Core Viewpoint - The green smart home appliance subsidy program in Chongqing has been suspended due to the exhaustion of available funds, impacting consumer purchasing behavior and the home appliance market [1][4][10]. Group 1: Policy and Funding - The "National Subsidy" policy for green smart home appliances was implemented to promote the replacement of old appliances with new ones, with a total of 300 billion yuan allocated for 2025, doubling the amount from 2024 [4][5]. - The funding is distributed to local governments based on a 9:1 cost-sharing principle, with varying central government support ratios across different regions [5][6]. - As of June 3, the first round of subsidy funds in Chongqing has been fully utilized, leading to the suspension of the subsidy program until further notice [1][4]. Group 2: Market Impact - The suspension of the subsidy program has led to a significant impact on home appliance sales, particularly during the 618 shopping festival, with reports of increased foot traffic and sales prior to the suspension [10]. - Chongqing's implementation of the subsidy program has resulted in 42.88 billion yuan in subsidies claimed, benefiting 3.4 million consumers and driving 288 billion yuan in sales for key products [9][10]. - The overall demand for consumer goods under the old-for-new policy has been strong, with many regions reporting high utilization rates of the initial subsidy funds [5][6].

Core Viewpoint - The "old-for-new" policy for consumer goods is not a standalone initiative but is accompanied by a series of measures such as easing access, reducing restrictions, and optimizing regulations, which collectively enhance its effectiveness and stimulate economic growth [1][5]. Group 1: Policy Impact on Consumer Behavior - As of May 31, the number of applications for the automobile "old-for-new" subsidy reached 4.12 million, indicating a robust response from consumers [1]. - In April, the domestic retail penetration rate of new energy passenger vehicles reached 51.5%, an increase of over 7 percentage points compared to the same period last year [1]. - The policy has led to a significant increase in the sales of high-end digital products, with 76% of new purchases falling within the price range of 2000 to 6000 yuan [2]. Group 2: Economic and Market Dynamics - The "old-for-new" initiative has created a market space worth trillions of yuan, as the total number of automobiles exceeds 300 million and major household appliances exceed 3 billion units [1]. - The sales of household appliances and audio-visual equipment increased by 38.8% year-on-year in April, leading all categories of consumer goods [4]. - The total subsidies distributed to consumers in the first five months of this year amounted to approximately 1.75 billion, driving related sales to 1.1 trillion yuan [4]. Group 3: Policy Expansion and Support - In 2024, the policy will expand to include additional categories of household appliances and digital products, with subsidies for new energy vehicle replacements increased to a maximum of 15,000 yuan [3]. - The funding support for the "old-for-new" initiative has reached 300 billion yuan, doubling from the previous year, with over 160 billion yuan already allocated by the end of April [3]. - The policy's flexibility and adaptability are evident as local governments enhance subsidy standards and optimize participation details to maximize consumer benefits [3]. Group 4: Long-term Economic Outlook - International investment banks have raised their growth forecasts for China's economy in 2025, attributing part of this optimism to the positive effects of the "old-for-new" policy on consumption and domestic demand [5].

Group 1 - The core viewpoint indicates that the supply of major consumer goods in the local agricultural markets is sufficient, and prices remain generally stable [1] Group 2 - The prices of grain, oil, and subsidiary food products are stable, with peanut prices increasing by 2.86% to 7.20 CNY per 500g, while wheat prices decreased by 0.81% to 1.22 CNY per 500g [2] - The prices of aquatic products remain unchanged, with carp and crucian carp priced at 11.00 CNY and 11.50 CNY per 500g respectively [3] - Pork prices are stable, while egg prices have decreased by 2.86% to 3.40 CNY per 500g; fresh pork prices remain unchanged at 16.50 CNY, 15.50 CNY, and 15.50 CNY per 500g for different cuts [4] Group 3 - Vegetable prices have generally decreased, with an overall decline of 0.86%; specific prices include cabbage at 1.00 CNY, rapeseed at 2.00 CNY, cucumber at 3.00 CNY, and green onion at 1.50 CNY per 500g, with notable increases in some varieties [5] Group 4 - Fruit prices have also shown a general decline, with apples and pears priced at 4.20 CNY and 4.00 CNY per 500g, reflecting increases of 5.00% and 2.56% respectively, while bananas and watermelons have decreased by 3.03% and 18.75% to 3.20 CNY and 1.30 CNY per 500g [6]

近2万元的电视，优惠后仅需支付1.4万元；一款6399元的电冰箱，七五折就能带回家…… 消费品以旧换新政策正在激活消费市场，这在济南市民田大爷的身上体现得尤为明显。这两天，田大爷和老伴就为两套新房采购了两台冰箱、四台空调、两 台抽油烟机、一台洗衣机和一台大电视。 消费者的"买买买"也带火了商家。自从国家补贴政策实施后，有商家的手机销售额上升了300%。 政策带动下的消费市场到底有多火？近日，《每日经济新闻》记者（以下简称每经记者）来到山东、重庆一探究竟。 消费者：有人几天买齐两套房所需家电 田大爷介绍，趁着有国家补贴，他正好为自己的两套新房购置了家电。"一共省了多少钱我也算不清，我光知道现在来这里买很便宜。"田大爷说。 火爆的销售场景同样发生在山东泰安市三源家电卖场，现场人头攒动，即使不是周末，这里也挤满了为享受优惠政策专程而来的顾客。 在冰箱售卖区，一对年约60岁的夫妇正认真听导购员讲解产品。夫妇俩告诉每经记者，他们是特意冲着国家补贴政策来买冰箱的。"家里的冰箱用了好些 年，制冷效果越来越差，一直有更换的想法。这次看到国家推出家电补贴政策，觉得是个难得的好机会。"当问及预算时，夫妇俩透露，计划选购一台价格 ...

过去一年，奢侈品行业正在经历寒冬时，国货消费品牌出现了新的"排队王"，港股"黄金界爱 马仕" 老铺黄金 凭借独特的品牌定位与业绩爆发力，成为资本市场与消费市场的双重焦点。 免责声明 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 观点均来自相关机构或公开媒体渠道 不代表天天基金的观点 天天基金不对观点的准确性 ↓ 点击"阅读原文" 或上天天基金APP搜索【777】 注册领98元券包 ，优选基金10元起投！ 6月4日， 老铺黄金 股价上涨至994港元/股，创下历史新高。自2024年6月28日登陆港交所 后，截至目前， 老铺黄金 涨幅达到2375.61%，总市值超1700亿港元。 值得一提的是，今年一季度，老铺黄金受到更多公募基金经理的关注。据 东方财富 Choice 数据显示，广发价值核心混合A、富国消费精选30股票A、南方香港成长灵活配置混合等46只 基金产品截至一季度末时持仓老铺黄金。 从业绩上看，2024年，老铺黄金实现85.06亿元的营业收入，同比增长167.5%；实现净利润 14.73亿 ...

Core Viewpoint - The acquisition of 100% equity in Zhejiang Huguo Waste Management Co., Ltd. by Dadi Ocean for 135 million yuan is a strategic move aligned with national policies on waste management and resource recycling, aiming to enhance the company's capabilities in the recycling industry [1] Group 1: Acquisition Details - The acquisition price is based on the net asset valuation, reflecting the major shareholder's commitment to the merger, with a valuation increase of 46.42 million yuan, representing a 52.39% appreciation [2] - Post-acquisition, Huguo will become a wholly-owned subsidiary, enhancing Dadi Ocean's profitability without negatively impacting its financial status [2] Group 2: Business Integration and Growth Potential - The integration of Huguo will allow Dadi Ocean to expand its business from industrial solid waste disposal to residential waste recycling, creating a closed-loop recycling industry chain [3] - Huguo has developed a standardized and replicable business model that combines technology with waste collection, projecting a revenue of 466 million yuan and a net profit of 54.31 million yuan in 2024 [3] Group 3: Synergy and Market Opportunities - Huguo's innovative waste collection model addresses low recycling rates and poor waste classification awareness, contributing to improved waste management recognized by the Ministry of Ecology and Environment [4] - The acquisition aligns with national policies promoting large-scale equipment updates and resource recycling, positioning Dadi Ocean for significant growth in the rapidly evolving recycling industry [4]

2025年，按照国家和内蒙古自治区加力扩围消费品以旧换新政策要求，内蒙古自治区财政厅坚决落实中 央和自治区决策部署，迅速行动，做好资金保障。近日，内蒙古自治区财政厅再次下达第二批消费品以 旧换新资金15.79亿元，截至目前，共下达31.58亿元，支持全区各地接续实施消费品以旧换新，保障年 中消费旺季、"6·18"促销等市场需求。 消费品以旧换新政策的持续推进，不仅为消费者带来了实实在在的实惠，也为自治区经济高质量发展提 供了机遇。2025年1—4月，全区社会消费品零售总额实现1658.8亿元，同比增长6.9%，高于全国2.2个 百分点。其中：汽车、家电、通讯器材限上零售额同比分别增长20.5%、30.4%、86.3%，分别高于全国 增速的21个、6.5个、60.9个百分点。随着两批以旧换新资金的陆续投入和政策的深入实施，预计将进一 步拉动消费增长，促进经济循环，为高质量发展注入强劲动力。 今年以来，自治区财政厅会同自治区发展改革委主动对接国家相关部门，积极展示自治区政策实施成 果，全力争取国家加大对自治区的补助资金投入，为全区消费品以旧换新工作提供更坚实的保障。 下一步，自治区财政厅将继续加强政策宣传和引导， ...

"首发通关便利化政策正吸引越来越多企业选择上海作为新品首发地。"上海市静安区商务委副主任夏麟 表示，静安区已有8家国际一线品牌申请加入通关白名单。 本报上海6月3日讯（记者李治国）上海市商务委、上海海关日前联合发布《关于开展首发进口消费品检 验便利化措施试点的公告》，通过全国首创的"白名单+差异化合格评定"检验模式，为"首展、首秀、首 店、首发"进口消费品通关提速增效。 为进一步发挥首发经济的提振带动效应，上海市商务委会同上海市财政局、上海海关等部门在今年联合 出台"首发上海3.0版"支持政策，重点推出3项新举措和7项延续措施，其中两项新举措涉及首发进口新 品通关"便利化"。 此次新推出的便利化措施以"扩范围、分场景、强联动"为核心，通过三大制度创新破解通关痛点。一是 品类覆盖实现全域性突破，将适用范围扩展至服装、玩具等全品类进口首发消费品。二是分层监管构建 柔性机制，对于不进入流通领域的首展首秀展品、单批次20件以下的小批量新品，实施"合格保证、快 速验放"，20件以上批量进口的首发新品，可凭有资质有能力的实验室签发的检测报告实施快速验放。 三是跨部门协同服务，建立首发新品白名单联动机制，由商务主管部门推荐 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Macro - aspect: Internationally, the US May ISM manufacturing index was 48.5, with manufacturing activity contracting for the fourth consecutive month, and sales - cost inflation reaching the highest level since late 2022. Domestically, China's manufacturing PMI in May was 49.5%, up 0.5 percentage points from the previous month, and the non - manufacturing PMI was 50.3%, down 0.1 percentage points. The economic recovery foundation needs to be consolidated, and policies are expected to be further strengthened [3]. - Fundamental aspect: The import volume of zinc ore at home and abroad has increased, zinc ore processing fees have continued to rise, and smelter profits have been further repaired. However, a zinc smelter in South China has extended its maintenance, and the import window is closed. On the demand side, it is at the end of the peak season, and downstream demand may shrink, but low zinc prices have led to increased bargain - hunting purchases, and inventories are decreasing. - Technical aspect: There is an increase in positions and a decline in price, with a strong bearish atmosphere. Zinc prices are expected to be mainly in a weak oscillation. It is recommended to wait and observe, focusing on the range of 21,800 - 22,300 [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main contract was 22,180 yuan/ton, down 45 yuan; the 07 - 08 contract spread was 240 yuan/ton, down 5 yuan. - The LME three - month zinc quotation was 2,693 dollars/ton, up 63.5 dollars. - The total position of Shanghai zinc was 238,690 lots, up 12,016 lots; the net position of the top 20 in Shanghai zinc was 1,909 lots, up 1,365 lots; the Shanghai zinc warehouse receipts were 1,675 tons, unchanged. - The SHFE inventory was 42,310 tons, down 1,763 tons; the LME inventory was 138,150 tons, down 1,000 tons [3]. 3.2现货市场 - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network was 22,790 yuan/ton, up 20 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market was 22,440 yuan/ton, down 40 yuan. - The basis of the ZN main contract was 610 yuan/ton, up 65 yuan; the LME zinc premium (0 - 3) was - 26.08 dollars/ton, down 2.65 dollars. - The arrival price of 50% zinc concentrate in Kunming was 17,710 yuan/ton, down 80 yuan; the price of 85% - 86% crushed zinc in Shanghai was 16,300 yuan/ton, down 50 yuan [3]. 3.3上游情况 - The WBMS zinc supply - demand balance was - 124,700 tons, down 104,100 tons; the ILZSG zinc supply - demand balance was - 69,100 tons, up 10,400 tons. - The global zinc ore production was 1.0075 million tons, down 4,300 tons; the domestic refined zinc production was 576,000 tons, down 39,000 tons. - The zinc ore import volume was 455,900 tons, up 124,900 tons [3]. 3.4产业情况 - The refined zinc import volume was 35,156.02 tons, down 22,615.39 tons; the refined zinc export volume was 483.88 tons, up 266.83 tons. - The zinc social inventory was 56,800 tons, down 2,200 tons. - The production of galvanized sheets was 2.32 million tons, down 130,000 tons; the sales volume of galvanized sheets was 2.34 million tons, down 120,000 tons [3]. 3.5下游情况 - The new housing construction area was 178.3584 million square meters, up 48.3938 million square meters; the housing completion area was 156.4785 million square meters, up 25.8758 million square meters. - The automobile production was 2.604 million vehicles, down 440,600 vehicles; the air - conditioner production was 19.6788 million units, up 3.4764 million units [3]. 3.6期权市场 - The implied volatility of the at - the - money call option for zinc was 15.94%, up 0.76 percentage points; the implied volatility of the at - the - money put option for zinc was 15.94%, up 0.76 percentage points. - The 20 - day historical volatility of at - the - money zinc options was 12.27%, up 0.62 percentage points; the 60 - day historical volatility of at - the - money zinc options was 16.87%, up 0.02 percentage points [3]. 3.7行业消息 - In May, China's manufacturing PMI was 49.5%, up 0.5 percentage points; the non - manufacturing business activity index was 50.3%, down 0.1 percentage points; the composite PMI output index was 50.4%, up 0.2 percentage points. - The sales volume of consumer goods trade - in has exceeded 1 trillion yuan. As of May 31, 5 major categories of consumer goods trade - in have driven sales of 1.1 trillion yuan, with about 175 million subsidies issued. - The US May ISM manufacturing PMI was 48.5, the lowest since November 2024. The S&P Global manufacturing PMI final value was 52, with an initial value of 52.3. - Fed's Daly said she is still comfortable with the Fed's March forecast, which shows two rate cuts by the end of the year. She hopes to maintain a moderately restrictive policy rate for now [3].

不锈钢产业日报 2025-06-03 | 项目类别 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货主力合约收盘价:不锈钢(日,元/吨) 期货市场 | 12630 | -55 07-08月合约价差:不锈钢(日,元/吨) | -25 | 20 | | 期货前20名持仓:净买单量:不锈钢(日,手) | 3086 | 1004 主力合约持仓量:不锈钢(日,手) | 85193 | -5476 | | 仓单数量:不锈钢(日,吨) | 129690 | -300 | | | | 304/2B卷:切边:无锡(日,元/吨) 现货市场 | 13750 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9800 | 0 | | SS主力合约基差(日,元/吨) | 640 | 55 | | | | 电解镍产量(月,吨) 上游情况 | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.17 | -0.11 | | 进口数量:精炼镍及合金(月,吨) | 18746.54 | 10187.11 进口数量:镍铁(月,万吨) | 8 ...