2025年第四波国补资金重磅落地，今晚8点，天猫双11国补5折开卖！ 记者获悉，今年天猫双11，超3700个品类，9000个品牌商家，50万款品牌商品参与国补，覆盖家电、家装、家居、3C数码等全品类，支持双11优惠与国补 叠加，补贴商品数量较618翻倍，是全年优惠力度最大、规模最大的一次国补换新消费！ 据悉，多款苹果产品参与国补，最新款苹果iPhone17，直接补贴500元！华为Pura80Ultra多重补贴后直降2400元！海尔一级能效燃气热水器K70A，原价6999 元，双11叠国补仅2959.2元，打42折！小米巨省电1.5匹空调，原价2899元，双11叠国补到手价1379元，打48折！ | | 商品名 | 日常参考价 国补叠加 | | | --- | --- | --- | --- | | NEW | 四天 iPhone17 | 5999 | 5499 | | | (256G) | | | | | 华为 Pura 80 Ultra | 9999 | 7599 | | NEW | ூ门子 极浄魔盒3.0 | 9999 | 4552 | | | 洗碗机 | | | | NEW | 海尔 云溪4.0pro ...

830万份，这是2025年以来汽车以旧换新申请量。 846.5万辆，这是今年上半年全国电动自行车收旧、换新数量。 超1.1亿台，这是今年以来12大类家电以旧换新数量。 在消费端，"国补"范围从家电扩围到3C数码、政策力度从基础补贴到优惠叠加、服务链条从单一 回收到去旧回收加换新安装全链条……政策加码与服务升级，让以旧换新释放出更大的消费势能。近 日，商务部发布的最新数据显示，截至8月14日，2025年消费品以旧换新带动相关商品销售额超1.9万亿 元，惠及超3.2亿人次。 以旧换新交出亮眼"成绩单"的同时，推动消费"扩容、提质"下一步的发力方向也随之明确。 "新的消费需求可以催生新的供给，新的供给也可以创造新的消费需求。"商务部副部长盛秋平日前 在国新办举行的新闻发布会上表示，"要加强消费信贷支持、举办促消费活动，增加服务消费时间，增 强消费意愿和能力。" 以旧换新持续发力显效，关键在于多方形成的叠加效应。 9月初，商务部等9部门发布的《关于扩大服务消费的若干政策措施》提出，开展重点领域消费贷款 贴息，引导金融机构和商家合作开发适合服务消费特点的产品和服务，形成"政府补贴+金融支持+商家 优惠"组合拳。 作为政 ...

记者 辛圆 国家统计局周三发布数据显示，9月，中国消费者价格指数（CPI）同比下降0.3%，降幅较8月收窄0.1个百分点。 国家统计局城市司首席统计师董莉娟解读称，CPI同比下降，主要是翘尾影响所致。本月CPI-0.3%的同比变动中，翘尾影响约为-0.8个百分点，今年价格变 动的新影响约为0.5个百分点。 9月食品价格同比下降4.4%，降幅较上月扩大0.1个百分点。食品价格中，猪肉价格同比下降17%，降幅较上月扩大0.9个百分点；鲜菜价格同比下降13.7%， 降幅较上月收窄1.5个百分点。 往后看，冯琳认为，去年10月食品价格基数转为下行，尽管当前食品价格走势偏弱，今年10月食品CPI同比降幅仍将有所收窄。不过，去年10月国际原油价 格触底回升，加之当前国际油价走势低迷，预计今年10月国内成品油价格同比降幅有望转为扩大。 "从近期政策动向上看， '反内卷'对汽车、家电等重点商品价格的支撑作用在10月有望延续，而服务价格同比涨幅或将有所回落。预计10月CPI同比或有所回 升。后期伴随上年同期物价基数显著下沉，加之包括'以旧换新'等稳增长政策会进一步发力，CPI同比会脱离0值附近，有望在年底前升至0.5%至1.0 ...

Core Viewpoint - The mechanical equipment industry experienced a slight increase of 0.2% in the week of October 9-10, 2025, ranking 18th among 31 primary industries, with specific sub-industries showing varied performance [1][2]. Industry Performance - The sub-industry performance was as follows: rail transit equipment (+3.07%), specialized equipment (+0.54%), general equipment (+0.51%), engineering machinery (-0.16%), and automation equipment (-1.74%) [1][2]. Market Trends - Recent trade tensions are intensifying, prompting a focus on self-sufficient industrial chains and domestic demand. The industry maintains a "recommended" rating, with attention on semiconductor equipment, scientific instruments, and humanoid robots for self-sufficiency, while engineering machinery, rail transit equipment, and general equipment are highlighted for domestic demand [2]. Sales Data - Excavator sales in August 2025 reached 16,523 units, a year-on-year increase of 12.8%, with domestic sales at 7,685 units (+14.8%) and exports at 8,838 units (+11.1%). This growth is attributed to a new round of replacement cycles and large project initiations [3]. Forklift Market - Forklift sales in August 2025 totaled 118,087 units, marking a 19.42% year-on-year increase, with domestic sales at 70,174 units (+19.3%) and exports at 47,913 units (+19.6%). The growth is driven by low base effects from the previous year and advancements in automation technology [4][5]. Industrial Robots - The production of industrial robots in August 2025 reached 63,747 units, a 14.4% increase year-on-year. This growth is linked to the "old-for-new" policy and favorable financing conditions for equipment upgrades, indicating potential investment opportunities in the sector [5].

双十一风向的变化，预示着电商行业正从价格与流量的角逐，开始进入精细化运营的新阶段。 平台持续改善消费者体验 今年，双十一迎来第十七年。从最初的单日购物狂欢，到如今持续一个多月，双十一成为名副其实 的"购物季"。 本文转自：新华网 今年，早在国庆中秋假期前，即有平台启动双十一购物节，国庆档直接嵌入大促周期。相比往年，今年 双十一开启时间更早、持续时间更长，各平台不约而同简化促销玩法，即时零售也成为今年双十一的新 看点。 网经社电子商务研究中心主任曹磊认为，购物周期加长，一方面有助于缓解消费者的购物焦虑，另一方 面也有助于商家和平台合理安排促销节奏，更从容安排发货、促销定价与活动策划，从而提升整体购物 体验。 平台主打直降，满减无需凑单，红包即点即用……今年，各平台在简化促销规则方面也做了大量探索。 有网友感慨，"以前的双十一套路太多，现在直接满减很香，很实在。"此外，今年双十一也涌现出红包 口令、现货直供等一些新的促销玩法。用户不用再做促销规则"数学题"，双十一正回归大促的初衷。 从消费者心智看，双十一作为电商最重要的年度大促的认知早已深入人心。在中国国际电子商务中心专 家李鸣涛看来，平台所要做的就是在当前的消 ...

Group 1: White Goods Industry Overview - The white goods and kitchen appliances sector continues to show growth, benefiting from real estate policies and the "old-for-new" replacement program [1] - In the first eight months of 2025, the air conditioning industry produced 149.32 million units, a year-on-year increase of 6%, with sales reaching 152.57 million units, up 7% [1] - The domestic sales of refrigerators and washing machines also saw growth, with refrigerator sales up 4% and washing machine sales up 6% year-on-year [1] Group 2: Company Performance Expectations - Midea Group expects a 3% increase in revenue and an 8% increase in performance for Q3 2025 [2] - Gree Electric anticipates no change in revenue and net profit for Q3 2025 [2] - Haier Smart Home forecasts a 5% increase in revenue and a 10% increase in performance for Q3 2025 [2] Group 3: Kitchen Appliances Sector - The kitchen appliances sector is experiencing recovery due to real estate and the "old-for-new" policy, with Boss Electric expecting a 2% increase in revenue but a 7% decline in performance for Q3 2025 [3] - Other companies like Vatti and Yitian are also projecting flat or negative growth in revenue and performance for Q3 2025 [3] Group 4: Small Appliances Sector - The small appliances sector is seeing significant growth, with companies like Stone Technology expecting an 80% increase in revenue and a 40% increase in performance for Q3 2025 [4] - Other brands like Joyoung and Supor are also projecting varying degrees of growth in revenue and performance for Q3 2025 [4] Group 5: New Display and Lighting Sector - The emerging display sector is at a turning point, with Hisense Visual expecting an 8% increase in revenue and a 20% increase in performance for Q3 2025 [5] - Companies like OP Lighting and XGIMI are also forecasting modest growth in revenue for Q3 2025 [5]

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]

| W | | | | 伦敦金现 SPTAUUSDOZ.IDC | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 4017.845 | | 昨结 | | 3975.950 | | 总量 | | | | 0 | | +41.895 | +1.05% 开盘 | | | 3974.290 | | 现手 | | | | 0 | | 最高价 | 4022.901 | 持 | 12 | | 0 | S | ਵਿੱ | | | 0 | | 最低价 | 3946.590 | 报 | 仓 | | 0 | 内 | 물 | | | 0 | | સ્ત્રે B4 | 五日 | | HK | 園K | | 月K | | | 申文 | | | 叠加 | | | | | | 均价:0.000 | | | | | | 4022.901 | | | | | | | | | 4019.575 | | | | | | | | | | | | 4017.845 | | | | | | | | | | | 4:59 | 4018.5 ...

Group 1 - The core idea of the news is the successful implementation of a dual subsidy model in Qingdao, combining government incentives for replacing old appliances with bank discounts, which has significantly boosted consumer spending during the holiday season [1][2] - Qingdao's government has expanded its old-for-new appliance subsidy policy to include 12 categories, with subsidies reaching up to 2000 yuan, enhancing consumer interest in purchasing new appliances [1] - Postal Savings Bank of Qingdao has effectively integrated government subsidies with its own credit card promotions, creating a "policy dividend + financial benefit" effect that reduces shopping costs for consumers [1] Group 2 - This initiative marks the fourth old-for-new themed activity by Postal Savings Bank of Qingdao this year, demonstrating the bank's responsiveness to government policies and consumer needs [2] - The bank aims to extend its promotional efforts beyond appliances to other consumer sectors, fostering a diverse consumption ecosystem in Qingdao and contributing to the recovery of the local market [2] - The bank's promotional strategy includes a comprehensive online and offline approach, effectively communicating the benefits of the dual subsidy model to consumers, resulting in a nearly 30% increase in inquiries during the holiday period [1]

Core Insights - Gold prices have reached new highs, surpassing $4000 per ounce, with a year-to-date increase of approximately 50% [1] - Despite high consumer traffic in gold markets, actual sales have declined due to consumer hesitation and price concerns [3][4] - The trend shows a shift towards investment gold and gold recycling, with a notable increase in demand for gold bars and coins [2][4] Group 1: Market Dynamics - The Shenzhen Shui Bei market, a major hub for gold trading, reported high foot traffic during the National Day and Mid-Autumn Festival, with around 150,000 visitors in eight days [3] - However, many merchants noted that sales were lower than expected, with some reporting worse performance compared to the same period in 2024 [3][4] - Consumers are increasingly cautious about purchasing gold due to rising prices, leading to a more pronounced wait-and-see attitude [3][4] Group 2: Consumer Behavior - There is a growing preference for small-weight gold products and gold recycling services, as consumers look for more affordable options [2][4][7] - The gold recycling business has seen a significant increase, with some merchants reporting a 50% rise in recycling transactions compared to previous years [4] - The "old for new" model is gaining popularity, allowing consumers to exchange old gold items for new ones at a lower cost [7] Group 3: Product Trends - Investment gold products, such as gold bars and coins, have seen a 23.69% year-on-year increase in consumption, while gold jewelry consumption has decreased by 26% [2] - The market is witnessing an increase in the sale of small-weight gold items, appealing particularly to younger consumers [8] - Merchants are innovating in product offerings, with some focusing on traditional craftsmanship and unique designs to attract buyers [6][8]