商务部等五部门办公厅（室）印发关于做好2026年家电以旧换新、数码和智能产品购新补贴工作的通 知。通知要求，各地要加强部门协同，形成监督合力，建立补贴资金使用核销监测调度机制。对于不符 合相关要求的地区，商务部将会同有关部门采取发函提醒、当面约谈等措施，督促做好整改落实。对存 在补贴资金管理安全风险、突破补贴政策品类及标准规定、违反补贴数据上传要求或存在其他违规行为 的政策参与经营主体，各地应第一时间进行约谈，暂停政策参与资格，责令限期整改，逾期未整改的取 消政策参与资格并公开通报，追缴已发放补贴资金。依法依规严肃处理涉及补贴政策的违法违规行为， 发现一起、查处一起、曝光一起。加强行政执法与刑事司法衔接，加大对补贴政策实施过程中涉嫌刑事 犯罪的侦查打击力度，及时将相关案件线索移交司法机关追究法律责任。强化线上线下一体化监管，加 强产品质量监督抽查，严厉打击假冒伪劣等行为。引导家电、手机等品牌企业健全合理的价格体系，防 止出现"内卷式"竞争，构建健康可持续的产业生态。 ...

Core Viewpoint - The introduction of benzene futures and options on July 8, 2025, is expected to provide effective risk management tools for companies in the benzene industry, enhance the resilience of China's pricing system, and increase the international influence of China's benzene prices [1][4][6]. Industry Overview - Benzene is a key organic chemical raw material widely used in various sectors, with China being the largest producer, consumer, and importer globally. In 2024, China's benzene production capacity is projected to reach 32.34 million tons, with a production volume of 25.13 million tons, accounting for 39% of global production [1][2]. - The industry faces challenges such as supply-demand mismatches, significant price fluctuations, and insufficient international pricing influence, necessitating efficient risk management tools [1][2]. Market Dynamics - The benzene industry has experienced inconsistent capacity adjustments across different segments, leading to repeated issues with profit transmission. The downstream capacity growth has outpaced that of benzene, resulting in a tight balance in supply and demand over the long term [2][4]. - Recent years have seen significant mismatches in supply and demand relationships, with instances of oversupply and tight market conditions occurring at different times [2][4]. Trading Characteristics - The current benzene spot market exhibits three main characteristics: increased trading volume with higher demands for efficiency and safety, diverse derivative trading methods requiring financial tool proficiency, and a rising need for price locking from downstream sectors [3][5]. Derivative Tools and Stability - The upcoming listing of benzene futures and options is anticipated to enhance risk management capabilities for companies, allowing them to hedge against price volatility effectively [4][5]. - Companies can utilize futures to lock in raw material costs and product prices, improving operational stability and enabling better management of price fluctuations [5][6]. Price System Development - The listing of benzene futures and options is expected to create a transparent and authoritative "Chinese benzene price," enhancing China's pricing power in the global market [6][7]. - The futures and options market will provide a unified pricing benchmark and risk hedging platform for the industry, promoting stable development across the supply chain [6][7]. Future Expectations - Industry leaders express optimism about the future development of the benzene futures and options market, emphasizing the need for increased liquidity and participation from both industry clients and financial institutions [7]. - The participation of major producers and trading companies is expected to enhance market liquidity and maturity, contributing to a more rational pricing system and supporting high-quality development in the aromatic hydrocarbon industry [7].

Core Viewpoint - The company emphasizes that the pricing of its products, particularly the Moutai liquor, will follow market principles and is influenced by various factors including market environment, channel control, and stakeholder demands [1] Pricing Strategy - The company is considering a comprehensive approach to its pricing system, ensuring the stability of its product pyramid structure, which includes various bottle sizes and gift products [1] - The product pyramid consists of the flagship 500ml Feitian Moutai, along with 1000ml, 750ml, 100ml bottles, gift boxes, cultural products, and premium aged Moutai [1]