按照全国统一的品类和标准，对个人消费者购买1级能效或水效标准的冰箱、洗衣机、电视、空调、热 水器、电脑6类家电产品，以及单件销售价格不超过6000元的手机、平板、智能手表、智能眼镜4类数码 和智能产品给予补贴。 补贴标准为上述产品扣除各环节优惠后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每 件补贴不超过1500元，数码和智能产品每件补贴不超过500元。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：12月31日，据"上海商务"微信公众号消息，2026年上海家电以旧换新、数码和智能产品购新 补贴活动公告发布。 2026年，按照"消费者报名、公证摇号、中签发券"的方式开展家电以旧换新、数码和智能产品购新补贴 活动，原则上每两周开展一轮报名。 第一轮报名时间为2026年1月1日8点至5日20点，发券时间为1月7日12点至24点，核销时间为自补贴资格 券到账后14天。 ...

Group 1 - The core point of the article is that Shenzhen will fully implement subsidies for vehicle scrapping and replacement, as well as for the replacement of certain home appliances and digital products starting January 1, 2026 [1] Group 2 - For vehicle scrapping and replacement, the maximum subsidy for new energy vehicles is 20,000 yuan, while for fuel vehicles it is 15,000 yuan [1] - The subsidy for purchasing new energy passenger vehicles is up to 15,000 yuan, and for fuel passenger vehicles, it is up to 13,000 yuan [1] Group 3 - Subsidies for six categories of home appliances will be 15% of the product sales price, with a cap of 1,500 yuan per item for each consumer, limited to one item per category [1] - For four categories of digital and smart products, the subsidy will also be 15% of the product sales price, with a cap of 500 yuan per item for each consumer, limited to one item per category [1]

Core Viewpoint - The Ministry of Commerce and four other departments have issued a notice regarding the implementation of a subsidy program for the replacement of old home appliances and the purchase of new digital and smart products starting January 1, 2026 [1] Group 1: Subsidy Program Details - The subsidy program will apply to personal consumers purchasing six categories of home appliances: refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, as well as four categories of digital and smart products: mobile phones, tablets, smartwatches (bands), and smart glasses [1] - The subsidy will be 15% of the final sales price after discounts for the eligible products, with a cap of 1,500 yuan for home appliances and 500 yuan for digital and smart products per item [1] - Each individual can receive a subsidy for one item per category, with the price limit for single-item sales set at 6,000 yuan for digital and smart products [1]

格隆汇12月31日｜商务部公告，2026年1月1日起，按照全国统一的品类和标准，对个人消费者购买1级 能效或水效标准的冰箱、洗衣机、电视、空调、热水器、电脑6类家电产品，以及单件销售价格不超过 6000元的手机、平板、智能手表（手环）、智能眼镜4类数码和智能产品给予补贴。补贴标准为上述产 品扣除各环节优惠后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每件补贴不超过1500 元，数码和智能产品每件补贴不超过500元。 ...

商务部等5部门办公厅（室）印发关于做好2026年家电以旧换新、数码和智能产品购新补贴工作的通知。 2026年1月1日起，按照全国统一的品类和标准，对个人消费者购买1级能效或水效标准的冰箱、洗衣机、电视、空调、热水器、电脑6类家电产品， 以及单件销售价格不超过6000元的手机、平板、智能手表（手环）、智能眼镜4类数码和智能产品给予补贴。 补贴标准为上述产品扣除各环节优惠后最终销售价格的15%，每人每类可补贴1件， 其中，家电产品每件补贴不超过1500元，数码和智能 产品每件补贴不超过500元。 ...

Core Viewpoint - The Ministry of Commerce and four other departments have announced a subsidy program for the replacement of old home appliances and the purchase of new digital and smart products starting January 1, 2026, aimed at promoting energy efficiency and consumer spending [1] Group 1: Subsidy Program Details - The subsidy will apply to six categories of home appliances: refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, as well as four categories of digital and smart products: smartphones, tablets, smartwatches (bands), and smart glasses [1] - The subsidy standard is set at 15% of the final sales price after discounts for the eligible products, with a cap of 1,500 yuan for home appliances and 500 yuan for digital and smart products per item [1] - Each individual consumer is eligible for one subsidy per category of product, with a maximum subsidy amount for home appliances not exceeding 1,500 yuan and for digital products not exceeding 500 yuan [1]

Core Viewpoint - The Ministry of Commerce and four other departments have announced a subsidy program for the replacement of old home appliances and the purchase of new digital and smart products starting January 1, 2026, aimed at promoting energy-efficient and environmentally friendly consumer behavior [1] Group 1: Subsidy Program Details - The subsidy will apply to six categories of home appliances: refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, as well as four categories of digital and smart products: mobile phones, tablets, smartwatches (bands), and smart glasses [1] - The subsidy standard is set at 15% of the final sales price after discounts for the eligible products, with a cap of 1,500 yuan for home appliances and 500 yuan for digital and smart products per item [1] - Each individual consumer is eligible for one subsidy per category of product, with a maximum subsidy amount for home appliances not exceeding 1,500 yuan and for digital products not exceeding 500 yuan [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall market shows a complex and volatile trend at the end of the year. Various factors such as policy, supply - demand, and geopolitical situation affect different sectors. For example, the stock index is expected to maintain a volatile upward trend before the end of the year due to sector rotation; the bond market sentiment is average with limited new information and is waiting for the release of official PMI data; different commodity futures also show different trends based on their own fundamentals and external factors [21][24]. Summary by Category Financial Derivatives - **Stock Index Futures**: The market closes steadily. The index shows a volatile upward trend due to sector rotation. It is recommended to go long on dips, conduct IM/IC futures - ETF arbitrage when the discount widens, and use a bull spread for options [21][22]. - **Treasury Futures**: The performance at the close is differentiated. The market is waiting for the official PMI data. It is recommended to hold short positions in TS and TF lightly and wait and see for arbitrage [24]. Agricultural Products - **Protein Meal**: There is still supply pressure, and the market shows a small - scale shock. It is recommended to lay out a small number of long positions, narrow the MRM spread, and use a short straddle strategy for options [28]. - **Sugar**: The international sugar price drops sharply, and the domestic price follows weakly. It is expected to oscillate near the current platform. It is recommended to wait and see for arbitrage and sell put options [33][34]. - **Oilseeds and Oils**: There is still a lack of obvious drivers, and the rebound space may be limited. It is recommended to hold a light position before the festival, go short after the rebound, and wait and see for arbitrage and options [35]. - **Corn/Corn Starch**: The spot price rises, but the futures price falls from a high level. It is recommended to go long on dips for the 03 and 07 contracts, narrow the 03 corn - starch spread, and wait and see for options [39]. - **Hogs**: The supply pressure decreases, and the spot price continues to be strong. It is recommended to wait and see [42]. - **Peanuts**: The spot price is stable, and the futures price shows a narrow - range shock. It is recommended that the 05 contract oscillates at the bottom, wait and see for arbitrage, and sell the pk603 - C - 8200 option [47]. - **Eggs**: The demand slightly recovers, but the price drops. It is recommended to go long on far - month contracts on dips and wait and see for arbitrage and options [51]. - **Apples**: The demand is average, and the price is mainly stable. It is recommended to oscillate in the short - term range, go long on the 1 contract and short on the 10 contract for arbitrage, and wait and see for options [56]. - **Cotton - Cotton Yarn**: The new cotton sales are good, and the price oscillates strongly. It is recommended that the US cotton oscillates in the range, the Zhengzhou cotton oscillates strongly with a possible short - term callback risk, and wait and see for arbitrage and options [60]. Black Metals - **Steel**: The raw material replenishment starts, and the steel price maintains a range - bound shock. It is recommended to maintain the shock trend, short the coil - coal ratio and the coil - screw spread, and wait and see for options [62][63]. - **Coking Coal and Coke**: They oscillate and wait for new drivers. It is recommended to wait and see mainly or go long on dips lightly, and wait and see for arbitrage and options [66][67]. - **Iron Ore**: The market expectation is repeated, and the price oscillates. It is recommended to oscillate in the short - term [69]. - **Ferroalloys**: The supply - demand margin is expected to improve, and the cost drives the price. It is recommended to go long on dips, wait and see for arbitrage, and sell out - of - the - money put options [72]. Non - ferrous Metals - **Gold and Silver**: They oscillate at a high level. It is recommended to wait and see temporarily [76]. - **Platinum and Palladium**: Pay attention to position management before the New Year's Day holiday. It is recommended to go long on dips, conduct long - platinum and short - palladium arbitrage, and wait and see for options [80][81][82]. - **Copper**: The short - term fluctuation intensifies. It is recommended to control the position, go long on dips in the long - term, and wait and see for arbitrage and options [83]. - **Alumina**: It oscillates mainly after the convergence of the warehouse receipt registration profit. It is recommended to wait and see for arbitrage and options [87]. - **Electrolytic Aluminum**: It oscillates at a high level. It is recommended to go long on dips, pay attention to the arbitrage opportunity of buying spot delivery products and shorting futures, and wait and see for options [91]. - **Cast Aluminum Alloy**: It oscillates at a high level with the sector. It is recommended to wait and see for arbitrage and options [94]. - **Zinc**: Control the position reasonably before the holiday. It is recommended to oscillate widely, wait and see for arbitrage, and wait and see for options [96]. - **Lead**: Pay attention to the impact of funds on the price and control the position reasonably before the holiday. It is recommended to take partial profits on long positions and hold the rest, wait and see for arbitrage, and wait and see for options [99]. - **Nickel**: The news of Indonesia's reduction of nickel ore quotas boosts the price. It is recommended to treat it as an upward trend before a significant inventory build - up, wait and see for arbitrage, and wait and see for options [100][101][102]. - **Stainless Steel**: It follows the nickel price and runs strongly. It is recommended to follow the nickel price to go long and wait and see for arbitrage [105]. - **Industrial Silicon**: It rebounds in the short - term and goes short on rallies in the medium - term. It is recommended to go short on rallies, conduct long - polysilicon and short - industrial silicon arbitrage, and sell out - of - the - money call options [106]. - **Polysilicon**: The long - term fundamentals are favorable, but the short - term trading volume shrinks. It is recommended to be cautious, conduct long - polysilicon and short - industrial silicon arbitrage, and sell put options [108]. - **Lithium Carbonate**: The subsidy policy boosts the sentiment. It is recommended to control the position and be cautious, wait and see for arbitrage, and wait and see for options [110]. - **Tin**: Some long - position funds take profits, and the price drops sharply. It is recommended to oscillate widely after the sharp drop and wait and see for options [113]. Shipping - **Container Shipping**: The MSK's price increase slightly exceeds expectations, and it is expected to oscillate at a high level in the short - term. It is recommended to take most profits on long positions of the EC2602 contract and hold the rest lightly, and wait and see for arbitrage [114][115]. Energy and Chemicals - **Crude Oil**: The market trading is light at the end of the year, and geopolitical conflicts cause fluctuations. It is recommended to oscillate widely, conduct relevant arbitrage, and wait and see for options [117][118]. - **Asphalt**: The raw material contradiction is difficult to resolve, and the price oscillates strongly. It is recommended to oscillate, wait and see for arbitrage, and wait and see for options [123]. - **Fuel Oil**: The near - end fundamentals of high - and low - sulfur fuel oils are weak. It is recommended to go short, conduct relevant arbitrage, and wait and see for options [126]. - **LPG**: The upward space is limited. It is recommended to go short on far - month contracts, wait and see for arbitrage, and wait and see for options [130]. - **PX & PTA**: The polyester sales and cost weaken, and the price drops from a high level. It is recommended to oscillate at a high level in the short - term, conduct relevant arbitrage, and wait and see for options [132]. - **BZ & EB**: The pure benzene inventory build - up pressure slows down, and the supply - demand contradiction is not significant. It is recommended to oscillate strongly, conduct short - pure benzene and long - styrene arbitrage, and wait and see for options [136]. - **Ethylene Glycol**: The port inventory continues to rise. It is recommended to oscillate widely in the short - term and weakly in the medium - term, wait and see for arbitrage, and sell call options [139]. - **Short - Fiber**: The processing fee is under pressure. It is recommended to oscillate, wait and see for arbitrage, and wait and see for options [141]. - **Bottle Chips**: The supply - demand is relatively loose. It is recommended to oscillate, wait and see for arbitrage, and wait and see for options [143]. - **Propylene**: The supply pressure is large, and the downstream product profits are differentiated. It is recommended to oscillate widely, wait and see for arbitrage, and sell both call and put options [146]. - **Plastic PP**: The PP inventory build - up rate slows down. It is recommended to hold long positions of the L 2605 contract, wait and see for the PP 2605 contract, conduct relevant arbitrage and wait and see, and sell and hold the PP2605 put option [148][149]. - **PVC**: It oscillates mainly. It is recommended to rebound continuously, wait and see for arbitrage, and wait and see for options [152]. - **Methanol**: It rises strongly. It is recommended to go long on the 05 contract, conduct relevant arbitrage, and sell put options on dips [154][155]. - **Urea**: It oscillates widely. It is recommended to pay attention to relevant policies and wait and see for relevant operations [157][158]. - **Natural Rubber and 20 - Number Rubber**: The global economic data continues to improve. It is recommended to go short in the short - term, wait and see for arbitrage, and wait and see for options [162]. - **Butadiene Rubber**: The chemical industry production slowdown continues. It is recommended to hold short positions of the BR 03 contract, conduct relevant arbitrage, and wait and see for options [165].

通知称，支持家电以旧换新。个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器等6类家电中1 级能效或水效标准的产品，按产品销售价格的15%给予补贴，每位消费者每类产品可补贴1件，每件补 贴不超过1500元。支持数码和智能产品购新。个人消费者购买手机、平板、智能手表手环、智能眼镜等 4类产品(单件销售价格不超过6000元)，按产品销售价格的15%给予补贴，每位消费者每类产品可补贴1 件，每件补贴不超过500元。支持智能家居产品(含适老化家居产品)购新补贴，具体补贴品类、补贴标 准由地方结合实际自主合理制定。 业内人士分析称，从经济效应来看，这无疑是激活消费和推动产业升级的双重引擎。具体来看，补贴政 策向1级能效产品和智能终端倾斜，倒逼企业加大研发投入。例如，家电企业需提升压缩机、芯片等核 心部件效率以满足能效标准，而数码厂商则需在AI算法、传感器集成等领域突破，以增强产品竞争 力。这种"补贴-创新-市场扩大"的良性循环，将推动中国制造向高端化、智能化转型。 12月30日，国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新政策的通 知。 终端品牌：小米集团(01810)、联想集团(009 ...

国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新政策的通知。 支持数码和智能产品购新。个人消费者购买手机、平板、智能手表手环、智能眼镜等4类产品（单件销 售价格不超过6000元），按产品销售价格的15%给予补贴，每位消费者每类产品可补贴1件，每件补贴 不超过500元。支持智能家居产品（含适老化家居产品）购新补贴，具体补贴品类、补贴标准由地方结 合实际自主合理制定。 来源：国家发改委网站 ...