Core Viewpoint - The "old-for-new" consumption policy in Jiangsu Province has shown positive results, with significant participation and financial support, but there are operational challenges affecting consumer experience [1][3][4] Group 1: Policy Impact - As of May 18, 2023, 12 million people in Jiangsu have applied for or received subsidies under the "old-for-new" program, with a total funding usage exceeding 13.3 billion yuan [1] - In the home renovation sector, since the program's launch in February, it has benefited 9,907 households with approximately 200 million yuan in subsidies [1] Group 2: Consumer Experience Issues - Consumers have reported difficulties with the application process for automobile replacement subsidies, including complicated procedures and issues with incorrect submissions [2][3] - Complaints have been raised regarding slow subsidy disbursement and the lack of clarity in the application process, indicating a need for improved service awareness [1][2] Group 3: Recommendations for Improvement - The article suggests that the application process should be simplified, with clearer instructions and automatic error correction features to enhance user experience [2][3] - It advocates for better policy communication and the integration of user-friendly platforms to facilitate the application process, drawing parallels to successful service models in other areas [2][3]

Group 1 - The consumption upgrade policy in Changsha has significantly boosted sales, with over 2.83 million people benefiting from subsidies, leading to a sales increase of 17.127 billion yuan [1] - The promotion of the "old for new" program has resulted in a 30% year-on-year increase in overall sales for Tongcheng Electric, with nearly 90% of consumers opting for first-level energy-efficient products [2] - The inclusion of digital products like smartphones and tablets in the subsidy program has sparked a "replacement" trend in the mobile phone market, enhancing consumer activity [2] Group 2 - The automotive market in Changsha has also seen a surge, with a special fund of 10 million yuan allocated for car purchase subsidies, allowing consumers to receive up to 22,000 yuan per vehicle [3] - As of May 23, the government has disbursed 2.005 billion yuan in subsidies for the "old for new" program, with over 40% of claims coming from the automotive and home appliance sectors [3] - Retail sales of home appliances, furniture, and communication equipment have shown significant growth, with year-on-year increases of 53.5%, 28%, and 57.2% respectively from January to April 2025 [3]

Core Viewpoint - The rapid disbursement of 300 billion yuan in national subsidies is significantly boosting consumer spending in various sectors, including automobiles, home appliances, and digital products, leading to increased sales and tax revenues for local governments [1][11]. Group 1: National Subsidy Program - The central government has issued 1.5 billion yuan in special long-term bonds for the "trade-in" subsidy program, which will increase to 3 billion yuan by 2025 [3][5]. - The distribution of the 3 billion yuan subsidy will be based on factors such as population, GDP, and previous performance in implementing the trade-in policy, with a focus on regions that have shown effective results [5][6]. Group 2: Regional Implementation - Chongqing has received 3 billion yuan in special long-term bond funds, with a high subsidy application rate leading to significant consumer spending [2][4]. - As of May 21, Chongqing has processed 48.5 billion yuan in trade-in subsidy applications, with 24.7 billion yuan disbursed, achieving an 82.3% disbursement rate [2]. Group 3: Economic Impact - The trade-in subsidy program has led to a notable increase in retail sales, with Chongqing reporting a 4.1% year-on-year increase in social retail sales in Q1 [2]. - The program has driven sales of over 8.3 trillion yuan across five major product categories, contributing to a positive shift in tax revenue growth [11]. Group 4: Fund Management and Oversight - The central government emphasizes strict fund management to prevent misuse, with measures including a negative list for fund usage and a multi-tiered oversight system [12][14]. - Local governments, such as in Chongqing and Shandong, are implementing advanced monitoring systems and collaborative regulatory frameworks to ensure compliance and efficiency in fund distribution [13][14].

近日，笔者家中换了三台空调，因为可以参加以旧换新活动，享受"国补+平台补贴+旧品抵扣"的优惠 后，每台省了840元，相当于打了七五折。安装空调的师傅表示，最近一段时间，通过以旧换新方式安 装空调的客户，每天都排得满满的。这是今年以来我国加力扩围实施消费品以旧换新政策，持续促消 费、惠民生的缩影。 ■刘萌 再拉长时间来看，今年1月份至4月份，限额以上单位家电和音像器材类商品零售达3469亿元，同比增长 23.9%，超出同期社会消费品零售总额增速19.2个百分点。2024年9月份至2025年4月份，家电类商品零 售额已连续8个月保持两位数增长。 今年《政府工作报告》提出"大力提振消费、提高投资效益，全方位扩大国内需求"。日前，国家发展改 革委印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国债资金，继续大力支 持消费品以旧换新。 此外，为更好地落实消费品以旧换新政策，不少地方正加强协作，出招解决一些痛点问题。比如，辽宁 省今年加力扩围产品品类并不断优化以旧换新流程。目前，家电品类从上年的8类扩充至今年的20+X 类；家电、手机等补贴资格领取核销渠道由2个拓展到10个；升级使用专用POS机后，消 ...

Core Insights - Hainan's policy to promote the replacement of old consumer goods has effectively stimulated market activity, leading to sales exceeding 138 billion yuan this year [1][2] Group 1: Policy Implementation - In January, Hainan introduced a comprehensive plan to support the replacement of old consumer goods, focusing on automobiles, home appliances, digital products, home decoration, and electric bicycles [1] - The policy has been well-received by consumers, prompting retailers to launch new products and promotional offers [1] Group 2: Sales Impact - The old-for-new policy has directly driven various categories of consumption, with significant contributions from different sectors: - 0.5 million old cars scrapped, generating 7.18 billion yuan in new car sales - 5.81 million cars replaced, leading to 96.86 billion yuan in new car sales - 6.98 million electric bicycles replaced, resulting in 2.08 billion yuan in new sales - 537,000 home appliances replaced, contributing 15.07 billion yuan - 81,800 home decoration items replaced, generating 8.22 billion yuan - 333,000 digital products purchased, leading to 9.46 billion yuan in sales [2] Group 3: Consumer Trends - The consumption of related categories has shown a continuous increase, with retail sales of home appliances and audio-visual equipment rising by 7.7% year-on-year, and communication equipment by 5.6% [2] - Notably, smart home appliances and audio-visual equipment saw a remarkable growth of 43%, while energy-efficient products (level 1 and 2) increased by 30% [2] - Furniture retail sales surged by 2.8 times, and building materials increased by 3.3 times year-on-year [2] - The automotive sector experienced a significant boost, with retail sales of automobiles increasing by 78.7% year-on-year, and new energy vehicle sales rising by 1.6 times [2]

Core Insights - The article highlights the significant impact of China's "old for new" consumption policy, which has led to increased sales in various sectors, particularly in home appliances and electric vehicles [2][4][5] Group 1: Policy Implementation - The Chinese government is actively promoting the "old for new" policy, with a focus on large-scale equipment updates and consumer goods replacement, aiming to expand support until 2025 [2][6] - As of April 27, 2025, Shandong province has received subsidy applications totaling 64 billion yuan, resulting in the sale of 544.3 million units of various products [2][5] - The policy has led to substantial growth in retail sales, with electric vehicles, smart home appliances, and smartphones seeing increases of 29.2%, 50.2%, and 54.8% respectively in the first quarter [2] Group 2: Retail Performance - JD Electronics in Jinan achieved over 1 billion yuan in sales during its first month of operation, with 90% of products participating in the national subsidy program [4] - The store's sales during the "May Day" holiday reached 9.6 million yuan, ranking first among 130 flagship stores nationwide [4] - The store has adapted its product offerings based on consumer feedback, focusing on cleaning products and televisions, and has updated about 20% of its inventory [4] Group 3: Regulatory Measures - Shandong has established a cross-departmental regulatory mechanism to prevent fraud related to subsidies, ensuring compliance and timely sharing of information [3][9] - The province has implemented strict measures against businesses that violate pricing commitments or engage in fraudulent activities, including immediate disqualification from the subsidy program [3] Group 4: Financial Support Mechanisms - The Shandong government has introduced a pre-allocation funding system to alleviate the financial burden on retailers participating in the "old for new" program, allowing for immediate subsidy access for consumers [8] - The province has also integrated various resources, including financial institutions and retailers, to maximize consumer benefits and reduce costs [7][8] Group 5: Future Outlook - In 2025, the national government plans to allocate 300 billion yuan in long-term special bonds to further support the "old for new" policy [6] - The policy will expand to include additional categories of appliances and digital products, enhancing consumer incentives [7]

Economic Overview - In April 2025, Guangdong's economy showed overall stability despite increased external shocks, supported by effective macro policies [2] - The industrial production maintained steady growth with a 3.4% year-on-year increase in the first four months [2] Industrial Performance - The industrial added value for large-scale enterprises grew by 3.4% year-on-year from January to April, with manufacturing up by 4.1% [2] - Key sectors such as computer, communication, and electronic equipment manufacturing saw a 7.1% increase, while automotive manufacturing grew by 7.8% [2] - New energy vehicles, industrial robots, and civilian drones experienced significant production increases of 22.9%, 36.4%, and 48.6% respectively [2] Service Sector - The large-scale service industry reported a revenue of 1.39 trillion yuan in Q1, marking a 7.6% year-on-year growth [2] - The transportation, storage, and postal services sectors grew by 9.8%, contributing significantly to the service industry's revenue growth [2] Transportation Market - In April, freight volume and turnover increased by 2.8% and 4.4% year-on-year, with railway freight volume rising by 16.4% [3] - Passenger transport also saw growth, with civil aviation passenger volume increasing by 9.9% [3] Retail and Consumption - The total retail sales of consumer goods in Guangdong increased by 3.0% year-on-year in the first four months, with urban consumption growing by 3.4% [4] - The "old-for-new" consumption policy showed positive effects, with significant growth in categories like home appliances and communication equipment [4] Investment Trends - Fixed asset investment in Guangdong decreased by 8.4% in the first four months, but infrastructure investment rose by 4.5% [5] - Investment in the automotive manufacturing sector increased by 20.8%, indicating a strong focus on industrial technology upgrades [5] Price Stability - The Consumer Price Index (CPI) in April showed a year-on-year decrease of 0.4%, with food and non-food prices both declining [6] - The Producer Price Index (PPI) also fell by 1.4% year-on-year in April, reflecting broader price stability in the industrial sector [6]

Core Viewpoint - The Ministry of Commerce reports significant growth in inbound tourism and consumer spending in April 2025, indicating a positive trend in China's consumption market [1] Group 1: Consumer Market Performance - In April, the total retail sales of consumer goods reached 3.72 trillion yuan, reflecting a year-on-year increase of 5.1% [1] - From January to April, the total retail sales of consumer goods amounted to 16.18 trillion yuan, with a year-on-year growth of 4.7% [1] Group 2: Key Trends in Consumption - There is an acceleration in the growth rate of goods consumption, with strong sales in automobiles, home appliances, and mobile phones [1] - Service consumption continues to expand, with sustained interest in cultural, entertainment, and tourism activities [1] - New consumption trends are emerging, with rapid growth in sales of green, smart, and health-related products [1] - Online consumption is steadily increasing, while physical retail is showing signs of recovery [1]

1. Report Industry Investment Rating - The investment rating for the steel products in the black building materials sector is "Oscillating Weakly" [1] 2. Core View of the Report - The market logic has returned to the industry and expectations. With current weak expectations, the futures market is expected to continue oscillating weakly. It is advisable to wait for the direction to become clearer [1] 3. Summary by Relevant Catalog Market Quotes - On Thursday, the main contract of rebar 2510 closed at 3061, down 0.03%. The main contract of hot - rolled coil closed at 3210, up 0.09%. The main contract of stainless steel closed at 12830, up 0.04%. During the night session, rebar closed flat, hot - rolled coil declined slightly, and stainless steel rose slightly [1] Important Information - On the 21st, eight departments including the Financial Regulatory Administration jointly issued "Several Measures to Support the Financing of Small and Micro Enterprises", proposing 23 work measures in 8 aspects to improve the financing situation of small and micro enterprises and individual industrial and commercial households [1] - Shanghai's special action plan to boost consumption aims to expand the implementation of consumer goods trade - in programs [1] - This week, the supply of five major steel products was 8724400 tons, a week - on - week increase of 40900 tons or 0.5%. The total inventory was 13985400 tons, a week - on - week decrease of 321200 tons or 2.2%. The weekly consumption was 9045600 tons, a week - on - week decrease of 1.0% [1] - According to the World Steel Association, global crude steel production in April 2025 decreased by 0.3% year - on - year to 155.7 million tons [1] Market Logic - On Thursday, the spot prices of rebar and hot - rolled coil continued to fall with poor trading volume. Steel mills such as Shagang and Zhongtian set the ex - factory prices for the second half of May mainly with a price - holding attitude. Most stainless steel spot prices remained flat, and a few declined. This week, rebar production and factory inventory increased, while social inventory and apparent demand decreased. Electric - arc furnace steel has fallen into losses again, and production cuts may occur [1] Trading Strategy - Wait for the direction to become clearer [1] Support and Pressure Levels - The pressure level for the main rebar contract is 3164, and the support level is 3000. The pressure level for hot - rolled coil is 3282, and the support level is 3100. The pressure level for stainless steel is 12900, and the support level is 13130 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - A-share major indices generally closed lower with the Shanghai Composite Index down 0.22%, the Shenzhen Component Index down 0.72%, and the ChiNext Index down 0.96%. The trading volume of the Shanghai and Shenzhen stock markets declined slightly, and over 4,400 stocks fell. Currently, the domestic economic fundamentals are slightly weak, which has a negative impact on market sentiment. Although domestic macro - support policies have been introduced, it is necessary to wait for the policy effects. In the short term, the market is expected to remain volatile, and it is recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: The latest price of the IF main contract (2506) is 3879.6, down 2.0; the IH main contract (2506) is 2715.4, up 2.6; the IC main contract (2506) is 5614.8, down 39.6; the IM main contract (2506) is 5950.0, down 48.6 [2]. - **Futures Spreads**: The IF - IH current - month contract spread is 1164.2, down 4.4; the IC - IF current - month contract spread is 1735.2, down 39.2; the IM - IC current - month contract spread is 335.2, down 9.8 [2]. - **Futures Term Spreads**: IF current - quarter minus current - month is - 72.0, up 0.2; IH current - quarter minus current - month is - 38.2, down 1.8; IC current - quarter minus current - month is - 188.6, up 6.2; IM current - quarter minus current - month is - 241.8, up 0.8 [2]. - **Futures Net Positions**: The net position of the top 20 in IF is - 30,286.00, up 141.0; the net position of the top 20 in IH is - 10,988.00, down 889.0; the net position of the top 20 in IC is - 14,118.00, up 274.0; the net position of the top 20 in IM is - 35,623.00, down 45.0 [2]. - **Futures Basis**: The basis of the IF main contract is - 34.3, up 0.9; the basis of the IH main contract is - 18.2, down 2.4; the basis of the IC main contract is - 88.5, up 13.8; the basis of the IM main contract is - 116.1, up 15.5 [2]. 3.2 Market Sentiment - The A - share trading volume is 11,397.05 billion yuan, down 746.67 billion yuan; the margin trading balance is 18,111.84 billion yuan, down 16.56 billion yuan; the north - bound trading volume is 1287.83 billion yuan, down 8.46 billion yuan [2]. - The proportion of rising stocks is 16.30%, down 13.55 percentage points; the Shibor is 1.465%, down 0.044 percentage points; the closing price of the IO at - the - money call option (2506) is 51.40, down 0.60; the implied volatility of the IO at - the - money call option is 13.67%, up 0.52 percentage points [2]. 3.3 Industry News - Eight departments including the National Administration of Financial Regulation jointly issued "Several Measures to Support the Financing of Small and Micro Enterprises", proposing to increase the issuance of first - time loans, credit loans, medium - and long - term loans, corporate - type loans, and private - type loans. Shanghai issued a special action plan to boost consumption, including measures such as promoting consumer goods replacement, meeting housing consumption needs, and increasing bond products for individual investors [2]. 3.4 Key Data to Watch - May 22, 21:45, US May SPGI Manufacturing PMI preliminary value; May 23, 7:01, Japan's April core CPI annual rate; May 23, 14:00, UK's April seasonally - adjusted retail sales monthly rate; May 23, 22:00, US April new home sales annualized total (in ten thousand households); May 26, 21:00, ECB President Lagarde's speech [3].