补贴标准为上述产品扣除各环节优惠后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每 件补贴不超过1500元，数码和智能产品每件补贴不超过500元。 通知全文： 《商务部等5部门办公厅（室）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》 来源 | 中国政府网综合央视新闻、商务部网站 2025年12月31日，商务部等部门发布关于做好2026年家电以旧换新、数码和智能产品购新补贴工作的通 知。 通知明确，2026年1月1日起，按照全国统一的品类和标准，对个人消费者购买1级能效或水效标准的冰 箱、洗衣机、电视、空调、热水器、电脑6类家电产品，以及单件销售价格不超过6000元的手机、平 板、智能手表（手环）、智能眼镜4类数码和智能产品给予补贴。 ...

通知还提出，保障好农村地区居民特别是偏远地区农村居民参与补贴政策，提高农村地区消费便利度。 通过线上渠道参与补贴的平台主体，须切实保障农村地区居民线上补贴消费需求。支持县城综合商贸服 务中心、乡镇商贸中心等县域商业多元主体参与补贴政策。鼓励大型商超、品牌专卖店、专业店等下沉 农村市场的经营主体，采取流动"大篷车"下乡、农村市集、现场展销等方式将服务网络延伸至农村偏远 地区。 商务部等部门今天(12月31日)发布关于做好2026年家电以旧换新、数码和智能产品购新补贴工作的通 知。 通知提出，完善废旧家电回收体系。政策参与经营主体须具备废旧家电回收能力，兼顾家电产品售新与 收旧，主动提供送新收旧一站式服务。鼓励家电销售企业联合生产、回收企业开展以旧换新促销活动， 对消费者购新并交旧给予适当优惠。 补贴标准为上述产品扣除各环节优惠后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每 件补贴不超过1500元，数码和智能产品每件补贴不超过500元。 来源：央视新闻 通知明确，2026年1月1日起，按照全国统一的品类和标准，对个人消费者购买1级能效或水效标准的冰 箱、洗衣机、电视、空调、热水器、电脑6类家电产品， ...

港股三大指数集体拉升，恒指、国指涨超1%，科指涨超2%，科指成分股中，百度涨超5%，华虹半导体 涨超4%，网易、理想汽车涨超3%。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 商务部等5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。2026年1月1日起，按照全国统一的品类和标准，对个人消费者购买1级能效或水效标准的冰箱、洗 衣机、电视、空调、热水器、电脑6类家电产品，以及单件销售价格不超过6000元的手机、平板、智能 手表（手环）、智能眼镜4类数码和智能产品给予补贴。补贴标准为上述产品扣除各环节优惠后最终销 售价格的15%，每人每类可补贴1件，其中，家电产品每件补贴不超过1500元，数码和智能产品每件补 贴不超过500元。 大型科技股中，阿里巴巴-W涨2.52%，腾讯控股涨2.59%，京东集团-SW涨2.69%，小米集团-W涨 2.44%，网易-S涨4.85%，美团-W涨1.74%，快手-W涨2.19%，哔哩哔哩-W涨2.85%。 消息面上，百度港交所公告，1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交所提交上市申 请表格（A1表格），以申请 ...

通知还提出，保障好农村地区居民特别是偏远地区农村居民参与补贴政策，提高农村地区消费便利度。 通过线上渠道参与补贴的平台主体，须切实保障农村地区居民线上补贴消费需求。支持县城综合商贸服 务中心、乡镇商贸中心等县域商业多元主体参与补贴政策。鼓励大型商超、品牌专卖店、专业店等下沉 农村市场的经营主体，采取流动"大篷车"下乡、农村市集、现场展销等方式将服务网络延伸至农村偏远 地区。 通知明确，2026年1月1日起，按照全国统一的品类和标准，对个人消费者购买1级能效或水效标准的冰 箱、洗衣机、电视、空调、热水器、电脑6类家电产品，以及单件销售价格不超过6000元的手机、平 板、智能手表（手环）、智能眼镜4类数码和智能产品给予补贴。补贴标准为上述产品扣除各环节优惠 后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每件补贴不超过1500元，数码和智能产 品每件补贴不超过500元。 通知提出，完善废旧家电回收体系。政策参与经营主体须具备废旧家电回收能力，兼顾家电产品售新与 收旧，主动提供送新收旧一站式服务。鼓励家电销售企业联合生产、回收企业开展以旧换新促销活动， 对消费者购新并交旧给予适当优惠。 商务部等部门12月 ...

Group 1 - The article highlights the ongoing promotional activities in the home appliance market during the National Day holiday, with retailers offering various incentives to attract consumers [3][5] - The fourth batch of government subsidies, amounting to 69 billion yuan, has been distributed, indicating that the home appliance subsidy program is nearing its end by 2025 [7][9] - There is a noticeable decline in consumer interest and foot traffic in stores compared to previous years, with predictions suggesting that the overall market performance during the holiday may not surpass last year's figures [3][5][11] Group 2 - Retailers are adapting to the scarcity of government subsidies by launching their own promotions, with some stores offering additional discounts and gifts to encourage purchases [3][5] - The shift from easily accessible subsidies to a more competitive "coupon" system has made it difficult for consumers to obtain these benefits, leading to a decline in consumer confidence and spending [6][8] - Analysts suggest that the reduction in subsidy availability is likely to impact the growth of the home appliance market, with companies needing to rely more on their competitive strengths rather than government support [9][10]

Core Viewpoint - The upcoming National Day and Mid-Autumn Festival are expected to trigger a surge in home appliance consumption, prompting Suning to launch a "Super Supplement" plan to preemptively meet consumer demand ahead of the Double Eleven shopping festival [1] Group 1: Company Initiatives - Suning is initiating a "Super Supplement" plan with 930 home appliance discount days to cater to consumer expectations [1] - Major brands like Haier, Midea, Hisense, Bosch, Panasonic, TCL, and others are collaborating with Suning to launch new products and exclusive deals during this event [1][3] - Midea plans to offer a comprehensive range of smart living solutions through Suning, emphasizing a one-stop shopping experience [3] - Haier is providing discounts of up to 20% on flagship product lines during the event [3] - Hisense is focusing on core life scenarios with subsidies of up to 20% and additional purchase discounts [3] - Panasonic is highlighting its high-end product launches and offering 20% subsidies on selected items [3] - Boss Electric is committing resources to support product availability and promotional activities for key appliances [4] - Bosch is emphasizing technological innovation and substantial discounts in collaboration with Suning [4] - TCL is offering significant subsidies and promotional gifts for its new products during the event [4] Group 2: Pricing and Promotions - Suning is redefining low-price benchmarks with significant discounts on various appliances, such as a 1.5 HP inverter air conditioner priced at 1399 yuan and an 85-inch quantum dot TV at 3999 yuan [7] - The promotional activities are set to start on September 30, aiming to create a shopping atmosphere akin to Double Eleven [7] - The event is designed to provide consumers with exceptional value, making high-quality appliances accessible at competitive prices [7]

Investment Rating - Industry rating: Recommended [4] Core Insights - The retail performance of the home appliance industry showed significant regional differentiation in September, with the market awaiting the release of the fourth batch of national subsidy funds [1][8] - The nominal subsidy, approximately 20%, plays a role in market promotion and competitive benchmarks, while actual subsidies are shared between enterprises and platforms [10][11] - As national subsidy resources become scarcer, brands are likely to shift from broad coverage to targeted investments, focusing on mid-to-high-end products to enhance overall brand pricing and profitability [10][11] Summary by Sections Weekly Topic - In July and August, retail performance was relatively stable due to the availability of national subsidy funds and a low base from the previous year. However, September faced high base pressures and regional subsidy exhaustion, leading to significant regional differences in subsidy distribution [1][8] - The central government has allocated a total of 300 billion yuan for consumer goods replacement subsidies, with 162 billion yuan and 690 billion yuan disbursed in previous batches [8] Company Announcements - Huabao New Energy announced the lifting of restrictions on 28.1342 million shares, accounting for 16.13% of the total share capital, effective from September 19, 2025 [11] - Bull Group completed a share buyback of 5.036 million shares, representing 0.28% of the total share capital, with a total expenditure of 250 million yuan [12] Data Tracking - Raw material prices showed a slight decrease in copper and aluminum prices, while the steel price index increased by 1.2% [13] - The CCFI comprehensive index for shipping rates decreased by 0.45%, with varying trends across different routes [21] - Real estate data indicated a year-on-year decline in sales area, completion area, and new construction area for the first eight months of 2025 [23]

Investment Rating - The report maintains a "Positive" investment rating for the metals and new materials industry [2] Core Viewpoints - The report highlights a strong performance in the metals sector, with the non-ferrous metals index outperforming the broader market indices [3][4] - It emphasizes the upward trend in industrial metal prices, particularly copper and aluminum, driven by supply-demand dynamics and macroeconomic factors [3][9] - The report suggests a long-term bullish outlook for gold prices due to central bank purchasing trends and geopolitical uncertainties [3][21] Weekly Market Review - The Shanghai Composite Index rose by 1.91%, while the non-ferrous metals index increased by 5.11%, outperforming the CSI 300 by 3.16 percentage points [3][4] - Year-to-date, the non-ferrous metals index has risen by 17.99%, significantly outpacing the CSI 300 [4][8] - Key metal price movements include a 7.33% increase in copper and a 5.37% rise in aluminum over the past week [3][9] Price Changes - Industrial metal prices saw increases: copper up by 2.54%, aluminum by 1.78%, and zinc by 5.65% [3][15] - Precious metals experienced a decline, with gold prices down by 2.90% [3][15] - Lithium prices showed a slight increase, with battery-grade lithium carbonate rising by 1.67% [3][15] Supply and Demand Analysis - Copper supply remains tight, with domestic social inventory decreasing by 1.6 million tons [3][29] - Aluminum production capacity is stable, with a reported operating rate of 97.6% [3][46] - Steel production has increased, but demand from downstream sectors has softened, leading to a mixed outlook for the steel market [3][67] Key Company Valuations - Notable companies in the sector include Zijin Mining, with a PE ratio of 25, and China Aluminum, with a PE ratio of 16 [3][18] - The report suggests focusing on companies with stable earnings and dividend attributes, such as Baosteel and Shandong Steel [3][19]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - Domestic appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making second-quarter demand promising [2] - The national subsidy policy is confirmed to continue, with a total of 300 billion yuan allocated for supporting the replacement of old appliances, ensuring sustained demand [6] - The market is witnessing a shift towards new consumption trends, with brands actively targeting younger demographics and innovating product offerings to capture new growth opportunities [6] Summary by Sections Investment Recommendations and Targets - Focus on quality white goods leaders benefiting from domestic policy continuation and overseas expansion, such as Midea Group (000333, not rated), Haier Smart Home (600690, Buy), and Hisense Home Appliances (000921, not rated) [2] - Attention to companies with potential in mature overseas markets and short-term supply chain advantages, including Hisense Visual (600060, Overweight) and Ousheng Electric (301187, Buy) [2] - Highlighting small appliance companies that may benefit from national subsidies and long-term demand for new appliance categories, such as Roborock Technology (688169, Buy) and Bear Electric (002959, Overweight) [2] - Monitoring kitchen appliance companies that are adjusting strategies and may expand overseas, including Boss Electric (002508, Buy) and Vatti Corporation (002035, not rated) [2] Market Dynamics - Recent retail data shows significant year-on-year growth in online sales for major appliance categories, indicating resilience in demand despite concerns over subsidy reductions [6] - The market is adapting to new consumer preferences, with brands leveraging innovative marketing strategies to engage younger consumers and explore new product categories [6]

Core Points - The third Hunan home appliance warehouse direct sales government subsidy event commenced in Changsha, achieving a transaction volume exceeding 50 million yuan on its first day [1] - The event will run until May 3, providing significant discounts on various home appliances [1] Group 1: Event Details - The event attracted a large number of consumers, with long queues forming at major brand exhibition areas [3] - Popular models, such as the Boss 17-set dishwasher, were heavily discounted from 13,980 yuan to 3,999 yuan, with other products also seeing substantial price reductions [3] Group 2: Subsidy Impact - The event aims to effectively implement consumer benefit policies, allowing consumers to enjoy substantial subsidies [5] - The range of subsidized home appliances has expanded from 8 categories to 16 categories and 62 subcategories, with increased subsidy amounts and more direct subsidy methods [5] - As of April 27, 2025, the province has processed 4.0281 million applications for the old-for-new subsidy, amounting to 3.534 billion yuan, which has driven sales of 27.631 billion yuan [5]