Core Insights - In April, the retail sales of consumer goods increased by 5.1% year-on-year, with the growth rate accelerating by 0.5 percentage points compared to the first quarter [1] - Retail sales of units above the designated size grew by 6.6%, with an acceleration of 0.8 percentage points from the first quarter [1] Group 1: Policy Impact - The "old-for-new" consumption policy has shown significant effectiveness, contributing to the stable growth of the consumption market [1] - Retail sales of home appliances, cultural and office supplies, furniture, and communication equipment for units above the designated size increased by 38.8%, 33.5%, 26.9%, and 19.9% year-on-year, respectively [1] Group 2: Automotive Sector - According to the Automotive Circulation Association, the retail volume of passenger cars in April increased by 14.5% year-on-year [1] Group 3: Upgraded Goods - Retail sales of upgraded goods such as gold, silver, and jewelry, as well as cosmetics for units above the designated size, increased by 25.3% and 7.2% year-on-year, respectively [1]

Core Viewpoint - The continuation and expansion of the national subsidy policy for replacing old consumer goods have significantly boosted sales in the home appliance and automotive sectors, contributing to economic stability and growth [1][4][8]. Group 1: Sales Performance - The JD Electric flagship store in Jinan reported a sales revenue exceeding 1 billion yuan within the first four months of this year, driven by the national subsidy policy [1][2]. - The cumulative purchase of old-for-new home appliances has surpassed 100 million units since the policy's implementation, with over 40 million units purchased in 2025 alone [2]. - Retail sales of home appliances and audio-visual equipment increased by 19.3% year-on-year in the first quarter, with March showing a remarkable growth of 35.1% [2]. Group 2: Automotive Sector Impact - The automotive sales at Shandong Changshuo have doubled due to the combined effect of national and local subsidies, with significant sales growth continuing into the traditionally slow first quarter [3]. - In the first four months of this year, China's automotive production and sales reached 10.175 million and 10.06 million units, respectively, marking year-on-year growth of 12.9% and 10.8% [3]. Group 3: Economic and Industrial Upgrades - The subsidy policy has not only stimulated consumer spending but also facilitated industrial transformation and upgrades, with a notable increase in the purchase of energy-efficient products [4][5]. - In Shandong, 61.8% of new vehicle purchases were electric, and 87.6% of old-for-new home appliances sold were of first-level energy efficiency [5]. Group 4: Policy Implementation Challenges - Some consumers have reported delays in receiving subsidies, prompting local governments to streamline the approval process to expedite fund disbursement [6][7]. - A pre-allocation mechanism for subsidies has been established in Shandong to alleviate the financial burden on home appliance retailers, allowing for up to 80% of funds to be advanced [7]. Group 5: Future Policy Considerations - Stakeholders express a desire for the continuation and optimization of the subsidy policy, with suggestions to expand the range of eligible products and increase the price cap for certain categories [8][9]. - The diminishing marginal utility of the subsidy policy has been noted, with recommendations for ongoing central government support to maintain the program's effectiveness [9].

| 5/22 21:45 美国5月SPGI制造业PMI初值 | | | --- | --- | | 5/23 7:01 日本4月核心CPI年率; 14:00 英国4月季调后零售销售月率; 22:00 美国4月新屋销售总数年化(万户) | | | 5/26 21:00 欧洲央行行长拉加德发表讲话 | | | 重点关注 | | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 | 研究员: 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 微信号：yanjiufuwu 电话：0595-86778969 免责声明：本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保 证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院， 且不 ...

| | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | | | | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | 期货市场 | 沪铝主力合约收盘价(日,元/吨) | 20,210.00 | +20.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 3,216.00 | -30.00↓ | | | 本月-下月合约价差:沪铝(日,元/吨) | 55.00 | +5.00↑ 本月-下月合约价差:氧化铝(日,元/吨) | -9.00 | +2.00↑ | | | 主力合约持仓量:沪铝(日,手) | 203,373.00 | +3149.00↑ 主力合约持仓量:氧化铝(日,手) | 373,044.00 | +16037.00↑ | | | LME铝注销仓单(日,吨) | 66,175.00 | -2025.00↓ 库存:氧化铝:合计(周,万吨) | 251,154.00 | -19011.00↓ | | | LME电解铝三个月报价（日，美元/吨） | 2 ...

Core Points - Shenzhen's e-commerce support policy for 2025 includes ten key measures aimed at boosting online consumption [1] Group 1 - The policy emphasizes the promotion of trade-in activities for consumer goods [1] - Subsidies will be provided for personal consumers purchasing home appliances such as refrigerators, washing machines, televisions, air conditioners, computers, water heaters, kitchen stoves, range hoods, dishwashers, water purifiers, microwaves, and rice cookers [1] - Subsidies will also be available for personal consumers buying digital products like smartphones, tablets, smartwatches, and fitness bands [1]

今年第一季度，全市规模以上工业增加值同比增长8.8%，工业投资以32.3%的增速让人眼前一亮。 这张飘红的成绩单上，跃动着"万人助万企"活动浇灌出的生机——政策甘霖精准滴灌，服务暖流浸润心 田，313个企业难题迎刃而解，93.2亿元惠企资金直达市场主体。 今年以来，郑州市以"万人助万企"活动为抓手，着力在"建机制、送政策、搭平台、优服务"上下功 夫、做文章、出实招，全力保障企业稳定生产经营。 建机制： 夯实服务根基，提升助企效能 在420家重点企业包保服务基础上，我市将"专精特新"中小企业、规模以上工业和重点工业项目纳 入包保服务体系，各区县（市）共计新增包保企业1800余家。全市深入开展"大走访、大帮扶"活动，全 面开展助企服务，建立常态化对接联络机制，帮助企业解决实际问题。坚持问题导向，积极协调解决企 业融资、用工、审批等问题。帮扶郑飞机械、领航机器人等重点企业解决施工许可证办理等问题24个， 问题办结率100%；协调遂成药业、河南达利食品等20家企业节后用工需求，通过"点对点"招聘等方式 补充劳动力，保障企业满负荷生产。 送政策：精准滴灌赋能，激发企业活力 我市持续完善"免申即享"惠企政策服务精准供给， ...

智通财经5月21日电，上海市人民政府办公厅印发《上海市提振消费专项行动方案》。其中提到，加力 扩围实施消费品以旧换新。促进汽车消费，落实好国家汽车报废更新补贴和我市汽车置换更新补贴政 策。落实国家家电以旧换新补贴政策，新增手机、平板、智能手表（手环）等数码产品购新补贴，加力 支持绿色家电家居家装消费。 上海市提振消费专项行动方案：加力扩围实施消费品以旧换新 ...

"置换更新补贴申请通过，为啥迟迟拿不到钱？""消费了才发现商家不在名录里，能补救吗？"……5月 20日，省商务厅、财政厅、住建厅相关负责人一同走进《政风热线·我来帮你问厅长》节目直播间，针 对群众在消费品"以旧换新"活动中遇到的堵点、难点问题，现场回应社会关切。 □ 本报记者 陈珺璐 消费品"以旧换新"是提振消费的重要举措。截至5月18日，今年全省已有1200万人申报或享受消费品"以 旧换新"补贴，资金使用规模超133亿元。在旧房装修及厨卫局部改造领域，省住建厅在保持补贴标准不 变的基础上，将补贴品类进一步扩大。自2月活动启动以来，江苏13个设区市全部通过小程序等信息化 方式受理申报，目前已惠及9907户家庭，发放补贴约2亿元。 "以旧换新"工作覆盖范围广、任务量大，且涉及多部门协同与多领域衔接，推进过程中难免出现堵点。 直播中，消费者王女士提问："去年我申请江苏省汽车置换更新补贴，收到审核通过的短信后，为何迟 迟未收到补贴？" 王女士去年8月购买一辆新能源汽车，并出售旧车。通过小程序申领补贴后，很快收到南京市商务局短 信："补贴申请已通过，发放时间以银行到账为准，请耐心等候。"然而到今年3月，补贴仍未到账。 ...

Core Insights - The "old-for-new" consumption policy has significantly boosted consumer engagement and sales, with over 1.2 billion people benefiting from subsidies, leading to sales exceeding 720 billion yuan [1][4]. Group 1: Policy Implementation and Impact - The "old-for-new" policy has expanded to include digital products, offering subsidies of up to 500 yuan for eligible purchases, which has driven significant consumer participation [2][4]. - In the first quarter, the policy contributed to a 1.6 percentage point increase in retail sales growth, with notable increases in categories such as communication equipment and home appliances [4][8]. - The automotive sector has seen a rise in sales, with 9.8 million old vehicles reported for replacement in Liaoning, generating over 135 billion yuan in sales [3][4]. Group 2: Consumer Experience and Accessibility - The process for consumers to claim subsidies has been streamlined, allowing for a one-stop service that reduces the time required for transactions [5][6]. - The number of participating businesses has increased significantly, providing consumers with more options and enhancing the overall shopping experience [6][7]. Group 3: Financial Support and Collaboration - Financial institutions are innovating products to support the "old-for-new" policy, with banks offering various incentives for consumers [7][8]. - The government has allocated additional funds to support the initiative, with a total of 300 billion yuan in special bonds for 2025, doubling the previous year's funding [8][9]. Group 4: Regulatory Measures and Environmental Impact - Authorities are actively combating fraudulent practices related to subsidies, ensuring transparency and fairness in the program [9]. - The initiative promotes resource recycling and green development, with significant economic and social benefits from the proper disposal and recycling of electronic products [9][10].

Core Insights - The National Development and Reform Commission (NDRC) of China is set to enhance policy reserves and research on "Two New" initiatives, which include large-scale equipment updates and consumer goods trade-in programs, to stimulate consumption, stabilize investment, promote transformation, and improve livelihoods [1][2] Group 1: Consumption Enhancement - As of May 5, 2023, five major product categories, including automobiles, home appliances, digital products, home renovation, and electric bicycles, have driven sales of approximately 830 billion RMB [1] - The trade-in program for automobiles has seen over 3 million subsidy applications, while over 55 million units of 12 categories of home appliances have been purchased through trade-in programs [2] Group 2: Investment Growth - From January to April 2023, investment in equipment and tools increased by 18.2% year-on-year, contributing 64.5% to overall investment growth [1] - Investment in sectors closely related to "Two New," such as computer and office equipment manufacturing, consumer goods manufacturing, and equipment manufacturing, saw growth rates of 28.9%, 13.4%, and 8.2% respectively [1] Group 3: Transformation and Upgrading - The demand for green, intelligent, and high-quality products is driving equipment updates, which in turn enhance production efficiency and improve industry performance and profitability [1] Group 4: Policy Implementation - The NDRC plans to expedite fund allocation for the 2024 consumer goods trade-in program and improve fund utilization efficiency [2] - Future initiatives include simplifying subsidy application processes, establishing a direct funding mechanism, and implementing loan interest subsidies for equipment updates to reduce financing costs for businesses [2]