此外，方案还提出，鼓励金融机构与重点商户合作，策划春节专属活动，推出消费红包、消费立减等优 惠，扩大活动覆盖面。结合地方促消费活动，推出支付满减、积分抵现等优惠措施，鼓励使用数字人民 币智能合约消费红包。充分满足小额现金需求，加强手机红包技术保障。金融机构保障适量网点开门营 业，满足群众金融服务需求。 商务部等9单位关于印发《2026"乐购新春"春节特别活动方案》的通知 中央宣传部、中央网信办、商务部、文化和旅游部、中国人民银行、金融监管总局、广电总局、体育总 局、中央广电总台、中国民航局、中国国家铁路集团有限公司，各省、自治区、直辖市及计划单列市、 新疆生产建设兵团党委宣传部门，网信、商务、文化和旅游、广播电视、体育主管部门，中国人民银行 上海总部，各省、自治区、直辖市及计划单列市分行，金融监管总局各监管局，民航各地区管理局，各 铁路局集团公司： 商务部等9部门印发《2026"乐购新春"春节特别活动方案》。 其中提出，鼓励各地增加春节期间消费品以旧换新补贴数量，加大线下实体零售支持力度，动员企业春 节期间持续开展汽车、家电、数码和智能产品相关展销活动，引导企业打造智能终端等产品体验专区， 对到店体验消费者给 ...

Core Viewpoint - The article outlines the "2026 'Le Gou New Spring' Spring Festival Special Activity Plan" aimed at stimulating consumer spending during the Spring Festival by promoting various activities and incentives across multiple sectors [1][2][3]. Group 1: Activity Overview - The Spring Festival will have a 9-day holiday from February 15 to 23, 2026, with a focus on enhancing market vitality and enriching cultural life [5]. - The plan emphasizes government guidance, market leadership, and public participation, targeting core consumer needs related to family reunions and shopping [4]. Group 2: Activity Content - Culinary activities will include the "Chinese Food Fair" and "Old Brand Carnival," promoting local delicacies and festive meals, with events like food competitions and community food markets [6]. - Housing and accommodation sectors will offer promotions such as "New Spring Home Renewal" and discounts for extended stays in hotels and resorts [7]. - Transportation sectors will enhance capacity and offer special promotions for travel, including ticket discounts and improved services for travelers [8]. - Retail activities will focus on promoting local products and organizing shopping festivals, encouraging participation from various merchants and communities [9]. - Cultural and entertainment events will include film promotions, public performances, and extended hours for museums and sports venues [10]. Group 3: Support Measures - The plan encourages the implementation of reward invoices and shopping lotteries to attract consumer participation [9]. - Financial institutions are urged to collaborate with merchants to offer special promotions, including consumption red envelopes and discounts [10]. - Cross-industry collaborations are promoted, linking dining, accommodation, and entertainment sectors to enhance consumer experiences [10].

Core Insights - The emergence of "life economy" signifies a shift in consumer demand, emphasizing personalized needs and diverse aspirations rather than uniformity and large-scale narratives [1][2][5] Group 1: Market Trends - The "life economy" is defined as an economic form where individual life needs are expressed, connected, and stimulated through digital technology, leading to positive supply-demand interactions and growth [1] - Specific consumer demands, such as "silent shoes" for urban workers and "dedicated laundry care for infants," are becoming the new driving forces for consumption and domestic demand [2] - Digital platforms like Xiaohongshu are crucial in identifying and amplifying these nuanced consumer demands, with over 200 million users expressing shopping needs monthly [2][3] Group 2: Business Adaptation - Companies are transitioning from being "product definers" to "demand responders," as they leverage consumer insights to innovate and create products that meet specific needs [4][5] - Successful case studies include Vatti's development of a "dry dishwasher" based on user feedback and Hisense's adaptation to the growing "TV + esports" market [4] - Over 50% of active merchants on Xiaohongshu are first-time entrepreneurs, indicating a rise in opportunities for small businesses to cater to niche demands [4] Group 3: Economic Implications - The life economy is reshaping supply logic from "selling what is produced" to "creating what is needed," enabling precise identification of potential demands and efficient market matching [5] - The core mechanism of the life economy involves a complete chain of "discovering needs - matching supply - co-creating supply," fostering a positive cycle of demand-driven supply [6] - The rise of Citywalk culture illustrates how online content can stimulate offline exploration and consumption, promoting a blend of virtual and physical experiences [6] Group 4: Policy Recommendations - Encouragement of innovative business models that integrate virtual and physical experiences is essential, with a focus on using algorithms and marketing activities to meet diverse consumer needs [7] - The establishment of a platform-driven innovation incubation system is recommended to enhance the development of the life economy through AI empowerment [7] - The life economy's growth reflects the resilience and vitality of the Chinese economy, rooted in the public's pursuit of a better life, which is crucial for high-quality development [7]

2日，商务部等9部门印发《2026"乐购新春"春节特别活动方案》。 其中提出，鼓励各地增加春节期间消费品以旧换新补贴数量，加大线下实体零售支持力度， 动员企业春节期间持续开展汽车、家电、数码和智能产品相关展销活动，引导企业打造智能 终端等产品体验专区，对到店体验消费者给予更多优惠，加大政策解读和线下体验式消费宣 传力度，营造浓厚换新氛围。 此外，方案还提出，鼓励金融机构与重点商户合作，策划春节专属活动，推出消费红包、消 费立减等优惠，扩大活动覆盖面。结合地方促消费活动，推出支付满减、积分抵现等优惠措 施，鼓励使用数字人民币智能合约消费红包。充分满足小额现金需求，加强手机红包技术保 障。金融机构保障适量网点开门营业，满足群众金融服务需求。 全文如下： 2026"乐购新春"春节特别活动方案 2026年春节将迎来9天假期，为繁荣节日市场、丰富群众文化生活、激发假期消费活力，打造全域联 动、全民乐享的春节消费盛宴，结合农历马年文化内涵与春节消费特点，制定本方案。 一、工作思路 贯彻落实党中央、国务院关于扩大内需、提振消费系列决策部署，深入实施提振消费专项行动，打 造"购在中国"品牌，坚持政府引导、市场主导、全民参与， ...

Group 1 - The core viewpoint of the report is that China's macroeconomic indicators show signs of early-stage recovery in 2025, supported by effective counter-cyclical policies, with expectations for continued marginal improvement in 2026 [1][2] - Key financial indicators such as stock market performance, RMB exchange rate, social financing growth, and corporate deposits have shown significant improvement, indicating a halt in the downward trend of corporate profits and stable overall performance in consumption and the labor market [1] - The positive changes in the economy are driven by three main factors: robust counter-cyclical policy support, successful management of the tariff war initiated by the U.S., and prior years of price adjustments providing support for market rebounds [1] Group 2 - 2026 is identified as a critical year for economic recovery, with the potential for sustained recovery contingent on the strength of counter-cyclical policies, particularly fiscal and monetary policies [2][3] - Emphasis is placed on the importance of loose monetary policy in expanding domestic demand, which differs from direct government spending by improving expectations and optimizing investment and consumption incentives [3] - The 2025 Central Economic Work Conference highlighted eight key tasks for 2026, with a focus on "domestic demand as the main driver" being the top priority [3]

商务部等9单位关于印发《2026"乐购新春"春节特别活动方案》的通知 来源：消费促进司 金融监管总局 广电总局 体育总局 中国民航局 中央宣传部、中央网信办、商务部、文化和旅游部、中国人民银行、金融监管总局、广电总局、体育总 局、中央广电总台、中国民航局、中国国家铁路集团有限公司，各省、自治区、直辖市及计划单列市、 新疆生产建设兵团党委宣传部门，网信、商务、文化和旅游、广播电视、体育主管部门，中国人民银行 上海总部，各省、自治区、直辖市及计划单列市分行，金融监管总局各监管局，民航各地区管理局，各 铁路局集团公司： 为贯彻落实党的二十届四中全会和中央经济工作会议精神，按照国务院部署，繁荣节日市场，激发消费 活力，更好满足人民美好生活需要，商务部会同有关部门研究制定了《2026"乐购新春"春节特别活动方 案》，现予以印发。请各地区各部门提高政治站位，加强组织领导，健全工作机制，强化协同联动，确 保活动取得实效；加强节日市场监测，综合利用大数据等各种手段，多维度分析评价活动成效，全方位 反映春节消费市场情况；统筹发展和安全，严格落实安全生产各项要求，确保各项活动安全有序开展。 商务部 中央宣传部 文化和旅游部 中国 ...

Group 1 - The core message of the news highlights China's commitment to multilateralism and expanding domestic demand as a priority for economic work in 2026, aiming to share market opportunities globally [1][7] - China's Vice Premier He Lifeng emphasized the importance of expanding domestic demand and maintaining a cooperative approach in international trade [1][9] - The dialogue with Professor Lu Feng from Peking University underscored the need for effective policies to stimulate domestic consumption, while acknowledging that existing measures may not fully address the underlying issues of weak demand [3][10] Group 2 - Professor Lu identified a structural characteristic of the Chinese economy as "strong supply and weak demand," where high supply capabilities, particularly in mid-to-high-end manufacturing, contrast with insufficient consumer demand [4][11] - Data from the General Administration of Customs indicated that China's trade surplus reached $1.19 trillion in 2024, a 20% increase from the previous year, with the figure surpassing $1 trillion by November [4][10] - The discussion pointed out that the imbalance between supply and demand is linked to various factors, including real estate adjustments and income distribution issues, which hinder consumer spending [5][11] Group 3 - The conversation also touched on the trend of companies seeking opportunities abroad as a response to the "strong supply and weak demand" structure, suggesting that this is a natural extension of industries reaching advanced levels [5][12] - In the context of AI development, there is a consensus that both China and the U.S. are leading globally, with each having distinct advantages in different areas of AI technology [5][12] - Professor Lu emphasized the need for a reassessment of resource allocation, particularly in public resources, to better balance supply and demand for sustainable economic growth [6][12]

1. Report's Industry Investment Rating - No information about the industry investment rating is provided in the report 2. Report's Core Viewpoints - The macro - level policy in 2026 is to expand domestic demand, with the compilation of the "15th Five - Year" plan to boost consumption and the implementation of consumption promotion actions [1][4][6] - Last week, the industrial data of the steel industry was mediocre. The output of rebar remained flat, apparent demand declined, and inventory continued to accumulate. The data of hot - rolled coils changed little. Before the Spring Festival, steel mills increased maintenance, reducing steel supply. On the demand side, construction sites shut down, and trade transactions dropped significantly, resulting in a situation of weak supply and demand in the steel market. Overall, the market is mainly in a volatile state, and future attention should be paid to inventory trends and policy changes. [1][5] 3. Summary by Relevant Catalogs 3.1 Trading Data | Contract | Closing Price | Change | Change Percentage % | Total Trading Volume (lots) | Total Open Interest (lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3128 | - 14 | - 0.45 | 5036448 | 2376275 | Yuan/ton | | SHFE Hot - rolled Coil | 3288 | - 17 | - 0.51 | 1922037 | 1547118 | Yuan/ton | | DCE Iron Ore | 791.5 | - 3.5 | - 0.44 | 1277262 | 555392 | Yuan/ton | | DCE Coking Coal | 1155.5 | - 1.5 | - 0.13 | 4894069 | 616871 | Yuan/ton | | DCE Coke | 1721.5 | - 0.5 | - 0.03 | 96984 | 38611 | Yuan/ton | [2] 3.2 Market Review - Last week, steel futures showed a volatile trend. The seasonal weakening of demand suppressed steel prices, and market sentiment fluctuations increased price volatility. In the spot market, the price of Tangshan billets was 2940 (0) Yuan/ton, Shanghai rebar was quoted at 3250 (- 20) Yuan/ton, and Shanghai hot - rolled coils were 3270 (- 20) Yuan/ton [4] - Some steel mills have introduced relatively favorable winter storage policies for traders, mainly the post - settlement model, which reduces traders' risks when prices fall. Some regions have lock - price policies with a price range of 3130 - 3170 Yuan/ton, and some policies include interest support [4] - Most short - process steel mills will shut down in February, with the most concentrated shutdown period from February 1st to 8th, about one week later than last year, indicating that there are still small profits in production [4] 3.3 Industry News - The Ministry of Commerce plans to expand domestic demand, compile the "15th Five - Year" plan for consumption expansion, and promote the construction of a strong domestic market [1][4][6] - In February 2026, the total production volume of air conditioners, refrigerators, and washing machines is expected to be 23.79 million units, a 22.1% decrease compared to the same period last year. Specifically, the production volume of household air conditioners is expected to be 11.49 million units, a 31.6% decrease; refrigerators are expected to be 6 million units, a 17% decrease; and washing machines are expected to be 6.3 million units, a 3.2% decrease [6] - As of January 21, 2026, 12 steel mills have released winter storage policies. A new steel mill has joined, with a winter storage period from February 10th to March 28th, 2026. There are regulations on price - locking and a 20 - Yuan/ton rebate policy. Winter storage loans accrue interest at an annual rate of 5% [6] - The shutdown and restart plans of 39 electric arc furnace steel mills show a pattern of "slow start and fast shutdown before the holiday, and cautious and delayed restart". The shutdown time is concentrated from late January to early February, about 3 - 5 days later than in 2025. The restart time is generally more cautious, with the earliest restart on February 23rd and most enterprises planning to restart around the Lantern Festival. Nearly half of the enterprises' restart times are yet to be determined, later than in 2025 [6] - In the first month of the implementation of the steel export license policy, the market is experiencing "short - term pain" to find a new balance. Affected by the new policy, China's steel exports in the first quarter of 2026 are expected to decline by 15% - 20% compared to the 27.42 million tons in the first quarter of 2025 [6] 3.4 Related Charts - The report includes 20 charts showing the trends of rebar and hot - rolled coil futures, basis, regional spot price differences, steel mill profits, steel production, inventory, and apparent consumption from 2022 to 2026 [9][10][11]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) in January was 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity due to seasonal factors and insufficient market demand [1] - The production index was at 50.6%, indicating continued expansion in manufacturing production, while the new orders index fell to 49.2%, reflecting a drop in market demand [1] - Industries such as agricultural processing and aerospace showed strong production and new orders indices above 56.0%, while sectors like petroleum and automotive experienced a slowdown with indices below the critical point [1] Group 2 - The price indices for major raw materials and factory prices rose to 56.1% and 50.6%, respectively, influenced by recent increases in commodity prices, marking an improvement in the overall price level in the manufacturing market [1] - The raw material inventory index decreased to 47.4%, indicating a continued reduction in the inventory of major raw materials in manufacturing [1] - High-tech manufacturing PMI was at 52.0%, maintaining a strong performance, while the equipment manufacturing PMI was at 50.1%, indicating expansion [2] Group 3 - Large enterprises maintained a PMI of 50.3%, indicating continued expansion, while small and medium-sized enterprises saw declines in their PMIs to 48.7% and 47.4%, respectively [2] - The production and business activity expectation index was at 52.6%, showing optimistic expectations among enterprises, particularly in the agricultural and food sectors [2] - Macroeconomic policies are expected to become more proactive, focusing on expanding domestic demand, with recent government initiatives aimed at stimulating consumption [3]

2025年，我国消费市场向新而行，保持稳健增长。2025年社会消费品零售总额突破50万亿元，同比 增长3.7%，比2024年加快0.2个百分点，规模居全球零售市场前列。2025年服务零售额同比增长5.5%， 快于商品零售额1.7个百分点，体现了较强的活力和潜力。 这些成绩不仅彰显了我国消费市场的强大韧性，也为2026年我国消费市场持续向好奠定了坚实基 础。对于今年的扩内需工作，中央经济工作会议将"坚持内需主导，建设强大国内市场"列为今年经济工 作重点任务首位。商务部等部门发布文件，指导地方相关部门和金融机构加强协同，精准施策，推动惠 民生和促消费紧密结合；多部门明确继续实施消费品以旧换新政策；国家发展改革委宣布，研究制定出 台2026年至2030年扩大内需战略实施方案；有关方面正在研究制定稳岗扩容提质行动和城乡居民增收计 划……近期，一揽子提振和扩大消费的政策陆续发布，为今年扩大内需工作锚定了方向。 提升以旧换新政策效能 2025年12月底，国家发展改革委、财政部联合发布《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2026年"两新"工作作出系统部署。其中，2026年消费品以旧换新政策重 ...