Group 1 - The article highlights the upcoming release of China's May retail sales data, which is a key indicator of consumer spending and economic health [1] - A press conference by the State Council Information Office will discuss the national economic operation, providing insights into the current economic landscape [1]

Group 1 - OPEC is set to release its monthly oil market report, which is crucial for understanding global oil supply and demand dynamics [1] - China will publish the monthly residential price report for 70 major cities, providing insights into the real estate market trends [1] - Key economic indicators from China will be released, including the year-on-year growth of retail sales and industrial output for May, which are important for assessing economic health [1] - The New York Fed's manufacturing index for June will be announced, offering a glimpse into the manufacturing sector's performance in the U.S. [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights a divergence in performance among e-commerce platforms for personal care products in May, with sanitary napkins on Tmall declining by 18% year-on-year, while Douyin saw a growth of 32% [6] - The report emphasizes the potential recovery in the home furnishing sector due to government policies aimed at boosting consumption, particularly in first-tier cities [6] - The report notes the introduction of new products by companies like Blokus and the launch of the glo Hilo heated tobacco device by British American Tobacco in Japan, indicating innovation and market expansion [6][10] Summary by Sections Home Furnishing - The Ministry of Commerce reported that the "old-for-new" consumption policy has significantly boosted sales, with a total of 1.1 trillion yuan in sales and 175 million subsidies issued by May 31, 2025 [6] - The report suggests that the home furnishing industry is expected to gradually recover as most companies are currently valued at historical lows, recommending leading companies such as Oppein Home, Sophia, and Zhihong Home [6] Paper and Packaging - As of June 13, 2025, the prices for various paper products showed mixed trends, with double glue paper at 5162.5 yuan/ton (unchanged) and corrugated paper at 2543.13 yuan/ton (down 38.12 yuan/ton) [6] - The report recommends companies like Sun Paper and Huawang Technology, which are expected to benefit from improved industry dynamics [6] Light Industry Consumption - The report indicates that personal care e-commerce sales are diverging, with sanitary napkins on Tmall down 18% year-on-year, while Douyin saw a 32% increase [6] - The report highlights the strong performance of domestic brands during the 618 shopping festival, suggesting a favorable outlook for local brands [6] Export Chain - In May, the export value of key light industrial products decreased by 5.4% year-on-year, with ongoing negotiations between China and the US potentially leading to reduced tariffs [6] - The report notes an increase in shipping costs, with the CCFI and SCFI indices rising by 11.2% and 8.1% respectively [6] New Tobacco Products - The glo Hilo device was launched in Japan at a price of approximately $23.44, with a significant improvement in product features compared to previous models [6][10] - The report suggests that the introduction of new heated tobacco products may drive user transition to these innovations [10] Textile and Apparel - The textile and apparel sector showed resilience, with the industry index outperforming the market, indicating a positive trend for brands like HLA and Anta [26][29]

Core Viewpoint - The recent suspension of national subsidies for consumer goods exchange programs in multiple regions has raised concerns about the future of these initiatives [1][2]. Group 1: Suspension of Subsidies - In June, reports emerged that the subsidy funds for 27 categories of green smart home appliances and home renovation in Chongqing had been exhausted, leading to the cessation of voucher applications starting June 2 and June 3 respectively [3][5]. - The Chongqing Municipal Commerce Commission confirmed the suspension of the "old for new" subsidy due to the depletion of funds, with similar announcements made by the Xinjiang Uygur Autonomous Region regarding the imminent exhaustion of subsidy funds for various consumer goods [6]. Group 2: Market Reactions and Future Plans - The sudden news of subsidy suspensions has led to market speculation and anxiety, with concerns about whether the subsidies would be permanently halted. However, industry experts indicate that this is a temporary situation due to funding gaps, with new rounds of funding being prepared [8][9]. - Various local governments have responded by indicating that the subsidy programs are merely paused for quantity control rather than being completely terminated. For instance, the Chongqing Municipal Commerce Commission is preparing a second round of subsidy policies expected to be announced in early June [8][9]. Group 3: Impact and Future Funding - The "old for new" subsidy program has shown significant results since its inception, with data from the Ministry of Commerce indicating that as of May 31, 2025, the program has generated sales of 1.1 trillion yuan and issued approximately 175 million direct consumer subsidies [11]. - The National Development and Reform Commission has announced plans to accelerate the disbursement of funds and complete the financial settlement for 2024, with a total of 300 billion yuan allocated to support the "old for new" initiatives, doubling the amount from the previous year [11].

版权声明 作为今年提振消费、扩大内需最关键的支持政策，消费品以旧换新政策加力扩围已显示出明显的带动效果。 仅前5个月，消费品以旧换新5大品类合计带动销售额就达到1.1万亿元，接近去年全年带动的相关产品销售额 1.3万亿元。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 应当说，在总量上，3000亿元超长期特别国债的资金支持为全年消费品以旧换新政策的实施提供了重要助 力，分别于1月、4月下达的两批合计1620亿元资金也体现了"既定政策早出台早见效"的部署安排。市场机构 根据销售数据测算出，截至5月末，消费品以旧换新"国补"资金使用进度为1439亿—1632亿元，接近已下达资 金规模；进入6月，叠加端午节促销、"6·18"等购物节点，预计当月资金消耗将攀升至500亿元。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 不过，从区域分布看，各地资金使用进度和政策效果不能一概而论。部分地区暂停"国补"领取主要是因为前 期所获资金额度已消耗接近上限，新一轮补贴发放安排需等待中央资金下拨；另有部分地区采取每日"限量发 放"模式 ...

应当说，在总量上，3000亿元超长期特别国债的资金支持为全年消费品以旧换新政策的实施提供了重要助 力，分别于1月、4月下达的两批合计1620亿元资金也体现了"既定政策早出台早见效"的部署安排。市场机构 根据销售数据测算出，截至5月末，消费品以旧换新"国补"资金使用进度为1439亿—1632亿元，接近已下达资 金规模；进入6月，叠加端午节促销、"6·18"等购物节点，预计当月资金消耗将攀升至500亿元。 不过，从区域分布看，各地资金使用进度和政策效果不能一概而论。部分地区暂停"国补"领取主要是因为前 期所获资金额度已消耗接近上限，新一轮补贴发放安排需等待中央资金下拨；另有部分地区采取每日"限量发 放"模式控制资金消耗进度。与此同时，还有地区维持现有"普惠式补贴"模式，部分省市还在辖内扩大补贴覆 盖范围，以此进一步提高政策吸引力、带动消费。 根据前期中央部委印发的政策文件，今年消费品以旧换新的资金分配总体上是向2024年工作成效较好的地区 适度倾斜。行至年中，站在新一轮中央资金下拨的时点上，优化资金额度分配一定程度上也将影响接下来政 策的实施效用。更进一步来看，优化资金分配机制，尤其是根据政策实施效果更为动态地调 ...

应当说，在总量上，3000亿元超长期特别国债的资金支持为全年消费品以旧换新政策的实施提供了重要 助力，分别于1月、4月下达的两批合计1620亿元资金也体现了"既定政策早出台早见效"的部署安排。市 场机构根据销售数据测算出，截至5月末，消费品以旧换新"国补"资金使用进度为1439亿—1632亿元， 接近已下达资金规模；进入6月，叠加端午节促销、"6.18"等购物节点，预计当月资金消耗将攀升至500 亿元。 不过，从区域分布看，各地资金使用进度和政策效果不能一概而论。部分地区暂停"国补"领取主要是因 为前期所获资金额度已消耗接近上限，新一轮补贴发放安排需等待中央资金下拨；另有部分地区采取每 日"限量发放"模式控制资金消耗进度。与此同时，还有地区维持现有"普惠式补贴"模式，部分省市还在 辖内扩大补贴覆盖范围，以此进一步提高政策吸引力、带动消费。 时值电商平台"6.18"大促期间，多地宣布暂停消费品以旧换新补贴引发广泛关注。 根据前期中央部委印发的政策文件，今年消费品以旧换新的资金分配总体上是向2024年工作成效较好的 地区适度倾斜。行至年中，站在新一轮中央资金下拨的时点上，优化资金额度分配一定程度上也将影响 接下来 ...

6月13日上午，市场监管总局召开2025年二季度例行新闻发布会，并发布《市场监管总局关于进一步加 强网络销售消费品召回监管的公告》(以下简称《公告》)。网络消费品质量出问题如何把关，尤其是跨 境商品召回更是面临境外主体配合度低、落地难的困境。《公告》明确，受跨境电商企业委托，在中国 境内办理注册登记并从事跨境电商零售进口消费品相关业务的境内服务商，视为消费品进口商或境外生 产者指定的在中国境内实施召回的机构，承担相关召回义务。 为确保《公告》落地见效，市场监管总局将采取以下措施： 一是加强召回监管力度。市场监管总局将持续加强网络销售消费品召回常态化监管，强化问题精准识 别，及时采取处置措施，确保缺陷消费品及时退出市场。对不履行召回责任的电子商务经营者，依法责 令召回并加大处罚力度，全方位保障消费者权益，维护市场秩序，让消费者"敢消费、愿消费"。 二是创新召回监管方式。总局将持续推进召回监管模式创新，面向电商平台，常态化推送消费品召回信 息，不断提高网络销售消费品召回的及时性，推动线上线下（300959）召回一体化，让监管"跑"在风险 前面。 三是凝聚召回监管合力。总局将组织实施电子商务平台消费品安全与召回共治 ...

从流量场到生产线，一个颠覆者的产业改造公式。 舆论场将这种消费品行业中，新品牌上市爆火超出预期，消费者需求断层领先的现象，称之为 "朵薇现象"。 这一成绩的背后，凝结着 "朵薇"项目操盘手——遥望科技董事长兼CEO谢如栋打造新消费品牌的底层逻辑，即挖掘行业核心痛点：解决消费信任黑洞 ——深入供应链源头——自造流量护城河，做到以上几点，品牌自然能杀出重围，成为爆款。 作为跨界而来的 "破壁者"，谢如栋不仅完成了从"卖货人"到"产品架构师"的角色蜕变，从"渠道商"到"产业链主"的能力重构，从"数字商业领袖"到"品 牌缔造者"的身份跨越，也为新消费品牌的打造和消费产业升级提供了新的发展思路和发展模式。 谢如栋在朵薇新品发布会现场 从朵薇到行业：一场关于信任的供给侧改革 "2021年以来，消费行业结束长期牛市，整体进入调整期。"中国银河证券消费在相关研究文章中指出。在曾经的"万物皆可新消费"的黄金时代，一年就 有超过2100个新品牌借助流量红利崛起，"新消费"成为炙手可热的投资赛道。 在这个 #黄子韬卫生巾#相关话题持续霸榜的夏天，朵薇卫生巾迅速蹿红，甚至因此衍生出了"朵薇现象"。 产品未上先火。上线发布后，首场直播 ...

新华财经北京6月13日电（记者孙广见）市场监管总局13日正式发布《市场监管总局关于进一步加强网 络销售消费品召回监管的公告》（以下简称《公告》）。市场监管总局新闻发言人、新闻宣传司司长王 秋苹表示，《公告》的发布是缺陷消费品召回从线下向线上延伸的重要举措，将有利于进一步提升召回 监管工作效能，织密线上消费放心网，提振和扩大消费。 二是创新召回监管方式。市场监管总局将持续推进召回监管模式创新，面向电商平台，常态化推送消费 品召回信息，不断提高网络销售消费品召回的及时性，推动线上线下召回一体化，让监管"跑"在风险前 面。 三是凝聚召回监管合力。市场监管总局将组织实施电子商务平台消费品安全与召回共治承诺，制定电商 承诺监测指南，设置定量与定性相结合的承诺考量指标，定期对平台承诺履行情况进行监测和评估。通 过凝聚各方合力，共同守护网络销售消费品安全，让线上消费成为消费者的"安心之选"。 （文章来源：新华财经） 王秋苹介绍，为确保《公告》落地见效，市场监管总局将采取以下措施： 一是加强召回监管力度。市场监管总局将持续加强网络销售消费品召回常态化监管，强化问题精准识 别，及时采取处置措施，确保缺陷消费品及时退出市场。对不 ...