Group 1 - The Jiangsu Provincial Audit Office has launched a large-scale audit investigation to track the implementation of equipment renewal and consumer goods replacement policies, aiming to enhance market vitality [1] - The audit focuses on four key areas: the organization of "two new" policy measures, management of large-scale equipment renewal projects, implementation of consumer goods replacement actions, and the allocation and management of "two new" funds [1] - The investigation will assess the scientific nature of policy measures, completion of target tasks, effectiveness of policy implementation, and the efficiency of policy support measures [1] Group 2 - The audit will examine the authenticity of application materials, the standardization of project reviews, and the consistency between project construction and approvals for equipment renewal projects [1] - It will also evaluate the convenience of subsidy procedures, timeliness of subsidy fund disbursement, and authenticity of subsidy recipients in the consumer goods replacement policy, particularly in sectors like automobiles and home appliances [1] - The audit will focus on the rationality of fund allocation methods, timeliness of fund disbursement, and compliance in the use of funds related to ultra-long-term special government bonds [1]

Core Insights - The large-scale equipment upgrade and consumer product trade-in policies have shown positive effects over the past year, promoting transformation, boosting consumer demand, and facilitating economic circulation [2][7]. Group 1: Industry Transformation and Upgrading - From April 2024 to July 2025, the amount spent by enterprises on machinery and equipment increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [3]. - The policies have effectively transformed tax incentives into new momentum for industrial upgrading, enhancing production efficiency and product quality [3][4]. - The data indicates that equipment updates are not merely about replacing machines but signify a systematic upgrade across the entire industrial chain [3]. Group 2: Consumer Demand and Market Dynamics - The trade-in policy has significantly reshaped consumer expectations, with sales of household appliances and audiovisual equipment increasing by 44.5% and 22.8% respectively from April 2024 to July 2025 [5]. - The sales of service robots surged by 51.1%, indicating a strong demand for advanced consumer products [5]. - The policy has lowered the cost of purchasing new products for consumers, thus meeting their demand for high-quality and feature-rich products [5][6]. Group 3: Economic Circulation and Resource Optimization - The "Two New" policies have created a virtuous cycle, with retail demand growth positively impacting supply, leading to a 5.8% year-on-year increase in manufacturing sales revenue [7]. - The interaction between equipment upgrades and consumer demand has optimized resource allocation and improved economic efficiency [7]. - The policies are seen as a strategic lever to address the dual challenges of insufficient effective demand and supply structure imbalance [8].

Core Insights - The latest tax data from the National Taxation Administration indicates significant growth in various sectors due to the implementation of the "Two New" policy [1][2] Group 1: Equipment and Consumer Goods - Corporate procurement of machinery and equipment increased by 7.3% year-on-year from April 2024 to July 2025 [1][2] - Sales of daily household appliances rose by 44.5% year-on-year, while audiovisual equipment sales increased by 22.8% during the same period [1][2] Group 2: New Energy Vehicles - Sales of new energy vehicles experienced a remarkable growth of 81.7% year-on-year from April 2024 to July 2025 [1][2] Group 3: Policy Impact - The "Two New" policy has fostered a positive interaction characterized by "policy-driven demand release and industrial upgrading" over the past year [2]

Group 1 - The implementation of large-scale equipment updates and the trade-in policy for consumer goods has shown significant effects over the past year, aiding in industrial transformation and stimulating diverse consumer demand, thus promoting economic circulation [1][2] - From April 2024 to July 2025, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with notable growth in the information transmission software and technology service sectors at 27.8% and 28.3% respectively, highlighting the supportive role of equipment updates [1] - In the traditional and smart consumption sectors, retail sales have surged, with home appliances and audiovisual equipment sales increasing by 44.5% and 22.8% respectively, while furniture and sanitary ware retail sales rose by 30.1% and 13.6% [1] Group 2 - The sales revenue of the manufacturing industry increased by 5.8% year-on-year, driven by the significant growth in retail demand, which in turn has encouraged manufacturing enterprises to accelerate equipment upgrades [2] - The sales of service robots have seen a remarkable year-on-year growth of 51.1%, indicating a strong market response to the policies [1] - The new energy vehicle sales nationwide surged by 81.7% from April 2024 to July 2025, reflecting the positive impact of the trade-in policy on the automotive industry [1]

Group 1 - The "Two New" policies have shown positive effects in promoting transformation and upgrading, boosting consumer demand, and facilitating economic circulation over the past year [1] - From April 2024 to July 2025, the implementation of these policies is expected to directly drive retail demand growth, which in turn will positively impact the supply side [1] - Manufacturing sales revenue has increased by 5.8% year-on-year, indicating a stronger push for equipment upgrades among manufacturing enterprises [1]

Group 1 - The large-scale equipment renewal and trade-in policy has shown positive effects in promoting industrial transformation, boosting consumer demand, and facilitating economic circulation [1][2] - From April 2024 to July 2025, the procurement amount of machinery and equipment by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The procurement amount for information transmission software and technology service industries grew by 27.8% and 28.3% year-on-year, respectively, indicating a strong support for industrial transformation [1] Group 2 - The trade-in policy has stimulated diverse consumer demand, with retail sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% year-on-year, respectively [1] - Sales of furniture and sanitary ware also saw significant growth, with increases of 30.1% and 13.6% year-on-year [1] - The manufacturing sales revenue in the manufacturing sector increased by 5.8% year-on-year, indicating a smoother economic internal circulation [2]

Group 1 - The implementation of large-scale equipment renewal and the old-for-new consumption policy has shown continuous effectiveness in promoting industrial transformation, boosting consumer demand, and facilitating economic circulation [1] - From April 2024 to July 2025, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [3] - The information transmission and software industry, along with the technology service industry, experienced nearly a 30% increase in equipment procurement, indicating that the large-scale equipment renewal policy is providing new momentum for industrial transformation [3] Group 2 - The old-for-new policy has significantly driven diverse consumer demand, with daily household appliance sales increasing by 44.5% year-on-year and furniture retail sales rising by 30.1% from April 2024 to July 2025 [6] - The demand for smart consumption has surged, with sales in the service robot manufacturing industry increasing by over 50% [6] - The policy has also benefited the automotive sector, with nationwide sales of new energy vehicles growing by 81.7% year-on-year, indicating a rapid growth trend [6] Group 3 - Since the implementation of the "two new" policies, retail demand has continued to grow, prompting manufacturing enterprises to accelerate equipment upgrades, creating a positive interaction from policy drive to demand release and then to industrial upgrading [10] - From April 2024 to July 2025, manufacturing sales revenue increased by 5.8% year-on-year, contributing to a smoother economic internal circulation [10]

Group 1 - The large-scale equipment renewal and old-for-new consumption policy has shown positive effects in promoting industrial transformation, boosting consumer demand, and facilitating economic circulation over the past year [1][2] - From April 2024 to July 2025, the procurement amount of machinery and equipment by enterprises nationwide increased by 7.3% year-on-year, with significant growth in the information transmission software and technology service sectors at 27.8% and 28.3% respectively [1] - Private enterprises also saw a 9.3% year-on-year increase in equipment procurement, indicating that the policy's benefits are effectively transforming into new momentum for industrial upgrades [1] Group 2 - The "old-for-new" policy has stimulated diverse consumer demand, with sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% year-on-year respectively from April 2024 to July 2025 [1] - The sales of new energy vehicles surged by 81.7% year-on-year, reflecting a strong growth trend in the market [1] - The implementation of the policy has created a virtuous cycle of "policy-driven—demand release—industrial upgrade," leading to a 5.8% year-on-year increase in manufacturing sales revenue, thus enhancing the internal economic circulation [2]

Core Insights - The implementation of large-scale equipment updates and the "trade-in" policy for consumer goods has shown positive effects in promoting transformation, boosting consumer demand, and facilitating economic circulation [1][2] - The "policy-driven - demand release - industrial upgrade" interaction has been established, leading to a significant increase in retail demand and manufacturing sales [2] Group 1: Equipment Procurement - From April 2024 to July 2025, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The information transmission and software industry, as well as the technology service industry, experienced equipment procurement growth of 27.8% and 28.3% respectively [1] - Private enterprises' equipment procurement increased by 9.3%, highlighting the supportive role of equipment updates [1] Group 2: Consumer Goods Sales - Sales of daily household appliances and audiovisual equipment increased by 44.5% and 22.8% year-on-year, respectively, from April 2024 to July 2025 [1] - Retail sales of furniture and sanitary ware grew by 30.1% and 13.6% year-on-year [1] - The service robot manufacturing industry saw a remarkable sales increase of 51.1% [1] Group 3: Automotive Industry - The "trade-in" policy has significantly benefited the automotive sector, with nationwide sales of new energy vehicles increasing by 81.7% year-on-year from April 2024 to July 2025 [1] Group 4: Economic Impact - Manufacturing sales revenue increased by 5.8% year-on-year, indicating a smoother economic internal circulation [2] - The tax authority plans to enhance the "policy + service" dual-drive approach to sustain the effectiveness of the "two new" policies, contributing to high-quality economic development [2]

Company Dynamics - JD.com has completed the acquisition of Hong Kong Jiabao Supermarket and established the Innovative Retail - Jiabao Business Unit, appointing the founder Lin Xiaoyi as the head of the new unit [9] - Shengyi Technology reported a net profit increase of 52.98% year-on-year for the first half of 2025, with revenue reaching 12.68 billion yuan, a 31.68% increase, and proposed a cash dividend of 4.00 yuan per 10 shares [9] - Dongfang Fortune announced a net profit of 5.567 billion yuan for the first half of 2025, a 37.27% increase year-on-year, with revenue of 6.856 billion yuan, up 38.65% [10] - Guangzhou Yinnuo Pharmaceutical officially listed on the Hong Kong Stock Exchange with an issue price of 18.68 HKD per share, having raised a total of 1.514 billion yuan in four rounds of financing prior to the listing [11] Market Data - On August 15, the A-share market saw all three major indices rise, with the Shanghai Composite Index up 0.83%, the Shenzhen Component Index up 1.6%, and the ChiNext Index up 2.61%, with a total trading volume of approximately 224.46 billion yuan [8] - In the Hong Kong market, the Hang Seng Index fell by 0.98%, while the Hang Seng Tech Index decreased by 0.59%, despite gains in pharmaceutical and brokerage stocks [8]