今年以来，我国增加资金规模，加力扩围实施"两新"政策。近期，今年第三批消费品以旧换新资金 690亿元已下达，第四批同等规模资金将于10月接续发力；今年超长期特别国债支持设备更新的1880亿 元投资补助资金也已下达完毕。 会议提出，要严厉打击骗补套补行为，确保补贴资金用到实处、见到实效。要进一步强化财税金融 等政策支持，创新消费投资场景，优化消费投资环境，综合施策释放内需潜力。 商务部研究院流通与消费研究所所长董超说，"两新"政策旨在惠民利企，依法严厉打击骗补套补行 为，需要相关部门提升核验手段、强化监管水平。推进"两新"政策落实，还需财政政策、税收政策、金 融政策等一系列配套政策协同发力，进一步打通供需堵点、优化营商环境，从而更好释放内需潜力。 新华社北京8月22日电（记者谢希瑶）22日召开的国务院常务会议听取实施大规模设备更新和消费 品以旧换新政策情况汇报，围绕更好发挥"两新"政策对扩大内需的推动作用作出系列部署。 会议指出，大规模设备更新和消费品以旧换新政策，在稳投资、扩消费、促转型、惠民生等方面取 得明显成效。要在对政策实施情况进行认真总结评估的基础上，加强统筹协调，完善实施机制，更好发 挥对扩大内需的 ...

Group 1 - The "Two New" policy has been strengthened and expanded this year, with the Tianjin branch of Industrial Bank actively integrating into the "new and old kinetic energy conversion" wave, providing comprehensive support for resident consumption upgrades, enterprise technology upgrades, and regional green transformation [1] - The Tianjin branch has launched the "Xing Flash Loan" service targeting high-frequency consumption scenarios such as home appliances and digital products, effectively stimulating demand for new and upgraded consumer goods through flexible service models [2] - The bank has introduced innovative financial products to support technology-driven enterprises, facilitating their financing through methods like intellectual property pledges and R&D investment subsidies [4] Group 2 - The Tianjin branch has initiated the first sustainable development loan for ride-hailing services in Tianjin, supporting the purchase of new energy vehicles and promoting a low-carbon operational system for ride-hailing companies [6] - The bank is building a green financial ecosystem by supporting the development of clean energy and green buildings, aligning with the "dual carbon" strategy [6] - Through product innovation and service upgrades, the Tianjin branch aims to achieve a "two-way rush" between finance and the real economy, injecting financial momentum into high-quality economic development in Tianjin [6]

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]

Group 1: Policy Impact - The "reverse invoicing" policy has effectively addressed the long-standing issue of "source invoice shortage" in the resource recovery industry, facilitating smoother transactions for resource recovery companies [2][3] - As of June 30, 2023, 13,300 resource recovery enterprises issued reverse invoices amounting to 515.2 billion yuan, with 5.11 million invoices issued to 1.67 million individuals [1] - The policy has significantly reduced financial costs for companies, allowing them to directly issue invoices to individuals selling scrap, thus enhancing operational efficiency [2][4] Group 2: Economic Benefits - The implementation of the "reverse invoicing" policy has led to a notable increase in the volume of recycled goods, with a reported 65% year-on-year increase in the domestic scrap car recovery volume, reaching 2.767 million vehicles in the first four months of this year [8] - In Wuhu, the company has issued reverse invoices totaling nearly 8 million yuan, with an expected increase in the dismantling of scrapped vehicles by over 100% this year [2] - The policy has also stimulated consumer spending, with the "old-for-new" consumption program generating approximately 5.7 billion yuan in transactions [3] Group 3: Compliance and Awareness - The awareness of compliance among individuals and enterprises in the resource recovery sector has increased since the implementation of the "reverse invoicing" policy, leading to more direct transactions and reduced reliance on intermediaries [4][5] - The policy has encouraged individuals to register as individual businesses, with over 150 individuals in a specific city transitioning to registered businesses since the policy's implementation [5] Group 4: Environmental Impact - The "reverse invoicing" policy has facilitated the recycling of construction waste, with one company producing over 45 million eco-bricks and processing approximately 105,000 tons of solid waste, contributing to a reduction of 12,000 tons of carbon emissions [6][7] - The policy has also supported the resource utilization and harmless treatment of waste, with companies achieving over 98% utilization rates of recyclable materials [7]

Group 1 - The implementation of large-scale equipment updates and the old-for-new policy for consumer goods has shown significant results 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 [3] - The procurement amount for equipment in the information transmission and software industry, as well as the technology service industry, has increased by nearly 30% [3] Group 2 - Consumer demand continues to be released, with daily household appliance sales increasing by 44.5% year-on-year and furniture retail sales increasing by 30.1% as of July this year [5] - The sales of service robots in the manufacturing sector have surged by over 50%, indicating a significant rise in intelligent consumption demand [5] - The sales volume of new energy vehicles has increased by 81.7% year-on-year, demonstrating a rapid growth trend [5] Group 3 - Driven by the "two new" policies, retail demand nationwide continues to grow, prompting manufacturing enterprises to accelerate equipment updates and upgrades, creating a positive interaction [6] - As of July this year, manufacturing sales revenue has increased by 5.8% year-on-year, indicating a smoother economic internal circulation [6]

宏观分析：海外波动降低，国内需求依赖政策端进一步发力 国内方面，7月金融数据和经济数据披露，两大数据均表明，政府的财政扩张是当下内需核心驱动力。 金融数据来看，7月政府债是社融的主要支撑，但在专项债化债比例提高的背景下内需表征偏弱，体现 在各大经济数据分项上就是：出口"一枝独秀"，政府支出仍是内需扩张的基础。整体生产/制造业与基 建投资/出口对经济做结构性支撑的格局不变，但支撑力度转弱，地产投资加速向下，社零呈持续回落 态势。 上周市场在港股、美股温和上涨的基础上强势上攻，市场成交量明显扩张，日均成交额约21，019亿 元，整体赚钱效应偏强且结构化特征仍然明显。风格上，整体成长优于价值，小盘跑赢大盘；行业上， 通信、电子、非银金融等表现靠前，钢铁、纺织服饰、银行等表现靠后。 短期内，资金市营造了较好的市场氛围，产业自身发展与新质生产力政策的支持使得当下A股营造成了 天然的主题市场。前期两融资金等活跃资金的流动性驱动小微盘持续走强，但考虑到本周中报披露将启 动，预计业绩能见度较高的中大盘风格有望跑出相对超额，中证1000、国证2000等指数或有开启震荡的 需求。此外，考虑到沪指已突破阶段性高点，其余主流指数（如 ...

Economic Performance - In July, China's industrial added value increased by 5.7% year-on-year, down from 6.8% in the previous month and below the expected 5.8%[4] - The retail sales of consumer goods grew by 3.7% year-on-year in July, a decline from 4.8% in June and below the forecast of 4.9%[4] - Fixed asset investment (excluding rural households) rose by 1.6% year-on-year from January to July, lower than the expected 2.7% and the previous value of 2.8%[4] - The urban surveyed unemployment rate in July was 5.2%, up from 5.0% in June[4] Industrial and Investment Trends - The manufacturing sector's investment saw a significant decline, with a monthly year-on-year decrease of -0.3% in July, down 5.4 percentage points from the previous value[23] - Infrastructure investment also turned negative, with a monthly year-on-year decline of -5.1% in July, significantly lower than the previous month's performance[27] - The real estate development investment fell sharply, with a monthly year-on-year decrease exceeding four percentage points compared to the previous month[31] Consumer Behavior and Market Dynamics - The service retail sector showed resilience, with strong growth in categories like home appliances and cultural products, despite overall retail sales weakening[18] - The consumer confidence and spending power remain low, necessitating further policy measures to stimulate consumption[14] - Seasonal factors contributed to a slight increase in the unemployment rate, with the influx of new graduates into the job market exacerbating the supply-demand mismatch[33]

Core Insights - The city has effectively utilized the "Two New" working group to promote four major actions: equipment updates, trade-in programs, recycling, and standard upgrades, resulting in significant achievements in the first half of the year [1][2] Group 1: Economic Performance - The value added of regulated equipment manufacturing and digital product manufacturing industries increased by 10.5% and 14.3% year-on-year, respectively, while the automotive manufacturing industry saw a 17.3% increase [1] - The total retail sales of consumer goods grew by 6.3% year-on-year, driven by the trade-in programs that released consumer potential [1] Group 2: Policy and Project Development - The city has developed a comprehensive policy framework and project reserve, implementing 11 specialized work plans to support the "Two New" initiatives [1] - The city has established a task list for the "Two Heavy" and "Two New" initiatives, clarifying key tasks and support standards [1] Group 3: Recycling and Standards - As of now, the city has applied for a total of 566 million yuan in funding for trade-in programs, which has driven sales of related subsidized products exceeding 4.3 billion yuan [2] - The city has recycled 55,000 scrapped vehicles, 150,000 household appliances, and 36,000 electric bicycles [2] - The "Two New" standards have led to the formulation of 8 national standards and 4 local standards [2] Group 4: Future Plans - The city plans to enhance coordination and improve the awareness and satisfaction of policies among enterprises, ensuring smooth implementation of trade-in funding [2] - The development department will collaborate with relevant industry authorities to focus on key support areas, planning high-quality projects in advance [2]

Core Viewpoint - China's economy demonstrates resilience and vitality despite facing challenges from external pressures and extreme weather conditions, maintaining a steady development trend [1][6]. Economic Performance - In July, China's industrial output continued to grow, with the industrial added value of large-scale enterprises increasing by 5.7% year-on-year, and high-tech manufacturing and equipment manufacturing sectors growing by 9.3% and 8.4% respectively [2]. - The total import and export volume in July increased by 6.7% year-on-year, reflecting a 1.5 percentage point acceleration compared to the previous month [2]. - Retail sales of consumer goods in July grew by 3.7% year-on-year, with goods retail sales increasing by 4% [2]. Consumer Trends - The "old-for-new" policy has positively impacted consumer behavior, with retail sales of consumer goods in the first half of the year growing by 5.0%, surpassing the previous year's growth by 1.3 percentage points [3]. - The demand for cultural, sports, and entertainment services has increased, contributing to sustained growth in both goods and service consumption [2][3]. Investment Landscape - Fixed asset investment grew by 1.6% year-on-year from January to July, supported by policies promoting large-scale equipment updates [3]. - Investment in equipment and tools increased by 15.2%, indicating robust investment activity despite some regional challenges [3]. Policy Outlook - The government is expected to implement new policies to address economic challenges, including expanding government investment and improving social security measures to boost consumer demand [6][7]. - The introduction of new policy financial tools is anticipated to support infrastructure investment growth, addressing capital shortages for project construction [8]. Fiscal Policy - Fiscal spending growth slowed in the second quarter, with public fiscal expenditure increasing by only 2.6% year-on-year, indicating a need for enhanced fiscal expansion to meet economic growth targets [9]. - Recommendations include accelerating the issuance of special bonds and long-term bonds to ensure effective investment and support economic stability [9].

Key Points - From July 1 to August 11, the total number of railway passengers exceeded 600 million, reaching 616 million, with a year-on-year increase of 4.0% and an average daily passenger count of 14.675 million [3] - In the first seven months, the express delivery business volume reached 112.05 billion pieces, showing a year-on-year growth of 18.7% [5] - In July, the industrial added value of large-scale enterprises increased by 5.7% year-on-year and 0.38% month-on-month, with the equipment manufacturing sector growing by 8.4% and high-tech manufacturing by 9.3% [8] - The service production index in July grew by 5.8% year-on-year, with significant increases in information transmission, software, IT services (11.9%), finance (8.7%), and leasing and business services (8.0%) [15] - By June 2025, the total number of 5G base stations is expected to increase fivefold compared to 2020, reaching 4.55 million, while the number of broadband users is projected to grow 34 times to 226 million [13] - In the first half of the year, 13.278 million new business entities were established, including 4.62 million new enterprises and 8.629 million new individual businesses [21] - Under the "Two New" policy, from April 2024 to July 2025, the amount spent on machinery and equipment is expected to grow by 7.3%, with sales of household appliances and audiovisual equipment increasing by 44.5% and 22.8% respectively, and new energy vehicle sales rising by 81.7% [23] - Recently, 188 billion yuan in investment subsidies for equipment upgrades has been fully allocated [19]