来源：人民日报海外版 2025年，"两新"政策加力扩围实施，支持该项工作的超长期特别国债资金规模增加至5000亿元。其中， 3000亿元用于支持消费品以旧换新，比上年增加1500亿元；2000亿元用于支持设备更新，比上年增加 500亿元。 "'两新'政策取得显著成效，有效发挥了促消费、扩投资、稳增长、调结构、惠民生等重要作用，着力 推动了高质量发展。"中国国际经济交流中心科研管理和信息服务部副部长、研究员刘向东对本报记者 表示。 比如，大规模设备更新有效拉动了投资增长。国家统计局数据显示，前三季度，设备工器具购置投资同 比增长14%，拉动全部投资增长2个百分点，是拉动投资的重要支点。国家发展改革委数据显示，2025 年超长期特别国债支持设备更新的投资补助资金已支持约8400个项目，带动总投资超1万亿元，充分体 现了政策的乘数效应。 扩大内需的有力抓手 近日召开的中央经济工作会议在部署明年经济工作时指出，坚持内需主导，建设强大国内市场。深入实 施提振消费专项行动，制定实施城乡居民增收计划。扩大优质商品和服务供给。优化"两新"政策实施。 清理消费领域不合理限制措施，释放服务消费潜力。 "两新"工作被认为是扩大内需 ...

近日，四川省乐山市商务局、乐山市总工会推出汽车、家电"以旧换新"惠职工专场活动，通过"政府补 贴+企业让利"的叠加优惠模式，带动市场消费活力。图为消费者在咨询补贴政策、选购享受补贴的家 电产品。 李华时摄（人民视觉） 新的一年，消费品以旧换新"国补"还会持续吗？ 近日召开的中央经济工作会议在明年经济工作重点任务中明确指出，优化"两新"政策实施。财政部 日前也在相关会议中提出，用好用足各类政府债券资金，发行超长期特别国债，持续支持"两重"建 设、"两新"工作。这也进一步明确，明年"国补"将继续实施。 稳增长惠民生 "两新"，是指大规模设备更新和消费品以旧换新，其中消费品以旧换新政策与普通消费者关系密 切。 根据国务院2024年印发的《推动大规模设备更新和消费品以旧换新行动方案》，消费品以旧换新主 要涉及汽车、家电以及家装厨卫等消费品。当前，我国耐用消费品市场规模居全球首位，已进入存量优 化阶段。通过实施消费品以旧换新政策，有利于激发升级消费需求，释放消费潜力。 2025年，"两新"政策加力扩围实施，支持该项工作的超长期特别国债资金规模增加至5000亿元。其 中，3000亿元用于支持消费品以旧换新，比上年增加15 ...

Core Insights - In the first five months of 2025, China's industrial enterprises achieved a total profit of 2.72 trillion yuan, reflecting a year-on-year decline of 1.1% due to multiple factors, despite growth in gross profit and operating revenue [2][3] Group 1: Profit Trends - State-owned enterprises reported a profit of 870.95 billion yuan, down 7.4% year-on-year, while private enterprises saw a profit increase of 3.4% to 759.25 billion yuan [2] - The gross profit of industrial enterprises grew by 1.1% year-on-year, contributing 3.0 percentage points to the overall profit growth [3] - The equipment manufacturing sector experienced a profit increase of 7.2%, significantly supporting the overall profit of industrial enterprises [3] Group 2: Sector Performance - The aerospace, aviation, and maritime industries saw a remarkable profit growth of 56.0%, driven by advancements in domestic aircraft operations and space exploration projects [4] - Specific sectors such as aircraft manufacturing and rocket manufacturing reported profit increases of 120.7% and 28.6%, respectively [4] - The shipbuilding industry also thrived, with profits rising by 85.0%, particularly in metal ship manufacturing, which saw a profit increase of 111.8% [4] Group 3: Policy Impact - The "Two New" policies, focusing on large-scale equipment updates and consumer goods replacement, have effectively stimulated domestic demand and promoted industrial transformation [5] - Manufacturing investment grew by 8.5% year-on-year in the first five months, outpacing the national fixed asset investment growth by 4.8 percentage points [5] - The consumer goods replacement policy led to significant profit increases in smart consumer devices and kitchen appliances, with profits rising by 101.5% and 20.7%, respectively [6]

Core Insights - The "Two New" policy has significantly boosted investment in equipment and consumer goods, leading to a 19% year-on-year increase in equipment and tool purchases in Q1, which in turn supported a 4.6% growth in retail sales of consumer goods [1][2]. Group 1: Consumer Impact - In Q1, the "Two New" policy led to substantial growth in retail sales across various consumer categories, with telecommunications equipment, home appliances, and furniture seeing year-on-year increases of 26.9%, 19.3%, and 18.1% respectively [2]. - The total sales driven by the "Two New" initiatives exceeded 720 billion yuan, with significant contributions from the replacement of old vehicles and appliances [2]. Group 2: Investment Growth - Equipment and tool purchase investment rose by 19% in Q1, outpacing overall investment growth by 14.8 percentage points, indicating strong momentum in the manufacturing and equipment sectors [3]. - Investment in consumer goods manufacturing, equipment manufacturing, and technological upgrades showed growth rates of 13.5%, 8.9%, and 7.2% respectively, all exceeding overall investment growth [3]. Group 3: Industry Benefits - The "Two New" policy has positively impacted related industries, with manufacturing value added in general and specialized equipment, automobiles, and smart consumer devices increasing by 9.4%, 4.1%, 11.8%, and 11.4% respectively [4]. - The recycling of waste electrical and electronic products saw a significant increase, with a 70% rise in collection volumes, reflecting enhanced recycling efforts [4]. Group 4: Future Potential - The potential for expanding domestic demand is substantial, with estimates suggesting that equipment replacement needs could exceed 5 trillion yuan annually as urbanization progresses [7]. - The government plans to continue supporting the "Two New" policy with additional funding, including an allocation of 81 billion yuan in special bonds to further stimulate consumer goods replacement [6][8].