Group 1: Overall Consumption Trends - The consumption market in China has shown a "generally stable and structurally optimized" development trend this year, supported by policy and internal dynamics [1] - In July, the total retail sales of consumer goods reached 3.88 trillion yuan, a year-on-year increase of 3.7%, which is 1 percentage point higher than the same period last year [1] - From January to July, the total retail sales of consumer goods amounted to 28.42 trillion yuan, with a year-on-year growth of 4.8% [1] Group 2: Policy-Driven Consumption - Policy-driven consumption, particularly in home appliances, furniture, and communication equipment, has shown strong performance, with retail sales increasing by 28.7%, 20.6%, and 14.9% respectively in July [1][7] - The State Council's meeting on August 22 emphasized the effectiveness of large-scale equipment updates and the "old-for-new" consumption policy in stabilizing investment and expanding consumption [1][7] Group 3: New Energy Vehicles - The penetration rate of new energy vehicles reached 54% in July, with retail sales of new energy passenger vehicles growing by 12% [5][6] - The total retail sales of passenger vehicles from January to July reached 12.728 million units, a year-on-year increase of 10.1% [5] - The decline in oil and petroleum product consumption is closely related to the accelerated transformation of the energy structure and changes in transportation methods [5][6] Group 4: E-commerce and Digital Transformation - Online retail sales increased by 9.2% from January to July, with physical goods online retail growing by 6.3% [10] - The growth in e-commerce has effectively boosted consumption and promoted the digital transformation of industries [10] - The rural logistics system has improved significantly, with over 19.5 million rural online merchants by the end of July [10][11]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The fundamentals of lithium carbonate have not changed significantly, with both supply and demand increasing. Inventory remains high but is being depleted [2]. - The option market sentiment has turned bullish, with a decrease in implied volatility [2]. - The operation suggestion is to conduct short - selling transactions at high prices with a light position and control risks by paying attention to trading rhythm [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 79,380 yuan/ton, up 420 yuan; the net position of the top 20 is - 132,250 hands, up 6,209 hands; the position volume of the main contract is 368,667 hands, up 6,413 hands; the spread between near - and far - month contracts is 540 yuan/ton, down 20 yuan; the warehouse receipts of GZEE are 24,990 hands/ton, up 670 hands [2]. 3.2 Spot Market - The average price of battery - grade lithium carbonate is 82,500 yuan/ton, down 1,400 yuan; the average price of industrial - grade lithium carbonate is 80,200 yuan/ton, down 1,400 yuan; the basis of the Li₂CO₃ main contract is 3,120 yuan/ton, down 1,820 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 970 US dollars/ton, unchanged; the average price of amblygonite is 7,735 yuan/ton, down 90 yuan; the price of lepidolite (2 - 2.5%) is 2,645 yuan/ton, unchanged [2]. 3.4 Industry Situation - Lithium carbonate production is 44,600 tons per month, up 500 tons; imports are 13,845.31 tons per month, down 3,852.31 tons; exports are 366.35 tons per month, down 63.31 tons; the operating rate of lithium carbonate enterprises is 48%, down 4 percentage points; power battery production is 133,800 MWh per month, up 4,600 MWh [2]. 3.5 Downstream and Application Situation - The operating rate of ternary cathode materials is 52%, up 1 percentage point; the operating rate of lithium iron phosphate cathode is 51%, down 1 percentage point; the monthly production of new energy vehicles is 1,243,000, down 25,000; the monthly sales are 1,262,000, down 67,000; the cumulative sales penetration rate is 44.99%, up 0.68 percentage points; the monthly export is 225,000, up 20,000; the cumulative export is 1.308 million, up 600,000 [2]. 3.6 Option Situation - The total subscription position is 199,430, up 35,436; the total put position is 148,570, down 3,546; the put - call ratio of total positions is 74.5%, down 18.2597 percentage points; the implied volatility of at - the - money IV is down 0.0243 percentage points [2]. 3.7 Industry News - In July 2025, the total import volume of spodumene was about 751,000 tons, a month - on - month increase of 30.4%, equivalent to about 67,000 tons of LCE [2]. - Ganfeng Lithium said it is deploying two key materials in the field of sulfide solid - state battery materials, and its lithium sulfide products have passed customer quality certification and are supplied to multiple downstream customers [2]. - From January to July, the added value of the five major industries in the machinery industry increased year - on - year, with the general equipment manufacturing industry growing by 8.3%, the special equipment manufacturing industry by 3.8%, the automobile manufacturing industry by 10.9%, the electrical machinery and equipment manufacturing industry by 11.9%, and the instrument and meter manufacturing industry by 7.1% [2]. - The State Council executive meeting and the national video - teleconference on promoting the replacement of old consumer goods with new ones have made arrangements for the next stage, and experts believe that the policy may increase financial support and expand the scope of product categories [2].

Group 1 - The implementation of large-scale equipment updates and the old-for-new consumption policy has shown continuous positive effects over the past year [1] - From April 2024 to July 2025, the total amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The information transmission and software industry, as well as the technology service industry, experienced significant growth in equipment procurement, with increases of 27.8% and 28.3% respectively [1] Group 2 - The old-for-new policy has stimulated diverse consumer demand, with traditional and smart consumption sectors showing sustained vitality [1] - Sales of daily household appliances and audiovisual equipment increased by 44.5% and 22.8% year-on-year, respectively, from April 2024 to July 2025 [1] - The sales of service robots surged by 51.1%, while the sales of new energy vehicles increased by 81.7% during the same period [1] Group 3 - The combination of the "two new" policies has directly driven retail demand growth, which in turn has positively impacted the supply side [1] - Manufacturing enterprises have accelerated equipment updates, leading to a 5.8% year-on-year increase in manufacturing sales revenue [1] - The economic internal circulation has become smoother as a result of these developments [1]

Group 1 - The large-scale equipment renewal and old-for-new consumption policy have shown continuous positive effects over the past year [1] - From April 2024 to July 2025, the total amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The procurement amount for machinery and equipment in the information transmission and software industry, as well as the technology service industry, grew by 27.8% and 28.3% respectively [1] Group 2 - The old-for-new policy has stimulated diverse consumer demand, with retail sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% year-on-year [1] - Retail sales of furniture and sanitary ware rose by 30.1% and 13.6% respectively, while the sales of service robots surged by 51.1% [1] - National sales of new energy vehicles increased by 81.7% during the same period [1] Group 3 - The combination of the "two new" policies has directly driven retail demand growth, which in turn has positively impacted the supply side, leading manufacturing enterprises to accelerate equipment upgrades [1] - Manufacturing sales revenue increased by 5.8% year-on-year, contributing to a smoother economic internal circulation [1]

Group 1: Economic Policy and Consumer Demand - The State Council meeting emphasized the importance of stimulating domestic demand to support economic growth, with domestic demand contributing 68.8% to economic growth in the first half of the year [1] - Policies such as large-scale equipment upgrades and trade-in programs for consumer goods have shown significant results in stabilizing investment and expanding consumption [1][2] - The trade-in program has led to a sales boost of 2.9 trillion yuan, benefiting approximately 400 million people through subsidies [2] Group 2: Consumer Goods and Market Trends - The trade-in policy has positively impacted sales in the home appliance and automotive sectors, with retail sales of home appliances increasing by 30.7% year-on-year in the first half of the year [2] - In July, retail sales of home appliances continued to grow at a rate of 28.7%, while passenger car retail sales increased by 6.3%, with new energy vehicles seeing a 12% growth [2] - There are concerns regarding fraudulent claims related to the trade-in subsidies, prompting calls for stricter implementation guidelines [2] Group 3: Sports Industry Development - The development of the sports industry and consumption is a key part of the strategy to expand domestic demand, focusing on increasing the supply of sports products and enhancing service levels [3] - Encouraging local sports consumption activities and implementing consumer-friendly measures are essential to meet the rising demand for sports-related products [3] - There is a push for social capital investment in the sports industry, promoting integration with other sectors to uncover new growth opportunities [3] Group 4: Comprehensive Policy Measures - The government's consumer policies aim to enhance residents' income and reduce burdens while optimizing supply structures through various initiatives [4] - Future policies should combine foundational support with industrial policies, addressing concerns in healthcare, elderly care, and education to boost consumer confidence [4] - A collaborative approach between government and market forces is necessary to improve policy effectiveness [4]

Core Viewpoint - The Chinese government is implementing comprehensive measures to stimulate domestic demand, particularly focusing on enhancing sports consumption and expanding the sports industry [1][3]. Group 1: Domestic Demand and Economic Growth - Domestic demand contributed 68.8% to economic growth in the first half of the year, highlighting its increasing importance amid external uncertainties [1]. - The government plans to strengthen policies related to equipment upgrades and the replacement of consumer goods to stabilize investment and promote consumption [1][3]. Group 2: Impact of Old-for-New Policies - The old-for-new policy has significantly boosted sales, with household appliance retail sales increasing by 30.7% year-on-year in the first half of the year [2]. - By mid-year, the old-for-new initiative generated sales of 2.9 trillion yuan, benefiting approximately 400 million people through subsidies [3]. Group 3: Development of the Sports Industry - The government emphasizes the development of the sports industry as a key component of expanding domestic demand, aiming to enhance the supply of sports products and diversify sports events [3][4]. - There is a push to create new consumption scenarios by integrating sports venues with commercial complexes, promoting a blend of shopping and leisure activities [4]. Group 4: Encouraging Investment and Policy Integration - The government encourages social capital investment in the sports industry and the integration of sports with other sectors to discover new growth points [4]. - Future policies will focus on combining foundational support with industry-specific measures to address residents' concerns in healthcare, elderly care, and education, thereby enhancing overall consumption [4].

Group 1: Implementation of Policies - The State Council meeting emphasized the effectiveness of the "Two New" policies in stabilizing investment, expanding consumption, promoting transformation, and benefiting people's livelihoods [1][2] - The meeting highlighted the need for strict measures against fraudulent subsidy claims to ensure that subsidy funds are effectively utilized [2] Group 2: Financial and Tax Support - The meeting called for enhanced financial and tax policy support to innovate consumption and investment scenarios, optimizing the consumption investment environment [3] - Recent policies include personal consumption loan interest subsidies and service industry loan interest subsidies, which aim to provide more benefits to consumers [3] Group 3: Sports Industry Development - The meeting discussed strategies to unleash the potential of sports consumption and promote high-quality development in the sports industry, including increasing the supply of sports products and enriching sports events [4][5] - There is a focus on stimulating sports consumption demand and encouraging local initiatives to host sports consumption activities to meet the upgrading needs of consumers [4][5]

Group 1 - The overall consumption market in China showed a stable development trend in July 2025, with total retail sales of consumer goods reaching 3.88 trillion yuan, a year-on-year increase of 3.7%, which is 1 percentage point higher than the same period last year [1] - From January to July, the total retail sales of consumer goods amounted to 28.42 trillion yuan, with a year-on-year growth of 4.8%. The retail sales of services increased by 5.2%, and the combined retail sales of goods and services grew by approximately 5% [1] - The retail sales of goods saw steady growth, with a year-on-year increase of 4.0% in July. The retail sales of home appliances, furniture, mobile phones, and cultural office supplies showed significant growth, with increases of 28.7%, 20.6%, 14.9%, and 13.8% respectively [1] Group 2 - The summer consumption season highlighted strong performance in cultural, sports, and tourism sectors, with double-digit growth in retail sales for leisure services, tourism consulting, and transportation services from January to July [2] - The popularity of summer vacation destinations surged, with a significant increase in search interest for "summer cooling destinations." Museum bookings saw a year-on-year growth of over 200%, and the box office for summer films exceeded 10 billion yuan, with many domestic films achieving both critical and commercial success [2] - Online consumption grew rapidly, with online retail sales increasing by 9.2% year-on-year from January to July, outpacing the growth of total retail sales of consumer goods by 1.5 percentage points [2]

Core Viewpoint - The city of Shenyang is resuming a subsidy program for the purchase of new mobile phones, tablets, and smartwatches to stimulate consumer demand from August 22 to October 8, 2023 [1] Group 1 - The subsidy program aims to promote the replacement of old consumer electronics with new ones [1] - The initiative is part of a broader strategy to meet the shopping needs of consumers in Shenyang [1] - The program specifically targets mobile phones, tablets, and smartwatches (or wristbands) as eligible products for the subsidy [1]

Group 1 - The provincial audit office has launched a large-scale audit investigation to track the implementation of the equipment update and consumer goods trade-in policy, aiming to enhance market vitality [1] - The audit focuses on four key areas: the organization of the "two new" policy measures, management of large-scale equipment update projects, implementation of consumer goods trade-in actions, and the allocation and management of "two new" funds [1] - The investigation will assess the scientific nature of policy measures, completion of target tasks, effectiveness of policy implementation, and the efficiency of supporting measures [1] Group 2 - The audit will examine the authenticity of application materials, the standardization of project reviews, and the consistency between project construction and approvals for equipment updates [1] - It will also evaluate the convenience of subsidy procedures, timeliness of subsidy fund disbursement, and authenticity of subsidy recipients in the consumer goods trade-in policy, particularly in 11 sectors including automobiles and home appliances [1] - The audit will focus on the rationality of fund allocation methods, timeliness of fund disbursement, and compliance in the use of funds related to the ultra-long-term special national debt, promoting the role of fiscal funds in stimulating consumption and expanding domestic demand [1]