Group 1 - The State Council of China has announced the implementation of the Value-Added Tax Law, effective from January 1, 2026, detailing taxpayer scope, tax rates, tax calculation methods, tax incentives, and management measures [1] - The National Development and Reform Commission and the Ministry of Finance have released a policy for a large-scale replacement and recycling program for consumer goods, effective in 2026, covering categories such as automobiles, home appliances, and digital products [2] - Starting January 1, 2026, individuals selling residential properties purchased for more than two years will be exempt from value-added tax, while those selling properties purchased for less than two years will be subject to a 3% tax rate [3] Group 2 - The Ministry of Industry and Information Technology has issued a plan for the digital transformation of the automotive industry, aiming for significant improvements in smart manufacturing capabilities by 2027, including a 10% increase in labor productivity and a 20% reduction in product development cycles [4] - The i-Moutai platform will adjust its product offerings in 2026, including the introduction of various Moutai products, while denying rumors of a daily supply of 100 tons [5][6] - The National Investment Fund has issued a warning regarding the risks of investing in high-premium fund shares, highlighting significant price fluctuations in the market [7] Group 3 - The South Korean President will visit China from January 4 to 7, 2026, marking his first state visit since taking office, with expectations for enhanced strategic cooperation between the two countries [8] - Tianpu Co. has seen its stock price increase by 718.39% from August 22 to December 30, 2025, leading to a suspension of trading for verification due to significant deviations from the company's fundamentals [9] - The Ministry of Education plans to introduce policies in 2026 to promote artificial intelligence in education, with a focus on developing high-quality talent for the future [11]

□四川日报全媒体记者 曹凘源 文/图讲述人：许文娟，成都平面设计从业者。 我从事的是平面设计行业，需要经常上网搜集素材，学习一些新设计理念和软件使用方法。我们 这个行业，新人和资深前辈拿到的订单量及单价相差很大，专业水平越高、资历越丰富，收入也 就越高，加上设计的理念不断更新、软件应用不断迭代，必须让自己保持持续学习、及时更新的 状态，才能适应市场需求。 背景 2025年，国家实施积极的宏观政策，四川出台系列政策，将政策"含金量"加速转化为发展"实物 量"。一方面，四川全力保障国家"两重"项目与"两新"政策落地，用好专项债、超长期特别国债等 工具；另一方面，在激发内生动能上精准发力。以大规模设备更新和消费品以旧换新为例，政策 效应迅速显现：截至12月7日，全省消费品以旧换新申请量超过1340万件，拉动消费超1616亿元， 累计吸引2.6万余家经营主体参与。 在对比了多家电商平台后，我找到了一款心仪的平板电脑，虽然各个电商平台都有促销活动，但 都需要凑单才能享受满减优惠，2600元左右的价格让我感觉并不实惠。5月，我研究了四川正在实 施的以旧换新政策，了解到部分新购置的数码产品可以享受国补，加上平台优惠，能便宜 ...

Group 1 - The article highlights the importance of continuous learning and skill enhancement in the graphic design industry, emphasizing the need for professionals to adapt to evolving design concepts and software applications [3][5] - The purchase of a tablet computer has significantly improved the efficiency of learning and practical application for graphic designers, allowing for better multitasking between online courses and software usage [5][6] - The implementation of the "old for new" policy in Sichuan has led to a substantial increase in consumer spending, with over 1.3 million units of various products being replaced, generating over 1.6 billion yuan in consumption [8] Group 2 - The Sichuan government's proactive macro policies aim to convert policy effectiveness into tangible development, focusing on the implementation of national projects and stimulating internal demand [7] - The "old for new" policy has resulted in a notable increase in the replacement of consumer goods, with significant participation from over 26,000 businesses, indicating a robust market response [8]

Group 1: Domestic Demand and Market Outlook - The home appliance sector is expected to show a "high first half and stable second half" trend in 2025, driven by policy continuation and consumption peaks [1] - In the first three quarters of 2025, air conditioner shipments increased by 8.4%, refrigerators by 2.4%, and washing machines by 4.1% year-on-year [1][13] - For 2026, the continuation of subsidies is anticipated to mitigate the impact of high base effects and demand pull-forward, with projected declines in overall appliance sales of -4% to -7.3% under various subsidy scenarios [1][16][19] Group 2: Export Performance and Global Market Trends - Home appliance exports have slowed down due to tariff policies and global supply chain adjustments, but still show resilience and structural highlights [2] - In 2025, the export growth rate for air conditioners is expected to be weaker than that of washing machines and refrigerators, primarily due to adverse weather conditions affecting overseas demand [2][39] - The U.S. market is projected to benefit from a rate cut, which may enhance demand for home appliances, while the European market is expected to maintain a slow recovery [42][44][50] Group 3: Investment Themes - The narrative in the black appliance sector is shifting from "market share chasing" to "profit and pricing power," with Chinese brands like Hisense and TCL expected to convert market share into higher profits [3][55] - White appliances are seen as having strong growth potential due to their historical resilience through cycles, with leading brands like Midea and Haier expected to maintain stable growth and generous dividends [3][83] - The global competition in new consumer products, particularly in smart imaging and robotic vacuum cleaners, is expected to favor Chinese brands, highlighting their competitive advantages [3] Group 4: Financial Metrics and Valuation - As of December 22, 2025, the home appliance sector's PE TTM is 16.27 times, remaining below the 10-year average of 32.8% [7] - The white appliance segment's current PE is 11.22, while black appliances stand at 25.94, indicating varying levels of market valuation [9] - The home appliance sector has seen a decline in public fund holdings, with a heavy allocation of only 2.46% in Q3 2025, reflecting concerns over demand in 2026 [9]

Core Viewpoint - The recent surge in the lithium battery sector, driven by market speculation about a new vehicle trade-in policy and rising lithium carbonate prices, indicates a potential recovery and growth in the industry. Group 1: Market Dynamics - On December 26, the lithium battery sector saw significant gains, with stocks like Fengyuan Co. and Tianji Co. hitting the daily limit, and BYD rising over 6% [1] - The market anticipates a new vehicle trade-in policy with a cap of 13,000 yuan, exceeding previous expectations of 10,000 yuan [1] - The lithium carbonate market is experiencing intensified competition, with reports of production halts from companies like Hunan Youneng and Wanrun New Energy due to price discrepancies between long-term contracts and spot prices [1][4] Group 2: Industry Trends - The lithium carbonate main contract price has surged past 130,000 yuan, marking an 8% increase and reaching a new high since November 2023 [4] - Several companies in the lithium battery materials sector are adjusting their pricing strategies, with some opting to abandon SMM pricing due to perceived unfairness [4][5] - The demand for energy storage in China is robust, with projections indicating that the domestic project pool will exceed 800 GWh, supporting significant market growth over the next few years [7] Group 3: Future Outlook - The lithium battery industry is entering a mild inflation cycle, with price increases and demand feedback expected to create a dynamic balance in the market [7] - Forecasts suggest that the production of lithium batteries in China will reach approximately 210 GWh in January 2026, reflecting a seasonal adjustment and inventory clearing [7]

Group 1 - The lead market is experiencing multiple macroeconomic benefits, with expectations of a weaker US dollar due to ongoing interest rate cut predictions from the Federal Reserve, which could open up upward space for non-ferrous metals priced in dollars [2] - The central bank's signals for continued moderate monetary policy easing into 2026 and potential rate cuts before the Spring Festival are boosting market confidence in lead consumption recovery [2] - Domestic policies such as "old-for-new" exchanges and consumption promotion measures are expected to enhance demand in downstream sectors like lead-acid batteries [2] Group 2 - Environmental controls have been upgraded in response to heavy pollution, leading to expectations of supply contraction, which is a short-term macro catalyst for lead prices [2] - The lead price is anticipated to rise slightly today, supported by favorable macro liquidity expectations and a stronger yuan reducing import costs [2] - The industry is facing a supply-demand imbalance, with traditional automotive battery demand remaining strong while electric bicycle sectors show weakness, impacting downstream purchasing enthusiasm [2]

【靖远佳美电器负责人 高陈佑】"以旧换新"政策推出以来，门店客流量增加了不少，家电的销售额有 大幅度的提升，最受欢迎的产品集中在空调、电视、冰箱、洗衣机等产品上，政策不仅让老百姓得到了 实惠，也让我们企业的经营信心更加十足。 为放大"十四五"政策效应，靖远打出"以旧换新+节点促销"组合拳。联合全县百余家商户推出"政策补 +商家让"福利，这种"政策协同发力"的做法，正是国家强调的"打好政策组合拳"的生动实践。实打实 的举措，换来了"十四五"关键期的亮眼成绩单。 "十四五"期间，推动大规模消费品"以旧换新"成为国家扩大内需、绿色转型的重大举措。今年以来，靖 远县全面推进消费品以旧换新政策，从家家户户必备的大家电到出行代步的汽车、潮酷实用的数码产 品，多领域政策红利持续释放，既让群众揣着实惠满心欢喜，更激活了县域消费的"一池春水"，让市场 暖意融融。 靖远县融媒体中心记者 李炎芸 杨晶晶 【靖远县商务局党组成员、副局长 张赟】今年以来，我县全面落实消费品以旧换新部署要求，加大宣 传引导，强化服务指导，统筹推进汽车、家电、电动自行车、家装厨卫、3C数码产品等领域以旧换 新，有力释放了消费潜力，提振了消费信心。截至目前 ...

Market Overview - From December 1 to 21, the national retail sales of passenger cars reached 1.3 million units, a year-on-year decrease of 19%, but a month-on-month increase of 5%. Cumulatively, retail sales for the year reached 22.783 million units, a year-on-year increase of 4% [2] - During the same period, wholesale sales of passenger cars were 1.302 million units, down 23% year-on-year and down 13% month-on-month. Cumulative wholesale sales for the year reached 28.067 million units, a year-on-year increase of 9% [2] New Energy Vehicles - Retail sales of new energy vehicles from December 1 to 21 reached 788,000 units, a year-on-year increase of 1% and a month-on-month increase of 3%. The penetration rate of new energy vehicles in the passenger car market was 60.6%, with cumulative retail sales for the year at 12.26 million units, up 18% year-on-year [2] - Wholesale of new energy vehicles during the same period was 782,000 units, down 10% year-on-year and down 12% month-on-month, with a cumulative wholesale of 14.538 million units, up 25% year-on-year [2] Production Trends - In the first three weeks of December, production of pure fuel light vehicles was 681,000 units, down 25% year-on-year and down 10% month-on-month. Production of hybrid and plug-in hybrid vehicles was 398,000 units, down 19% year-on-year and down 11% month-on-month [3] Retail and Wholesale Trends - Daily average retail sales in the first week of December were 42,000 units, down 32% year-on-year and down 8% month-on-month. In the second week, daily average retail sales were 67,000 units, down 17% year-on-year but up 9% month-on-month. In the third week, daily average retail sales were 77,000 units, down 11% year-on-year and up 9% month-on-month [5][6] - The overall retail trend for December is weak, influenced by the tightening of replacement policies and a cautious attitude from dealers due to previous weak retail performance [6] Export Performance - In November, China exported 810,000 vehicles, a year-on-year increase of 48%, with a total of 7.33 million vehicles exported from January to November, a year-on-year increase of 25% [14] - Exports of new energy vehicles in November reached 350,000 units, a year-on-year increase of 156%, with cumulative exports for the year at 3.01 million units, up 62% year-on-year [14] Battery Market Analysis - In November, the production of power batteries was 176 GWh, a year-on-year increase of 53%. Cumulative production from January to November reached 1,469 GWh, up 46% year-on-year [12] - The proportion of battery installations for electric vehicles reached 53%, with ternary batteries at 50% and lithium iron phosphate batteries at 54% [12] Russian Market Insights - In November, the Russian automotive market saw sales of 142,000 units, a year-on-year decrease of 2%. Cumulative sales from January to November were 1.33 million units, down 21% year-on-year [18] - Chinese brands have increased their market share in Russia to 57.5% as of November, with strategies including local production and supply chain restructuring to adapt to the market [19][20]

（文章来源：每日经济新闻） 江海证券指出，扫地机器人行业的未来竞争维度将突破单一产品层面，转向生态构建与服务能力的综合 角逐，能够推动扫地机器人与智能家居生态深度融合的企业更易构筑长期壁垒。高层优化"两新"政策， 明年"国补"或将延续，今年以旧换新政策带动家电销售显著，细分领域家电以旧换新规模达12844万 台。中国家用空调市场延续低迷，内销同比下降39.8%，出口下降25.6%，主要受国补退坡、海外库存 高企及高基数影响，呈现双降格局。长期仍看好空调行业在新兴市场的增长，短期行业处于调整周期， 内销排产压力持续。政策延续有望进一步撬动上下游产业协同发展。 家电ETF（159996）跟踪的是家用电器指数（930697），该指数从沪深市场中选取涉及空调、冰箱、洗 衣机等家电产品制造与销售的上市公司证券作为指数样本，以反映家用电器行业相关上市公司证券的整 体表现和市场趋势。该指数具有较强的消费属性和周期性特征，能够较为全面地体现家电行业的整体发 展状况。 ...

12月19日上午，位于万达广场的京东七鲜超市石家庄首店正式开门迎客。近5000平方米的门店内，"24 小时菜""7日鲜蛋""烘焙明厨"等特色区域以及丰富的试吃活动，为消费者带来全新的采购体验。 石家庄消费者：转到很多试吃，东西的话感觉价格的话也挺有性价比的，觉得是更加便利了，就是包括 一些东西很符合我们年轻人的需求。 石家庄消费者：小红书上之前是有推送，我就顺势来了，凑热闹。试吃的这个蛋挞特别好吃，牛腩也很 好吃，很新奇，就感觉也很高兴。因为之前是逛过盒马，然后这次又有了七鲜，所以感觉大型的超市越 来越多，尤其是在周围住，我感觉也很方便了。 游客：我从山东来的，玩了一天，感觉特别值。 游客：穿着汉服在古城街区拍照特别有感觉，我们经常周末约朋友一起来。 既有消费场景的硬件更新，也有真金白银的惠民政策。2025年，"以旧换新"政策首次加入手机、平板等 数码产品，并把去年8类家电产品补贴扩充到12类，空调产品更是可补贴三件。我省还额外增加了咖啡 机、洗地机等8类小家电补贴……一系列政策红利，带动我省消费需求不断释放，市场活力逐步增强。 截至2025年9月，全省以旧换新带动销售额1778.1亿元，约1700万人次享受 ...