手机市场消费结构优化、新能源汽车消费保持快速增长……今年以来，伴随着国家对消费品以旧换新的一系列政策支持加力扩围，消费品以旧换新有力带 动消费持续回升向好。未来，消费品以旧换新将惠及更多消费者，在更好满足更高质量消费需求的同时，还能促进创造出更新的消费需求，为新型消费持 续发展创造更有利的条件，从而为消费增长提供强劲动能，持续助力经济高质量发展。 以旧换新成为消费增长新动能 ∨ 商务部的数据显示，截至5月31日，2025年消费品以旧换新5大品类合计带动销售额1.1万亿元，发放直达消费者的补贴约1.75亿份。 国务院发展研究中心市场经济研究所研究员漆云兰在接受中国经济时报记者采访时表示，消费品以旧换新已成为当前扩内需、稳增长的关键引擎，其作用 与成效主要体现在以下方面。一是直接拉动消费规模扩张。2025年以来，以旧换新政策加力扩围，带动相关消费品销售额显著提升。二是推动相关消费品 结构升级和相关产业链转型跃升，助力相关产品消费结构升级。同时，促进产业链协同发展。三是乘数效应显著。据2025年一季度相关数据，每1元财政 补贴平均撬动11.2元社会消费。 漆云兰认为，基于2025年前5个月消费品以旧换新政策的实施效 ...

Group 1 - The third largest shareholder of Ruoyuchen, Langzi Co., plans to reduce its stake by up to 4.7681 million shares, accounting for no more than 3% of the company's total share capital [1] - As of the announcement date, Langzi Co. holds 11.60272 million shares, representing 7.30% of Ruoyuchen's total shares [1] - The share price of Ruoyuchen has surged significantly, increasing from 19.77 CNY per share at the beginning of 2025 to a peak of 59.14 CNY per share on June 5, 2025, reflecting an increase of nearly 200% [1] Group 2 - Ruoyuchen, founded in 2011 and listed on the Shenzhen Stock Exchange in September 2020, is a leading global digital management company for consumer brands, offering services such as e-commerce operations and brand management [2] - Langzi Co. was one of the founding shareholders of Ruoyuchen, initially holding 20% of the shares at the time of its establishment [2] - In 2024, Ruoyuchen achieved a revenue of 1.766 billion CNY, a year-on-year increase of 29.26%, and a net profit of 106 million CNY, up 94.58% year-on-year [2] Group 3 - The company's sales expenses have significantly increased, rising from less than 200 million CNY before its IPO to 526 million CNY in 2024, marking a new high since its listing [3] - In the first quarter of this year, Ruoyuchen's sales expenses exceeded 263 million CNY, representing a year-on-year increase of over 300% [3]

消费品以旧换新一头连着经济发展， 一头连着千家万户。 正值618购物季， 有关"江苏家电3C以旧换新补贴暂停" 的消息在社交平台流传， 引发不少消费者关注。 "国补"，真的暂停了吗？ 多个主流购物平台显示系统升级中 记者在京东、淘宝等线上各主流购物平台尝试领取国补优惠券时发现， 目前江苏地区的国家补贴的确 暂时无法领取和使用，页面显示"活动升级中"等字样。微信、云闪付等支付渠道还可以领取到补贴资 格，但据不少消费者反映，虽然可以领到券，但"未必能去线下抵扣成功"。 活动火爆，线下补贴资格要靠"抢" 线上无法申领？线下情况如何？记者来到南京某大型家电综合卖场进行咨询。销售人员解释，由于江苏 国补销售过于火爆，针对家电、3C数码产品的国家补贴均已经从6月1日开始暂停，但并非完全停止， 而是采用"限额"的管理形式。 记者了解到，江苏"国补"的情况并非孤例，重庆、湖北、广东多地均出现"国补"短期无法申领的情况， 其原因，与活动过于火爆，资金消耗速度远超预期等有关。 江苏家电3C"国补"后续情况如何，会在线上购物平台重新上线吗？记者拨打了国补详情页面上的咨询 电话，相关部门回应：目前，各线上平台正在升级各自的限额系统， ...

Group 1 - The Chinese government emphasizes the importance of cultural exchange and mutual learning as a driving force for human civilization progress and world peace [1][2] - The State Council, led by Premier Li Qiang, conducted a special study on deepening the reform of the technology achievement transformation mechanism to promote the integration of technological innovation and industrial innovation [3] - The Central Committee and the State Council issued opinions aimed at further ensuring and improving people's livelihoods, focusing on addressing urgent issues faced by the public [4] Group 2 - In the first five months of the year, China's goods trade import and export maintained a stable growth, with a year-on-year increase of 2.5% [5] - The consumer price index (CPI) in May showed a slight year-on-year decline of 0.1%, while the core CPI, excluding food and energy, increased by 0.6%, marking an expansion in growth [7] - The consumption goods industry in China is accelerating its intelligent transformation, with significant growth in smart, green, and healthy products, supported by policies aimed at boosting consumption and upgrading industries [8] Group 3 - Chinese ports are accelerating their transition to smart and green development, with the number of automated terminals built and under construction ranking first in the world [9] - The summer harvest and planting activities are progressing smoothly across the country, leveraging technology to ensure a bountiful grain harvest [10] - Hunan province is advancing the large-scale application of Beidou technology across multiple fields, transforming technological advantages into industrial strengths for high-quality development [11]

Group 1 - The core viewpoint of the articles emphasizes the significant impact of fiscal policies on boosting consumer spending, particularly through the "national subsidy" programs for replacing old consumer goods [1][2][3] - As of May 31, 2025, the sales generated from the five major categories of consumer goods replacement exceeded 1.1 trillion yuan, with approximately 175 million subsidies distributed directly to consumers [1][2] - The "national subsidy" program has sparked consumer enthusiasm, with substantial participation in the replacement of household appliances and vehicles, indicating a strong market response [2][3] Group 2 - The fiscal policy aims to enhance consumer willingness and expand demand by providing direct financial support, which is crucial for stimulating consumption in the current economic environment [2] - In 2024, the central government allocated 150 billion yuan in special long-term bonds to support the consumer goods replacement initiative, which is expected to drive sales of automobiles and home appliances beyond 1.3 trillion yuan [2] - Historical data shows that from 2009 to 2015, the central government invested over 200 billion yuan in subsidies, resulting in a retail sales increase of over 3.5 trillion yuan, demonstrating the effectiveness of such fiscal measures [3]

Core Insights - The retail prices of 55 major consumer goods in Linyi City, Shandong Province, showed 14 increases, 29 stable, and 12 decreases compared to the previous week, indicating a stable and orderly market operation with sufficient supply of consumer goods [1] Group 1: Grain and Oil Prices - The prices of 20 monitored grain and oil products remained stable with no changes from the previous week, including japonica rice and millet priced at 2.75 yuan and 5.97 yuan per jin respectively [2] Group 2: Egg Prices - Among 8 monitored poultry and egg products, 3 prices increased, 3 decreased, and 2 remained stable. The prices for deboned hind leg meat, ribs, and beef were 13.85 yuan, 21.81 yuan, and 32.85 yuan per jin, reflecting increases of 3.49%, 0.19%, and 0.74% respectively. Meanwhile, prices for pork belly, lamb, and eggs were 15.04 yuan, 40.00 yuan, and 3.52 yuan per jin, showing decreases of 1.64%, 0.93%, and 1.40% respectively [3] Group 3: Vegetable Prices - The prices of 17 monitored vegetable varieties showed mixed results with 8 increases, 1 stable, and 8 decreases. Notable price increases were seen in celery, potatoes, and ginger, priced at 1.95 yuan, 1.41 yuan, and 6.45 yuan per jin, with increases of 8.18%, 3.62%, and 2.52% respectively. Conversely, tomatoes, cucumbers, and carrots experienced price declines of 11.80%, 8.76%, and 6.11% respectively, with prices at 2.26 yuan, 1.82 yuan, and 1.99 yuan per jin [4] Group 4: Fruit Prices - Among 5 monitored fruits, 3 prices increased, 1 remained stable, and 1 decreased. The prices for apples, bananas, and oranges were 5.35 yuan, 3.34 yuan, and 4.57 yuan per jin, reflecting increases of 0.94%, 0.25%, and 0.49% respectively. Watermelon saw a price decrease to 1.58 yuan per jin, down by 1.04% [5]

"政府补贴你赚了"、"政府补贴再减15%"——如今，无论是线上还是线下，购买消费品时，这些口号都 屡见不鲜。 自去年以来，国家持续实施消费品以旧换新政策，消费者从中受益，消费势头强劲。这些政府补贴是如 何落地的？ 资金从何而来？ 根据去年和今年的政府工作报告及相关规定，实施消费品以旧换新政策的相关资金来源于税收，中央和 地方财政均有投入。 其中，家电以旧换新补贴资金和汽车报废更新补贴资金由中央和地方财政按9:1的比例分配，其中中央 财政在东、中、西部地区分别承担85%、90%和95%。从中央财政看，今年财政投入翻番，发行3000亿 元超长期专项债券，支持消费品以旧换新，比上年增加1500亿元。 他解释说，省级财政在分配资金时，会综合考虑常住人口、地区生产总值、汽车保有量等因素，合理确 定各城市的补贴额度，并向人口规模大、经济活跃、消费潜力大的地区倾斜。 图为山东省泰安市三元家电线下门店的"国补政策"。 | 危从哪来? | | | --- | --- | | 旧换新、 | 从中央来看,今年安排的财政资金翻了一番: | | 发更新等 | ● 安排超长期特别国债 3000亿元支持消费品以 | | 佔资金按 | 旧换 ...

----国信期货螺纹钢周报 2025年6月8日 国信期货研究所 目 录 CONTENTS 1 螺纹钢期货行情回顾 2 期货市场环境：宏观、比价、基差 3 螺纹钢供需概况 4 后市展望 国信期货研究所 第 一部 国信期货研究所 原料反弹 带动成材运行重心上移 P a rt 分 1 螺纹钢期货行情回顾 1.1 近期重要信息概览 国信期货研究所 经济数据 数据来源：WIND 国信期货 Mysteel 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 1. 国家统计局数据显示， 1—4月份，全国房地产开发投资27730亿元，同比下降10.3%（按可比口径计算，详见附注6）；其中，住宅投资 21179亿元，下降9.6%。1—4月份，房地产开发企业房屋施工面积620315万平方米，同比下降9.7%。其中，住宅施工面积431937万平方米， 下降10.1%。房屋新开工面积17836万平方米，下降23.8%。其中，住宅新开工面积13164万平方米，下降22.3%。房屋竣工面积15648万平方米， 下降16.9%。其中，住宅竣工面积11424万平方米，下降16.8%。 1—4月份，新建商品房销售面积28262万平方 ...

Group 1: Policy Source - The funding for the consumer goods replacement policy comes from fiscal funds, with central and local governments collaborating to contribute [3] Group 2: Fund Flow - Unlike traditional subsidy methods, the consumer goods replacement policy directly allocates funds to local governments, allowing for quicker delivery of benefits to consumers [4] Group 3: Claim Process - Consumers can claim subsidies through both online and offline channels, with specific procedures for each [5][10] Group 4: Regional Funding Distribution - The central government and local governments share the subsidy costs in a 9:1 ratio, with varying central government contribution rates across eastern (85%), central (90%), and western (95%) regions [7] - Local governments allocate matching funds based on central funding distribution, considering factors like population and economic activity to optimize support [7] Group 5: Consumer Experience - For example, consumers can receive a 15% subsidy on a smartphone priced at 3000 yuan, saving 450 yuan when using the appropriate payment method [9] - In Changsha, consumers can claim a subsidy through a mobile app and receive a discount at participating stores [10] Group 6: Fund Management and Oversight - Strengthening fund supervision and ensuring the safe use of funds has become a priority for local governments as the subsidy amounts increase [13] - Various measures are in place to ensure compliance and prevent fraud, including real-name management for applications and cross-departmental oversight [14]

Core Viewpoint - The recent suspension of the national subsidy for the "old-for-new" consumer goods program has sparked significant discussion on social media, particularly in Chongqing, where a new round of subsidies is expected to be announced in early June [1][2]. Group 1: Policy Updates - The Chongqing Municipal Commerce Commission confirmed that the second phase of the "old-for-new" subsidy policy is being drafted, with details on subsidy standards, categories, and application methods to be provided in an official document expected in early June [1]. - The announcement on the Chongqing consumption page indicated that funds for 27 categories of green smart home appliances and home renovation subsidies have been exhausted, leading to the suspension of consumer vouchers and eligibility code applications on June 2 and 3 [1]. Group 2: Impact and Scope - Since the launch of the new "old-for-new" policy in early 2025, it has directly stimulated over 6 billion yuan in consumption, with government subsidies exceeding 1.2 billion yuan, benefiting over one million consumers [2]. - The policy covers not only traditional appliances like refrigerators and washing machines but also includes innovative categories such as water dispensers, air purifiers, and projectors, with a maximum subsidy of 2,000 yuan per item and a subsidy rate of up to 20% [2]. - The initiative also extends to other sectors, including automobiles, home renovation, electric bicycles, and digital products, creating a multi-category synergy effect [2]. Group 3: Consumer Guidance - The Chongqing Municipal Commerce Commission advises consumers to be cautious of unofficial information regarding the "national subsidy policy" circulating on social media, urging them to rely on official sources like the "Yukuaiban" app or the Chongqing Municipal Commerce Commission's website for accurate updates [2].