2026年第二周，本周聚焦出口贸易、企业合作、技术创新、政策引导等领域。企业间并购与跨界合作持续深化，新平台、新技术加速落地，同时国家多 部门出台多项政策，规范产业竞争、推动绿色消费与智能网联汽车发展。 中汽协：2025年1-11月汽车整车出口金额达1253.2亿美元 同比增长16.7% 1月4日，中国汽车工业协会整理的海关总署数据显示，2025年11月，汽车整车出口81.8万辆，环比下降1.2%，同比增长49.2%，出口金额达138.7亿美 元，环比下降3.1%，同比增长53%；2025年1-11月，汽车整车出口733.1万辆，同比增长25.7%，出口金额达1253.2亿美元，同比增长16.7%。 广汽本田完成收购东风本田发动机公司 盛秋平表示，商务部会同国家发改委、生态环境部、农业农村部、市场监管总局等九部门联合出台了《关于实施绿色消费推进行动的通知》，围绕绿色 消费全链条明确了七方面20项举措，对"十五五"时期绿色消费工作作出系统安排。《通知》提出，促进汽车绿色消费，支持消费者购买新能源汽车。做强汽 车产业链，挖掘二手车、汽车租赁、汽车改装、汽车共享等"后市场"潜力，探索盘活闲置车辆增收，支持发展房车露 ...

1月6日，国新办举行新闻发布会，介绍绿色消费推进有关情况。商务部副部长盛秋平介绍，2024 年-2025年实现汽车以旧换新1830万辆，其中新能源汽车占比近60%；全国报废汽车回收1767.3万辆，年 均增速45.8%；二手汽车交易3968.6万辆。 盛秋平表示，为深入推进绿色消费发展，商务部会同国家发改委、生态环境部、农业农村部、市场 监管总局等九部门联合出台了《关于实施绿色消费推进行动的通知》，围绕绿色消费全链条明确了七方 面20项举措，对"十五五"时期绿色消费工作作出系统安排。《通知》提出，促进汽车绿色消费，支持消 费者购买新能源汽车。做强汽车产业链，挖掘二手车、汽车租赁、汽车改装、汽车共享等"后市场"潜 力，探索盘活闲置车辆增收，支持发展房车露营、汽车影院、自驾游等新型消费。鼓励汽车等生产企业 建立逆向物流体系，依法依规对零部件再次利用。 ...

Market Overview - In January, the A-share market showed an upward trend, with the Shanghai Composite Index closing at 4,122.58 points, up 3.87% from the end of 2025. The STAR 50 and CSI 500 indices experienced significant gains [3][10] - The market liquidity improved, with a notable increase in average daily trading volume and a decrease in the scale of major shareholder reductions. The scale of locked-up shares released also declined [3][21] Market Liquidity and Risk Sentiment - As of January 22, the average daily trading volume in the A-share market was approximately 30,329.76 billion yuan, reflecting a 61.26% increase month-on-month. The net reduction in major shareholders was 445.42 billion yuan, which was a slight decrease compared to the previous month [21][26] - Investor sentiment remained high, with increased trading activity in small and mid-cap stocks. The commercial aerospace sector experienced significant volatility [30] Valuation Levels - As of January 22, the dynamic price-to-earnings (P/E) ratio of the STAR 50 index was at a historical high, positioned at the 99.23 percentile. Most major indices saw an increase in their historical valuation percentiles compared to the previous month [36][37] - Among the 27 industries, valuation levels increased, with 19 industries exceeding the historical 50th percentile in dynamic P/E ratios, indicating a general uplift in valuation levels across sectors [38][41] Policy Analysis - The macroeconomic environment showed resilience, with China's GDP surpassing 140 trillion yuan in 2025, growing by 5.0% year-on-year. The government emphasized the need for coordinated fiscal and monetary policies to stimulate consumption and investment [42][44] - Recent policies focused on promoting green consumption and enhancing service sector capabilities, which are expected to activate consumption potential across various sectors, including home appliances and automotive [44][45]

Core Viewpoint - The recent National Business Work Conference identified "stimulating consumption vitality in lower-tier markets" as a core task for implementing special actions to boost consumption, highlighting its strategic significance for accelerating the construction of a new development pattern and promoting high-quality development [1] Group 1: Market Characteristics - The lower-tier market in China, which includes third-tier cities, towns, and rural areas, is home to 70% of the population and accounts for 60% of total retail sales of consumer goods, becoming a new driving force for domestic consumption growth [1] - This market has over 900 million consumers, with consumption scale steadily expanding, and rural market growth consistently outpacing urban areas [2] - The consumption structure is shifting from being primarily basic consumption to a parallel development of quality, service, and digital consumption [2] Group 2: Unique Advantages - China possesses three unique advantages in stimulating consumption in lower-tier markets: a vast market scale that provides ample space for new business models and scenarios, a strong industrial and supply chain advantage that enriches consumer supply, and significant policy advantages that promote resource allocation to sustain market momentum [2] Group 3: Challenges - Current challenges in the lower-tier market include insufficient circulation facilities, poor market environment, hollowing out of business formats, and homogenization of consumption scenarios, which hinder the release of consumption vitality [2] Group 4: Strategic Measures - To enhance circulation facilities, there is a need to accelerate the construction of a comprehensive national transportation network and improve the logistics system at county, town, and village levels to facilitate the flow of consumer goods and agricultural products [3] - Optimizing the market environment involves strengthening regulatory systems, innovating non-site supervision models, and enhancing consumer rights protection mechanisms to boost consumer confidence [3] - Deepening business format integration by leveraging technologies such as AI, IoT, and cloud computing to promote the convergence of agriculture with tourism, education, and health industries, thereby expanding consumption space [4]

Core Viewpoint - The article discusses the "Three-Year Action Plan for Optimizing the Consumption Environment in Shenzhen (2026-2028)", which aims to enhance consumer experience and promote various sectors such as digital consumption, home improvement, and health services [1][2][4]. Group 1: Digital Consumption - The plan emphasizes the innovation and development of digital consumption, including the promotion of e-sports, social e-commerce, live-streaming e-commerce, and unmanned retail stores [1][3]. - It encourages the integration of AI into home appliances and smart home products, aiming to create flagship products in the smart home sector [4]. Group 2: Quality of Consumption - The action plan aims to improve consumption quality by promoting high-quality products and establishing quality grading zones in e-commerce platforms and large supermarkets [2]. - It also focuses on enhancing service quality in sectors like hospitality, health, and tourism through comprehensive evaluation metrics [2]. Group 3: Green Consumption - The plan promotes green consumption by expanding the scale of green electricity consumption and improving the service system for green electricity certificates [3]. - It encourages the development of a recycling system for used products and the promotion of second-hand trading in appliances and clothing [3]. Group 4: Home and Health Consumption - The plan aims to boost home consumption by creating smart home experience centers and promoting home renovation activities [4]. - It also focuses on developing international medical services and integrating health management for the elderly with various wellness activities [5]. Group 5: Financial Support and Credit Services - The plan includes measures to enhance financial support for service consumption and the elderly care industry, such as increasing consumer loan limits and extending loan terms [5]. - It proposes the expansion of credit application scenarios, offering flexible payment arrangements to consumers [6]. Group 6: Infrastructure and Internationalization - The plan outlines the development of multi-level commercial districts and consumer support facilities to enhance the shopping experience [6]. - It aims to create an international consumption environment by improving services for international visitors and expanding direct international flight routes [7].

Core Insights - TikTok Shop's UK strategy for 2026 focuses on "targeted invitations + full-cycle support," aiming to reshape the cross-border e-commerce landscape with significant reductions in commission fees and logistics subsidies, creating a high-growth, low-risk opportunity for MCN institutions in a market of 68 million consumers [1] Group 1: Policy Benefits for New Merchants - New merchants can enter with "zero cost" through reduced commissions and logistics subsidies [3] - Large merchants receive resource allocation benefits, including weighted traffic and exclusive rights packages [3] - Governance and risk control measures ensure a healthy ecosystem with lenient entry but strict management [3] Group 2: MCN Institution Operational Practices - Qualification requirements include company size and team configuration as hard indicators [5] - The application process consists of four steps, allowing for a quick setup within 30 days [8] Group 3: Commission and Logistics Support - Commissions for new merchants drop from 9% to 3% within 60 days after completing onboarding tasks, with some categories enjoying a base rate of 5%, reducing costs by 40% compared to traditional platforms [6] - Logistics support includes a 90-day waiver of storage and shipping fees, with additional subsidies for orders over £22 [6] - Successful case studies demonstrate significant reductions in logistics costs and high daily GMV during peak sales periods [6] Group 4: Marketing and Content Strategy - Merchants are encouraged to create localized and scenario-based content to drive sales [9] - The selection logic emphasizes high cost-performance products and seasonal trends to align with consumer preferences [11] - Collaboration with influencers, especially during the initial phase, is crucial for driving engagement and sales [11] Group 5: Future Trends and Competitive Landscape - The rise of green consumption is noted, with eco-friendly materials commanding a 20% premium [12] - AI tools are expected to enhance operational efficiency by five times, aiding in product selection and content creation [12] - MCN institutions must develop core capabilities to capitalize on policy benefits and localize content to succeed in the competitive UK market [12]

Core Insights - The core message of the news is that in 2025, China's retail sales of consumer goods exceeded 50 trillion yuan for the first time, reaching 50.1 trillion yuan, with a growth rate of 3.7%. Consumption contributed 52% to economic growth, an increase of 5 percentage points from the previous year, highlighting the central role of consumption in China's economy [1][2]. Group 1: Consumption Growth - In 2025, the retail sales of consumer goods reached 50.1 trillion yuan, marking a 3.7% year-on-year increase [2][3]. - The contribution rate of consumption to economic growth was 52%, up by 5 percentage points from the previous year, reaffirming consumption's status as the "main engine" of the economy [2][3]. - The growth in durable goods consumption was notable, with retail sales of home appliances, communication equipment, and furniture increasing by 11%, 20.9%, and 14.6% respectively, driven by the trade-in policy [3]. Group 2: Rural and New Consumption Trends - Rural consumption retail sales reached 6.8 trillion yuan, growing by 4.1%, outpacing urban growth by 0.5 percentage points, indicating the potential of the rural market [3]. - New consumption trends such as digital, green, and health-oriented consumption are on the rise, with online retail sales of physical goods increasing by 5.2% and the penetration rate of new energy vehicles reaching 53.9% [3]. Group 3: Service Consumption - Service retail sales grew by 5.5% in 2025, with per capita spending on services increasing by 4.5%, accounting for 46.1% of total per capita consumption [4]. - Key service sectors such as cultural, leisure, and transportation services saw double-digit growth, with per capita spending on education and entertainment rising by 9.4% [4]. - The demand for personalized services, especially in the home service sector, has surged, reflecting a trend towards diversification and quality in service consumption [4]. Group 4: Policy and Market Initiatives - The Ministry of Commerce plans to enhance service consumption through optimizing supply, cultivating new growth points, and innovating diverse consumption scenarios [5]. - The "Buy in China" brand initiative aims to improve the international appeal of China's consumer market, supported by policies like visa exemptions and enhanced tax refund processes [6]. - Various regions are launching the 2026 "Buy in China" Spring Festival consumption season to stimulate local consumption and provide diverse cultural experiences for inbound tourists [7].

Core Viewpoint - The "14th Five-Year Plan" emphasizes the importance of expanding domestic demand as a strategic foundation, advocating for a significant boost in consumption and the interaction between new supply and new demand, with new consumption being a key driver of this growth [1] Summary by Sections New Consumption Characteristics - New consumption is supported by innovations in internet, digital technology, and artificial intelligence, representing a fusion of digital economy and consumer demand upgrades, breaking traditional consumption limitations [1] - It relies on e-commerce platforms and mobile applications, allowing consumers to shop, entertain, and learn anytime and anywhere [1] - New consumption includes digital products, smart products, and green services, showcasing diverse new business models and consumer experiences [1] Five Core Features of New Consumption - **High Integration**: New consumption promotes the integration of online and offline channels, enhancing personalized and flexible production through digital transformation [2] - **Technology Empowerment**: Utilizes big data and AI to optimize consumption processes, with technologies like VR and AR enhancing digital transformation in consumption [3] - **Rich Scenarios**: Innovation in diverse consumption scenarios has emerged, integrating various sectors such as culture, tourism, and health, creating immersive and interactive experiences [4] - **Consumer Experience**: Consumers increasingly value personalized and intelligent experiences, with a focus on emotional resonance and community building [4] - **Ecological Sustainability**: New consumption aligns with green and low-carbon principles, promoting sustainable consumption practices [5] Pathways to Accelerate New Consumption Development - **Supply-Side Structural Reform**: Focus on green, digital, and smart consumption to enhance the supply of high-quality consumer goods [6] - **Multi-Channel Income Growth**: Promote stable wage growth and diversify income sources to boost consumer spending [7] - **Infrastructure Improvement**: Enhance digital infrastructure and logistics to support new consumption fields [8] - **Digital Transformation**: Accelerate the integration of new technologies in consumer services, fostering new business models [9] - **Urban-Rural Integration**: Strengthen rural infrastructure and promote e-commerce to unlock rural consumption potential [10] - **Policy Coordination**: Streamline regulations and enhance consumer protection to support the growth of new consumption ecosystems [11]

Group 1: Current State of Retail Industry - The retail industry in Beijing has transitioned from "incremental development" to "stock renewal + experience upgrade" [3] - Innovations in business formats, such as "fat store" transformations and the gathering of high-end brands in Sanlitun Taikoo Li, depict a positive multi-faceted landscape for physical retail [3] Group 2: Challenges Faced by Small and Medium-sized Supermarkets - Small and medium-sized supermarkets are under significant pressure due to high rent, labor costs, and a diversion of customer traffic [4] - There is insufficient support for daily consumption, which is seen as a shortcoming in boosting consumption [4] Group 3: Recommendations for Policy Enhancements - Zhang Ling suggests incorporating supermarket consumption vouchers into annual consumption stimulus policies, ensuring that funding accounts for 10%-20% of total consumption voucher funds [5] - It is recommended to issue dedicated supermarket consumption vouchers worth 50-200 yuan for special groups, with a focus on lowering usage thresholds [5] Group 4: Support for Retail Transformation - Zhang Ling advocates for the inclusion of retail transformation projects in government priority projects to enhance policy support and resource allocation [6] - A "performance-based subsidy" mechanism is proposed, where subsidies for commercial facility renovations could cover 30%-50% of total investment for supply stores and 20%-30% for service upgrades [6] Group 5: Green Transition in Retail - The retail sector is identified as a key area for promoting green consumption and reducing carbon emissions [7] - Zhang Ling emphasizes the need for a carbon quota distribution and reward system to facilitate the transition to green consumption [8] Group 6: Implementation of Carbon Quota Mechanisms - Recommendations include a tiered quota reward system based on energy-saving achievements and additional incentives for companies meeting national energy efficiency benchmarks [8][9] - A mixed quota distribution mechanism is suggested, combining free and paid allocation methods to encourage the application of AI energy-saving technologies [9]

Group 1 - The core viewpoint of the news is that in 2025, China's consumption policies will effectively boost the economy, with total retail sales of consumer goods exceeding 50 trillion yuan for the first time, contributing 52% to economic growth [1] - Service consumption will maintain rapid growth, with service retail sales increasing by 5.5% year-on-year, and sectors such as cultural and recreational services, communication information, tourism consulting, and transportation showing double-digit growth [3] - New types of consumption, including digital, green, and health consumption, are thriving, with online retail sales of physical goods growing by 5.2% and the market penetration rate of new energy passenger vehicles reaching 53.9% [3] Group 2 - The Ministry of Commerce will continue to implement actions to enhance service consumption quality and benefit the public, focusing on improving supply levels in cultural entertainment, tourism, dining, sports events, and healthcare [6] - There will be an orderly expansion of market access and open fields in telecommunications, healthcare, and education in 2026, with efforts to ensure foreign investment is both accessible and operational [9] - China has signed 24 free trade agreements with 31 countries and regions, and will continue to promote high-level opening up and innovative trade development [10][11]