一是消费向线下实体场景加速回流。2026年，中国银联支持各地政府继续开展"以旧换新"活动，并联合 商业银行推出叠加优惠，让消费者在升级品质家电的同时享受更优惠的价格。"以旧换新"拉动新春消费 升级，吸引消费者在实体卖场体验成交，更有效撬动交通、百货、品牌专卖店等周边多元消费，线下客 流显著回升。用户在线下参与"以旧换新"活动，同步出现跨场景消费动线，例如乘坐公交地铁等交通出 行类消费、购买奶茶小食或饭店就餐等餐饮类消费，以及服装、百货等其它产品，银联联合商业银行、 品牌商户，联合开展"银联优惠日"品牌营销，推出覆盖购物百货、茶饮轻餐、公交地铁、酒店、影院等 热门场景的支付优惠，激发商圈消费活力。 二是人工智能家电成为热门年货。新春佳节，在"以旧换新"政策的支持下，AI家电成为年货"顶流"，越 来越多的家庭加速迈入"从有到智"的新阶段。在上海五角场苏宁易购Max店，根据食材调整温湿度的智 能保鲜冰箱、主动识别衣物材质实现精细护理的洗烘一体机、能听懂方言并识别模糊指令的智能电视， 成为门店最受欢迎的AI家电"三大件"。在"国补"政策的持续加力下，居民自主消费意愿增强，相关品类 交易规模显著放大，显示出财政资金与民 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The hot-rolled coil futures market is in a game stage of "weak reality, strong expectation". The fundamentals are dominated by inventory accumulation and weak demand, putting short-term pressure on prices. However, the improvement in export profits, the resilience of steel mill production, and policy expectations form the bottom support, limiting the downside space. It is suggested to be cautiously bearish, and in the medium term, still pay attention to the pressure near the 30-day and 60-day moving averages [6]. 3. Summary According to Relevant Catalogs Market行情回顾 - Futures price: The main contract of hot-rolled coil futures reduced its positions by 8,357 lots on Thursday, with a trading volume of 319,835 lots, a contraction compared to the previous trading day. The intraday low was 3,205 yuan, the high was 3,241 yuan. In terms of the daily average line, the short-term fell back to the 5-day moving average, and the pressure of the 30-day and 60-day moving averages in the medium term still exists. It closed at 3,220 yuan/ton, up 5 yuan, a gain of 0.16% [1]. - Spot price: The price of hot-rolled coils in the mainstream Shanghai area was reported at 3,250 yuan/ton, remaining stable compared to the previous trading day [2]. - Basis: The basis between the spot and futures prices was 30 yuan [3]. Fundamental Data - Supply side: The output contracted year-on-year and was basically flat month-on-month. The current output was 3.0961 million tons, a year-on-year decrease of 0.1352 million tons and a month-on-month decrease of 0.002 million tons. In 2026, the output was slightly lower than the same period from 2023 - 2025, indicating that steel mills maintained production around the Spring Festival but actively reduced production capacity to cope with weakening demand [4]. - Demand side: The demand decreased significantly year-on-year and slightly month-on-month. The current apparent demand was 2.6837 million tons, a year-on-year decrease of 0.5396 million tons and a month-on-month decrease of 0.013 million tons. The significant year-on-year decline was mainly due to the seasonal impact of manufacturing shutdowns and stagnant terminal purchases around the Spring Festival. The slight month-on-month decline reflected that the post-festival demand recovery rhythm this year was weaker than in previous years [4]. - Inventory side: The social inventory increased significantly, and the total inventory was still lower year-on-year. The factory inventory was 947,800 tons, a month-on-month increase of 14,000 tons and a year-on-year increase of 33,400 tons. With basically flat output and weakening demand, the factory inventory accumulated slightly. The social inventory was 3.5737 million tons, a month-on-month increase of 169,000 tons and a year-on-year increase of 134,100 tons. Traders replenished their stocks before the festival, and the replenishment intensity was greater than in previous years. The total inventory was 4.5215 million tons, a month-on-month increase of 183,000 tons and a year-on-year decrease of 0.5888 million tons. Although it increased significantly month-on-month, it was still significantly lower than the previous three years, indicating that the overall inventory pressure in the industry was less than in previous years [4]. - Inventory-to-sales ratio: It was at a high level, showing the pressure of supply and demand. The current inventory-to-sales ratio was 11.79 days, a significant year-on-year increase to 2.34. A high inventory-to-sales ratio means that the current inventory level is much higher than the demand digestion capacity, and the supply-demand mismatch is serious, which will suppress the rebound space of hot-rolled coil prices until the demand substantially recovers [5]. - Policy side: There were intertwined internal and external disturbances, and policy expectations dominated sentiment. Domestically, the "14th Five-Year Plan" was about to be launched in 2026, and the Two Sessions were approaching. The market's expectations for policies such as infrastructure investment, equipment renewal, and trade-in were rising, but the actual project implementation rhythm after the festival was not yet clear. Internationally, the United States imposed a 10% tariff on imported goods starting from February 24, triggering concerns about global trade frictions and potentially suppressing export-oriented steel products. In terms of liquidity, the People's Bank of China conducted a 1-trillion-yuan 6-month outright reverse repurchase on February 13, releasing medium- and long-term liquidity and providing marginal support to market sentiment [5]. Market Driving Factor Analysis - Bullish factors: Supply contraction, demand resilience, and policy support ("14th Five-Year Plan", infrastructure investment) [6]. - Bearish factors: Slow demand realization, drag from the raw material end, inventory accumulation suppressing prices, and increased macro disturbances [6].

21世纪经济报道记者张旭 北京报道 商务部数据显示，线下渠道销售家电、数码和智能产品占销售总额的73.3%。中国银联数据显示，政策 带动更多消费者走出家门，激发周边消费潜力。春节假期，南京市百家湖、广州市长隆万博等政策参与 主体较多的商圈，商户销售额同比增长超10%。 值得注意的是，智能产品和品质消费尤为火爆。2026年，首次将智能眼镜纳入购新补贴范围，成为新春 消费新宠，天津、重庆、四川等地数码产品咨询量和购买量显著增长。同时，消费结构优化升级趋势明 显，商务部数据显示，中高端手机产品占比65.0%。中国银联数据显示，电脑、空调、电视机每笔平均 核销金额较去年同期也有较大幅度增长。 从记者春节期间走访情况来看，各家手机厂商门店络绎不绝，以旧换新政策成为人们换机的重要助推 器。 河北、广东、江苏、山东等地家电、数码和智能产品消费强劲。北京、山西、江西、重庆等地春节假期 服务"不打烊"，补贴申领通道全天候开放，资格券储备充足。吉林、云南、青海、陕西等地推动"以旧 换新进农村"，在乡镇设立服务点，提供送货上门、安装调试、旧机回收等一站式服务，打通政策落 地"最后一公里"。天津、浙江、湖北、甘肃等地通过"国家补贴+ ...

上 市 公 司 证 券 研 究 报 告 评 2026 年 02 月 26 日 苏泊尔 (002032) ——2025 年业绩快报点评：内销稳定增长，坚持创新迭代 投资要点： 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 22,427 | 16,897 | 22,772 | 23,924 | 25,008 | | 同比增长率（%） | 5.3 | 2.3 | 1.5 | 5.1 | 4.5 | | 归母净利润（百万元） | 2,244 | 1,366 | 2,097 | 2,226 | 2,383 | | 同比增长率（%） | 3.0 | -4.7 | -6.6 | 6.1 | 7.1 | | 每股收益（元/股） | 2.82 | 1.72 | 2.62 | 2.78 | 2.97 | | 毛利率（%） | 24.7 | 23.7 | 23.7 | 24.6 | 24.7 | | ROE（%） | 34.9 | 24.7 | 33.4 | 3 ...

Core Insights - The Ministry of Commerce reports that as of February 22, 2026, the consumption upgrade program has benefited 30.53 million people, generating sales of 204.54 billion yuan [1] Group 1: Market Trends - There is a strong demand for smart and green products, indicating a shift in consumer preferences towards more sustainable and technologically advanced options [1] - During the Spring Festival holiday, key platforms saw significant sales growth, with smart glasses sales increasing by 47.3% and water-saving bathroom fixtures by 23.2% [1]

Core Viewpoint - The "Happy Shopping Spring Festival" initiative has effectively stimulated consumer spending during the holiday period, showcasing strong collaboration among various government departments to enhance domestic consumption and economic growth [1][5]. Group 1: Policy Implementation and Impact - The initiative includes six key areas: food, accommodation, transportation, tourism, shopping, and entertainment, with significant policy measures such as trade-in programs, prize invoices, and financial support [1][3]. - A total of 20.5 billion yuan has been allocated for consumer vouchers and subsidies across 50 cities, with over 10 billion yuan in prizes distributed during the Spring Festival, significantly boosting consumer willingness to spend [3][4]. Group 2: Regional Responses and Activities - Local governments have actively organized events, with Beijing distributing over 20 million yuan in consumer vouchers and Henan issuing 70 million yuan in retail and dining vouchers, leading to substantial sales in various sectors [2][3]. - In Liaoning, monitored retail sales increased by 10.2% year-on-year during the holiday, with 18.4 million products sold through trade-in programs, generating 740 million yuan in sales [2][4]. Group 3: Consumer Behavior and Trends - The average daily sales of key retail and catering enterprises increased by 5.7% compared to the previous year, with foot traffic and sales in monitored shopping areas rising by 6.7% and 7.5%, respectively [4]. - The demand for smart and green products surged, with sales of smart glasses and intelligent robots increasing by 47.3% and 32.7%, respectively, during the holiday period [4]. Group 4: Future Recommendations - The initiative's success suggests the need for ongoing themed promotional activities throughout the year to maintain consumer engagement and adapt to seasonal demands [5]. - Recommendations include enhancing support for small businesses, integrating online and offline experiences, and utilizing big data for better supply-demand matching [5].

今年以来，各地持续加码以旧换新政策，进一步释放消费潜力，推动市场规模稳步扩容。河南省发布《河南省2026年推动 大规模设备更新和消费品以旧换新实施方案》，提出到2026年底，力争完成个人消费者汽车报废和置换更新50万辆左右，家电 产品以旧换新500万台左右，并进一步释放数码和智能产品等消费潜力。北京市发布《北京市2026年汽车以旧换新补贴实施方 案》，启动实施"报废更新"和"置换更新"两类补贴，申报系统2月9日10时开放，符合条件的购车消费者可获得最高2万元的补 贴支持。 本报记者 许林艳 在北京市朝阳区的一家华为专卖店内，店员正在熟练地操作线上评估系统，对消费者晓慧的旧手机进行估值。"旧手机折 旧后，再叠加以旧换新的补贴，3000多块钱就能置换一部全新的Mate70Pro手机，非常划算。"晓慧向记者分享着换购的喜悦。 这种场景，如今在全国各类家电、数码、汽车门店随处可见。 与此同时，面对以旧换新政策带来的发展窗口期，上市公司正积极布局。合肥百货大楼集团股份有限公司回复投资者称， 2026年以来，该公司旗下百大电器高度重视、积极把握以旧换新政策机遇，1月份，公司电器业态全省卖场焕新机器2748台。 美的集团股 ...

春节假期重庆消费市场呈现多领域增长态势 随着居民健康意识显著提高，健康消费成为新潮流，带动全市医疗用品及器材零售、健康保险、养生保 健服务日均销售收入相比去年春节假期分别增长11.4%、63.8%、151.3%。 另外，春节期间亲朋好友团聚，休闲娱乐消费热情高涨，城市周边短途游成为出行新选择。增值税发票 数据显示，春节假期，重庆市电影放映、休闲观光活动日均销售收入相比去年春节假期分别增长 264.7%、328.8%；全市机动车充电、出租车客运日均销售收入相比去年春节假期分别增长67.4%、 104.8%。(完) 来源：中国新闻网 编辑：张嘉怡 广告等商务合作，请点击这里 中新网重庆2月25日电 (梁钦卿)重庆市税务局25日发布的增值税发票数据显示，今年春节假期(2月15日 至23日)，重庆市消费相关行业日均销售收入与2025年春节假期相比呈现多领域增长态势，其中餐饮业 日均消费相比去年春节假期增长26.4%。 "今年春节假期，有奖发票活动在全市范围内全面铺开，市民和游客可凭餐饮住宿、零售购物、文化旅 游等消费发票参与抽奖，点燃消费热情，强力拉动全市消费。"重庆市税务局税收经济分析处相关负责 人介绍，从增值税发 ...

2026年，我国首次将智能眼镜纳入购新补贴范围，天津、重庆、四川等地数码产品咨询量和购买量显著 增长。同时，消费结构优化升级趋势明显，商务部数据显示，中高端手机产品占比65.0%。中国银联数 据显示，电脑、空调、电视机每笔平均核销金额较去年同期也有较大幅度增长。 商务部数据称，线下渠道销售家电、数码和智能产品占销售总额的73.3%。中国银联数据显示，政策带 动更多消费者走出家门，激发周边消费潜力。春节假期，南京市百家湖、广州市长隆万博等政策参与主 体较多的商圈，商户销售额同比增长超10%。 新京报贝壳财经讯(记者潘亦纯)2月25日，商务部数据显示，今年春节9天假期，6类家电以旧换新产 品、4类数码和智能购新补贴产品销售510.6万台，与去年春节假期相比增长21.7%。 ...

2月2日，商务部等九部门联合印发《2026"乐购新春"春节特别活动方案》，提出要加大金融支持力度、 加力推进以旧换新，为春节消费市场保驾护航，为消费增长注入政策动能。从各地情况来看，多地结合 自身实际推出针对性举措，如广州聚焦全消费场景推出奖券优惠政策，叠加国补、省补、属地优惠与商 家让利，有效激发市民游客消费意愿。广州商务官方微信公众号发布的数据显示，2026年国补、省补优 惠品类涵盖了汽车、电视、冰箱、空调、手机、智能手表手环、智能眼镜等26类产品，截至2月22日， 2026年"广东优品购"活动累计带动家电、汽车销售260亿元，消费品以旧换新累计带动销售额47.6亿 元。 在政策引领下，金融机构也主动担当、积极作为，立足老百姓的消费需求，推出一系列便民惠民的金融 服务，助力春节消费升级。有消费金融公司升级"以旧换新领好礼"活动，向在春节期间购买家居家电等 相关品类的目标客户发放更高价值专属权益，加大以旧换新活动投放推广力度，支持以旧换新政策在春 节期间扩围实施，满足消费者多样化家居消费需求；还有消费金融公司在节日期间推出大促活动，受邀 用户可领取免息券，包括30天免息券、88折免息券、150元免息券以及后 ...