炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 刘 萌 日前召开的全国商务工作会议部署2026年八个方面重点工作。其中，"深入实施提振消费专项行动，打 造'购在中国'品牌"是重点工作之首，具体提出"优化消费品以旧换新政策实施，推动商品消费扩容升 级"等举措。 商务部数据显示，2025年，以旧换新相关商品销售额超2.6万亿元，惠及超3.6亿人次。其中，汽车以旧 换新超1150万辆，家电以旧换新超1.29亿件，手机等数码产品购新超9100万部，家装厨卫"焕新"超1.2亿 件，电动自行车以旧换新超1250万辆。 商务部等七部门近日联合印发《关于提质增效实施2026年消费品以旧换新政策的通知》。2026年，中央 继续安排超长期特别国债资金，各地按比例安排配套资金，支持消费品以旧换新政策实施。 "2026年消费品以旧换新将通过优化补贴标准与范围、强化资金保障与发放效率、统筹全国市场与地方 自主权等举措，进一步放大扩消费、促转型的政策红利。"中国数实融合50人论坛智库专家洪勇向《证 券日报》记者表示，具体而言，政策将定额补贴调整为按车价比例进行补贴，对新能源乘用车和燃油乘 用车分别给予 ...

日前召开的全国商务工作会议部署2026年八个方面重点工作。其中，"深入实施提振消费专项行动，打 造'购在中国'品牌"是重点工作之首，具体提出"优化消费品以旧换新政策实施，推动商品消费扩容升 级"等举措。 谈及如何进一步推动商品消费扩容升级，洪勇认为，可从拓展消费品类、优化消费环境、创新消费模式 等方面协同发力。一方面，继续支持汽车、家电等传统领域补贴政策，同时扩大至智能终端等新兴领 域，培育壮大消费新动能。另一方面，可以打造国际化消费环境，发展数字消费、绿色消费、健康消 费，激发下沉市场消费活力。此外，还可以通过进一步健全现代市场和流通体系，推进全国统一大市场 建设，加强制度保障，优化设施载体，推动零售业创新发展，完善现代商贸流通体系，深入推进试点城 市建设，从而实现商品消费的扩容升级。 付一夫表示，一是进一步完善消费供给体系，聚焦"人工智能+"行动，支持智能终端、绿色低碳产品研 发，鼓励企业推出适配不同人群的个性化、定制化商品；二是优化消费场景体验，升级线下商业设施设 备，打造智慧商圈与体验式消费场景，同时健全农村消费网络，提升县域及农村地区消费便利度；三是 强化消费生态支撑，完善废旧商品回收循环体系，加强 ...

Core Insights - The Jiangsu Provincial Committee of the Communist Party of China has released recommendations for the 15th Five-Year Plan, emphasizing the need to continuously boost consumption [1] Group 1: Consumption Enhancement Strategies - Implementation of special actions to boost consumption and cultivate specialized leading enterprises in the consumption sector [1] - Promotion of employment, income growth, and stable expectations, along with a reasonable increase in public service spending as a proportion of fiscal expenditure to enhance residents' consumption capacity [1] - Expansion and upgrading of goods consumption, with a focus on automobiles, home appliances, and smart devices [1] Group 2: New Consumption Models and Scenarios - Optimization of service consumption supply to stimulate "culture+", "tourism+", and "sports+" consumption vitality, while expanding new types of consumption such as digital, green, and health consumption [1] - Development of new consumption scenarios including first launches, first stores, first shows, first exhibitions, and premieres, alongside support for new consumption formats like events, performances, and nighttime economy [1] - Promotion of instant retail, virtual live streaming, ticket economy, and digital cultural tourism as new consumption models [1] Group 3: Infrastructure and Mechanism Improvements - Steady construction of multi-level consumer center cities and support for the establishment of characteristic consumption aggregation areas [1] - High-quality development of regional central business districts [1] - Improvement of consumption promotion mechanisms, removal of unreasonable restrictive measures in the consumption sector, implementation of paid staggered vacations, and strengthening consumer rights protection to create a trustworthy, fair, convenient, and safe consumption environment [1]

Core Insights - The "Fifteen Five" plan emphasizes the integration of improving people's livelihoods and promoting consumption as a key strategy for economic growth [3][4] - Consumer spending is closely linked to income levels, employment rates, and public services, indicating that enhancing these factors is crucial for stimulating consumption [3][4][6] Group 1: Employment and Income - The plan advocates for multi-channel strategies to stabilize and expand employment, focusing on optimizing the policy environment for entrepreneurship and supporting key demographics in finding jobs [6] - It aims to promote reasonable growth in wage income and broaden channels for property income, thereby expanding the middle-income group [6] Group 2: Consumer Goods and Services - There is a focus on expanding the supply of quality consumer goods and services by easing market access, integrating business formats, and enhancing brand leadership and standards [5] - The initiative encourages the application of new technologies to upgrade product consumption and create new consumption scenarios with broad appeal [5] Group 3: Public Services and Support - The plan emphasizes the need for gradual equalization of basic public services, increasing support for childbirth and childcare, and strengthening education and healthcare systems [6] - It aims to enhance the capacity for medical and elderly care, ensuring the basic living standards of the population are met [6]

Core Viewpoint - The "15th Five-Year Plan" emphasizes the strategic importance of expanding domestic demand, shifting from a supply-driven model to one that prioritizes new demand and high-quality supply [1][2]. Group 1: Strategic Adjustments - The "15th Five-Year Plan" suggests a significant increase in fiscal investment in areas such as childbirth, education, elderly care, and consumption subsidies to boost domestic demand [1]. - The policy shift indicates a transition from "supply-led demand creation" to "new demand leading new supply" [1]. Group 2: Key Focus Areas - The first focus area is to expand service consumption, with an emphasis on enhancing service quality and accessibility through opening up service sectors and reducing entry barriers [2]. - The second focus area involves upgrading goods consumption, moving from quantity saturation to quality enhancement, with new technologies creating high-growth consumption opportunities [3]. - The third focus area is to facilitate a unified national market by removing barriers and local protectionism, which will enhance economic development [4][5]. Group 3: Government Investment and Social Welfare - The plan aims to optimize government investment structures, increasing the proportion of investments in social welfare to improve public services and reduce household consumption burdens [3]. - Enhancing rural residents' income and pension systems is highlighted as a short-term measure to effectively expand domestic demand [3].