商务部召开的2026年全国消费品以旧换新工作部署电视电话会议强调，各地区、各有关部门要强化工作 统筹，部门协同、央地联动合力抓好政策落实；要优化实施机制，持续提高补贴审核和兑付效率，推 动"高效办成一件事"；要严厉打击骗补套补，确保补贴资金用到实处、见到实效；要加强政策宣传和活 动推广，努力让更多群众了解政策、参与政策、享受政策。 允许各地在政策框架内，自主确定补贴品类、标准等 根据七部门《通知》，2026年，中央继续安排超长期特别国债资金，各地按比例安排配套资金，支持消 费品以旧换新政策实施。 2026年以旧换新政策的全国统一支持范围包括汽车报废更新、汽车置换更新、6类家电以旧换新（冰 箱、洗衣机、电视、空调、电脑、热水器）、4类数码和智能产品购新（手机、平板、智能手表/手环、 智能眼镜）等四个领域。（下称全国统一的四个领域）。 七部门《通知》强调，对全国统一的四个领域，各地不得自行变更补贴品类、调整补贴标准。 与此同时，在政策执行层面，给予了地方更多自主空间。即允许各地区在消费品以旧换新政策框架内， 使用地方安排的配套资金，自主合理确定补贴品类、补贴标准、组织实施方式等，鼓励优先支持能效、 水效、环保水平 ...

按12%的比例倒算，想拿满2万元补贴，新车价格需在约16.7万元以上，这意味着10万元级电动车 能够享受的实际补贴金额将显著低于过去定额政策。 摘要 改变谁的命运？ 国家发改委、财政部、商务部等部门近日先后发布《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》和《2026年汽车以旧换新补贴实施细则》，明确了明年"两新"政策的支持范围 和补贴标准。 表面上这是一揽子消费刺激安排，从锂电产业链视角看，乘用车、公交与货车、3C和可穿戴设备、 家电与智能家居以及电池回收等多个环节均被直接波及。 首先，乘用车国补改为按车价比例补贴，被普遍视为对中高端新能源车更友好。 补贴细则规定，2026年，个人报废符合车龄要求的汽油、柴油及其他燃料乘用车或2019年12月31 日前注册登记的新能源乘用车，并购买列入减免购置税目录的新能源乘用车或2.0升及以下排量燃油 乘用车，可获得一次性补贴。 报废旧车并购买新能源车的，按新车含税价格的12%补贴，最高2万元；报废燃油车并购买2.0升及 以下排量燃油车的，按车价10%补贴，最高1.5万元。 在置换场景中，个人售卖转让名下乘用车并购买符合条件新车，同样可以拿补贴。换购新能 ...

智通财经APP获悉，花旗发布研报称，以旧换新政策延续对大部分电商平台而言属利好因素，将有助于 抵销2026年上半年的高基数影响。 虽然2026年以旧换新计划的首批补贴规模为625亿元人民币，而且每 件产品的最高补贴额低于2025年计划，符合资格的家电类别也较少，但花旗仍相信能提振消费情绪。 因应较高基数及较小的补贴规模，该行认为新政策对电商平台的整体效用可能有限，同时指出智能眼镜 产品虽获纳入为合资格补贴产品，但预料相信其采用率可能有限。 该信息由智通财经网提供 ...

太平洋证券研报指出，国家发展改革委、财政部印发《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》，将定额补贴调整为按车价比例进行补贴，自主高端品牌赛力斯核心受益。问界新车型 周期向上，渠道+新工厂产能持续发力，向上势能加速。华为车BU，自主新引望，引望股权10%开始贡 献投资收益。港股上市推动全球品牌，人形机器人加速落地，有望打造新增长极。维持公司"买入"评 级。 ...

消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 华泰证券指出，2026年以旧换新政策将延续"稳总量、调结构、更精准"的导向，在家电品类中聚焦冰 箱、洗衣机、电视、空调、电脑、热水器等六大核心产品，并首次将智能眼镜纳入数码和智能产品购新 补贴范围，同时强调高能效标准与适老化需求。这一调整不仅有助于稳定核心品类的消费需求，也标志 着政策从传统功能替代向"智能进化"延伸，有望加速AI/AR眼镜在大众市场的渗透进程。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承 ...

花旗发表研究报告指，认为以旧换新政策延续对大部分电商平台而言属利好因素，将有助于抵销2026年 上半年的高基数影响。虽然2026年以旧换新计划的首批补贴规模为625亿元，而且每件产品的最高补贴 额低于2025年计划，符合资格的家电类别也较少，但花旗仍相信能提振消费情绪。因应较高基数及较小 的补贴规模，该行认为新政策对京东及其他电商平台的整体效用可能有限，同时指出智能眼镜产品虽获 纳入为合资格补贴产品，但预料相信其采用率可能有限。 ...

1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Core Views of the Report - The implementation of the trade - in policy will continue to boost the terminal demand for chemicals. The prices of energy and chemical products will continue to fluctuate and consolidate. The OPEC+ will hold a monthly video conference on January 4th to plan the organization's future production, and the market generally expects it to maintain the decision of "suspending the production increase in the first quarter". Geopolitical situations in Venezuela, Russia, and Ukraine are short - term supports for oil prices. The Chinese government has advanced the issuance of 62.5 billion yuan in ultra - long - term special treasury bonds to support consumer goods trade - in, which will significantly boost styrene [2]. - The supply and demand of the chemical industry have been flat recently, with no major contradictions, and the overall trend will be volatile. The PTA spot processing fee has increased, and the operating enthusiasm of PTA enterprises will rise. The processing fee of downstream polyester filament has dropped to a three - year low, and the industrial chain profit has shifted. The spot liquidity of polyolefin has tightened, and the futures price will move sideways. The rebound of styrene is not optimistic due to the drag of raw material pure benzene and high inventory [3]. 3. Summary by Relevant Catalogs 3.1 Market Outlook - **Crude Oil**: Geopolitical situations in Russia, Ukraine, and Venezuela continue to disrupt the market, and oil prices will continue to fluctuate. API data shows that US crude oil and refined product inventories continued to accumulate in the week of December 26th, and the total inventory of US crude oil and petroleum products is rising against the seasonal trend. The geopolitical prospects in Russia, Ukraine, and Venezuela are the core factors affecting crude oil supply expectations. The decline in Venezuela's shipments is not obvious for now, but its crude oil exports are expected to decline later. Oil prices will continue to fluctuate under the balance of oversupply and frequent geopolitical disruptions [8]. - **Asphalt**: The asphalt futures price rises following the increase in crude oil prices. The increase in crude oil prices drives up the asphalt futures price. If there is a substantial supply disruption in the US - Venezuela situation, the asphalt price will be strong; otherwise, it may rise and then fall. The supply and demand of asphalt are both weak, and inventory is starting to accumulate [9]. - **High - Sulfur Fuel Oil**: Be vigilant about the positive support for fuel oil from Iran's suspension of natural gas supply to Iraq. Although there are factors that support the high - sulfur fuel oil price, such as the potential resumption of fuel oil power generation in Iran and Iraq, the demand outlook is currently suppressed by high - level floating storage in the Asia - Pacific region, and there are medium - and long - term double negatives [9]. - **Low - Sulfur Fuel Oil**: The low - sulfur fuel oil futures price fluctuates [4]. - **Methanol**: Overseas disruptions have emerged again, and combined with capital rotation, the upward trend in the pre - holiday market may continue [4]. - **Urea**: There is concentrated pre - holiday procurement, and urea is expected to be in a consolidation state [4]. - **Ethylene Glycol**: The reduction in polyester production is gradually being realized, and the driving force for ethylene glycol is average [4]. - **PX**: The expected supply - demand pattern of PX has weakened, and the price has回调 after rising. International oil prices are strong, providing cost support. However, due to the market's focus on supply increase expectations, the price has回调 after rising, and the terminal has slowed down its procurement rhythm [12]. - **PTA**: The maintenance of polyester plants is gradually being implemented. The supply - demand of PTA has weakened marginally, and the price is expected to fluctuate following the cost in the short term [13]. - **Short - Fiber**: The callback is limited, the processing fee is under pressure, and the willingness to reduce production is increasing. The cost support is strong, but the downstream is in a wait - and - see state, and the processing fee is under pressure [24]. - **Bottle Chip**: It fluctuates following the upstream cost. The price of polyester bottle chips fluctuates following the raw materials, and the short - term driving force is limited [26]. - **Propylene**: The CP price in January has been raised, and the PDH is expected to reduce its operating rate, so the PL has strengthened slightly [4]. - **PP**: The CP price has been raised, and PP has strengthened slightly [4]. - **Plastic**: Both long and short positions are cautious before the holiday, and plastic is expected to fluctuate. Oil prices are fluctuating, and the fundamental support for plastic has increased slightly, but the driving force for both long and short positions is relatively weak [31]. - **Styrene**: The short - term market is dominated by sentiment, and the sustainability of export transactions should be monitored. The cost support from pure benzene is weak, but there are positive factors such as export orders and market sentiment stimulation. However, the supply and demand situation is not optimistic, and the upside is restricted [18]. - **PVC**: Short - sellers take profits before the holiday, and PVC is mainly in a fluctuating state. The macro - level sentiment boost may be short - term, and the supply - demand expectation has improved, but the high - inventory pressure still exists [35]. - **Caustic Soda**: It has a low valuation and weak expectations, and is expected to fluctuate. The macro - level sentiment boost may be short - term, and the supply - demand is still in a state of oversupply in the short term [36]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spread**: Data on the inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. are provided, showing the latest values and changes [38]. - **Basis and Warehouse Receipts**: Information on the basis and warehouse receipts of varieties like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. is presented, including the latest values and changes [39]. - **Inter - variety Spread**: Data on the inter - variety spreads of different combinations such as PP - 3MA, TA - EG, etc. are given, along with their latest values and changes [41]. 3.2.2 Chemical Basis and Spread Monitoring The report lists different varieties such as methanol, urea, styrene, etc., but specific data and analysis are not fully presented in the provided content. 3.3 Commodity Index - **Comprehensive Index**: The commodity index is 2343.82, up 0.17%; the commodity 20 index is 2683.42, down 0.17%; the industrial products index is 2271.47, up 0.56% [284]. - **Energy Index**: On December 30, 2025, the energy index was 1093.97, with a daily increase of 0.49%, a 5 - day decrease of 1.23%, a 1 - month decrease of 3.18%, and a year - to - date decrease of 10.91% [286].

Core Viewpoint - The report from CITIC Securities indicates that the home appliance sector is expected to underperform the market in 2025, with fund holdings at historically low levels, but recovery opportunities are emerging [1][2]. Group 1: 2025 Industry Review - The home appliance sector has underperformed the CSI 300 index since 2025, primarily due to domestic demand being affected by the reduction of national subsidies, high base effects, fluctuating tariffs, and weakening emerging markets in Q3 [2]. - The proportion of fund holdings in the home appliance sector has decreased to 1.93% from Q1 to Q3, with reductions in white goods, black goods, and small appliances, while components have seen a slight recovery [2]. - Currently, institutional holdings in the home appliance sector are at historically low levels, suggesting potential for recovery if domestic policies are implemented and external disturbances ease [2]. Group 2: Focus Areas for 2026 - The "old-for-new" policy is likely to continue, stabilizing domestic sales of home appliances. In 2025, the national subsidy program is expected to expand, with over 128 million units of 12 categories of appliances exchanged, utilizing more than 80 billion yuan of funds [3]. - Tariff impacts are gradually diminishing, with Chinese appliance exports to the U.S. recovering as trade relations stabilize. Companies are accelerating overseas production to mitigate future tariff uncertainties, particularly in emerging markets where penetration rates are low [3]. - The Mini LED television market is experiencing accelerated penetration driven by cost reductions and new product launches from leading manufacturers, with Chinese brands holding significant market shares [4]. - The commercial cold chain sector is expected to rebound in 2026, with leading companies seeing stabilization in frozen business and growth in new segments like smart cabinets [5]. - Component manufacturers are transitioning towards liquid cooling technologies, which are becoming essential in high-density data centers, leveraging existing expertise in thermal management and fluid control [5]. Group 3: Material Price Fluctuations - The impact of raw material price fluctuations is relatively limited, with copper and aluminum prices increasing by 17% and 5% respectively since Q4 2025, while prices for ABS, PP, and PS have decreased significantly [6][7]. - The overall cost index for white goods has shown mixed results, with air conditioners seeing a 3% increase in costs, while refrigerators and washing machines have experienced slight declines [7]. Group 4: Investment Strategy - In 2026, focus on companies that will benefit from continued national subsidies, particularly leading white goods manufacturers [9]. - Attention should be given to overseas companies with manufacturing and brand advantages, as they can effectively navigate trade risks and capitalize on emerging market growth [9]. - The Mini LED market is rapidly expanding, with Chinese leaders positioned to benefit from this trend [9]. - Commercial cold chain leaders are expected to see growth in new business segments driven by increased market share among key clients [9]. - Component companies are encouraged to pursue upgrades, particularly in liquid cooling technologies for AI data centers [9].

Group 1 - Old Buddha Department Store denies rumors of withdrawal from Shenzhen, stating that the reduction of some brand counters is part of normal brand updates [2][3] - Multiple brands of gold jewelry have seen significant price drops, with one store reporting a decrease of 42 yuan in a single day, which is described as unprecedented [3] - Tesla's global production reaches 9 million electric vehicles, with the latest unit rolling off the production line at the Shanghai Gigafactory [7][25] Group 2 - Dong Yuhui's live-streaming event achieved a record sales figure of 3.56 billion yuan, with a single sofa from Kuka Home exceeding 100 million yuan in sales [5][6] - Manus announces its acquisition by Meta, indicating that it will continue to operate independently while enhancing its product offerings [4] - SoftBank completes a total investment commitment of $40 billion in OpenAI, with the final tranche of $22-25 billion recently disbursed [6] Group 3 - Ningde Times enters the hydropower station business by partnering with State Power Investment Corporation and Sichuan Tieneng Electric Power to develop a hydropower project [8] - iMoutai is set to launch a new product priced at 1499 yuan per bottle starting January 2026, confirming the authenticity of the news [9] - Kuaishou's Vice President Zhou Guorui is reported to be leaving the company, with no official response from Kuaishou yet [11][12]

2025年，"国补"政策首次扩围至消费电子行业，个人购买手机、平板、智能手表手环等可享受国家补 贴，2026年"国补"政策在消费电子领域将再扩容，智能眼镜首次纳入。 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，支持家电以旧换新。 设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养老机构设备更新，在 安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合体、购物中心、百货 店、大型超市等线下消费商业设施的设备更新。 为优化实施"两新"政策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，近日，国家发展改 革委会同财政部，已向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计 划。 下一步，国家发展改革委将会同各有关部门，充分发挥"两新"部际联席会议制度作用，强化统筹推进和 跟踪调度，组织地方合理把握工作节奏，均衡有序使用补贴资金，全链条强化资金监管，平稳有序实施 消费品以旧换新政策，持续释放"两新"政策效能。 具体来看，其中提到，个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器等 ...