Core Viewpoint - The National Development and Reform Commission (NDRC) has optimized the support for equipment updates, with a total investment of 188 billion yuan allocated for 2025 to support approximately 8,400 projects across various sectors, driving total investments exceeding 1 trillion yuan [1] Group 1: Investment and Funding - The 188 billion yuan investment subsidy for equipment updates has been fully allocated [1] - The funding supports projects in key areas such as industrial equipment, energy, transportation, logistics, environmental infrastructure, education, cultural tourism, healthcare, and more [1] - The initiative aims to enhance project construction and ensure effective use of central funds [1] Group 2: Project Management and Coordination - The NDRC will continue to strengthen coordination and management of projects to ensure timely progress and tangible outcomes [1] - There will be strict management of project and funding closures to ensure that the allocated funds are utilized effectively [1] - The focus is on maximizing the effectiveness of the "Two New" policy [1]

Group 1 - The National Development and Reform Commission (NDRC) has allocated 188 billion yuan in investment subsidies for equipment upgrades, supporting approximately 8,400 projects across various sectors, leading to a total investment exceeding 1 trillion yuan [1] - In the first half of the year, the industrial added value of large-scale industries increased by 6.4% year-on-year, with the equipment manufacturing sector seeing a significant growth of 10.2%, driven by a new wave of equipment upgrades and the "two new" policy [1] - Domestic investment in the purchase of equipment and tools rose by 17.3% year-on-year, contributing 86% to the overall investment growth, indicating strong demand for equipment upgrades in industries such as shipbuilding and motor manufacturing [1] Group 2 - The NDRC is promoting energy-saving and carbon-reduction transformations, encouraging enterprises to build ultra-efficient and zero-carbon factories, and exploring a "green manufacturing" model [2] - The NDRC plans to enhance coordination and project management to ensure effective use of central funds and maximize the impact of the "two new" policy [2]

（文章来源：证券时报） 下一步，国家发展改革委将按照党中央、国务院决策部署，会同各有关方面持续加强统筹协调，扎实推 进项目建设，推动尽快形成更多实物工作量，严格项目和资金闭环管理，确保中央资金用到实处，更好 发挥"两新"政策效能。 来源：国家发展改革委 今年1880亿元超长期特别国债支持设备更新投资补助资金下达完毕。 2025年以来，国家发展改革委认真贯彻落实党中央、国务院关于实施"两新"政策的决策部署，会同有关 部门和各地方优化设备更新支持范围，完善项目申报审核标准，严格做好项目筛选把关，推动重点领域 实施设备更新。近期，2025年超长期特别国债支持设备更新的1880亿元投资补助资金已下达完毕，支持 工业、用能设备、能源电力、交通运输、物流、环境基础设施、教育、文旅、医疗、住宅老旧电梯、电 子信息、设施农业、粮油加工、安全生产、回收循环利用等领域约8400个项目，带动总投资超过1万亿 元。 ...

Macro Dynamics - The State Administration for Market Regulation and the Ministry of Industry and Information Technology issued a draft notice emphasizing that driver assistance systems cannot be marketed as autonomous driving systems, requiring clear safety prompts and usage instructions for consumers [2] - The People's Bank of China reported that RMB deposits increased by 18.44 trillion yuan in the first seven months of the year, with household deposits rising by 9.66 trillion yuan [3][4] Financial Institutions - The approval for Ching Sze Wan Winnie to serve as the chairman of HSBC Life Insurance has been granted by the Shanghai Regulatory Bureau of the National Financial Regulatory Administration [7] Market Data - The Shanghai Composite Index rose by 0.48%, while the ChiNext Index increased by 3.62% on August 13, with a total market turnover of approximately 215.09 billion yuan [11] - The financing balance of the two markets increased by 8.09 billion yuan, with the Shanghai Stock Exchange reporting a balance of 1.0256 trillion yuan and the Shenzhen Stock Exchange reporting 988.21 billion yuan [12] Company Dynamics - Great Wall Military Industry experienced a significant stock price increase, achieving seven limit-up days in ten trading days, prompting a warning about potential stock trading anomalies [14][15] - Yandong Micro announced a reduction in the National Integrated Circuit Fund's shareholding from 7.07% to 6.99% [16] - CATL declared a cash dividend of 10.07 yuan per 10 shares for the first half of 2025, with a total payout of 4.411 billion yuan [17] - Jiangte Electric reported multiple mining and exploration rights in Yichun, with lithium resources exceeding 100 million tons, highlighting its significant lithium mining capabilities [22]

北交所定期报告 20250813 发改委超长期特别国债支持设备更新投资 补助资金下达完毕，北证 50 收涨 0.84% 证券研究报告·北交所报告·北交所定期报告 ◼ 今日新股：无 风险提示：个股盈利不及预期，行业竞争加剧，贸易摩擦加剧，政策不及 预期等。 2025 年 08 月 13 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《中美关税再次暂缓，三部门印发个 人消费贷》 2025-08-12 《新能源车拉动汽车出口增长，北证 50 指数收涨 1.18% 》 2025-08-11 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 东吴证券研究所 1/7 请务必阅读正文之后的免责声明部分 [Table_Tag] [T ...

Core Viewpoint - The article highlights the allocation of 188 billion yuan in special long-term bonds to support equipment renewal investment, aiming to enhance various sectors and stimulate overall investment exceeding 1 trillion yuan [1]. Group 1: Investment Allocation - A total of 188 billion yuan in special long-term bonds has been allocated to support equipment renewal investments since 2025 [1]. - The funding will support approximately 8,400 projects across multiple sectors, including industrial, energy, transportation, and healthcare [1]. Group 2: Project Implementation - The National Development and Reform Commission (NDRC) is committed to optimizing the support scope for equipment renewal and improving project application standards [1]. - The NDRC will continue to strengthen coordination and ensure effective project management to maximize the impact of the funding [1].

Group 1 - The core point of the article is that the National Development and Reform Commission has allocated 188 billion yuan in special bonds to support equipment upgrades across various sectors, leading to a total investment exceeding 1 trillion yuan [1] Group 2 - The funding will support approximately 8,400 projects in diverse fields including industrial equipment, energy, transportation, logistics, environmental infrastructure, education, cultural tourism, healthcare, residential elevators, electronic information, facility agriculture, grain and oil processing, safety production, and recycling [1]

Core Viewpoint - The implementation of the "reverse invoicing" policy in the resource recovery industry has significantly facilitated the acquisition of invoices for scrapped products, promoting the development of the circular economy and enhancing industry order [1] Group 1: Policy Impact - As of June 30, 2023, 13,300 resource recovery enterprises issued reverse invoices to 1.67 million individuals, with a total invoicing amount of 515.2 billion yuan and 5.11 million invoices issued [1] - The "reverse invoicing" policy, effective from April 29, 2024, aims to support large-scale equipment updates and the replacement of consumer goods, enhancing convenience for resource recovery companies [1] Group 2: Industry Growth - The resource recovery system in China is becoming increasingly robust, driving the recycling, dismantling, and reuse industry chain [1] - In the first four months of 2023, the domestic scrap vehicle recovery volume reached 2.767 million units, a year-on-year increase of 65% [1] - The number of standardized dismantled old household appliances exceeded 7 million units, growing by 25% [1] - The recovery volume of discarded electrical and electronic products led the industry with a year-on-year growth rate of 70% [1]

Core Viewpoint - The "Two New" policy is being enhanced to further stimulate investment and consumption, with a focus on equipment updates and consumer goods replacement programs [1][6]. Group 1: Investment Growth - The market scale for equipment updates is projected to exceed 5 trillion yuan annually as many existing assets reach their end-of-life [2]. - In 2024, 150 billion yuan of special long-term bonds will support over 4,600 projects across 12 sectors, including industrial and environmental infrastructure [2]. - By 2025, the funding for equipment updates will increase to 200 billion yuan, expanding support to additional sectors such as electronic information and agricultural facilities [2]. Group 2: Equipment Update Impact - The total number of equipment updates in key sectors is expected to surpass 20 million units in 2024, with significant year-on-year growth in related manufacturing sectors [3]. - Industries such as medical equipment and general parts manufacturing have seen profit increases of 12.1% and 9.5% respectively, indicating a positive impact from the equipment update policies [3]. Group 3: Consumer Activation - There is substantial potential for consumer goods replacement, with over 7 million passenger cars and 180 million household appliances exceeding their safe usage period [4]. - In 2024, 150 billion yuan will be allocated to support the replacement of old consumer goods, with the funding increasing to 300 billion yuan in 2025 [4]. - The sales generated from consumer goods replacement programs are projected to exceed 1.3 trillion yuan in 2024 and 1.6 trillion yuan by mid-2025 [4]. Group 4: Policy Implementation and Support - The government is committed to ensuring the effective use of special long-term bond funds, with 690 billion yuan allocated for consumer goods replacement already distributed [7]. - There is a focus on enhancing the efficiency of project implementation and fund allocation to ensure a smooth execution of the "Two New" policies [7]. - The government aims to create a long-term mechanism for updates and replacements, emphasizing strict supervision and risk management [8].

Core Viewpoint - The "Two New" policy is being expanded in terms of supported categories and subsidies, with a focus on enhancing its effectiveness through improved implementation mechanisms and coordination [1] Group 1: Investment Growth - The market scale for equipment updates is projected to exceed 5 trillion yuan annually as many existing assets reach their end of life [2] - In 2024, 150 billion yuan of special long-term bonds will support over 4,600 projects across 12 sectors, including industrial and environmental infrastructure [2] - By 2025, the funding for equipment updates will increase to 200 billion yuan, expanding to include electronic information and agricultural facilities [2] - A total of 1.4 trillion yuan in loans has been signed for technology innovation and equipment updates, with tax policies allowing a 10% deduction on related investments [2] Group 2: Equipment Update Impact - The total number of equipment updates in key sectors is expected to exceed 20 million units in 2024, with significant year-on-year growth in related manufacturing sectors [3] - Industries such as medical equipment and general parts manufacturing have seen profit increases of 12.1%, 10.5%, and 9.5% respectively [3] Group 3: Consumer Activation - There is substantial potential for replacing old consumer goods, with over 7 million passenger cars and 180 million appliances exceeding their safe usage period [4] - In 2024, 150 billion yuan will be allocated to support the replacement of old vehicles and appliances, with funding increasing to 300 billion yuan in 2025 [4] - Sales from the replacement policy are projected to exceed 1.3 trillion yuan in 2024 and 1.6 trillion yuan by mid-2025 [4][5] Group 4: Policy Implementation - The third batch of 69 billion yuan for consumer goods replacement has been allocated, with plans for a fourth batch to meet the annual target of 300 billion yuan [7] - Emphasis will be placed on timely and balanced fund distribution to ensure smooth implementation of the replacement policy [7] - The government aims to enhance support mechanisms and establish a long-term renewal system while ensuring strict supervision and risk management [8]