国务院新闻办公室今天（5日）举行新闻发布会，市场监管总局介绍，2025年，市场监管总局落实"两 新"行动任务部署，聚焦新兴技术融合应用和传统产业更新升级，集中出台174项标准，助力推动行业企 业提质增效。同时，围绕消费品以旧换新、扩大服务消费、住房改造更新，集中出台230项标准，推动 商品、服务、工程质量提升，加快个人和家庭消费升级扩容。 在标准化工作中，对于涉及健康、安全、环保等关键领域的标准，尽可能提升实施应用强制性，"能强 则强、应强尽强"，按照这一原则，通过新制定一批、更新升级一批、推荐性转强制性一批，加快出台 113项强制性国家标准，持续强化标准刚性约束。 四是加大强制性标准研制力度。推动实施强制性国家标准更新升级专项行动，加大涉及生命财产安全的 强制性标准供给，及时将相关重要领域的推荐性标准转化为强制性国家标准，切实筑牢涉及安全的标准 防线。 中央经济工作会议对2026年优化实施"两新"政策作出新部署，市场监管总局将布局开展一批新的专项行 动。 一是推动传统产业标准更新。围绕石化、机械、轻工、钢铁、有色、建材、纺织、船舶、汽车、电力等 十大传统产业高质量发展需求，坚持智能化、绿色化、融合化方向，推 ...

Core Insights - The inventory warning index for Chinese automotive dealers in January 2026 is at 59.4%, showing a year-on-year decrease of 2.9 percentage points and a month-on-month increase of 1.7 percentage points, indicating pressure in the market [1] - A significant portion of dealers, 53.9%, believe that the manufacturers' annual sales targets are too high, suggesting a need for manufacturers to adjust their targets and support inventory management [11] Inventory and Market Conditions - The inventory warning index remains above the 50% threshold, reflecting cautious inventory management by dealers ahead of the Chinese New Year [3] - The inventory sub-index has decreased, indicating that dealers are being conservative with stock levels as they approach the holiday season [3] - The overall market demand and average daily sales have decreased, while the operating conditions index has slightly improved, suggesting a mixed outlook for dealers [3] Regional and Brand Performance - The national index stands at 59.4%, with regional indices showing variation: North at 59.0%, East at 58.4%, West at 54.3%, and South at 66.1% [5] - Luxury and imported brands have seen a month-on-month decline in their indices, while mainstream joint venture and domestic brands have experienced an increase [6] Sales and Pricing Trends - The transaction rate has decreased, with 51.4% of dealers reporting a decline in sales [7] - The average transaction price has also fallen, with 36.1% of dealers indicating a price drop [8] - Inventory levels are reported to be stable, with 49.3% of dealers stating that inventory levels are unchanged [8] Future Market Outlook - Dealers anticipate a decrease in market demand for February, with 82.6% expecting lower demand [10] - The majority of dealers (59.0%) predict that their operating conditions will be average in February, indicating ongoing challenges in the market [10] - Factors such as the reduction in new energy vehicle purchase tax and the late timing of the Spring Festival are contributing to a weaker market momentum in January [10] - Despite potential short-term demand spikes before the holiday, the overall market faces significant downward pressure in February [11]

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。 ...

Core Viewpoint - The automotive industry is positioned as a crucial pillar of the national economy, with significant implications for economic stability and growth, particularly in the context of the 2026 economic outlook and policies aimed at expanding domestic demand [1][4]. Group 1: Economic Outlook and Policy Implications - The National Development and Reform Commission (NDRC) anticipates that consumption, investment, technology, and industry will unleash substantial development potential by 2026, with a focus on formulating a strategy for expanding domestic demand from 2026 to 2030 [1][2]. - The "Two New" policies will lower investment thresholds and refine project conditions, which will create new opportunities for the automotive industry [1][4]. - The automotive sector is expected to play a vital role in driving economic growth, with a shift from quantity to quality, emphasizing technological innovation and ecological development [2][3]. Group 2: Consumer Demand and Investment Dynamics - The automotive industry is set to benefit from a dual push of consumer demand and investment, with policies aimed at optimizing the "Two New" initiatives, including the continuation and enhancement of vehicle trade-in programs [3][5]. - The focus on high-efficiency and high-technology models in subsidy policies is expected to guide consumer choices towards advanced products, thereby compelling manufacturers to innovate [5][6]. - The shift from price competition to value competition is being encouraged by policies that support technological advancements and the automotive aftermarket [5][6]. Group 3: Innovation and Industry Transformation - The automotive industry is anticipated to undergo significant transformation driven by technological innovation, particularly in areas such as solid-state batteries and autonomous driving [7][8]. - The integration of artificial intelligence with automotive applications is seen as a key driver for sustainable growth, with emphasis on scaling innovations to benefit traditional industries [8]. - The government is urged to facilitate the downscaling of innovation capabilities to support small and medium enterprises in their digital and intelligent transformations [8].

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - In February, the steel market trading is expected to weaken. The demand for rebar will decline due to the Spring Festival and weather, and the post - holiday resumption expectation is crucial. Hot - rolled coil demand will also weaken, but it has some resilience. The high post - holiday inventory and supply will suppress prices, and the inventory depletion intensity is the focus of market game. The "two new" policies may bring phased opportunities for the manufacturing industry. The short - term steel fundamentals have no prominent contradictions and will mainly fluctuate sideways [5]. - The core contradiction of iron ore in February is the game between short - term restocking demand and long - term supply - demand relaxation. Pre - holiday restocking by steel mills will support prices, but during the Spring Festival, the port inventory may increase passively. After the holiday, high inventory will suppress prices, but the post - holiday "golden March and silver April" expectation and macro - policies may provide some support [8]. Summary by Directory 1.后市预判 (Outlook) - Steel: In February, market trading before the Spring Festival will weaken. Rebar demand will be affected by the holiday and weather, and the post - holiday resumption is key. Hot - rolled coil demand will also decline, but has some resilience. High post - holiday inventory and supply will pressure prices, and inventory depletion is the focus. The "two new" policies may bring opportunities. Short - term steel fundamentals are stable with sideways fluctuations [5]. - Iron ore: The core is the game between short - term restocking and long - term supply - demand. Pre - holiday restocking supports prices, during the holiday port inventory may rise. After the holiday, high inventory suppresses prices, but post - holiday expectations and policies may support [8]. 2.产业动态 (Industry Dynamics) - Steel winter storage expectations are low, and electric arc furnace steel mills will stop production during the Spring Festival. Only 40% of northwest construction steel traders plan to winter - store, with an expected selling price of 3100 - 3200 yuan/ton. Shandong steel traders' winter - storage volume is expected to be 24.35 tons, a 38.35% year - on - year decrease, with a psychological price of 3050 - 3080 yuan/ton. In the northeast, hot - rolled coil forms an independent market due to logistics. Only 10.6% of merchants plan to winter - store, 14.5% are on the sidelines, and 74.9% have no plan. Anhui steel traders' winter - storage enthusiasm has declined significantly, with "passive winter - storage" and "low - volume trial" as the main modes. Four out of ten sample steel mills in Henan will stop production or conduct maintenance during the holiday, and the rest will maintain normal production and have winter - storage plans. About 20% of short - flow steel enterprises in Guangdong will stop production in mid - to late January, and over 60% will stop in early February, with most resuming production in early March. In Guangxi, 1 steel mill plans to stop production at the end of January, and 4 plan to stop in mid - to early February, resuming production after the Lantern Festival [11][12]. 3.数据分析 (Data Analysis) - **Steel Supply**: Since January, rebar production has changed little from last year and remained low, while hot - rolled coil production has declined. As of January 30, the weekly actual rebar production was 199.83 tons, an increase of 22.16 tons from last year, and hot - rolled coil was 309 tons, a decrease of 14.22 tons. In February, production is expected to remain low, especially for independent electric arc furnace steel mills, whose production suspension scope will expand, and blast furnace large - scale resumption is unlikely [14]. - **Inventory**: As of January 30, rebar inventory in steel mills was 149.13 tons, a decrease of 53.72 tons from last year, and social inventory in 35 cities was 326.4 tons, a decrease of 123.88 tons. Hot - rolled coil mill inventory was 77.25 tons, a decrease of 17.55 tons, and social inventory in 33 cities was 278.33 tons, a decrease of 15.49 tons. Hot - rolled coil inventory depletion is better than rebar. Rebar demand is weak due to construction site shutdowns, while hot - rolled coil demand in manufacturing has more resilience [15]. - **Exports**: In 2025, China's steel exports reached a record high, with 119 million tons exported, a 7.5% year - on - year increase, and an average export price of 694 US dollars/ton, an 8.1% decrease. "Steel + billet" equivalent crude steel exports were 138 million tons, a 14.3% increase. Hot - rolled coil exports declined due to overseas anti - dumping duties, while rebar exports increased due to high demand in "Belt and Road" countries. The 2026 steel export license policy may affect short - term exports but optimize the long - term structure [18]. - **Consumption**: Rebar consumption decreased seasonally before the Spring Festival. As of January 30, the apparent consumption was 176.4 tons, a decrease of 24.04 tons from the beginning of the month. Cement weekly shipments also declined. As of January 27, the capital availability rate of sample construction sites was 59.68%, with non - housing projects at 60.64% and housing projects at 54.99%. Hot - rolled coil consumption showed "seasonal pressure but resilience". As of January 30, the weekly consumption was 311.41 tons. In December 2025, the official manufacturing PMI was 50.1%. In January, there was some year - end rush demand in manufacturing, but demand is expected to decline in February, and attention should be paid to post - holiday resumption and "two new" policy funds [20][21]. - **Iron Ore Import**: As of the week of January 23, the global iron ore shipment was 2978.3 tons, and the arrival at 45 Chinese ports was 2530 tons. In January, shipments were significantly higher than last year, and arrivals also increased. In 2025, China's iron ore imports reached a new high, with a cumulative import of 1260.22 million tons, a 1.78% increase. In December, the import was 119.647 million tons, a 6.36% increase [27]. - **Supply Structure**: In January, the shipment of non - mainstream iron ore remained stable. On January 17, 2026, the first shipment of nearly 200,000 tons of Simandou iron ore arrived at Ma'jishan Port in Zhejiang. The second shipment was on the way. The Simandou iron ore project in Guinea can supply 120 million tons of high - quality iron ore annually after reaching full production, which helps diversify import sources [29]. - **Inventory and Shipment**: Recently, the port iron ore shipment has increased, and steel mill inventory has also risen. Due to concentrated arrivals, port inventory increased instead of decreasing. As of January 30, the inventory at 45 ports was 1702.226 million tons, an increase of 10.5137 million tons from the beginning of the month, and the inventory of 247 steel enterprises was 996.8 million tons, an increase of 10.2205 million tons. The daily port shipment was 332.31 tons, an increase of 7.1 tons from the beginning of the month [32]. - **Trading Volume**: As of the week of January 23, the daily average spot trading volume of iron ore at major Chinese ports was 97.5 tons, and the forward spot was 103.3 tons. Spot trading was stable due to sufficient supply and limited demand. Forward trading was relatively active as steel mills aimed to avoid post - holiday risks and take advantage of price differences [33]. - **Iron Ore Consumption**: As of January 30, the daily average pig iron output of 247 steel enterprises was 227.98 tons, and the daily average iron ore consumption was 280.96 tons. Pig iron output has fluctuated around 228 tons for weeks. Due to weak demand and safety inspections, iron ore consumption decreased steadily, and without significant profit improvement and demand recovery, iron ore prices will be suppressed [35]. - **Price Difference**: As of January 29, the price difference between rebar and hot - rolled coil futures contracts was 151 yuan/ton, and it has fluctuated within a range since January. The basis between steel and iron ore futures and spot prices was stable, with similar trends and amplitudes. Weak winter demand in the spot market and lack of significant improvement in market expectations in the futures market make it difficult for the basis to expand [37][40].

Core Viewpoint - The implementation of the "Two New" policy, which includes a total funding of 1,561 billion yuan for equipment updates and consumer goods replacement, aims to stimulate economic growth and support various sectors, including steel, energy, and healthcare [1][2]. Group 1: Policy Implementation - The issuance of 936 billion yuan in ultra-long-term special government bonds is a key macroeconomic tool for China, aimed at injecting strong momentum into the economy [2]. - The funding will support approximately 4,500 projects across nine major sectors, including industrial, energy, education, and environmental protection, with an expected total investment exceeding 4,600 billion yuan [2]. Group 2: Steel Industry Transformation - The "Two New" policy is shifting the demand structure in the steel industry from traditional construction steel to high-end plates and special steels required by manufacturing [3]. - The steel industry faces challenges such as peak steel consumption and declining demand, particularly from the real estate sector, which is unlikely to recover in the short term [3]. Group 3: Upgrade Pathways - The steel industry aims for an average annual value-added growth target of around 4% for 2025-2026, focusing on enhancing the supply capacity of high-end products like bearing steel and gear steel [4]. - These high-end steels are crucial for applications in automotive, machinery, shipbuilding, and home appliances, aligning with the focus of the "Two New" policy [4]. Group 4: Industry Chain Opportunities - The digital transformation in the steel industry is driving demand for equipment updates, with policies supporting technological upgrades and resource utilization [5]. - The government emphasizes the need for steel companies to adopt low-emission technologies and digital transformation to meet environmental standards [5]. Group 5: Long-term Effects - The "Two New" policy not only stimulates short-term investment but also promotes deep economic structural adjustments, expanding support to areas like old residential elevator installations and fire rescue facilities [6]. - The policy aims to lower investment thresholds for equipment updates, enhancing support for small and medium-sized enterprises [6]. Group 6: Financial Collaboration - The collaboration between fiscal and monetary policies strengthens the "Two New" policy, with innovative financial services emerging to support equipment updates [7]. - Financing options such as leasing and the securitization of related debts are encouraged to improve the efficiency of financial resource utilization, particularly for traditional industries like steel [8].

1. Report Industry Investment Rating No relevant information is provided in the report. 2. Report's Core Viewpoints - **Tin**: Short - term prices are volatile due to market sentiment, and caution is advised. In the medium - to - long - term, maintain a low - buying strategy for tin prices considering supply - side low elasticity and the long - term narrative of the AI arms race [2]. - **Copper**: In the short - term, pay attention to the CL premium trend. In the medium - to - long - term, the price bottom center is expected to rise gradually, but be aware of price volatility risks [3]. - **Zinc**: The price has support from the tight domestic zinc ore supply, and there is room for restocking as demand recovers. The short - term price downside is limited, and focus on changes in zinc ore TC and refined zinc inventory [5]. - **Industrial Silicon**: Expect the price to fluctuate, and pay attention to the decline in industrial silicon production and the production reduction process of enterprises. The price range is expected to be between 8200 - 9200 yuan/ton [7]. - **Polysilicon**: In February, there is still pressure to reduce production. The price is under pressure and may be supported at 48000 yuan/ton and 45000 yuan/ton. Temporarily wait and see, and focus on the production reduction situation and downstream demand recovery [8]. - **Aluminum Oxide**: The futures price is driven by sentiment, but the high inventory in the spot market suppresses the price. It is expected to fluctuate widely around the cash cost line [9]. - **Aluminum**: In the long - term, the price is likely to be strong, but in the short - term, there is a risk of a high - level correction. Long - term investors can buy on dips [9]. - **Aluminum Alloy**: The price is expected to fluctuate in a high - level range. Focus on the actual flow of scrap aluminum, import window changes, and downstream pre - holiday inventory preparation [11]. - **Nickel**: The short - term price is expected to fluctuate strongly. The main reference range is 145000 - 155000 yuan/ton [12]. - **Stainless Steel**: In the short - term, it is expected to adjust with a strong - side fluctuation. The main reference range is 14200 - 15200 yuan/ton. Pay attention to the news from the ore end and steel mill dynamics [14]. - **Lithium Carbonate**: The short - term price may decline and adjust. The main reference range is 155000 - 170000 yuan/ton. Pay attention to the production reduction and inventory changes [17]. 3. Summary According to Relevant Catalogs 3.1 Spot Price and Basis - **Tin**: SMM 1 tin price increased by 0.46% to 438600 yuan/ton, and the SMM 1 tin open - discount decreased by 100% to 0 yuan/ton [2]. - **Copper**: SMM 1 electrolytic copper price increased by 2.48% to 104185 yuan/ton, and the SMM 1 electrolytic copper premium increased by 70 yuan/ton [3]. - **Zinc**: SMM 0 zinc ingot price increased by 0.20% to 25290 yuan/ton, and the import loss was - 2443 yuan/ton [5]. - **Industrial Silicon**: The spot price of industrial silicon was stable, and the futures price increased by 165 yuan/ton [7]. - **Polysilicon**: The spot price of polysilicon was stable, and the N - type silicon wafer price decreased [8]. - **Aluminum**: SMM A00 aluminum price increased by 2.47% to 24860 yuan/ton, and the import loss was - 2081 yuan/ton [9]. - **Aluminum Alloy**: The price of SMM ADC12 aluminum alloy increased, and the price difference between refined and scrap aluminum widened [11]. - **Nickel**: SMM 1 electrolytic nickel price increased by 1.30% to 148000 yuan/ton, and the futures import loss was - 266 yuan/ton [12]. - **Stainless Steel**: The price of 304/2B stainless steel coils was basically stable, and the price difference between futures and spot decreased [14]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate price decreased by 2.33% to 168000 yuan/ton [17]. 3.2 Fundamental Data - **Tin**: In December, tin ore imports increased by 16.81%, and SMM refined tin production decreased by 0.06% [2]. - **Copper**: In December, electrolytic copper production increased by 6.80%, and imports decreased by 4.02% [3]. - **Zinc**: In December, refined zinc production decreased by 7.24%, and the galvanizing start - up rate decreased [5]. - **Industrial Silicon**: In January, the supply and demand of industrial silicon both weakened slightly, and there was a slight inventory build - up [7]. - **Polysilicon**: In December, polysilicon production increased by 0.79%, and the import volume increased by 77.50% [8]. - **Aluminum**: In December, alumina production increased by 1.08%, and domestic electrolytic aluminum production increased by 3.97% [9]. - **Aluminum Alloy**: In December, the production of recycled aluminum alloy ingots decreased by 6.16%, and the production of primary aluminum alloy ingots increased by 0.46% [11]. - **Nickel**: In December, China's refined nickel production increased by 26.10%, and imports increased by 84.63% [12]. - **Stainless Steel**: In December, the production of 300 - series stainless steel rough steel decreased by 26.72%, and imports increased by 29.32% [14]. - **Lithium Carbonate**: In December, lithium carbonate production increased by 4.04%, and the demand decreased by 2.50% [17]. 3.3 Inventory Changes - **Tin**: SHEF inventory increased by 1.79%, and social inventory increased by 4.94% [2]. - **Copper**: Global visible inventory has accumulated to a high level in recent years, with more than 50% of the inventory in the United States [3]. - **Zinc**: China's zinc ingot seven - region social inventory decreased by 1.35%, and LME inventory decreased by 0.57% [5]. - **Industrial Silicon**: Social inventory decreased by 0.36%, and warehouse receipt inventory increased by 2.89% [7]. - **Polysilicon**: Polysilicon inventory increased by 0.91% to 33.30 million tons, and silicon wafer inventory increased by 1.90% to 27.29GW [8]. - **Aluminum**: China's electrolytic aluminum social inventory increased by 5.25%, and LME inventory decreased by 0.45% [9]. - **Aluminum Alloy**: The weekly social inventory of recycled aluminum alloy ingots decreased by 2.11% [11]. - **Nickel**: SHFE inventory increased by 5.43%, and social inventory increased by 4.38% [12]. - **Stainless Steel**: The social inventory of 300 - series stainless steel increased by 0.82%, and SHFE warehouse receipts increased by 9.90% [14]. - **Lithium Carbonate**: The total lithium carbonate inventory decreased by 12.23% in December, and the downstream inventory decreased by 7.21% [17].

从2025年来看，钢材市场呈现供需双弱局。需求端最大的制约因素还是地产。根据国家统计局数据， 2025年房地产开发投资完成额同比下降17.2%，房屋新开工面积、竣工面积累计同比分别下降20.4%、 18.1%，新建商品房销售面积同比下降8.7%，房地产仍延续调整态势。基建投资因财政政策前置发力， 下半年支撑不足，全年基建投资增速下降1.48%。但制造业用钢需求稳步增长，其中汽车、工程机械、 造船、能源等领域表现突出。另外，钢材及钢坯出口维持较高增速，部分弥补了房地产用钢需求的减 弱。 2025年钢材供给随需求走弱，尤其下半年铁水减量明显。2025年上半年受益于碳元素和铁元素的让利， 尽管钢材价格重心下移，但行业利润尚可，企业主动减产意愿不足。下半年钢材需求承压，库存高企， 叠加原料坚挺，行业利润收缩，产量下滑。 基本面驱动有限 由于基本面缺乏强有力的驱动，当市场情绪降温后，螺纹钢重新回归区间震荡行情。从中长期来看，在 需求压力下，钢材行业或继续维持薄利状态，因此驱动多来自原料端。 展望2026年，房地产仍处于磨底阶段，相关数据或延续走弱态势，但降幅收窄。2026年是"十五五"规划 的开局之年，基建仍是经济重要 ...

自2024年3月国务院发布《推动大规模设备更新和消费品以旧换新行动方案》以来，"两新"政策已成为 我国扩大内需、促进绿色转型的重要抓手。2024年7月，国家发展改革委和财政部联合印发《关于加力 支持大规模设备更新和消费品以旧换新的若干措施》，统筹安排3000亿元左右超长期特别国债资金，加 力支持大规模设备更新和消费品以旧换新。2025年，"两新"政策加力扩围，拓展了消费品类别、设备更 新支持范围。2025年12月，国家发展改革委和财政部印发《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》，对政策进一步优化，呈现出从"加力扩围"到"提质增效"的特征。 2025年政策的鲜明特征是"加力扩围"，其重点在于扩大政策覆盖面和增强支持力度，政策实施成效显 著。全年以旧换新相关商品销售额超2.6万亿元，惠及超3.6亿人次。2025年1—5月，大规模设备更新拉 动设备工器具购置投资同比增长17.5%，增速比全部投资高13.6个百分点。2025年1—11月，家电以旧换 新超1.28亿台，带动相关商品销售额超2.5万亿元；在循环利用方面，2025年1—10月，我国规范拆解电 视机、电冰箱、洗衣机、空调和电脑等"四 ...

Group 1 - The core viewpoint of the article emphasizes the Chinese government's commitment to improving people's livelihoods through a comprehensive set of policies aimed at addressing various social needs, including consumption, elderly care, childcare, and urban renewal [1][3][18] - The 2026 policies are designed to meet the urgent needs of the public and align with social development, covering all stages of an individual's life cycle, thereby enhancing both consumer benefits and corporate sales [3][18] - The "Two New" policies focus on optimizing consumer goods replacement and large-scale equipment updates, with significant subsidies for essential household appliances and electric vehicle purchases, supported by a special bond issuance of 625 billion yuan [5][7] Group 2 - The new policies include standardized subsidies for installing elevators in old residential buildings, significantly reducing the financial burden on residents and addressing mobility issues for the elderly [7][9] - The introduction of elderly care service vouchers allows disabled seniors to choose between home care and institutional care, with a monthly subsidy of up to 800 yuan, enhancing service accessibility and quality [9][12] - The 2026 fertility support policies include direct financial assistance to parents, with annual subsidies of 3,600 yuan per child, and improvements in prenatal and childcare services to alleviate the challenges faced by working families [14][16] Group 3 - The article highlights a shift in government policy towards a more targeted approach in subsidy distribution, focusing on the specific needs of the elderly and families, thus enhancing the effectiveness of social support programs [9][18] - The implementation of these policies aims to create a win-win situation for improving people's livelihoods and stimulating economic growth, ensuring that the benefits reach the public effectively [18]