Group 1 - The drama "The Lychee of Chang'an" has attracted over 30 brands for advertising, including major names like Tmall, Budweiser, and Longan Auto [1][2] - Various products have been launched in collaboration with the drama, such as the "Guifei-style" lychee from Baiguoyuan and several co-branded items from Luckin Coffee [1] - The enthusiasm for "The Lychee of Chang'an" is evident in the oversaturation of advertising from infant formula brands and dairy products [1] Group 2 - As of June 17, "The Lychee of Chang'an" ranked second in the drama ratings, behind "Lingjiang Xian" [4][5] - Tencent Video has played a crucial role in the success of "The Lychee of Chang'an," leveraging its ecosystem to create a mature business model that integrates the entire industry chain [6] Group 3 - The average price of pork in China's wholesale markets remained stable at 20.24 yuan per kilogram as of June 18 [14] - During the "618" shopping festival, the price of Feitian Moutai dropped below 2000 yuan, with the lowest price recorded at 1840 yuan on Pinduoduo [15]

Core Insights - The "National Subsidy" program for consumer goods replacement is facing challenges, with reports of exhausted quotas leading to speculation about an early end to the program [1] - The government has allocated a total of 3,000 billion yuan in special long-term bonds to support the consumer goods replacement initiative, with 1,620 billion yuan already distributed to local governments [1][2] Group 1: Policy and Financial Support - The central government has issued 1,620 billion yuan in funding for the first and second quarters, with an additional 1,380 billion yuan planned for the third and fourth quarters [1] - The consumer goods replacement policy has significantly boosted sales, with 11 trillion yuan in sales generated by five major categories of consumer goods by May 31, 2025 [2] - Local governments are actively promoting the replacement initiative, with cities like Shenzhen and Fujian implementing specific plans to enhance consumer spending through subsidies [3] Group 2: Consumer Impact and Market Performance - As of May 31, 2025, the program has issued approximately 175 million direct subsidies to consumers, with notable participation in the automotive sector, where 4.12 million applications for vehicle replacements were recorded [2] - Retail sales in May reached 36,748 billion yuan, marking a year-on-year growth of 6.5%, the highest level recorded in the year [2] - The policy has led to substantial growth in retail sales across various categories, including home appliances and communication devices, with increases of 53.0% and 33.0% respectively [2]

事实上，"限额管理"并非临时举措。早在1月18日，省发展改革委、省财政厅发布了《关于2025年加力 扩围实施大规模设备更新和消费品以旧换新政策的通知》，就明确提出"消费品以旧换新资金实行限额 管理、资格调控"。 6月9日，有江苏消费者登录京东APP平台，查看补贴资格领取和使用流程，在江苏家电国家补贴专区， 页面提示"因活动升级，家电品类国补资格暂时停止领取"。同样，淘宝"国补"专区也显示，"江苏国补 升级中，升级期间您将无法领取/使用国补优惠，后续开通时间另行通知"。在线下门店，也有消费者遇 到无法立刻领取补贴的情况。这让满心期待享受优惠的消费者困惑不已。 今年以来，消费市场持续升温，江苏家电及3C以旧换新活动热度爆表。数据显示，今年1—5月，我省 家电及3C累计销售1826万件，使用补贴资金74.32亿元，拉动销售额455.5亿元，各项数据均居全国第 一。如何在保证消费热度的同时，有效确保补贴的持续性？江苏通过对补贴资金的"限额管理"，阶段性 发放补贴，精准控制资金消耗速度。这样一来，既减轻地方政府审计核销的压力，又降低了资金使用的 风险。业内人士建议，未来可以进一步深化政企合作，鼓励参与活动的经营主体追加 ...

"换新E贷"主要针对武汉市匹配政府家电消费品以旧换新政策的小微企业，依托财务系统数据等作为授 信依据，为企业提供线上融资业务。方案获批后，工行武汉分行细化操作步骤，加强业务培训，严格风 控措施，优化审批流程，各部门通力协作，开启"加速度"模式。了解到某销售电子行业经销商在江汉路 等重点商圈有多家门店，在电商冲击下仍能保持年2000万元的销售额。自国补政策推行以来，企业销售 额增加了30%，企业垫款也逐渐增加，因账期问题急需银行融资。自贸分行立即为企业推荐"换新E 贷"产品，从客户资料收集、尽职调查到贷款审批、合同签订，各环节紧密衔接、高效推进，仅用5个工 作日便成功实现湖北工行首笔"换新E贷"放款，解决了企业融资需求，赢得客户的高度赞誉。 工行武汉分行将继续做好金融支持消费品以旧换新工作，通过信贷支持、支付优惠等持续优化金融产品 供给和服务支持，不断激发消费市场活力，更好地满足居民消费需求。（周学之 里安琪） 编辑：赵鼎 转自：新华财经 5月末，中国工商银行武汉分行成功发放工行湖北省首笔"换新E贷"50万元，助力激发消费活力，为家电 企业释放动能。 今年以来，随着国家对消费品以旧换新系列政策的加力扩围，消费者 ...

Core Viewpoint - The article highlights the significant recovery in China's consumer market in May 2024, driven by government subsidies and promotional events, leading to the highest growth rates in retail sales and dining revenue since the beginning of the year [1][3]. Group 1: Consumer Market Performance - In May 2024, the total retail sales of consumer goods reached 41,326 billion yuan, with a year-on-year growth of 6.4%, marking the highest growth rate of the year [1]. - The retail sales of goods amounted to 36,748 billion yuan, growing by 6.5%, while dining revenue was 4,578 billion yuan, increasing by 5.9% [1]. - The positive trends in both goods and dining consumption were attributed to the effects of government subsidies and holiday consumption during the "May Day" and "Dragon Boat Festival" [1][7]. Group 2: Impact of Government Subsidies - The high growth rate in May's retail sales was primarily driven by government subsidies and e-commerce promotions, with significant increases in basic and upgraded goods [3]. - Sales of staple food, jewelry, and sports entertainment products saw growth rates of 14.6%, 21.8%, and 28.3%, respectively [3]. - The "old-for-new" policy has been effective, with retail sales of home appliances and communication equipment increasing by 53.0% and 33.0%, respectively [4]. Group 3: E-commerce and Online Sales - The "6.18" online shopping festival, which began on May 13, significantly boosted online retail sales, with a year-on-year growth of 6.3% from January to May [5]. - The integration of government subsidies and promotional discounts was a key strategy for e-commerce platforms to attract consumers [5]. Group 4: Dining Consumption Trends - Dining revenue, accounting for about 11% of total retail sales, achieved a 5.9% year-on-year growth in May, the highest monthly growth in a year [7]. - The dining market is experiencing intense competition, with a shift towards family dining and high-cost performance restaurants as business dining declines [8]. - The number of domestic tourists increased by 6.4% during the "May Day" holiday, contributing to the growth in dining consumption [8][9]. Group 5: Tourism and Inbound Travel - The increase in inbound tourism, particularly with the expansion of visa-free entry policies, has positively impacted the consumer market [9]. - The number of inbound tourists utilizing visa-free policies grew by over 70% during the "May Day" holiday, leading to a significant rise in dining and retail transactions [9].

Group 1: Policy Changes and Funding - The 2025 "old-for-new" policy has significantly increased funding support to 300 billion yuan, up from 150 billion yuan in 2024[24] - The subsidy scope has expanded to include more products, such as microwaves, water purifiers, dishwashers, rice cookers, and mobile devices[24] - As of the end of May, 162 billion yuan of central government subsidies have been allocated, with 138 billion yuan still pending distribution[7] Group 2: Market Impact and Performance - In April, retail sales of consumer goods grew by 5.1% year-on-year, with significant disparities in growth rates among categories[5] - Home appliance sales surged by 38.8% year-on-year in April, while automotive and communication equipment sales saw declines[39] - By the end of May, nationwide sales under the "old-for-new" program reached 1.1 trillion yuan, with approximately 175 million subsidies issued[33] Group 3: Regional Variations and Challenges - Some regions, like Chongqing, reported a subsidy redemption rate of 82.3%, leading to a suspension of certain subsidy programs due to fund exhaustion[33] - Local governments are adjusting subsidy mechanisms, with some areas implementing phased funding releases to manage demand[61] - The rapid use of subsidies in various regions has raised concerns about potential fraud and the need for improved monitoring mechanisms[65]

北京大学经济学院教授苏剑告诉21世纪经济报道记者，5月份的消费增速数据比较高，是今年以来的消费增速最高水平，是好现 象。另外，从5月份的商品消费数据来看，拉动消费增长的政策效应明显，和国补相关的品类都得到了很好的两位数增长。国补 叠加大促激发消费 5月份商品零售额6.5%的高增速，主要得益于国补和电商年中大促的拉动。 国家统计局数据显示，基本生活类和部分升级类商品销售增势较好，限额以上单位粮油食品类、金银珠宝类、体育娱乐用品类 商品零售额分别增长14.6%、21.8%、28.3%。消费品以旧换新政策持续显效，限额以上单位家用电器和音像器材类、通讯器材 类、文化办公用品类、家具类商品零售额分别增长53.0%、33.0%、30.5%、25.6%。 5月份商品零售额6.5%的高增速，主要得益于国补和电商年中大促的拉动。 6月16日，国家统计局发布5月份经济数据。其中，5月份，社会消费品零售总额41326亿元，同比增长6.4%，达到2024年以来的 最高增速。按消费类型分，5月份，商品零售额36748亿元，同比增长6.5%，是2024年以来的最高增速；餐饮收入4578亿元，增 长5.9%，是2024年4月以来的最高增 ...

Group 1: Policy Changes and Funding - The 2025 "old-for-new" policy has significantly increased funding support to 300 billion yuan, up from 150 billion yuan in 2024[15] - The subsidy scope has expanded to include more products, such as microwaves, water purifiers, dishwashers, rice cookers, and digital products like smartphones[15] - The distribution of funds will favor regions that performed well in 2024, with adjustments based on local demand and spending progress[16] Group 2: Implementation and Progress - By the end of May, 162 billion yuan in central government subsidies had been allocated, with a rapid redemption rate in some regions, such as Chongqing at 82.3%[20] - National sales under the "old-for-new" program reached 1.1 trillion yuan by May 31, with approximately 175 million subsidies issued[20] - In April, the retail sales growth of consumer goods was 5.1%, with significant variances in categories; home appliances saw a 38.8% increase, while automotive and communication equipment sales declined[23] Group 3: Regional Variations and Challenges - The "old-for-new" policy has shown better results in central and western regions, with some areas like Liaoning and Gansu reporting appliance sales growth of 97% and 88% respectively[25] - Some regions have faced subsidy exhaustion, leading to the suspension of online applications and adjustments in subsidy mechanisms, such as in Chongqing and Guangdong[41] - Approximately 138 billion yuan in "old-for-new" funds remain to be allocated, with potential for additional funding if current allocations are exhausted[5]

Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights a divergence in performance among e-commerce platforms for personal care products in May, with sanitary napkins on Tmall declining by 18% year-on-year, while Douyin saw a growth of 32% [6] - The report emphasizes the potential recovery in the home furnishing sector due to government policies aimed at boosting consumption, particularly in first-tier cities [6] - The report notes the introduction of new products by companies like Blokus and the launch of the glo Hilo heated tobacco device by British American Tobacco in Japan, indicating innovation and market expansion [6][10] Summary by Sections Home Furnishing - The Ministry of Commerce reported that the "old-for-new" consumption policy has significantly boosted sales, with a total of 1.1 trillion yuan in sales and 175 million subsidies issued by May 31, 2025 [6] - The report suggests that the home furnishing industry is expected to gradually recover as most companies are currently valued at historical lows, recommending leading companies such as Oppein Home, Sophia, and Zhihong Home [6] Paper and Packaging - As of June 13, 2025, the prices for various paper products showed mixed trends, with double glue paper at 5162.5 yuan/ton (unchanged) and corrugated paper at 2543.13 yuan/ton (down 38.12 yuan/ton) [6] - The report recommends companies like Sun Paper and Huawang Technology, which are expected to benefit from improved industry dynamics [6] Light Industry Consumption - The report indicates that personal care e-commerce sales are diverging, with sanitary napkins on Tmall down 18% year-on-year, while Douyin saw a 32% increase [6] - The report highlights the strong performance of domestic brands during the 618 shopping festival, suggesting a favorable outlook for local brands [6] Export Chain - In May, the export value of key light industrial products decreased by 5.4% year-on-year, with ongoing negotiations between China and the US potentially leading to reduced tariffs [6] - The report notes an increase in shipping costs, with the CCFI and SCFI indices rising by 11.2% and 8.1% respectively [6] New Tobacco Products - The glo Hilo device was launched in Japan at a price of approximately $23.44, with a significant improvement in product features compared to previous models [6][10] - The report suggests that the introduction of new heated tobacco products may drive user transition to these innovations [10] Textile and Apparel - The textile and apparel sector showed resilience, with the industry index outperforming the market, indicating a positive trend for brands like HLA and Anta [26][29]

Group 1 - The core viewpoint of the article highlights the significant impact of the "old for new" consumption policy on boosting sales during the e-commerce promotion period, with sales reaching 1.1 trillion yuan in the first five months, nearing last year's total of 1.3 trillion yuan [1] - The implementation of the "old for new" policy is supported by 300 billion yuan of long-term special government bonds, with 1,620 billion yuan allocated in two batches earlier this year, demonstrating the effectiveness of early policy deployment [1] - As of the end of May, the usage progress of the "national subsidy" funds for the "old for new" program is estimated to be between 1,439 billion and 1,632 billion yuan, close to the allocated fund scale [1] Group 2 - There is a regional disparity in the usage progress and effectiveness of the subsidy funds, with some areas pausing the "national subsidy" due to nearing the funding cap, while others adopt a daily "limited release" model to control fund consumption [2] - The distribution of funds is expected to favor regions that perform well in 2024, indicating that optimizing fund allocation based on policy implementation effectiveness will be crucial for enhancing subsidy efficiency [2] - Multiple important promotional events are still upcoming in the second half of the year, and the central government’s phased fund allocation will ensure a steady flow of "national subsidy" funds throughout the year [2]