Investment Rating - The report does not explicitly provide an investment rating for the home appliance industry during the 2025 Double Eleven shopping festival. Core Insights - The home appliance sector demonstrated strong performance during the 2025 Double Eleven, with total e-commerce sales reaching 266.8 billion yuan, accounting for 16.5% of total sales. Leading brands included Midea and Haier [10]. - Consumer behavior is shifting towards personal care and lifestyle appliances, with 67.0% purchasing personal care devices and 61.4% opting for lifestyle appliances, indicating a trend towards health and convenience [16]. - The average spending range for home appliance consumers during this event was primarily between 3,000 yuan and 10,000 yuan, with a notable influence of female consumers in high-value purchases [21][22]. Summary by Sections Consumer Trends - The report highlights a dual trend of "necessity replacement" and "self-improvement," with core categories like refrigerators, washing machines, and air conditioners remaining popular [18]. - The demand for kitchen appliances is evolving, driven by interests in cooking and convenience [18]. Purchase Behavior - 78.2% of consumers preferred online shopping through comprehensive e-commerce platforms, while offline channels still maintained significant reach [26]. - The motivations for purchasing included price sensitivity and a desire for quality upgrades, with 38.6% of consumers seeking a higher quality of life [23]. Influencing Factors - Key factors influencing purchase decisions included brand reputation, product functionality, and after-sales service [31]. - The introduction of AI search tools is reshaping how consumers gather information, with 40.4% using AI for decision-making assistance [33][36]. Policy Impact - The national subsidy policy has been widely accepted, with 83.5% of consumers successfully utilizing it during the Double Eleven, leading to a shift towards higher-end products [38].

12月10日至11日，中央经济工作会议在北京举行。此次会议部署2026年经济工作，其中在部署明年"坚持内需主导，建设强大国内市场"时称，要优化"两 新"政策实施。 所谓"两新"政策，是指大规模设备更新和消费品以旧换新政策。其中与老百姓利益直接相关的消费品以旧换新政策又备受关注，被称为"国补"。此次会议明 确2026年优化"两新"政策实施，意味着明年会继续实施国补政策，但具体政策会有所优化。 为了促进消费，中国在2024年发行了1500亿元超长期特别国债资金用于消费品以旧换新。由于当年实施效果不错，2025年中国发行3000亿元超长期特别国债 资金用于消费品以旧换新，"国补"额度较2024年增长一倍。 "国补"政策也在不断优化。2025年"国补"领域在2024年基础上扩围，比如新增了手机、平板、智能手表手环等3类数码产品和微波炉、净水器、洗碗机、电 饭煲等4类家电产品等。 多位接受采访的专家表示，2026年"国补"额度可能在2025年基础上适度增加，并继续优化资金投向领域，增加服务消费等，以进一步发挥财政资金带动消 费，带动产业转型升级、提振经济。 来源：第一财经 商务部数据显示，今年1~11月，消费品以旧换新 ...

Domestic News - The "National Subsidy" policy is expected to continue in 2026, with an increase in funding for consumer goods replacement programs, expanding to include digital products and home appliances [4] - Hunan's electric vehicle exports have surpassed 10.7 billion yuan, with significant growth in emerging markets like Indonesia and Mexico [5] - The second-hand car market in China shows signs of recovery, with daily transaction volumes increasing by 3.46% week-on-week [6] - Deep Blue Automotive has achieved a milestone of 700,000 vehicle deliveries [7] - Leap Motor's chairman and a major shareholder have increased their holdings by 2.15 million shares, totaling over 100 million HKD [8] - BAIC Blue Valley plans to lend up to 6 billion yuan to its subsidiary for project implementation [9] - GAC Group is set to enter the Japanese electric vehicle market in 2026, aiming for 2,000 orders by 2027 [10] - SaiKe Technology's Chongqing base has commenced production, contributing to the expansion of its manufacturing network [11] International News - The EU is considering a conditional five-year delay on the ban of fuel vehicles, allowing certain hybrid models to continue sales until 2040 [12] - Stellantis has partnered with Bolt to explore the commercial operation of L4 autonomous Robotaxis in Europe [13] - Audi has formed a strategic partnership with UST, which will acquire a majority stake in Italdesign [14] - SK On and Ford have agreed to terminate their joint venture in the U.S., with both companies operating their respective production facilities independently [16] Commercial Vehicles - The "14th Five-Year" modern comprehensive transportation system development plan has been released in Henan Province, focusing on green transformation and electric vehicle promotion [17] - The 2025 commercial vehicle extreme record has been announced, highlighting advancements in fuel and electric heavy-duty trucks [18][19] - Jiangling Group has multiple units recognized in the provincial green manufacturing list, showcasing its commitment to sustainable development [20] - BYD's electric buses have won the 2026 German Design Award, reflecting the company's design and technological prowess [21]

Group 1 - The core viewpoint of the news is the continuation and optimization of the "National Subsidy" policy in 2026, which aims to boost domestic demand and support consumer spending [2][3] - The "National Subsidy" policy will be optimized in 2026, with specific adjustments to be made, indicating a sustained government effort to stimulate consumption [2] - The funding for the "National Subsidy" program is set to increase from 150 billion yuan in 2024 to 300 billion yuan in 2025, which is expected to drive consumption by over 2.5 trillion yuan and benefit 360 million people [3] Group 2 - In November 2025, China's automotive industry saw production exceed 3.5 million vehicles and exports surpass 700,000 units, both reaching historical highs, with new energy vehicle sales accounting for over 50% for the second consecutive month [5] - The continuation of the "National Subsidy" policy is expected to positively impact the automotive market, particularly for new energy vehicles, as consumers may benefit from subsidies and tax incentives [5]

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 中央经济工作会议最新信号，结构性货币政策工具"加量降价"可期 中央经济工作会议中关于2026年货币政策延续适度宽松的基调，显示出宏观政策保持很强的连续性、稳 定性。除了总量政策提出运用降准降息外，会议还要求畅通货币政策传导机制，引导金融机构加力支持 扩大内需、科技创新、中小微企业等重点领域。 泽连斯基：若获安全保障 愿支持在战时举行大选 当地时间11日，乌克兰总统泽连斯基在会见记者时表示，在获得国际伙伴提供充分安全保障前提下，他 愿意支持在战时状态下举行大选，并已要求议员着手准备相关立法修订。泽连斯基在与记者会面时表 示，"最重要的是确保选举的合法性。如果我们的合作伙伴能够帮助我们在安全条件下、在合理时间内 组织选举，我将予以支持。为避免这仅仅成为我发出的一个媒体信号，我已正式请求乌克兰议员起草允 许在战时状态期间举行选举的法律修正案。"泽连斯基强调，当前关键目标是以乌克兰的强势地位结束 冲突。 马斯克：若重来，不会领导"政府效率部" 美国电动车制造商特斯拉公司、太空探索技术公司创始人埃隆·马斯克日前表示，如果重来，他不会领 导"政府效率 ...

2025年12月10日至11日，中央经济工作会议在北京举行。此次会议部署2026年经济工 作，其中在部署明年"坚持内需主导，建设强大国内市场"时称，要优化"两新"政策实施。 所谓"两新"政策，是指大规模设备更新和消费品以旧换新政策。其中与老百姓利益直接相 关的消费品以旧换新政策又备受关注，被称为"国补"。 此次会议明确2026年优化"两 新"政策实施，意味着明年会继续实施国补政策，但具体政策会有所优化。 为了促进消费，中国在2024年发行了1500亿元超长期特别国债资金用于消费品以旧换新， 也就是老百姓口中的"国补"。由于当年实施效果不错，2025年中国发行3000亿元超长期 特别国债资金用于消费品以旧换新，"国补"额度较2024年增长一倍。 "国补"政策也在不断优化。2025年"国补"领域在2024年基础上扩围，比如新增了手机、 平板、智能手表手环等3类数码产品和微波炉、净水器、洗碗机、电饭煲等4类家电产品 等。 商务部数据显示，2025年1月至11月，消费品以旧换新带动相关商品销售额超2.5万亿元， 惠及超3.6亿人次。其中，汽车以旧换新超1120万辆，家电以旧换新超12844万台，手机 等数码产品购新补 ...

Core Insights - The 2026 "National Subsidy" policy will continue the "old-for-new" consumption initiative with an increased budget of 500 billion yuan, aimed at stimulating consumption and stabilizing economic growth [1][3][16] Group 1: Policy Overview - The "National Subsidy" policy has shown significant results since its launch in 2024, generating over 2.5 trillion yuan in sales and benefiting 360 million people [3] - The policy will focus on three main upgrades: increasing the subsidy amount, expanding coverage to new sectors, and optimizing the distribution process [4][10] Group 2: Sectoral Impacts - Traditional consumption sectors like home appliances and automobiles are expected to see a second wave of growth, with home appliance subsidies potentially increasing from 12.84 million units to 15 million units [6][8] - The service consumption sector, particularly in tourism and health, is anticipated to become a new focal point, with over 100 billion yuan in tourism vouchers expected to be issued [6][10] - Digital and green consumption will be enhanced, with subsidies for smartphones and energy-efficient appliances, benefiting companies like Apple and Huawei [8][10] Group 3: Economic Implications - The policy aims to boost domestic demand and counter economic pressures, with expectations for retail sales growth to rebound to 5%-6% in 2026 [10] - It promotes industrial upgrades by leading consumption upgrades, encouraging innovation in sectors like electric vehicles and smart home appliances [10][14] Group 4: Investment Opportunities - Key investment targets include essential consumer goods like dairy products and condiments, as well as discretionary items like home appliances and new energy vehicles [15] - The policy is seen as a long-term opportunity for investors, with potential for valuation recovery and growth in the consumer sector [16]

商务部数据显示，今年1~11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人次。 其中，汽车以旧换新超1120万辆，家电以旧换新超12844万台，手机等数码产品购新补贴超9015万件， 电动自行车以旧换新超1291万辆，家装厨卫"焕新"超1.2亿件。 多位接受第一财经采访的专家表示，2026年"国补"额度可能在2025年基础上适度增加，并继续优化资金 投向领域，增加服务消费等，以进一步发挥财政资金带动消费，带动产业转型升级、提振经济。 （文章来源：第一财经） 所谓"两新"政策，是指大规模设备更新和消费品以旧换新政策。其中与老百姓利益直接相关的消费品以 旧换新政策又备受关注，被称为"国补"。此次会议明确2026年优化"两新"政策实施，意味着明年会继续 实施国补政策，但具体政策会有所优化。 为了促进消费，中国在2024年发行了1500亿元超长期特别国债资金用于消费品以旧换新，也就是老百姓 口中的"国补"。由于当年实施效果不错，2025年中国发行3000亿元超长期特别国债资金用于消费品以旧 换新，"国补"额度较2024年增长一倍。 "国补"政策也在不断优化。2025年"国补"领域在2024年基础 ...

"国补"政策也在不断优化。2025年"国补"领域在2024年基础上扩围，比如新增了手机、平板、智 能手表手环等3类数码产品和微波炉、净水器、洗碗机、电饭煲等4类家电产品等。 商务部数据显示，今年1~11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人 次。其中，汽车以旧换新超1120万辆，家电以旧换新超12844万台，手机等数码产品购新补贴超 9015万件，电动自行车以旧换新超1291万辆，家装厨卫"焕新"超1.2亿件。 2025.12. 11 本文字数：702，阅读时长大约2分钟 作者 | 第一财经 陈益刊 12月10日至11日，中央经济工作会议在北京举行。此次会议部署2026年经济工作，其中在部署明 年"坚持内需主导，建设强大国内市场"时称，要优化"两新"政策实施。 所谓"两新"政策，是指大规模设备更新和消费品以旧换新政策。其中与老百姓利益直接相关的消费 品以旧换新政策又备受关注，被称为"国补"。此次会议明确2026年优化"两新"政策实施，意味着明 年会继续实施国补政策，但具体政策会有所优化。 为了促进消费，中国在2024年发行了1500亿元超长期特别国债资金用于消费品以旧换新，也就是 ...

多位接受第一财经采访的专家表示，2026年"国补"额度可在2025年基础上适度增加，并继续优化资金投 向领域，增加服务消费等，以进一步发挥财政资金带动消费，带动产业转型升级、提振经济。 为了促进消费，中国在2024年发行了1500亿元超长期特别国债资金用于消费品以旧换新，也就是老百姓 口中的"国补"。由于当年实施效果不错，2025年中国发行3000亿元超长期特别国债资金用于消费品以旧 换新，"国补"额度较2024年增长一倍。 "国补"政策也在不断优化。2025年"国补"领域在2024年基础上扩围，比如新增了手机、平板、智能手表 手环等3类数码产品和微波炉、净水器、洗碗机、电饭煲等4类家电产品等。 商务部数据显示，今年1~11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人次。 其中，汽车以旧换新超1120万辆，家电以旧换新超12844万台，手机等数码产品购新补贴超9015万件， 电动自行车以旧换新超1291万辆，家装厨卫"焕新"超1.2亿件。 中央经济工作会议提出明年要优化"两新"政策实施 12月10日至11日，中央经济工作会议在北京举行。此次会议部署2026年经济工作，其中在部署明年"坚 ...