商务部等5部门办公厅（室）关于做好2026年家电以旧换新、数码和智能产品购新补贴工作的通知 各省、自治区、直辖市及新疆生产建设兵团商务、发展改革、财政、市场监管、邮政主管部门： 为深入贯彻落实党中央、国务院决策部署，更好发挥消费品以旧换新政策在惠民生与促消费方面的积极 作用，把发展经济的着力点放在实体经济上，按照《国家发展改革委 财政部关于2026年实施大规模设 备更新和消费品以旧换新政策的通知》（发改环资〔2025〕1745号）要求，现就做好2026年家电以旧换 新、数码和智能产品购新补贴有关事项通知如下： 一、明确享受补贴品类、范围和标准 三、保障农村居民享受补贴政策 各地要通过增加农村地区线下经营主体、引导线上渠道向农村地区倾斜等方式，保障好农村地区居民特 别是偏远地区农村居民参与补贴政策，提高农村地区消费便利度。通过线上渠道参与补贴的平台主体， 须切实保障农村地区居民线上补贴消费需求。支持县城综合商贸服务中心、乡镇商贸中心等县域商业多 元主体参与补贴政策。鼓励大型商超、品牌专卖店、专业店等下沉农村市场的经营主体，采取流动"大 篷车"下乡、农村市集、现场展销等方式将服务网络延伸至农村偏远地区。 四、优化 ...

Group 1 - The core viewpoint of the article is the implementation of the 2026 consumer goods trade-in policy aimed at enhancing consumption, promoting high-quality supply growth, and supporting economic and social green transformation [1] Group 2 - The notification includes five parts with 13 specific measures, focusing on optimizing subsidy policies and funding support mechanisms across four key areas: automotive, home appliances, and digital products [2] - Local governments are given more autonomy to support the development of new technologies and products within the framework of the trade-in policy, encouraging the use of local matching funds [2][3] - The notification emphasizes the need for effective management and compliance to prevent fraudulent activities related to subsidies, ensuring that funds are used effectively [3] Group 3 - The policy combines benefits for the public with consumption promotion, continuing to allocate special government bond funds to support the trade-in policy, thereby stimulating market vitality [4] - The policy maintains stability while optimizing adjustments, extending subsidies to emerging fields like smart terminals while continuing support for traditional sectors [4][5] - A balance between centralized management and local flexibility is established, allowing local governments to tailor subsidy policies to their specific conditions while ensuring national standards [5]

支持家电以旧换新。个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器等 6 类家电 中 1 级能效或水效标准的产品， 按产品销售价格的 15% 给予补贴，每位消费者每类产品可 补贴 1 件，每件补贴不超过 1500 元 。 支持数码和智能产品购新。个人消费者购买手机、平板、智能手表手环、智能眼镜等 4 类产 品，按产品销售价格的 15% 给予补贴，每位消费者每类产品可补贴 1 件，每件补贴不超过 500 元。 支持智能家居产品购新补贴，具体补贴品类、补贴标准由地方结合实际自主合理制定。 优化支持范围。设备更新在总体延续的基础上， 增加老旧小区加装电梯、养老机构、消防救 援、检验检测、线下消费商业设施等领域 ，更好满足民生和安全需要。 消费品以旧换新方面，支持汽车以旧换新，家电以旧换新聚焦冰箱、洗衣机、电视、空调、 电 脑 、 热 水 器 等 6 类 产 品 ； 支 持 数 码 和 智 能 产 品 购 新 ， 包 括 手 机 、 平 板 、 智 能 手 表 （ 手 环）、智能眼镜、智能家居产品（含适老化家居产品）。 优化实施方式，提升重点消费品"得补率"。 国家信息中心经济预测部宏观经济研究室副主任邹蕴涵介绍 ...

与此同时，均衡有序使用资金。国家层面，继续合理把握工作节奏，按季度分批次下达资金。地方层面，国家发展改革委将指导地方均衡有序支出补贴资 金，做好跨周、跨月、跨季度平稳衔接。此外，要求地方建立补贴资金预拨制度，减轻企业垫资压力。为做好今明两年政策衔接，满足元旦、春节等消费需 求，2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划已经向地方下达。 此外，严厉打击违法行为，重点做到"三个严格"。一是严格资金审核。建立多部门数据共享渠道，完善关键数据比对和交叉验证机制，精准识别各类违法违 规行为。二是严格价格管理。要求参与活动的各类经营主体和产品，必须履行价格备案、承诺、公示等程序；对违反价格管理要求、存在违法违规行为的， 将第一时间取消参与资格，并依法依规予以处置。三是严格执法监管。组织开展专项行动，对骗补套补、"先涨后补"等违法违规行为，发现一起、查处一 起、曝光一起。同时，还将加强行政执法与刑事司法的衔接，及时将相关案件线索移交司法机关，追究法律责任。 （来源：极目新闻） 发布会现场 一方面，优化资金分配方式。在原有资金分配标准的基础上，综合考虑前期政策执行情况、审计发现问题等因素，合理确定各地 ...

Core Viewpoint - The new "National Subsidy" policy for 2026 emphasizes the optimization of fund allocation and the prevention of fraudulent claims, with a focus on enhancing the technical capabilities of implementing entities [1][2][3] Group 1: Policy Implementation - The 2026 policy aims to expand the coverage and scale of the "old-for-new" subsidy program, with a shift towards more refined execution to prevent fraud and ensure effective fund distribution [1] - The policy includes strict measures against fraudulent claims, such as "pre-increase then subsidize" practices, highlighting the importance of technical capability and collaborative execution among stakeholders [1] Group 2: Company Involvement - JD.com has actively participated in the "old-for-new" program by innovating subsidy models and enhancing user experience through online and offline collaboration [1][2] - The company has invested nearly 30 billion yuan to support the "National Subsidy" initiative in rural areas, focusing on product subsidies, technology development, and logistics [2] Group 3: Technology and Risk Management - JD.com utilizes AI image detection, data verification, and location services to ensure accurate fulfillment and verification of subsidy claims, reducing risks of false claims and enhancing policy accessibility [2] - The company has implemented a fully digital management system for subsidy funds, ensuring traceability and security, while adapting risk control strategies to local policy requirements [2][3] Group 4: Expected Outcomes - The effectiveness of the new policy will be measured by its ability to prevent fraud and enhance the efficiency of fiscal fund usage, with JD.com positioned to support these goals through its systematic capabilities [3] - By leveraging its supply chain and technology, JD.com aims to ensure that the benefits of the "old-for-new" program reach consumers fairly and efficiently, maximizing social benefits [3]

国家发展改革委：对骗补套补、"先涨后补"等违法违规行为发现一起、查处一起、曝光一起 中新网12月31日电 国家发展改革委31日上午召开12月份新闻发布会。会上，有记者问，今年大家在享 受"国补"政策红利的同时，也出现了补贴时断时续且难以预期、骗补套补、"先涨后补"等问题，不少商 家则反映地方政府资金支付不及时等问题。在明年政策实施过程中，是否有针对性的优化举措？ 国家发展改革委政策研究室副主任、新闻发言人李超表示，消费品以旧换新涉及范围广、主体多，政策 实施过程中确实暴露出一些需要调整完善的地方。今年下半年以来，国家发展改革委会同商务部等部 门，坚持问题导向，组织各地区全面开展问题核查整改，特别是针对个别企业和个人骗补套补、经销商 和平台"先涨后补"、补贴资金错发多发少发、资金审核兑付效率低、政策落实和资金管理不规范等5个 方面典型问题，进行了集中整治。在此基础上，我们充分论证、有针对性地完善了2026年的政策实施机 制。 第一，优化资金分配方式。在原有资金分配标准的基础上，综合考虑前期政策执行情况、审计发现问题 等因素，合理确定各地资金分配规模。同时，对拖欠兑付较严重的地区，将通过适当方式加大督促和惩 戒力 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The high - level has listed expanding domestic demand as the primary strategic task, and the national subsidy policy will continue to advance next year. The domestic financing balance has reached a new high again, market risk appetite is gradually warming up, and the market is expected to maintain a volatile repair trend on the last trading day before the holiday [2] 3. Summary by Directory 3.1 Market Analysis - **Macro - policy**: In 2026, the national subsidy policy continues. The National Development and Reform Commission and the Ministry of Finance issued a notice on implementing large - scale equipment renewal and consumer goods trade - in policies and allocated the first batch of 62.5 billion yuan to support consumer goods trade - in. The subsidy objects in 2026 include new smart products like smart glasses and smart home, and exclude home decoration and electric bicycles. New car purchase subsidies are 12% or 10% of the car price with the same upper limits as in 2025. The scope of home appliance subsidies is narrowed to 6 categories, and the subsidy ratio for first - level energy - efficiency home appliances drops from 20% to 15%, with the maximum subsidy per appliance decreasing from 2,000 yuan to 1,500 yuan. Overseas, the Fed's December meeting minutes show that FOMC agreed to cut interest rates, but officials had significant differences [1] - **Index performance**: In the spot market, the three major A - share indexes fluctuated. The Shanghai Composite Index slightly declined to close at 3,965.12 points, while the ChiNext Index rose 0.63%. Among industries, petroleum and petrochemical, automobile, non - ferrous metals, and machinery equipment industries led the gains, while commerce and retail, real estate, and public utilities industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets exceeded 2 trillion yuan. Overseas, the three major US stock indexes closed slightly lower, with the Nasdaq down 0.24% to 23,419.08 points [1] - **Futures market**: In the futures market, the basis of stock index futures declined on the day. In terms of trading volume and open interest, the trading volume and open interest of IH, IC, and IM increased simultaneously [1] 3.2 Strategy - The high - level has listed expanding domestic demand as the primary strategic task, and the national subsidy policy will continue to advance next year. The domestic financing balance has reached a new high again, market risk appetite is gradually warming up, and the market is expected to maintain a volatile repair trend on the last trading day before the holiday [2] 3.3 Macro Economic Charts - The charts include the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share style trends [11][7] 3.4 Spot Market Tracking Charts - **Stock index performance**: On 2025 - 12 - 30, the Shanghai Composite Index closed at 3,965.12 points with a daily change of + 0.00%, the Shenzhen Component Index at 13,604.07 points with a + 0.49% change, the ChiNext Index at 3,242.90 points with a + 0.63% change, the CSI 300 Index at 4,651.28 points with a + 0.26% change, the SSE 50 Index at 3,036.55 points with a + 0.06% change, the CSI 500 Index at 7,458.94 points with a + 0.38% change, and the CSI 1000 Index at 7,597.30 points with a + 0.04% change [13] - Other charts show the trading volume of the Shanghai and Shenzhen stock markets and the financing balance [14] 3.5 Futures Market Tracking Charts - **Trading volume and open interest**: The trading volume and open interest data of IF, IH, IC, and IM are provided. For example, the trading volume of IF is 94,429 (a change of - 1,730), and the open interest is 281,129 (a change of + 5,274) [15] - **Basis**: The basis data of different contracts (current month, next month, current quarter, and next quarter) for IF, IH, IC, and IM are presented. For instance, the current - month contract basis of IF is - 8.57 (a change of - 8.33) [40] - **Inter - delivery spread**: The inter - delivery spread data for different contract combinations (such as next month - current month, next quarter - current month, etc.) of IF, IH, IC, and IM are given. For example, the next - month minus current - month spread of IF is - 10.00 (a change of + 5.00) [44]

国家发展改革委新闻发言人李超表示，为做好今明两年政策衔接，满足元旦、春节消费需求，2026年第 一批625亿元超长期特别国债支持消费品以旧换新资金计划已经向地方下达。 （文章来源：第一财经） ...

Group 1 - The Ministry of Finance announced that individuals selling residential properties purchased for more than two years will be exempt from value-added tax starting January 1, 2026 [1] - The National Development and Reform Commission (NDRC) released a plan to optimize the "Two New" policy for 2026, expanding support to various sectors including old community elevator installations and consumer goods replacement [2] - A special bond issuance of 625 billion yuan has been approved to support the "Two New" policy, aimed at boosting consumer demand during peak seasons [2] Group 2 - The Ministry of Commerce and eight other departments issued detailed guidelines for the 2026 vehicle replacement subsidy program, offering significant financial incentives for scrapping older vehicles [2] - China National Airlines announced a purchase agreement for 60 Airbus A320NEO aircraft, with a total catalog price of approximately 9.53 billion USD, to be delivered between 2028 and 2032 [4] - Zijin Mining expects a net profit increase of approximately 59%-62% for 2025, projecting a profit of around 51-52 billion yuan [4] Group 3 - Tianpu Co. announced a stock suspension for verification after a significant price increase of 718.39% from August 22 to December 30 [5] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute for 6.026 billion yuan, with a premium of 147.4% over the asset's book value [6] - Shengxin Lithium Energy intends to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan, which is developing a lithium mine with a production capacity of 3 million tons per year [6] Group 4 - Haoshi Electromechanical reported small-scale applications of its products in leading commercial aerospace companies, indicating potential for increased orders in the growing market [7] - Jinpan Technology signed a contract for an overseas data center project worth approximately 696 million yuan, which is expected to positively impact the company's long-term performance [8] - Salt Lake Co. plans to acquire a 51% stake in Wenkang Salt Lake for 4.605 billion yuan, aiming to enhance its competitive position in the lithium and potassium resource market [9] Group 5 - Zhaofeng Co. announced a 1.53 billion yuan investment in the industrialization of intelligent robots and high-end precision components for automotive smart driving [10] - Baiwei Storage's subsidiary plans to acquire shares in Niu Xin Semiconductor, focusing on high-speed interconnect technology and related solutions [10]

晨报 成材 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 12 月 31 日 逻辑：2026 年国补方案正式发布，国家发改委、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》，同时下达 首批 625 亿元资金支持消费品以旧换新。2026 年国补对象新增智能眼镜、 智能家居等智能产品，剔除家装、电动自行车两大类。购买新车按车价补 贴 12%或 10%，补贴上限仍延续 2025 年标准。财政部、税务总局发布公告， 自 2026 年起，个人将购买不足 2 年的住房对外销售的，增值税征收率从 此前的 5%下调至 3%，满两年及以上的免征增值税。 证监许可【2011】1452 号 成材：驱动不强 震荡运行 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号 ...