Economic Overview - The National Development and Reform Commission (NDRC) announced that the overall operation of the Chinese economy remains stable this year [1] - The NDRC plans to issue the third batch of funds for the "old for new" consumption policy in July, ensuring orderly implementation throughout the year [1] Industrial and Service Sector Performance - In May, the industrial added value above designated size increased by 5.8% year-on-year, while the service production index grew by 6.2%, an increase of 0.2 percentage points from the previous month [2] - The fixed asset investment has shown stable growth, with manufacturing investment rising by 8.5% [4] Consumer Market Insights - The total retail sales of consumer goods in May increased by 6.4% year-on-year, marking the highest growth rate in 2024 [4] - Exports in May, measured in RMB, grew by 6.3%, with significant increases in exports to ASEAN (17.5%), the EU (13.7%), and countries involved in the Belt and Road Initiative (13.8%) [4] Energy Supply and Demand - The NDRC anticipates that the peak electricity load during the summer will increase by approximately 10 million kilowatts year-on-year, with a better supply-demand balance compared to last year [9][10] - As of the end of May, the total installed power generation capacity reached 361 million kilowatts, a year-on-year increase of 18.8% [10] Preparedness for Natural Disasters - The NDRC emphasizes the importance of preparing for potential natural disasters that could impact electricity supply, including extreme weather events [12][14] - Measures are being taken to ensure rapid response and recovery to maintain electricity supply for essential services and key sectors [14]

Group 1 - The Hang Seng Index fell by 0.48% and the Hang Seng Tech Index remained flat as of midday on June 26, with the Hong Kong consumer sector experiencing continued fluctuations [1] - The National Development and Reform Commission (NDRC) announced that it will issue the third batch of subsidies for the replacement of consumer goods in July, emphasizing a focus on sustainability and balance in the implementation of the policy throughout the year [1] - Huatai Securities noted that the 300 billion yuan subsidy for the replacement program represents approximately 0.5% of the total disposable income and 0.7% of the total retail sales of consumer goods for the year 2024, potentially boosting the growth rate of retail sales by about 1 percentage point if certain conditions are met [1] Group 2 - Huajin Securities highlighted that the issuance of guidelines for financial support to boost and expand consumption provides strong backing for the investment value of the consumer sector, with a focus on enhancing credit support and diversifying financing channels [1] - Popular ETFs related to the consumer sector include the Food and Beverage ETF (515170), which focuses on core assets in the food and beverage sector, and the Consumption 30 ETF (510630), which covers various sub-sectors such as liquor, food, beauty care, and biotechnology [2]

国家发展改革委政策研究室副主任李超在发布会上表示， 将于今年7月份下达今年第三批消费品以 旧换新资金。 同时，将协调有关方面，坚持更加注重持续性和均衡性原则，分领域制定落实到每个 月、每一周的国补资金使用计划，保障消费品以旧换新政策全年有序实施。 ...

中新网太原6月26日电(车雨榕李新锁)山西省政府新闻办25日召开新闻发布会，详解《山西省提振消费 专项行动实施方案》。其间，山西省商务厅副厅长梁志勇表示，山西将持续加力扩围实施消费品以旧换 新，不断优化补贴审核流程，提高资金兑付效率，推动全省消费市场企稳回升。 山西加力提振消费。 山西省政府新闻办供图 在以旧换新补贴资金方面，2024年清算工作已完成，共计补贴资金55.11亿元(其中中央资金37.45亿元， 省级资金17.66亿元)。2025年已预拨资金44.44亿元(中央资金40亿元，省级配套资金4.44亿元)。 山西省财政厅副厅长、新闻发言人陈新民说，后续将根据工作开展情况加大支持力度，全力确保消费者 享受真金白银的优惠。(完) （文章来源：中国新闻网） 今年，山西消费品以旧换新工作，突出"加力"和"扩围"。在补贴标准上，汽车置换更新执行国家限定最 高标准，对购买新能源车的消费者补贴1.5万元，燃油车补贴1.3万元；家电方面，购买1级能效水效标准 的产品可享受额外5%的补贴，立减额度达20%；电动自行车补贴标准由去年的500元提高至600元；手 机、平板、智能手表等电子产品的补贴标准为最终销售价格的15% ...

Group 1 - The core viewpoint is that the comprehensive implementation of domestic demand expansion policies in the first half of 2025 is a key driver for stable economic growth in China [1] Group 2 - The effects of the consumption upgrade policy, particularly the trade-in program for consumer goods, are becoming increasingly evident [1] - There is a significant increase in service consumption demand, indicating a shift in consumer behavior [1] - New forms of consumption are continuously emerging, reflecting evolving market trends [1] Group 3 - The accelerated issuance and utilization of local government special bonds and ultra-long-term special treasury bonds are facilitating the rapid advancement of "dual" construction projects [1] - Infrastructure investment is experiencing steady growth, contributing to overall economic stability [1]

Group 1 - Goldman Sachs expects China's GDP growth rate to reach 5.2% in the first half of this year, with potential for upward revision [1] - The shift in macroeconomic growth momentum from export-driven to policy-driven domestic demand is becoming evident, particularly with policies like the trade-in program for consumer goods [1] - The Chinese government plans to issue a total of 11.86 trillion yuan in new debt this year, an increase of 2.9 trillion yuan from the previous year, which will support economic growth [1] Group 2 - Geopolitical uncertainties and high base effects from last year may require further macroeconomic policy adjustments in the second half to achieve the annual growth target of 5% [2] - The central bank is expected to implement another round of "double cuts" (reducing reserve requirements and interest rates) in the fourth quarter, with potential for two more rate cuts next year [2] - The consumer goods trade-in policy has already generated sales of 1.1 trillion yuan this year, nearing last year's total, indicating strong policy impact [2] Group 3 - Government consumption is projected to improve significantly this year, with an expected growth rate of 5% [3] - The central government has reserved sufficient fiscal tools to respond to potential uncertainties, allowing for support in case of a decline in durable goods consumption [3] - Investment remains a key focus for expanding domestic demand, with a framework assessing policy effectiveness based on funding, projects, and official incentives [3]

Group 1 - The core viewpoint emphasizes the need to continuously promote the implementation of the old-for-new policy for durable consumer goods to effectively stabilize market expectations [1] - Relevant cities are encouraged to integrate the old-for-new consumer goods policy with urban renewal actions to better stimulate consumption potential [1] - There is a focus on consolidating the stability of the real estate market and accelerating the establishment of a new development model in real estate to meet public expectations for quality housing [1] Group 2 - There is an emphasis on increasing efforts to promote foreign trade production enterprises to stabilize volume and improve quality, while fostering the integrated development of domestic and foreign trade [1] - Relevant departments and localities are urged to conduct in-depth research, explore innovations, and address practical issues faced by enterprises to effectively respond to external shocks [1] - The goal is to fully achieve the economic work targets for the first half and the entire year [1]

Core Viewpoint - The Weifang municipal government is implementing a subsidy program for home adaptation for the elderly, aimed at enhancing the quality of life for senior citizens and stimulating consumption in response to aging population challenges [1] Group 1: Subsidy Details - The subsidy is targeted at elderly individuals aged 60 and above residing in Weifang, who participate in the home adaptation program [2] - The subsidy covers 22 categories of home adaptation products, as outlined in the Weifang municipal adaptation product list [3] - The subsidy amount is set at 30% of the actual sales price of each product, with a maximum subsidy of 2000 yuan per item and a total cap of 20000 yuan per individual for up to 10 different products [4] Group 2: Implementation Timeline - The subsidy program will be active from the launch of the home adaptation service module until December 31, 2025, with adjustments based on fund usage [5] Group 3: Application Process - Consumers must complete real-name authentication through the "Luhuanxin" mini-program on the Cloud Flash Payment app to receive subsidy vouchers, which can be redeemed at participating stores [6] Group 4: Assurance Measures - The municipal government will ensure the orderly implementation of the subsidy program by selecting market participants and products transparently, with information published on official platforms [7] - Future efforts will include broad policy promotion and diverse promotional activities to stimulate consumption and enhance the economic vitality of the elderly demographic [7]

Core Viewpoint - The People's Bank of China and other government departments have jointly issued guidelines to enhance financial support for consumption, aiming to stimulate economic growth through increased consumer spending [2][3]. Group 1: Key Areas of Financial Support - The guidelines focus on three main areas of consumption: goods consumption, service consumption, and new consumption types [3]. - Current goods consumption is robust, with durable goods spending reaching levels comparable to the U.S. by 2024, while service consumption has significant growth potential, currently at 18% of GDP compared to over 40% in developed countries [3][4]. Group 2: Specific Measures for Goods Consumption - Financial institutions are encouraged to provide various channels for financing old-for-new consumer goods, including support for recycling and upgrading essential household items [4][5]. - The guidelines emphasize the importance of financing for the automotive sector, including flexible loan terms and reduced penalties for early loan repayment during trade-in processes [4][5]. Group 3: Support for Service Consumption - Increased financing support is directed towards sectors such as retail, hospitality, and elder care, aiming to unlock the potential of basic service consumption [5][6]. - Innovative financing models are encouraged in cultural, tourism, and educational sectors, with a focus on extending loan terms and utilizing accounts receivable and intellectual property as collateral [5][6]. Group 4: New Consumption Types - The guidelines propose exploring financial support channels for digital, green, and health-related consumption, promoting financial innovation tailored to these new consumption trends [5][6]. Group 5: Multi-layered Financial Service System - A multi-tiered consumer finance service system has been established, with commercial banks and consumer finance companies playing a central role, supported by diverse financing channels [6][7]. - The guidelines advocate for enhancing the internal structures of financial institutions to improve consumer finance services and support qualified enterprises in issuing bonds and equity financing [6][7]. Group 6: Specific Financial Initiatives - A notable initiative includes the establishment of a 500 billion yuan re-lending facility for service consumption and elderly care, indicating a strong commitment to support these sectors [7][8]. - The guidelines also encourage cultural, tourism, and educational enterprises to access bond markets for funding, alongside support for early-stage companies through equity investments [7][8]. Group 7: Promoting Old-for-New Consumption - The old-for-new consumption strategy is highlighted as a key driver for expanding goods consumption, with a focus on innovative models such as replacing old elevators in residential areas [8][9]. - The integration of diverse consumer credit products with old-for-new initiatives is recommended to enhance consumer experience and operational efficiency for merchants [9].

Core Viewpoint - The Chinese government is actively promoting a "trade-in" subsidy policy to stimulate consumer spending, with significant funding allocated for this initiative in 2025, totaling 300 billion yuan, which is an increase of 150 billion yuan compared to the previous year [8][12]. Group 1: Subsidy Implementation - As of June 20, the progress of subsidy fund usage for the trade-in policy is on track, with 1,620 billion yuan already allocated in two batches earlier this year [8][12]. - An additional 1,380 billion yuan will be distributed in the third and fourth quarters of 2025 [8][12]. - The trade-in subsidy is available for various products, with specific promotions such as Apple offering up to 2,000 yuan off on designated products [1][8]. Group 2: Impact on Consumer Spending - By May 31, 2025, the trade-in policy has driven sales of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued directly to consumers [11]. - The policy has led to significant increases in sales, with categories like home appliances and furniture seeing year-on-year growth of 52.5% and 67.7%, respectively [11][12]. - The trade-in program has also resulted in a substantial number of applications, including 4.12 million for vehicle trade-ins and 5.35 million for digital products [11]. Group 3: Regional Implementation - Local governments, such as those in Guangdong and Chongqing, are actively implementing and expanding the trade-in subsidy policies, with Guangdong reporting a threefold increase in electric bicycle trade-ins compared to the previous year [8][11]. - The distribution of the 300 billion yuan subsidy will be based on factors such as population, GDP, and previous performance in implementing trade-in policies [9][10].