.net.cn）记者 石飞月 北京报道 6月18日，午后的西城区大中电器卖场，人流比往常多了不少。销售员正卖力地向顾客推销一款75寸创维电视—— 原价8999元，叠加"618"折扣和国补后，价格直接降到4999元。"今天是最后一天，明天就不是这个价了。"他不断 提醒着犹豫的顾客。不远处，一对年轻夫妇正盘算着是否要凑够12800元，就能领一台免费的豆浆机。 这样的热闹场景，近期在全国多个家电卖场同步上演。不只是线下卖场，京东、苏宁、天猫等电商平台，"618"期 间也迎来消费电子的销售热潮。又恰逢高考结束不久，据苏宁易购披露的数据，"618"期间选择购买两件及以上数 码产品的消费者超过四成，"手机+平板+电脑+无线耳机"成为最受学生党欢迎的"数码四件套"。 然而，狂欢背后暗藏隐忧。当消费者进门第一句话总是"还有国补吗？"当厂商不得不自掏腰包维持补贴价，当线 上平台的数据狂欢与线下市场的透支风险并存——这场消费盛宴究竟能持续多久？整个行业不得不思考：如果"真 金白银"的刺激消失，能否继续吸引消费者？ 线上线下迎销售热潮 虽然"618"最早是电商平台的大促节点，但线下市场的促销活 ...

Group 1 - The total scale of central government subsidies for this year is 300 billion yuan, funded through the issuance of ultra-long-term special bonds [1][7] - As of May 31, 2025, the five major categories of consumer goods for the old-for-new policy have driven sales of 1.1 trillion yuan, with approximately 175 million subsidies issued directly to consumers [4] - The old-for-new policy has significantly boosted sales in various sectors, with retail sales of home appliances and audio-visual equipment, communication equipment, cultural and office supplies, and furniture increasing by 53%, 33%, 30.5%, and 25.6% respectively in May [4] Group 2 - The increase in consumer spending in May was attributed to factors such as the "May Day" and "Dragon Boat Festival" holidays, early promotions for the "6.18" shopping festival, and the expansion of the old-for-new policy to include digital products [2][3] - Some regions, such as Guangxi and Xinjiang, have had to suspend local old-for-new subsidy policies due to rapid depletion of allocated funds [7] - Experts suggest that while the old-for-new policy has been effective, its marginal utility may be decreasing as durable goods like home appliances and cars are affected, indicating a need for potential expansion of the subsidy scope [8]