21世纪经济报道记者张旭 北京报道 近日，商务部等9部门联合出台《关于实施绿色消费推进行动的通知》（以下简称《通知》），对"十五 五"时期绿色消费工作作出安排。 1月6日，国务院新闻办举行新闻发布会介绍推进绿色消费有关情况新闻发布会有关情况。商务部副部长盛秋平在发布会表示，2024至2025年， 我国实现汽车以旧换新1830万辆，其中新能源汽车占比近60%。实现家电以旧换新1.92亿台，其中1级能效（水效）占比达到了90%以上，以旧 换新政策带动消费品销售额3.92万亿元，惠及消费者4.94亿人次。 盛秋平介绍，商务部把落实大规模消费品以旧换新政策作为推动绿色消费的重要机遇，在政策设计上对高能效的绿色家电、绿色家居、绿色建 材和新能源汽车等予以补贴，进一步激发绿色消费需求，畅通绿色消费循环。 2024年至2025年，全国报废汽车回收1767.3万辆，年均增速45.8%；二手汽车交易3968.6万辆；规范拆解废旧家电及手机约5300万台，年均增 速约12%。 （资料图） 盛秋平表示，新能源汽车、绿色智能家电等绿色商品消费增长带动绿色消费市场规模稳步扩大，绿色产品供给更加丰富，绿色消费的模式不断 创新，绿色消费的 ...

1月6日，国务院新闻办公室举行新闻发布会，介绍推进绿色消费有关情况，并答记者问。商务部副部长 盛秋平表示，近年来，商务部推进以旧换新政策，提高消费的"含绿量"。 新华社音视频部制作 【纠错】 【责任编辑:谷玥】 ...

证券研究报告 2026年1月6日 下一任美联储主席即将敲定，宽松预期下降 — 大 类 资 产 配 置 月 报 第 5 4 期 ： 2 0 2 6 年 1 月 分析师：郑小霞 SAC执业证书号：S0010520080007 联系方式：zhengxx@hazq.com 分析师：张运智 SAC执业证书号：S0010523070001 联系方式：zhangyz@hazq.com 1 核心结论：下一任美联储主席降低降息预期，年初国内政策预期改善 | 大类 | 项目 | | | 本期：2025-12-31至2026-1-30 | 上期：2025-11-28至2025-12-31 | | | --- | --- | --- | --- | --- | --- | --- | | | | 投资建议 | 较上期变化 | 核心观点与逻辑支撑 | 指数变动 | 涨跌 | | 股指 | 上证指数 创业板指 | 震荡上行 震荡上行 | ↑ | 宏观政策接续发力，建筑业PMI大幅改善指向投资止跌回稳 | 3888.6-->3968.84 3052.59-->3203.17 | 2.06% 4.93% | | | | | | 值得期待，降 ...

Core Viewpoint - The heavy truck industry in China achieved significant growth in 2025, with total sales reaching 1.137 million units, marking a year-on-year increase of approximately 26% [1][19]. Group 1: Monthly Sales Performance - In December 2025, approximately 95,000 heavy trucks were sold, representing a month-on-month decline of about 16% but a year-on-year increase of around 13% compared to 84,200 units in December 2024 [1][3]. - The average growth rate for the heavy truck market from April to December 2025 was as high as 41%, indicating a strong upward trend throughout the year [1][3]. - The total sales for 2025 marked the highest level in the last four years, with a total of 1.137 million units sold [1]. Group 2: Export and Terminal Sales - Heavy truck exports in December 2025 are expected to increase by nearly 20%, with total exports for the year projected at around 330,000 units, setting a new historical record [5]. - Domestic terminal sales for heavy trucks in December are estimated to grow by about 11%, with total terminal sales for 2025 expected to approach 800,000 units, reflecting a year-on-year increase of over 30% [5]. Group 3: New Energy and Gas Heavy Trucks - New energy heavy truck sales in December 2025 are projected to exceed 37,000 units, representing a year-on-year increase of over 140%, with a monthly penetration rate nearing 50% [7]. - For the entire year, new energy heavy truck sales are expected to reach approximately 224,000 units, a year-on-year increase of over 170% [7]. - In contrast, gas heavy truck sales in December 2025 are expected to decline by nearly 40% month-on-month, with a year-on-year growth rate of about 26% [9]. Group 4: Major Players in the Market - China National Heavy Duty Truck Group (重汽) sold over 22,000 heavy trucks in December 2025, maintaining its position as the industry leader with a market share of approximately 26.7% [11]. - Dongfeng Motor Corporation (东风) sold about 19,000 heavy trucks in December, ranking second in the industry with a market share of around 16% [13]. - Foton Motor (福田) achieved the highest growth rate among major companies, with December sales increasing by approximately 113% year-on-year [15]. Group 5: Future Outlook - The heavy truck market in 2026 is expected to experience a slight domestic decline while maintaining steady growth in exports, influenced by the continuation of the old truck replacement policy [19].

随着新一轮补贴政策的全面推开，京东线上线下全面承接2026年国补落地。消费者在京东购买活动指定 的冰箱、洗衣机、电视、空调、电脑、热水器产品，单件/单次至高补贴1500元；购买活动指定的手 机、平板、智能手表手环、智能眼镜产品，单件/单次至高补贴500元。单人累计至高可省11000元，有 效降低了消费者的换新成本。 自2024年"两新"政策实施以来，在商务部等部委的指导统筹下，京东采销、客服、研发、物流等数十万 工作人员积极参与，以极大的热情和资金投入，全力保障国家补贴高效、普惠落地。为更好地配合以旧 换新政策落地普惠，进一步促进乡村消费提振，京东在承接以旧换新工作的基础上，2025年针对乡镇及 以下地区累计投入近300亿元，用于商品补贴、营销推广、物流履约、服务能力建设等，为广大乡镇及 以下地区消费者带去国家补贴与京东补贴的多重福利与海量产品，以及一站式高效国补换新体验，并助 力当地经济高质量增长。 政策与市场的积极协同，不仅切实提升了消费者的幸福感，也进一步增强了市场发展信心。未来，京东 将持续做好两新政策的落地实施工作，助力国家换新补贴高效、安全地覆盖广大消费者。 新年伊始，2026年国家补贴政策全面实 ...

Group 1: Fund Research - The equity market indices showed mixed performance, with the ChiNext Index experiencing the largest decline of 1.25%. Among 31 Shenwan first-level industries, 12 sectors rose, with the top five gainers being oil and petrochemicals, defense and military, media, automotive, and machinery equipment. The sectors with the largest declines included utilities, food and beverage, electrical equipment, pharmaceuticals, and non-bank financials [2] - The public fund market saw a total scale exceeding 37 trillion yuan, with the implementation of new regulations on fund sales expenses [2] - Most funds performed poorly due to market adjustments, with equity funds, particularly those focused on stocks, experiencing an average decline of 0.60%. The positive return ratio for equity funds was 21.62% [3] Group 2: ETF Market Overview - The ETF market experienced a net inflow of 20.852 billion yuan, with bond ETFs seeing the largest inflow of 25.099 billion yuan. The average daily trading volume reached 406.118 billion yuan, with a turnover rate of 7.05% [3] Group 3: Industry Research - The "old-for-new" policy is set to continue smoothly, with smart glasses included in the subsidy range, which is expected to lower prices and stimulate market growth [5][6] - In the period from January to November 2025, the retail sales of furniture reached 189.49 billion yuan, a year-on-year increase of 16.90%. Retail sales for clothing, shoes, hats, and textiles totaled 1,359.67 billion yuan, growing by 3.50% year-on-year [6] - The light industry manufacturing sector outperformed the CSI 300 index by 1.48 percentage points, while the textile and apparel sector underperformed by 3.31 percentage points [6] - The appreciation of the RMB is expected to improve profitability in the paper industry, as it reduces the cost of purchasing pulp, which is heavily relied upon by the industry [7]

记者丨 凌晨 编辑丨陈洁 2026年"两新"政策发布之后，元旦提振消费的力度进一步加大。 2025年12月30日，国家发展改革委和财政部联合对外发布《关于2026年实施大规模设备更新 和消费品以旧换新政策的通知》（以下简称《通知》），提出在汽车报废更新、汽车置换更 新、家电、数码和智能产品等领域，实施消费品以旧换新政策。 近日，国家发展改革委会同财政部，已向地方提前下达2026年第一批625亿元超长期特别国债 支持消费品以旧换新资金计划。 2026年元旦，消费品以旧换新政策的落地情况如何？21世纪经济报道记者走访西安市区线下门 店获悉，自2026年1月1日以来，位于西安的大部分线下门店，已启动最新的"国补"政策。 "我们目前主要补贴品类是电视、冰箱、洗衣机等，除了部分厨电机器不参与补贴外，基本都 有千元左右的补贴。"西安市北大明宫钻石店商家对21世纪经济报道记者表示。 2025年12月10日—11日在北京召开的中央经济工作会议提出，优化"两新"政策实施。清理消 费领域不合理限制措施，释放服务消费潜力。 12月底发布的《通知》，明确继续支持汽车、家电、数码和智能产品等重点商品的以旧换新。 为满足元旦、春节消费需 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [35]. Core Insights - The implementation of the vehicle trade-in policy in 2026 is expected to boost the industry's outlook, particularly for passenger vehicles, heavy trucks, and buses, with a focus on high-end electric vehicles and established export-oriented companies [2][26]. - The heavy truck segment is anticipated to see a sales volume of 800,000 to 850,000 units in 2026, reflecting a year-on-year increase of 3% [30]. - The bus segment is projected to maintain growth, with an estimated sales volume of 40,000 units in 2026, a 5% increase year-on-year [30]. - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, a 14% increase, with large-displacement motorcycles projected to grow by 31% [27]. Summary by Sections Passenger Vehicles - The short-term outlook is positive due to the new subsidy policies, with expectations for a recovery in demand in Q1 2026. Key companies to watch include Jianghuai Automobile, Geely, Great Wall Motors, and BYD [2][26]. - The 2026 subsidy budget is projected at 125 billion yuan, which could drive an additional sales increase of 780,000 to 1.54 million units [15]. Heavy Trucks - The 2026 trade-in policy for heavy trucks has exceeded expectations, with subsidies remaining at previous levels. The anticipated sales volume for 2026 is optimistic, with a target of 800,000 to 850,000 units [30][19]. - Recommended companies in this segment include China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [30]. Buses - The bus segment's policy has also exceeded expectations, with a projected sales volume of 40,000 units in 2026, reflecting a 5% year-on-year increase [30][18]. - Key recommendations include Yutong Bus and King Long [30]. Motorcycles - The motorcycle industry is expected to see a total sales volume of 19.38 million units in 2026, with large-displacement motorcycles projected to grow significantly [27]. - Recommended companies include Chunfeng Power and Longxin General [27].

有投资者在互动平台向伊之密提问："请问国家发展改革委、财政部关于2026年实施大规模设备更新和 消费品以旧换新政策的通知。对公司业务影响正面吗？" 来源：市场资讯 针对上述提问，伊之密回应称："尊敬的投资者，您好。以旧换新政策对公司业务有一定的正面影响， 有望对公司注塑、压铸装备及自动化整体解决方案等形成需求传导。公司会积极把握契合公司发展的合 作机会。感谢您的关注。" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集13年项目编制服务经验为各 类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战略规划、风险评估等提供项目可行性报告&商业计划书编 制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升项目单位申报项目的通过效率。 （1）电动两轮车市场现状：纵观国内电动两轮车行业发展历程，产品刚推出时由于四电技术尚未成熟，当时电动两轮车存在电能消耗大、续航里程短等问 题，消费者更多采用自行车作为通勤工具。1995年随着带轮毂电机的电动两轮车研发成功，能耗下降，消费者对电动两轮车接受度提升，行业逐步实现销量 提升。可将电动两轮车行业发展过程分为几个阶段： ①起步阶段（2000-2003年）：2000年后随着电动两轮车性能提升，对摩托车产生替代作用，且国内开始推行禁限摩政策，综合促进电动两轮车产业初步形 成，行业逐渐具备一定销量规模； ②快速增长后达到相对稳定（2004-2018年）：2004年电动两轮车被确定为非机动车的合法车型，得到更加广泛应用， ...