金十数据6月3日讯，目前，各地提振消费政策持续加力，"以旧换新"政策进一步优化流程、提升服务， 带动商品消费明显提升。记者从广西壮族自治区商务厅了解到，自去年消费品以旧换新政策实施以来， 广西已累计开展相关主题活动超6000场，参与补贴活动的消费者突破500万人次，享受国补金额近65亿 元。去年以来，在一系列优惠政策带动下，汽车、家电、3C数码等消费品销售持续向好。广西累计完 成汽车以旧换新销售25万辆。在2025年汽车以旧换新销售中，新能源汽车占比达76.4%。今年1至4月， 广西新能源汽车销售额同比增长21.7%。 （央视新闻） 各地提振消费政策持续加力 "以旧换新"政策进一步优化流程提升服务 ...

Group 1 - The consumption market in Shaanxi province remained stable during the Dragon Boat Festival, with a total sales revenue of 6.87 billion yuan from 570 sample enterprises, representing a year-on-year growth of 18.28% [1] - Retail enterprises reported a commodity retail revenue of 6.49 billion yuan, showing a year-on-year increase of 18.99%, with 15 out of 20 major categories experiencing positive growth [1] - Significant growth was observed in various categories, including automobiles (63.4%), cultural and entertainment products (28.03%), tobacco and alcohol (22.09%), communications (19.47%), clothing (18.36%), and home appliances (18.28%) [1] Group 2 - The restaurant sector generated revenue of 37.1 million yuan, with a year-on-year increase of 7.07%, and both takeout and dine-in services saw growth of 6.42% and 21.7% respectively [1] - Five cities, including Xianyang, Shangluo, Hanzhong, Ankang, and Weinan, reported double-digit growth in restaurant revenue [1] - The market for essential goods showed sufficient supply and stable prices, with retail prices for eight categories of essential goods experiencing three increases, three stable prices, and two decreases [1] Group 3 - The "old-for-new" consumption policy proved effective during the holiday, with a total of 1.36 billion yuan in subsidy applications leading to a consumption boost of 9.16 billion yuan [2] - Specific contributions included 776 scrapped vehicles generating 5.85 million yuan, 1,072 replaced vehicles contributing 21.53 million yuan, and 80,000 home appliances exchanged leading to 27.31 million yuan in consumption [2] - Other categories such as 3C digital products, home renovation, and electric bicycles also saw significant consumption boosts, with 91,200 new digital products leading to 26.96 million yuan and 4.18 million home renovation items contributing 9.37 million yuan [2]

商圈消费趣味浓、新意足。夜幕降临，开封大宏万达广场飘来阵阵悠扬的吉他声，消费者围坐在一起尽享夏 夜美好；临近打烊，郑州熙地港一楼的奇奇乐园里仍有很多小朋友玩耍，不舍离去；带着宠物逛商场，胖东 来、鲜风超市等也为"毛孩子"开设了商品专区……这个假期，各大商圈抓住夜经济、童趣、传统元素等关键 词，推出新潮有趣的活动，并针对玩具、童装、儿童理发、宠物用品等推出专项促销，撬动消费新活力。据 统计，端午假期期间，全省重点监测的零售企业累计实现销售总额（营业收入）7.85亿元，比上年同期增长 4%。 6月1日，众多游客在郑州建业电影小镇游览。端午假期，电影小镇推出多项活动，吸引游客参与互动，激活 夏日经济。 记者 聂冬晗 摄 当端午假期遇上"六一"国际儿童节，"双节同框"撬动河南消费市场更多活力。6月2日，记者从省商务厅获 悉，端午假期期间，全省重点监测的零售和餐饮企业累计实现销售额7.95亿元，比上年同期增长4.2%。 以旧换新红利持续释放。"看，我包的粽子最成功，能领一份大奖。"5月31日上午，郑州市金水区苏宁MAX 花园路超级体验店，市民李晓带孩子来选购新手机，顺带体验了一把端午节活动。端午假期，我省各地在国 补基 ...

Core Viewpoint - *ST Weidi has successfully removed the delisting risk warning, with its stock name changing from "*ST Weidi" to "Weidi Co., Ltd." and the stock price fluctuation limit increasing from 5% to 10% starting June 4, 2025 [2][6]. Group 1: Company Performance - The company reported a total profit of 4.523 million yuan and a net profit of 5.055 million yuan for the year 2024, with a net profit of 4.153 million yuan after deducting non-recurring gains and losses, marking a turnaround from previous losses [4]. - For the first quarter of 2025, the company achieved operating revenue of 38.1592 million yuan, representing a year-on-year growth of 85.84% [7]. Group 2: Market and Operational Factors - The improvement in performance is attributed to the surge in global demand for new energy, recovery in the overseas bus market, and domestic policies promoting the replacement of old vehicles, which have collectively increased the company's orders and revenue [8]. - In December 2024, the company successfully acquired 51% of Anhui Alpha Silicon New Energy Common Technology Research Institute Co., Ltd., entering the passenger vehicle sector [8]. Group 3: Stock Market Activity - Since March 2025, the stock price of *ST Weidi has increased by approximately 38.35%, closing at 3.68 yuan per share on May 30, 2025, with a total market capitalization of 2.054 billion yuan [7].

Core Viewpoint - The implementation of the "old-for-new" consumption policy in Shuozhou City has significantly stimulated consumer spending, with a total of 721.709 million yuan in government subsidies leading to 4.86 billion yuan in direct consumption, demonstrating a leverage effect of 6.73 times [2]. Group 1: Consumer Behavior - Consumers are increasingly participating in the "old-for-new" program, with many opting to replace old appliances and vehicles for energy-efficient models, resulting in substantial savings [2][3]. - Middle-aged and elderly customers are particularly active in purchasing new home appliances, often trading in appliances that have been in use for over ten years [2]. - Young families are more inclined to trade in old vehicles, benefiting from significant subsidies and reduced fuel costs [2]. Group 2: Economic Impact - The policy has led to a noticeable increase in sales for retailers, with specific examples such as a car dealership selling 128 units of a particular vehicle series due to the "old-for-new" initiative [4]. - The recycling of old appliances has also increased, with a higher monthly collection volume reported, indicating a positive trend in material reuse [4]. - The overall economic activity in the city is reflected in the vibrant atmosphere of commercial streets, where new purchases and recycling efforts are intertwined [4].

另一方面，以旧换新政策持续显效，激发消费潜力。以广东为例，广东省统计局发布的4月经济运行数 据显示，限额以上家用电器和音像器材类、家具类、建筑及装潢材料类商品零售额分别增长86.9%、 123.5%、156.9%，家具建材零售增速现新高，消费市场整体表现亮眼，以旧换新也促进了相关产业的 转型发展。 从具体消费数据来看，4月体育娱乐用品零售额大幅增长23.3%。金银珠宝等升级类商品需求旺盛，服 务消费增速高于商品零售，显示消费向体验型消费转变。 近日，国务院召开做强国内大循环工作推进会，提出要深挖潜力提振消费，推动大宗消费更新升级，激 发服务消费潜力，放大新兴消费带动效应。据国家统计局公布数据，4月社会消费品零售总额37174亿 元，同比增长5.1%。表明消费者信心和预期回升改善，也反映了消费市场在推动经济增长中的重要作 用。 毕马威中国客户及业务发展主管合伙人江立勤强调："消费市场的创新活力对于推动宏观经济高质量发 展具有至关重要的作用。从科技赋能的新消费场景，到国潮品牌的沉浸式体验消费，中国消费市场的动 能被不断激发。" 往届评选结果显示，消费行业呈现"老牌企业主导、中坚力量稳步增长、新兴企业崭露头角"的特 ...

Core Insights - Chongqing's retail sales of consumer goods reached 538.54 billion yuan in the first four months of the year, marking a year-on-year growth of 4.4% and leading among five international consumption center cities for five consecutive quarters [1] Group 1: Consumption Policies and Impact - The "old-for-new" subsidy policy has significantly boosted consumption, directly driving over 30 billion yuan in sales [2][6] - The implementation of the subsidy policy led to a 70%-80% increase in daily sales at the JD Mall in Yangjiaqing, with average daily sales exceeding 20 million yuan [2][6] - The city has secured 3.0 billion yuan in central government funding for consumption subsidies, which has supported various programs including automobile and home appliance replacements [7] Group 2: Night Economy and Tourism - Chongqing has been recognized as the top city in China's "Top Ten Night Economy Influential Cities," with significant increases in foot traffic and revenue in tourist areas like Longmenhao Old Street [8][10] - Longmenhao Old Street saw a 187% increase in visitor numbers and a 272% increase in revenue compared to the previous year, with daily visitor peaks reaching 58,000 [10][11] Group 3: County Economic Development - Rongchang district achieved 2.0 billion yuan in retail sales over five days during the May Day holiday, driven by local specialties and effective marketing strategies [13] - The district's initiatives, including a 5 million yuan investment in non-heritage crafts and a 1 million yuan fund for the local goose industry, have significantly enhanced local economic activity [14]

Group 1 - The core viewpoint of the articles highlights the significant impact of the "old-for-new" subsidy policy in Jin City, which has led to increased consumer traffic and sales in home appliance stores, particularly during weekends [1][2] - Jin City plans to expand the subsidy policy in 2025 to include more categories such as mobile phones, tablets, and smart wearable devices, indicating a broader approach to consumer electronics [1] - The second "Home Decoration 'Renewal' Shopping Festival" in Jin City was the largest ever, showcasing the growing trend of consumer engagement in home improvement and appliance upgrades [1][2] Group 2 - The 2024 home decoration "Renewal" shopping festival saw a significant expansion in the subsidy range from 9 to 40 categories, with a notable increase in subsidy amounts, allowing for a maximum cumulative subsidy of up to 18,000 yuan [2] - The total sales during the shopping festival exceeded 200 million yuan, doubling the sales from the first event, which also positively influenced the sales of home appliances under the "old-for-new" scheme [2] - As of May 25, 2025, Jin City has allocated 333 million yuan in subsidies, driving a total consumption of 2.2 billion yuan across various categories, including automobiles, 3C digital products, home appliances, and electric bicycles [2][3]

1. Report Industry Investment Ratings - Stock Index: Neutral, with an expectation of a volatile trend [1] - Treasury Bonds: Bearish [2] 2. Core Viewpoints of the Report - **Stock Index**: On May 28, most A - share market indices pulled back. In April, economic data showed a decline compared to March but remained resilient. The social credit demand was weak. Recently, multiple departments announced policies to support the capital market, and internal policy efforts are the main theme for the stock index in 2025. These measures are conducive to helping enterprises repair their balance sheets, promoting the stable development of the real economy, and steadily increasing stock market valuations [1] - **Treasury Bonds**: Treasury bond futures closed with slight declines across various tenors. The central bank conducted reverse repurchase operations, resulting in a net injection of funds. In the short - term, the bond market is unlikely to have a trend - based market. After macro - level disturbances, the bond market will fluctuate according to the capital situation and economic fundamentals. Short - term attention should be paid to the May PMI data and whether the central bank restarts treasury bond trading operations [2] 3. Summary by Directory 3.1 Research Views - **Stock Index**: On May 28, the Wind All - A index dropped 0.2% with a trading volume of 1.03 trillion yuan. The CSI 1000, CSI 500, SSE 50, and SSE 300 indices all declined. The consumer sector was relatively strong, while the basic chemicals and agriculture, forestry, animal husbandry, and fishery sectors were weak. In April, the year - on - year growth of social retail sales was 5.1%, supported by the "trade - in" policy. The cumulative new RMB loans in April were 10.06 trillion yuan, a year - on - year increase of 2.86%, and the year - on - year growth of M2 was 8%. The joint statement between China and the US laid a good foundation for future trade negotiations. The central bank announced reserve requirement ratio and interest rate cuts, and regulatory authorities introduced measures to support the capital market. In the first quarter, the decline in the revenue growth rate of A - share listed companies narrowed for three consecutive quarters, and the net profit increased year - on - year by about 4%, but the ROE was still in the bottom - building stage [1] - **Treasury Bonds**: On May 28, the 30 - year, 5 - year, and 2 - year treasury bond futures main contracts declined, and the 10 - year main contract was basically stable. The central bank conducted 2155 billion yuan of 7 - day reverse repurchase operations, with 1570 billion yuan of reverse repurchases maturing, resulting in a net injection of 585 billion yuan. The weighted average interest rates in the inter - bank and exchange repurchase markets showed different trends. In the short - term, the bond market lacks a clear trend [2] 3.2 Daily Price Changes - **Stock Index Futures**: On May 28, compared with May 27, the IH, IF, IC, and IM contracts all declined, with declines of - 0.12%, - 0.11%, - 0.18%, and - 0.27% respectively [3] - **Stock Indices**: The SSE 50, SSE 300, CSI 500, and CSI 1000 indices all declined on May 28 compared with May 27, with declines of - 0.08%, - 0.08%, - 0.26%, and - 0.40% respectively [3] - **Treasury Bond Futures**: On May 28, compared with May 27, the TS, TF, and TL contracts declined, and the T contract was basically stable [3] - **Treasury Bond Yields**: The yields of 2 - year, 5 - year, and 30 - year treasury bonds increased, while the yield of 10 - year treasury bonds decreased [3] 3.3 Market News - From January to April, the total operating revenue of national state - owned and state - holding enterprises was flat compared with the previous year, and the total profit was 1349.14 billion yuan, a year - on - year decline of 1.7% [4] 3.4 Chart Analysis - **Stock Index Futures**: The report provides charts of the trends and basis of IH, IF, IM, and IC main contracts [6][7][10] - **Treasury Bond Futures**: The report includes charts of the trends, basis, inter - period spreads, cross - variety spreads, and capital interest rates of treasury bond futures main contracts, as well as the yields of treasury bond spot bonds [13][15][17] - **Exchange Rates**: The report presents charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, and exchange rates between major currencies [20][21][24]

Core Insights - The "2025 Zhejiang Renewal Consumption Season" will take place from May 29 to June 2 in Hangzhou, featuring nearly 80 brands and integrating various consumer experiences such as trade-in programs and direct supply of foreign trade products [1] Group 1: Event Overview - The event will include a themed exhibition called "Renewal Street" and a market for foreign trade products, aiming to create a comprehensive consumption experience [1] - The event is organized by the Zhejiang Provincial Department of Commerce in collaboration with multiple departments [1] Group 2: Consumer Experience - "Renewal Street" will focus on popular consumption trends such as tourism and the silver economy, creating immersive scenarios for "home life" and "enjoying travel" [2] - Various automotive brands will showcase models with significant discounts, including up to 1200 yuan in subsidies for selected vehicles [2] Group 3: Smart Home Innovations - Xiaomi will present its "immersive home" experience with products like the Mi Refrigerator Pro and Mi Water Purifier Pro, emphasizing a full ecosystem of smart home devices [3] - The event will also feature "age-friendly" technologies such as assistive sofas and electric wheelchairs, catering to the elderly demographic [3] Group 4: Foreign Trade Integration - The "Foreign Trade Quality Products in the Community" initiative allows consumers to purchase international brand products directly in their neighborhoods, showcasing Zhejiang's manufacturing capabilities [4] - The event will feature a variety of products from Zhejiang's industries, including electronics and textiles, with discounts of up to 30% off retail prices [4] Group 5: Financial Incentives - Industrial and Commercial Bank of China (ICBC) will offer promotional coupons for consumers using their credit cards at participating vendors, enhancing the shopping experience [4] - The event will also include interactive activities to engage consumers and promote technological innovations [4]