Group 1 - The consumer goods trade-in subsidy program in Xifeng District has been suspended as of June 19, 2025, due to the exhaustion of available funds [2][3] - During the suspension period, no subsidies will be provided for products purchased through the trade-in program, both online and offline [2] - Consumers who made eligible purchases before the suspension must submit their application materials by July 5, 2025, to receive subsidies [2]

估计下半年家电以旧换新支持资金大约300亿元。有商家建议，希望能解决经销商垫资兑现时间较长的问题。 "预计随着今年7月第三季度以旧换新中央资金的下达，目前部分地区国补暂停、限流的状况将缓解，估计下周是过渡期。"上述业内资深人士分析说，与此 同时，今年下半年，国家将在价格规范上加强监管，防止政策实施过程中商家虚标原价的行为。 野矿泉 自由 争热一体 煥鲜水 - 排出 河雪豚 比烧开一步到位 首杯水直饮 全时鲜活纯净 全 室 外 吸 排 6月20日，据有关部门消息，消费品以旧换新国家补贴（下称"国补"）下半年还将有1380亿元中央资金在三、四季度分批有序下达。家电业内资深人士向第 一财经记者表示，目前部分地区国补暂停，后续将重启；部分地区国补限流，后续将缓解。有商家建议，下半年国补实施，希望能解决经销商垫资兑现时间 较长的问题。 国家有关部门表示，将在7月、10月分别下达第三季度和第四季度支持以旧换新的中央资金，各地也将持续做好配套资金支持。相关部门将指导地方进一步 优化完善补贴发放方式，确保政策实施更加平稳有序、资金均衡使用到年底。此外，相关部门将加强产品质量和价格监管，严防套补骗补，确保政策规范有 序实施。 ...

【重点关注】 ·以旧换新"国补"将持续中央资金将分批下达 ·一年期、五年期LPR均维持不变 ·内地与香港跨境支付通即将上线人民银行公布首批参与跨境支付通的机构名单 ·重点支出有力度！前5个月财政支出超11万亿元 【国内要闻】 ·从有关部门获悉，消费品以旧换新加力扩围政策没有变化，补贴资金使用进度符合预期，第三、四季 度中央资金将陆续下达。今年1月和4月已分别下达两批共计1620亿元中央资金，支持地方做好一、二季 度消费品以旧换新工作。后续还将有1380亿元中央资金在三、四季度分批有序下达。 ·6月20日，人民银行授权全国银行间同业拆借中心公布：1年期LPR为3.0%，5年期以上LPR为3.5%。 两个期限LPR维持不变符合市场预期。 ·为深化内地与香港金融合作，满足两地居民安全、高效、便捷的跨境汇款需求，中国人民银行、香港 金融管理局共同推动并支持由中国人民银行清算总中心和香港银行同业结算有限公司开展内地与香港快 速支付系统互联互通合作（以下简称跨境支付通）。首批参与跨境支付通的内地机构包括：工商银行、 农业银行、中国银行、建设银行、交通银行、招商银行；香港机构包括：中银香港、东亚银行、建银亚 洲、恒生银行、 ...

Group 1: Consumption Subsidy Program - The progress of the consumption goods replacement subsidy fund usage is in line with expectations, with 138 billion yuan of central funds to be distributed in the third and fourth quarters [1][4] - The national consumption goods replacement subsidy fund usage is approximately 50% of the annual scale, indicating overall progress is as anticipated [4] - The "national subsidy" funds consist of three parts: long-term special government bond funds, local matching funds based on a 9:1 principle, and additional local funds based on implementation progress [5] Group 2: Future Funding and Implementation - The National Development and Reform Commission (NDRC) and the Ministry of Finance will distribute central funds for the consumption goods replacement program in July and October [6] - Since 2025, the NDRC and other departments have allocated 300 billion yuan in government bond funds to support the consumption goods replacement program [6] Group 3: Private Investment Promotion - The NDRC has introduced over 3,200 projects to private capital, with total investments exceeding 3 trillion yuan, focusing on key sectors such as transportation, energy, and environmental protection [7][9] - The NDRC aims to enhance mechanisms for private enterprises to participate in major national projects and will continue to promote projects to stimulate private investment [9] Group 4: E-commerce Growth - From January to May, China's e-commerce sector has shown steady growth, with online retail sales increasing by 8.5% [12][13] - Quality products and new consumption models are driving growth, with significant increases in sales of digital products and home appliances [16] - The number of e-commerce partner countries has increased to 35, with various activities planned to enhance global e-commerce collaboration [22]

瑞达期货研究院 「2025.06.20」 螺纹钢市场周报 炉料反弹成本支撑 螺纹期价震荡偏强 研究员：蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 关 注 我 们 获 取 更 多 资 讯 添加客服 业务咨询 目录 「周度要点小结1」 行情回顾 3 来源：瑞达期货研究院 1. 价格及价差：截至6月20日收盘，螺纹主力合约期价2992（+23），杭州螺纹中天现货价格3130（+30）。（单 位：元/吨） 2. 产量：螺纹产量由降转增。212.18（+4.61）。（单位：万吨） 3. 需求：天气和中高考影响需求，表观需求三连降。本期表需219.19（-0.78），（同比-16.58）。（单位：万 吨） 4. 库存：厂库和社库延续下滑，但降幅收窄。螺纹钢总库存551.07（-7.01），（同比-224.59）。（单位：万吨） 5. 盈利率：钢厂盈利率59.31%，环比上周增加0.87个百分点，同比去年增加7.36个百分点。 「 周度要点小结2」 行情展望 4 来源：瑞达期货研究院 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 1. 宏观方面：海外，（1）以伊冲突不断升级 ...

Market Overview - The A-share market experienced a slight decline on June 20, with the Shanghai Composite Index down by 0.07%, the Shenzhen Component Index down by 0.47%, and the ChiNext Index down by 0.84% [2] - A total of 1542 stocks rose, 53 stocks hit the daily limit up, while 3647 stocks fell [3] Stock Performance - The total trading volume reached 10,917.40 billion, with a total of 54,21 stocks traded [4] - Notable gainers included Ningbo Marine (10.10%), Xingtong Co. (9.97%), and Baoshui Technology (9.93%) [5] - Bank stocks continued to perform well, with Xiamen Bank rising by 2.89% and Hangzhou Bank by 2.63% [6][7] Sector Analysis - The oil and gas sector saw a collective decline, with stocks like Beiken Energy hitting the daily limit down [8] - The IP economy concept stocks faced adjustments, with Yuanlong Yatu dropping by 10% [10][11] Consumer Sector - The consumer sector received positive news, with liquor stocks like Huangtai Liquor hitting the daily limit up [12] - Other liquor stocks such as Yingjia Gongjiu and Jinzhongzi Liquor also saw significant gains [13] - The home appliance and furniture sectors showed strong performance, with Midea Group and Gree Electric rising by 1.47% and 1.27% respectively [14][15] Policy Impact - Recent comments from Xinhua emphasized the importance of distinguishing between normal dining and violations of regulations, indicating that the crackdown on excessive dining should not hinder normal consumption [16][17] - The government is set to continue its "old for new" consumption policy, with a total of 3000 billion in central government bonds allocated to support this initiative [18]

Group 1 - The "National Subsidy" program for consumer goods replacement is still in effect, with no changes to the policy, and the funding usage is on track as expected [1][2] - A total of 3 trillion yuan in special national bond funds will be allocated to support the consumer goods replacement program, with 1.62 trillion yuan already distributed in two batches [1][2] - The remaining 1.38 trillion yuan will be distributed in the third and fourth quarters, with specific allocations scheduled for July and October [1][2] Group 2 - The funding for the "National Subsidy" program comes from three sources: central government long-term special bond funds, local matching funds, and additional local funds based on implementation progress [2] - Different regions have varying subsidy ranges and amounts due to differing local financial capabilities, with some areas including textiles in their subsidy programs [5] - In Shanghai, a multi-tiered subsidy system is being implemented, combining national, municipal, and enterprise subsidies, resulting in over 11 million orders and sales exceeding 26 billion yuan [5] Group 3 - There are emerging social issues related to the subsidy program, such as "scalpers" exploiting student subsidy quotas for profit [5][6] - Some merchants are accused of raising prices before the subsidy and then using the "National Subsidy" to attract consumers, leading to consumer distrust [6] - The Ministry of Commerce plans to enhance supervision of product quality and pricing, ensuring compliance and preventing fraudulent activities related to the subsidy program [6]

Core Viewpoint - The "old-for-new" subsidy policy will continue, with central government funds being distributed in batches to support the initiative, aiming to boost consumer spending and facilitate industrial transformation [2][3]. Group 1: Policy Implementation - The central government will allocate a total of 3 trillion yuan in special bonds to support the "old-for-new" consumption policy, with 1.62 trillion yuan already distributed in the first two quarters of the year [2]. - An additional 1.38 trillion yuan will be distributed in the third and fourth quarters, ensuring that the subsidy funds are utilized effectively [2][3]. - The overall usage of the subsidy funds is approximately 50% of the annual target, indicating that the implementation is on track [2]. Group 2: Economic Impact - The "old-for-new" policy has already driven sales exceeding the total sales of the previous year, demonstrating its effectiveness in stimulating consumer spending [3]. - The policy is expected to promote industrial transformation and upgrading, contributing to a more robust economic environment [3]. - Local governments are encouraged to optimize the distribution of subsidy funds and ensure compliance with regulations to prevent fraud [3].

国家发改委：截至目前，今年消费品以旧换新带动销售额已超过去年全年 金十数据6月20日讯，据商务部有关负责人介绍，截至目前，今年消费品以旧换新带动销售额已超过去 年全年。总体来看，今年以来消费品以旧换新政策持续显效，有力推动消费持续扩大，带动产业转型升 级明显。接下来，将要求各地商务主管部门用好已安排支持资金，分领域分时段细化资金使用方案，平 稳有序推进消费品以旧换新，同时会同相关部门加强产品质量和价格监管，督促参与企业依法合规经 营，严防套补骗补，确保政策规范有序实施。 （新华社） ...

据了解，今年以来，按照党中央、国务院部署，国家发展改革委、财政部、商务部等相关部门共同落实 加力扩围实施"两新"政策，延续2024年好的经验做法，直接向地方安排3000亿元国债资金加力扩围实施 消费品以旧换新，在今年年度内全年实施。今年1月和4月已分别下达两批共计1620亿元中央资金，支持 地方做好一、二季度消费品以旧换新工作。后续还将有1380亿元中央资金在三、四季度分批有序下达。 据商务部有关负责人介绍，截至目前，今年消费品以旧换新带动销售额已超过去年全年。总体来看，今 年以来消费品以旧换新政策持续显效，有力推动消费持续扩大，带动产业转型升级明显。接下来，将要 求各地商务主管部门用好已安排支持资金，分领域分时段细化资金使用方案，平稳有序推进消费品以旧 换新，同时会同相关部门加强产品质量和价格监管，督促参与企业依法合规经营，严防套补骗补，确保 政策规范有序实施。(新华社) "目前全国消费品以旧换新补贴资金使用大致占到全年规模50%左右，整体进度符合预期。"国家发展改 革委有关负责人介绍，"国补"资金包括三个部分：一是中央下达的超长期特别国债资金，规模比去年翻 了一番；二是按照有关规定，地方在中央下达资金基础 ...