手机等数码产品购新补贴超9015万件， 电动自行车以旧换新超1291万辆， 家装厨卫"焕新"超1.2亿件。 从商务部了解到，今年1—11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人次。 其中： 汽车以旧换新超1120万辆， 家电以旧换新超12844万台， ...

Core Insights - The automotive industry in mainland China is experiencing a significant divergence in sales performance as major car manufacturers report their November sales figures, with the impact of the "two new" policies fading and sales growth slowing down or even declining [1][2][3] Group 1: Sales Performance - Geely Automobile reported November sales of 310,000 units, a year-on-year increase of 24% and a month-on-month increase of 1%, with a cumulative total of 2.79 million units for the first eleven months, representing a 42% year-on-year increase [1] - Leap Motor achieved over 70,000 units in November, maintaining a year-on-year growth of 75%, with a cumulative delivery of 536,000 units for the first eleven months, up 113% year-on-year [2] - Xiaomi Automobile delivered over 40,000 units in November, maintaining this level for three consecutive months, and is expected to exceed its annual target of 350,000 units by the third week of December [3] Group 2: New Energy Vehicles - Geely's new energy vehicle sales reached 188,000 units in November, a year-on-year increase of 53%, with a penetration rate exceeding 60% [1] - Leap Motor's B and C series vehicles are seeing increased deliveries, with the A10 model recently unveiled at the Guangzhou International Auto Show [2] - The "Five Realms" product matrix of Chery Automobile has been completed, indicating strong future performance potential [2] Group 3: Competitive Landscape - Ideal Auto's November deliveries were 33,000 units, a year-on-year decrease of 32%, with cumulative deliveries for the first eleven months at 362,000 units, down 18% year-on-year [3] - NIO's November sales were 36,000 units, a year-on-year increase of 76%, but cumulative deliveries for the first eleven months were only 278,000 units, indicating challenges in meeting year-end targets [3] - The overall industry is facing a challenging environment with regulatory pressures and the withdrawal of subsidies, limiting the potential for significant changes in market structure in December [3]

中央财经大学财税学院教授白彦锋告诉《证券日报》记者，强化财政金融支持：一是将零基预算等改革落到实处，统一预 算分配权，将盘活存量财政资源的财力更多用于支持消费品以旧换新，使财政资金更多惠及民生，满足人民群众对绿色化美好 生活的需求；二是加强央地配合、形成工作合力，更好发挥好消费品以旧换新在引领产业升级方面的需求牵动作用。 中信证券首席经济学家明明在接受《证券日报》记者采访时表示，一方面，财政政策需要进一步加大补贴力度，尤其是向 节能减排效果明显、智能化水平较高的产品倾斜，通过中央补贴与地方配套相结合，提高居民和企业参与意愿；同时，可探索 差异化补贴机制，对低收入群体给予更高比例补贴。另一方面，金融体系需更深度参与以旧换新。可推动银行业金融机构优化 消费信贷产品，降低购置绿色家电、新能源汽车的融资成本，通过贴息、风险补偿等方式减少金融机构顾虑；此外，可引导政 策性银行、开发性金融发挥带动效应，支持制造企业、流通企业加快库存周转和渠道建设；还应完善以旧换新的回收、评估和 循环利用体系，允许金融机构参与供应链融资，提高整体资金周转效率。 本报记者 刘萌 11月27日，商务部市场运行和消费促进司负责人杨枿在国务院新闻 ...

Policy Overview - In October 2025, the National Development and Reform Commission and the Ministry of Finance allocated the fourth batch of 69 billion yuan in special bonds to support the old-for-new consumption policy, completing the annual 300 billion yuan central funding plan[3] - The 2025 old-for-new subsidy policy has expanded in scale, duration, and coverage compared to the previous year, with a total funding of 300 billion yuan distributed in four batches throughout the year[4] Economic Impact - From January to September 2025, China's total retail sales of consumer goods reached 365,877 billion yuan, a year-on-year increase of 4.5%, with significant growth in categories affected by the old-for-new policy, such as home appliances and furniture[9] - Retail sales in the home appliance sector grew by 48.3% year-on-year, while furniture retail sales increased by 33.2% in the first three quarters of 2025[9] Consumer Behavior - The "Double Eleven" shopping festival in 2025 saw total e-commerce sales reach 16,950 billion yuan, a 14.2% increase year-on-year, with home appliances accounting for 2,668 billion yuan, or 16.5% of total sales[11] - The introduction of financial support measures, such as interest subsidies for consumer loans, has further stimulated consumption, particularly among middle and low-income groups[10] Industry Challenges - As the old-for-new policy enters its second year, the marginal effectiveness of policy incentives is decreasing, and the home appliance industry faces challenges from a sluggish real estate market and insufficient demand[13] - The home appliance sector's retail sales for the first three quarters of 2025 reached 670.1 billion yuan, reflecting a 5.2% year-on-year growth, but the growth rate has slowed down significantly in the third quarter[12] Future Outlook - The focus of the 14th Five-Year Plan emphasizes "boosting consumption," with coordinated efforts from national and local levels to implement targeted subsidy policies and ensure consumer confidence[14] - The transition from "subsidy-driven" to "endogenous growth" in the home appliance industry is anticipated, with potential adjustments in subsidy intensity and direction in the future[14]

Core Viewpoint - The article discusses the implementation plan aimed at enhancing the adaptability of supply and demand in consumer goods, focusing on key consumption hotspots and strategies to stimulate domestic consumption [1][14]. Group 1: Key Consumption Hotspots - Three trillion-level consumption areas identified are elderly products, smart connected vehicles, and consumer electronics [4][10]. - Ten billion-level consumption hotspots include baby products, smart wearable devices, cosmetics, fitness equipment, outdoor products, pet food and supplies, civilian drones, trendy toys, jewelry, and national trend clothing [5][10]. - The elderly products market is projected to grow from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, with a compound annual growth rate of 7.3% [10]. Group 2: Supply and Demand Adaptability - The core idea of the implementation plan is to shift production and consumption from quantity to quality, addressing mismatches in supply and demand [6][14]. - The plan includes measures to expand new technology applications, enhance product supply, and create new consumption scenarios [14][15]. Group 3: Consumer Trends and Innovations - As of mid-2023, the user base for generative AI products in China reached 515 million, indicating a growing trend in technology adoption [7][15]. - In the first ten months of this year, the trade-in program for consumer goods generated over 2.4 trillion yuan in sales, benefiting more than 360 million people [8][17]. Group 4: Future Directions - The Ministry of Commerce plans to promote large-scale consumption, expand new types of consumption, and create an international consumption environment [18]. - Focus areas include automotive consumption reforms, green and smart home appliances, and the development of health and digital consumption sectors [18].

【纠错】 【责任编辑:王萌萌】 新华社音视频部制作 11月27日，国务院新闻办公室举行国务院政策例行吹风会，介绍增强消费品供需适配性进一步促进消费 政策措施有关情况，并答记者问。商务部市场运行和消费促进司负责人杨枿介绍，今年前10个月，消费 品以旧换新带动销售额超2.4万亿元，惠及超3.6亿人次。 ...

Core Insights - The Ministry of Commerce reported that the sales generated from the consumption of old goods exceeded 2.4 trillion yuan, benefiting over 360 million people in the first ten months of the year [1] - Retail sales of new energy passenger vehicles reached 10.15 million units, marking a year-on-year growth of 21.9% [1] - The Ministry of Commerce supports the development of international consumption centers in cities like Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing, which collectively account for about one-third of the country's inbound foreign visitors and over half of the national consumption goods imports [1] Group 1 - The sales from the old-for-new consumption initiative reached over 2.4 trillion yuan, impacting more than 360 million individuals [1] - New energy passenger vehicle retail sales hit 10.15 million units, reflecting a 21.9% increase year-on-year [1] Group 2 - The Ministry of Commerce is fostering the development of international consumption centers in major cities, which play a significant role in attracting foreign visitors and driving consumption [1] - These five cities account for approximately one-third of the national inbound foreigner count and over 70% of the national tax refund sales [1]

围绕精品购物、精致美食、精彩旅游、精美展演四大板块，开展了精品首发季、精品消费月、国际消费 季、老字号嘉年华等20余项专题活动，指导各地打造地方特色扩消费活动品牌，扩大优质供给。深化国 际消费中心城市培育建设，支持上海、北京、广州、天津、重庆等城市打造具有全球吸引力的消费环 境。目前，五个城市入境外国人数量约占全国的1/3，消费品进口占全国的一半以上，离境退税销售额 占全国七成左右，充分发挥了示范引领作用。 工业和信息化部会同五部门近日联合印发了《关于增强消费品供需适配性进一步促进消费的实施方 案》。杨枿介绍，商务部深入实施提振消费专项行动，打造"购在中国"品牌，促进供需衔接，推动更多 优质消费品进入百姓生活，更好满足人民美好生活需要。今年以来，商务部会同相关部门实施消费品以 旧换新，让更多绿色、智能消费品进入千家万户。1-10月，新能源乘用车零售量达到1015万辆，同比增 长21.9%。推动出台优化离境退税、促进健康消费、开展茧丝绸产业"东绸西固"等政策举措，不断释放 扩消费、惠民生政策红利。 新京报讯（记者陈琳）商务部市场运行和消费促进司负责人杨枿11月27日在国新办举行的政策例行吹风 会上介绍，今年前1 ...

三是抓载体，创新消费场景。加快完善现代商贸流通体系，实施零售业创新提升工程。深化国际消 费中心城市培育建设，支持上海、北京、广州、天津、重庆等城市打造具有全球吸引力的消费环境。目 前，五个城市入境外国人数量约占全国的1/3，消费品进口占全国的一半以上，离境退税销售额占全国 七成左右，充分发挥了示范引领作用。 央视网消息：国务院新闻办公室11月27日举行国务院政策例行吹风会，介绍增强消费品供需适配性 进一步促进消费政策措施有关情况，并答记者问。 会上，商务部市场运行和消费促进司负责人杨枿介绍，党中央、国务院高度重视扩消费工作，作出 了系列决策部署，商务部认真贯彻落实，深入实施提振消费专项行动，打造"购在中国"品牌，促进供需 衔接，推动更多优质消费品进入百姓生活，更好满足人民美好生活需要。主要开展了以下几方面的工 作： 二是抓活动，营造消费氛围。我们围绕精品购物、精致美食、精彩旅游、精美展演四大板块，开展 了精品首发季、精品消费月、国际消费季、老字号嘉年华等20余项专题活动，指导各地打造地方特色扩 消费活动品牌，扩大优质供给。同时还举办了进博会、消博会等国际性展会，搭建全球消费精品展示交 易平台，联通中国和世界市 ...

经济观察网11月27日，国新办举行国务院政策例行吹风会，介绍增强消费品供需适配性进一步促进消费 政策措施有关情况。商务部市场运行和消费促进司负责人杨枿表示，今年前10个月，消费品以旧换新带 动销售额超2.4万亿元，惠及超3.6亿人次。 ...