8月1日，据国家发展改革委消息，今年以旧换新已带动商品销售额超过1.7万亿元，上半年限额以上家 电、通讯器材零售额同比增长30.7%、24.1%，新能源汽车销量同比增长40.3%，各项扩内需政策正在落 地显效。 目前，今年第三批690亿元支持消费品以旧换新的超长期特别国债资金已下达完毕。同日，广东"粤焕 新"以旧换新公共服务平台小程序佛山领券通道于上午10时准时开启，20分钟后当日补贴额度已被全部 领取完毕。据省商务厅消息，其他地市的以旧换新资金也将陆续上线，请有意领取补贴的消费者随时关 注。 广东落地 细则明确 撬动显著 在广东，政策红利正加速转化为消费动能。根据广东省2025年加力扩围家电、数码产品消费补贴的政 策：今年广东对个人消费者购买单件销售价格不超过6000元的手机（含具有通话功能的有关产品）、平 板（含智能办公本和平板类学习机等）、智能手表手环（含智能儿童手表等）进行补贴，每名消费者每 类产品全国范围内可补贴一件，每件补贴比例为减去生产、流通环节及移动运营商所有优惠后最终销售 价格的15%，每件补贴不超过500元。 目前，"两新"政策持续显效，稳投资、扩消费、促转型、惠民生的关键作用进一步凸显， ...

Economic Performance - The GDP of Futian District in Shenzhen reached 295.315 billion yuan in the first half of the year, representing a year-on-year growth of 7.9% [1] - The financial sector experienced rapid growth, with an added value increasing by 16% year-on-year [1] Market Sales - Overall market sales showed positive performance, with essential consumer goods remaining stable [1] - Retail sales of daily necessities in above-designated size units grew by 5.3% [1] - Categories related to trade-in programs saw significant growth, with retail sales of household appliances and audio-visual equipment increasing by 38.2%, and cultural and office supplies rising by 63.3% [1]

Policy Impact - The "Two New" policy has effectively promoted consumption and investment, driving related product sales exceeding 1.6 trillion yuan in 2025[2] - The scope of the old-for-new policy has expanded in 2025, with a total sales amount from five categories (automobiles, home appliances, digital products, home decoration, and electric bicycles) surpassing 1.6 trillion yuan by June 2025, exceeding the 2024 sales figures[5] Market Performance - The median market value change for consumer service stocks on the Beijing Stock Exchange was -2.21% from July 28 to August 1, 2025, with only 22% of companies experiencing an increase[2] - The total market capitalization of consumer service companies decreased from 123.5 billion yuan to 120.6 billion yuan during the same period[41] Sector Analysis - The median price-to-earnings (P/E) ratio for consumer service stocks rose from 52.1X to 53.5X[36] - The median P/E ratio for the broader consumer sector decreased from 72.9X to 72.6X, indicating a slight contraction in valuation[39] Company Highlights - Taihu Snow reported a 70% year-on-year increase in net profit for the first half of 2025, with revenue reaching approximately 280.82 million yuan, a 17.75% increase[2] - A total of 63 companies on the Beijing Stock Exchange are identified as beneficiaries of the "Two New" policy, with 10 in the equipment update category and 53 in the old-for-new category[29]

Core Viewpoint - The express delivery industry is experiencing new opportunities for growth through the "old for new" policy, which enhances service capabilities and optimizes logistics networks as part of the broader strategy to expand domestic demand [1][6]. Group 1: Service Model Evolution - The express delivery service is transitioning from one-way delivery to a dual fulfillment model, integrating delivery and installation services [2]. - New technologies are being applied in small parcel delivery, enhancing efficiency and customer experience during the "old for new" process [3][4]. - The introduction of a verification step in the delivery process is crucial for ensuring the authenticity of subsidies and improving customer satisfaction [4]. Group 2: Business Growth and Demand - The expansion of the "old for new" policy has led to increased demand for home appliances and consumer electronics, driving significant growth in delivery volumes [6]. - In 2023, major express companies reported over 20% year-on-year growth in delivery volumes, with specific categories like large home appliances seeing a 150% increase in orders [6][7]. Group 3: Supply Chain and Logistics Innovation - The express delivery industry is focusing on enhancing supply chain capabilities to facilitate seamless "old for new" transactions [10][11]. - Companies are developing reverse logistics models to improve the efficiency of old product collection and new product delivery, significantly reducing turnaround times [10]. - The establishment of centralized processing warehouses is being prioritized to streamline the recycling and disposal of old appliances [10][11]. Group 4: Future Directions - The industry is encouraged to further optimize service networks and technology applications to support the ongoing expansion of the "old for new" initiative [12]. - There is a push for the adoption of recyclable packaging and the development of industry standards for reverse logistics to promote high-quality growth in the sector [12].

Group 1 - The core viewpoint of the article highlights the government's initiatives to promote urban renewal and stimulate domestic consumption, which are expected to benefit companies in the home improvement and hardware industry [1] - The State Council, National Development and Reform Commission (NDRC), and Ministry of Finance have issued multiple documents to support the "old for new" subsidy policy, particularly for home improvement products [1] - The NDRC and Ministry of Finance's notification on January 5, 2025, indicates that subsidies for "home decoration products" will continue, prioritizing durable consumer goods such as automobiles, home appliances, and home improvement materials [1] Group 2 - The policy aims to enhance subsidies for personal consumers involved in home renovations, kitchen and bathroom upgrades, and aging-friendly home modifications, which is expected to drive growth in the home hardware industry [1] - The government is actively promoting smart home consumption as part of its broader strategy to stimulate the market [1]

Core Insights - The "14th Five-Year Plan" is nearing completion, with all strategic tasks fully implemented and 102 major projects progressing smoothly [1] - During the "14th Five-Year Plan" period, China's retail sales of consumer goods have grown at an average annual rate of 5.5%, solidifying its position as the second-largest consumer market globally [1] Group 1: Consumer Market Dynamics - The "old-for-new" policy has not only stimulated consumption but also promoted smart and green technologies, leading to significant savings for consumers [1] - Service consumption has outpaced goods consumption, with average annual growth in residents' service spending at 9.6% [3] - New consumption trends include integrating cultural experiences into shopping environments, such as museums and aquariums in malls, catering to diverse consumer needs [3] Group 2: Import and Tourism Impact - Over the past four years, 7.4 trillion yuan worth of imported consumer goods have entered the Chinese market, with an expanding network of visa-free travel and improved tax refund services [3] - In the first half of this year, the number of foreign visitors entering China reached 13.64 million, a year-on-year increase of 53.9%, indicating a growing interest in Chinese consumer markets [3] Group 3: Future Outlook - The Ministry of Commerce plans to build on the successes of the "14th Five-Year Plan" by institutionalizing effective policies that resonate with consumers and further stimulate domestic demand [3]

Core Viewpoint - The express delivery industry is experiencing new opportunities for growth through the "old for new" consumption policy, which enhances service models and strengthens supply chain capabilities, as evidenced by the early achievement of delivering the 100 billionth express package in 2025, 35 days ahead of schedule compared to last year [1] Group 1: Service Model Evolution - The transition from one-way delivery to a dual fulfillment model, where new products are delivered and old ones are collected, reflects an upgrade in service capabilities [2][3] - The integration of delivery and installation services has become essential, requiring delivery personnel to possess multiple skills, including delivery, disassembly, and installation [3] - The introduction of a verification process during delivery ensures that subsidies for old-for-new exchanges are accurately distributed, enhancing customer experience and reducing return rates [4][5] Group 2: Business Growth and Demand - The expansion of the "old for new" policy has led to increased demand for home appliances and consumer electronics, driving a significant rise in delivery volumes [7] - In 2022, a major express delivery company reported over 20% year-on-year growth in cargo volume, with the "national subsidy" service covering a wide range of products and generating over 10 million new orders [7] - The proportion of large appliance orders related to "old for new" exchanges has exceeded 30%, with a year-on-year increase of 150% in the first half of the year [7] Group 3: Technological and Operational Innovations - The express delivery industry is shifting from low-value traditional services to high-value offerings, driven by the need for enhanced technical capabilities and service quality [8] - Companies are leveraging technology and efficient collaboration across the supply chain to support the growth of "old for new" services, with recommendations for optimizing integrated warehousing and distribution models [9][10] - The establishment of centralized processing warehouses for recycling and disposal is being implemented to streamline operations and improve the efficiency of the reverse logistics process [12][13] Group 4: Future Directions and Policy Support - The ongoing implementation of policies to stimulate domestic demand will require express delivery companies to further optimize their service networks and technological applications [14] - Future initiatives include enhancing urban networks and promoting the use of recyclable packaging in reverse logistics, aiming for high-quality industry development [14]

原标题： 多维发力提质扩量 我市消费领域交出亮眼"期中卷" 本年度，我市将114类产品纳入补贴范围，其中家电类在国家规定的12类家电产品基础上我市自主扩品 34类，补贴产品品类极大丰富，超过全国绝大部分省市。在丰富补贴品类的基础上，我市加强消费品以 旧换新补贴活动全流程的风险防控，营造规范市场环境，保障补贴活动合规有序开展。在风险可控的前 提下，将个体工商户纳入补贴活动。支持品牌企业经销商销售公司落户大连，开设"线上商城+小程 序"开展以旧换新补贴活动。目前，全市共有595家经营主体，2765个门店商户参与消费品以旧换新补贴 活动，为消费者提供广泛便捷的补贴权益申领模式。"从家电赛道来看，以旧换新政策的创新与流程优 化，有效激发了消费活力。"大商电器集团公司副总经理王晓男介绍，政策红利释放消费潜力，技术迭 代与产品创新满足了消费诉求，在国补政策的加持下，2025年上半年大商电器实现销售同比增长18%， 其中空调补贴拉动销售贡献突出，上半年增幅达到35%。"当政策紧贴民生、民意，也就搭起了消费速 通的桥梁。"王晓男表示。 场景创新多维融合 市场潜能持续释放 随着今年中超赛季的开启，全国首家滨海国际名品运动小镇— ...

Core Viewpoint - The express delivery industry is experiencing new opportunities for growth due to the "two new" policy, which enhances the service of old-for-new consumer goods while optimizing service networks and technology applications [1][5]. Group 1: Service Model Evolution - The express delivery service is evolving from one-way delivery to a dual fulfillment model, integrating delivery and installation services [2]. - New logistics models for large items and advanced technologies for small item delivery are being implemented to meet the demands of the old-for-new policy [2][3]. - The introduction of a verification step in the delivery process is crucial for ensuring the authenticity of subsidies and enhancing customer experience [4]. Group 2: Business Growth and Transformation - The express delivery business is witnessing continuous growth driven by the expansion of the old-for-new policy, particularly in home appliances and consumer electronics [5][6]. - The proportion of large appliance old-for-new orders has increased significantly, with a year-on-year growth of 150% in the first half of the year [6]. - Companies are shifting from low-value traditional delivery services to high-value services that require advanced technology and skilled personnel [6][7]. Group 3: Supply Chain and Reverse Logistics - Efficient collaboration between upstream and downstream partners is essential for the successful implementation of the old-for-new service [7][9]. - New reverse logistics models are being developed to streamline the process of returning old items while delivering new ones, significantly improving customer experience [9][10]. - The establishment of central processing warehouses is being prioritized to enhance the efficiency of recycling and processing old appliances [10]. Group 4: Future Directions - The express delivery industry is encouraged to further optimize service networks and technology applications to support the ongoing expansion of the old-for-new policy [10]. - The promotion of recyclable packaging and the establishment of industry standards for reverse logistics are seen as key steps towards achieving high-quality development in the sector [10].

便民服务不止于"省钱"，更在于"省心"。活动贴心提供免费停车券，化解"停车难"；"服务到家"承诺让大件商品从选购到配送安装一站式搞定，免去搬运 烦恼。此外，消费者手持《绿色丰彩·智趣打卡地图》，还能解锁5大智能打卡点，亲身体验锁鲜科技的AI超氧零度冰箱、贴合人体需求的3D恒温随心洗 马桶、适配不同睡眠偏好的双调节床垫等智能产品。这些体验不仅让消费者直观感受科技赋能生活的便利与舒适，也为家装升级提供了灵感。 丰台以旧换新 促家电消费15.3亿消费！ 零售额同比增长42% ·幸福零距离· 前言 家电特卖低至1折、百余爆款产品3折起、500元专属补贴、以旧换新折扣……8月2日，丰台区红星美凯龙西四环店B1层人头攒动，"绿色丰彩・乐享生 活"消费品以旧换新内购会火热进行，家电、家居、日用、美食、汽车等丰富品类一站式呈现，吸引众多居民前来"淘宝" "平时换台洗衣机总觉得贵，这次价格不高，还享受以旧换新折扣，能省不少钱。"在附近社区工作的王先生一边仔细比对产品，一边算着账。商场内，家 电特卖区吸引了大批顾客驻足询价，从小厨电到大家居，从日用品到改善型消费，应有尽有。 "以前买大家电总得多跑几家比价，这次在家门口就能看到这 ...