【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 1 请务必阅读免责条款 券 研 究 报 告 2026 年 2 月 25 日星期三 证 美媒：特朗普政府正酝酿征收新关税 芝加哥联储主席古尔斯比表示，在有更多证据表明通胀正持 续回落之前，不适合进一步降息 商务部：中方将视情适时决定调整针对美方关税的反制措施 春节假期国内出游 5.96 亿人次，创新高 今年以来消费品以旧换新惠及 3053.2 万人次 华为董事长梁华：华为 2025 年销售收入超过 8800 亿元人 民币 苹果今年将采购超 1 亿片台积电亚利桑那工厂生产的先进芯 片 谷歌将在明尼苏达州建数据中心，配套新增太阳能、风能和 电池储能 AMD 同意向 Meta 公司出售价值高达 600 亿美元的 AI 芯片 诺和诺德将司美格鲁肽在美售价下调 50% 2 年期美债收益率涨 2.73 个基点报 3.461% 5 年期美债收益率涨 1.20 个基点报 3.594% 10 年期美债收益率跌 0.38 个基点报 4.031% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场 ...

（总台央视记者 丁雅妮 宋菀） 商务部数据显示，截至2月22日，2026年消费品以旧换新惠及3053.2万人次，带动销售额2045.4亿元。智 能、绿色产品需求旺盛，春节假期，重点平台智能眼镜、节水卫浴器具销售额分别增长47.3%和 23.2%。 ...

商务部数据显示，截至2月22日，2026年消费品以旧换新惠及3053.2万人次，带动销售额2045.4亿元。智 能、绿色产品需求旺盛，春节假期，重点平台智能眼镜、节水卫浴器具销售额分别增长47.3%和 23.2%。 （文章来源：央视新闻） ...

Group 1 - The core viewpoint of the articles highlights the significant achievements in boosting consumption in Shaanxi by 2025, focusing on various initiatives such as the old-for-new consumption policy and the integration of commerce, tourism, and culture [1][2][3] Group 2 - The Shaanxi Provincial Department of Commerce has implemented a work plan with 14 departments, allocating a total of 7.686 billion yuan in subsidies, which is expected to drive consumption by 68.265 billion yuan, benefiting over 8.2 million consumers [1] - The promotion of service consumption includes 18 policies and 167 events organized in collaboration with various departments, showcasing local culture and tourism [2] - The establishment of a modern commercial circulation system has led to the creation of 376 new stores and 264 launch events, with a goal of doubling inbound tourist spending by 2025 [2] - The support for urban and rural commercial circulation includes the development of 20 famous commercial streets and the establishment of 85 convenient living circles, with a high coverage rate of commercial service centers in counties and towns [3]

Group 1 - The article highlights four major signals that are expected to support the market as it opens for the Year of the Horse, including continuous policy support, strong consumer recovery, clear industry trends, and favorable external market conditions [4][6][9] - Policy measures are focused on equipment upgrades, consumer goods exchange programs, and significant support for new infrastructure, digital economy, and renewable energy sectors, which are expected to boost economic recovery [4] - Consumer spending has shown remarkable resilience, with record box office revenues during the Spring Festival, a doubling in travel bookings, and a nearly 500% increase in duty-free shopping in Hainan, alongside over 20% growth in dining and accommodation transactions [4] Group 2 - The article notes that the global market has been performing well, with significant gains in indices such as the Hang Seng Index and the Nikkei 225, which rose over 4%, creating a positive environment for the A-share market [6][7] - Commodity markets have also seen increases, with LME copper up 4%, London silver up 3%, and Brent crude oil rising 2.3%, providing support for cyclical sectors [7] Group 3 - The investment strategy for the Year of the Horse emphasizes a cautious approach, focusing on structural opportunities rather than broad market gains, with a prediction of a stable opening and active sector performance [9][10] - Four main investment themes are identified: the AI industry chain, semiconductors and advanced manufacturing, consumer recovery sectors, and cyclical resources, with AI being the strongest focus due to its recent performance [10][11][12] - The article advises against high-risk strategies, recommending a focus on core stocks within the identified themes and careful monitoring of key indicators such as trading volume and foreign capital inflows [13][14]

Core Viewpoint - The Chinese government has initiated a special "Lego New Year" campaign with a total of 62.5 billion yuan in subsidies to stimulate consumer spending during the Spring Festival, focusing on the replacement of old consumer goods with new ones, particularly in the digital and smart product sectors [1] Group 1: Subsidy Program - The first phase of the subsidy program includes 62.5 billion yuan allocated for consumer goods replacement, with local governments expected to enhance the distribution of these subsidies [1] - Consumers purchasing specific digital and smart products, such as smartphones and smart glasses, priced under 6,000 yuan, can receive a subsidy of 15% of the purchase price, with a maximum subsidy of 500 yuan per item [1] Group 2: Consumer Engagement - The campaign has sparked a significant increase in consumer enthusiasm, particularly in the automotive market, where consumers are benefiting from multiple layers of discounts [1] - The initiative aims to transform the perception of smart products from niche items to essential consumer goods, indicating a shift in market demand [1] Group 3: Additional Incentives - The program includes a lottery for consumers who obtain invoices over 100 yuan in 50 cities, with a total of 10 billion yuan in prize funds available during the Spring Festival [1] - Financial institutions are encouraged to collaborate with merchants to offer various promotional measures across multiple consumer sectors, enhancing the overall shopping experience [1] Group 4: Market Trends - The campaign is expected to significantly influence consumer purchasing behavior, with smart and green products becoming increasingly popular choices for the New Year [1] - The trend indicates a growing demand for high-tech and environmentally friendly consumer goods, positioning them as key items for the upcoming Spring Festival [1]

625亿！2026年首批消费品以旧换新"国补"到位，将在史上最长的春节假期加大投放。 车东西2月13日消息，日前，商务部副部长盛秋平在国务院新闻办新闻发布会上透露了当前消费品以旧换新政策的实施进展：首批625亿元"国 补"资金已经到达各地商务部门。 ▲商务部副部长盛秋平 据悉，2025年为支持消费品以旧换新，财政部下达首批超长期特别国债资金810亿元，全年总规模为3000亿元。 在国补政策的推动下，2025年汽车以旧换新超1150万台，新能源汽车在汽车以旧换新中的销售占比达到近60%，推动国内全年乘用车零售量增长 3.8%。 而根据中国汽车工业协会数据，2025年全年，我国汽车销量为3440万辆，同比增长9.4%，这也意味着，去年一年国内汽车市场超过33%的汽车销 量都来自于以旧换新。 01. 2025年汽车以旧换新超1150万台 新能源占比接近6成 随着2026年消费品以旧换新"国补"资金的到位，盛秋平指出，春节9天假期内各地将加大补贴投放，充分保障消费者按政策要求申领补贴。 ▲春节9天假期内各地将加大国补投放 根据官方披露，2025年，财政部分四批累计下达超长期特别国债资金3000亿元支持消费品以旧换新， ...

碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2605合约（收盘价） | 149,420 | -840 | 16,640 | -15,400 | -17,560 | 61,860 | | | | 2605合约（成交量） | 304,798 | -47,079 | -226,926 | -216,536 | -303,379 | 133,390 | | | | 2605合约（持仓量） | 353,975 | -2,556 | 24,198 | -48,372 | -106,306 | 168,674 | | | 盘 面 | 2607合约（收盘价） | 149,400 | -1,300 | 16,400 | -16,180 | -18,200 | 62,320 | | | | 2607合约（成交量） | 34,962 | 157 | -36,392 | -36,062 | -238,559 | 20,218 | | | | 260 ...

Group 1: Policy Overview - The new policy in Sichuan aims to support large-scale equipment updates and consumer goods replacement with clear arrangements for the year [3] - The total budget for subsidies is set at 6 billion yuan, focusing on optimizing the coverage of equipment updates, promoting green and low-carbon products, and enhancing fund usage supervision [4][6] Group 2: Equipment Update Support - The support ratio for single projects in production line upgrades is increased to a maximum of 10% of the equipment (including software) investment amount, with a maximum support limit of 20 million yuan [7] - For energy-saving, environmental protection, and safety production projects, the support ratio is raised to a maximum of 15% of fixed assets (including software) investment, also with a maximum of 20 million yuan [7] - The support for intelligent transformation projects remains at a maximum of 20% of the equipment (including software) investment amount, with a cap of 20 million yuan [7] Group 3: Consumer Goods Replacement Subsidies - The new subsidy standards for vehicle replacement are linked to the price of new cars, implementing a "proportion + limit" approach [9] - For scrapping updates, subsidies are set at 12% of the price for new energy vehicles and 10% for fuel vehicles, with maximums of 20,000 yuan and 15,000 yuan respectively [9] - For replacement updates, subsidies are 8% for new energy vehicles and 6% for fuel vehicles, with maximums of 15,000 yuan and 13,000 yuan respectively [9] Group 4: Implementation and Fairness - The policy emphasizes fairness in subsidies, allowing each consumer to choose only one scrapping or replacement subsidy per year [9] - The implementation of the subsidy program will be more localized, with each city managing its own subsidy applications based on specific needs [10] - The number of supported categories for household appliances has been reduced from 18 to 6, while the number of digital and smart products has increased from 3 to 4 [10]

Core Viewpoint - The Ministry of Commerce and six other departments issued a document to enhance consumer experience during the Spring Festival by promoting trade-in subsidies and strengthening the "Buy in China" brand [1] Group 1: Subsidy Measures - The document emphasizes increasing the number of trade-in subsidies, ensuring that local governments provide sufficient funding for these subsidies during the Spring Festival [1] - Consumers purchasing new cars during the nine-day holiday can apply for the trade-in subsidy according to policy requirements [1] Group 2: Supply Chain Management - Local entities are required to secure a sufficient supply of quality goods and ensure operational hours to meet consumer demand for subsidized products [1] - There is a focus on ensuring supply in rural areas during the holiday period, with an emphasis on directing online channels to cater to rural residents, facilitating their participation in the subsidy program [1]