封面新闻记者 易弋力 1月1日，新一轮"国补"正式开始！2026年首批625亿元国补资金已下达，延续消费品以旧换新，并加大对设备更新的支持力度。 2026年国补继续，释放出 什么经济信号？2026年"两新"政策有哪些值得关注的变化和看点？ 1月4日，知名经济学家、工信部信息通信经济专家委员会委员盘和林进行了解读。 盘和林表示，国补继续，且本轮国补政策主要面向耐用消费品，包括汽车、家电、数码三个领域，释放了中国继续通过国补拉动内需的积极信号，也说明 现阶段中国将拉动内需放在经济工作最重要的位置。当然，经济信号也并非仅仅是刺激，更深入地看，是中央财政通过加杠杆的方式来刺激消费，因为我 们知道，国补的资金来源是特别国债，以特别国债+地方财政作为国补资金来源，所以，其实是中央财政扩大赤字的方式来支持居民消费，体现了国家在 扩大内需上的坚定态度。 对于变化和看点，盘和林表示，有四个方面值得关注—— 1、国补未来还会扩容。如今公布的国补政策并非全部，按照经济工作安排2026年还将国补扩展到一般消费品和服务消费，所以未来还有可能出现新的国 补项目。 2、智能化设备大规模加入国补，成为国补的扩容项目，这意味着国补将更多地引导 ...

重要经济会议召开，对A股有什么影响？ 昨天，重要经济工作会议召开了，这次有个新提法，那就是投资于物和投资于人紧密结合，必须以苦练内功来应对外部挑战。 这个话怎么理解呢？因为过去的会议中，核心是基础设施建设，以及公共领域的支持，主要还是靠投资拉动经济为主，这次提到的投资 与物和人的紧密结合，就是说要投资和民生一起抓了，尤其在投资人上面要下功夫，毕竟人是消费的主体，只有大家都持续消费了，内 需才能起来，这样即便外部的出口出现冲击之时，我们强大的内需也能进行补充。 除了"投资于人"的新提法之外，还有个值得期待的政策，就是要制定实施城乡居民增收计划与推动投资止跌回稳，我的理解是，国家层 面也看到了内需不足的真正问题出在哪里了，就是人们的收入降低了，没有能力进行消费，这个时候的城乡居民增收计划就相当的及 时，增收计划不仅仅能够扩大普通人的收入，还能促进大家对未来收入的预期，这样大家才敢花钱消费，现在的问题是如何实施这个政 策呢，看看后续的相关细则怎么说。 对于推动投资止跌回稳，应该是改变对地方投资的相关政策，明年如果在这块上能够出现一些松动，不仅仅对经济止跌回稳能起到积极 作用，相信对消费的利好效果也会非常明显。 就一 ...

随着生活水平逐步提高、消费观念不断更新，农村居民的消费需求正从过去的生产型、生存型向发展 型、品质型升级。近年来，顺应这些需求变化，更多促消费政策加快向农村地区延伸，城货下乡、电商 进村，改变了过去农村居民获取优质产品只能跨区域、远距离到城市消费的状态。但相较城市，农村市 场优质消费品种类较少，业态单一，配套服务尚存短板，难以满足农村居民不断升级的就地消费需求。 农村是我国消费市场的重要组成部分。工信部等6部门近日联合印发《关于增强消费品供需适配性进一 步促进消费的实施方案》（以下简称《方案》），提出"推动农村消费品提质升级"。这一部署将带动更 多优质产品和服务触达广袤乡村，是拉动内需、畅通城乡经济循环的重要抓手。 优质产品更多了，配套服务理应跟上。但在商贸流通基础设施仍不够完善的情况下，农村居民能够享受 到的配套服务比较受限，比如，末端配送无法全面落地，产品维保、价值评估、上门回收及换新等服务 无法高效开展，一定程度上制约着消费需求释放。要以《方案》出台为契机，加快改造提升农村地区商 贸流通基础设施，补齐冷链、仓储、配送等短板，完善县乡村三级快递物流体系。 破解这种供需矛盾，关键在于提升适配性、丰富选择性。 ...

今天分享的是：2026年中国消费新图景报告 报告共计：22页 近日，尼尔森IQ发布《2026，中国消费新图景》报告，深入剖析在经济稳中有进、消费贡献持续增强的背景下，中国消费者心态与行为呈现的深刻变化。 报告指出，当前消费市场正呈现"功能质量奠基，健康便捷乘势，体验终成归途"的复合型需求特征，而不同世代消费者因其成长背景与生活阶段差异，正谱 写出截然不同的消费叙事。 整体而言，消费者对个人财务状况的感知趋于乐观，但谨慎情绪依然存在，约四成消费者在支出上保持审慎态度。经济环境与家庭幸福感成为民众最为关切 的两大议题。在购买决策中，产品安全与质量是普遍基石，而健康、便捷与体验则成为关键的增值要素，超过六成消费者愿意为提升生活体验的产品买单。 婴儿潮一代：乐享生活，为品质与新体验付费 报告将61岁及以上人群定义为婴儿潮一代。这一群体虽人口占比不足20%，但消费意愿强烈，七成乐于消费。他们不再满足于基础型养老，转向追求丰富、 享老的晚年生活。近八成愿意为支撑乐享晚年的产品支付溢价，并且表现出高于平均水平的尝新意愿，尤其在健康营养品和借助AI等科技辅助购物方面。 品牌需要以更具针对性的产品，如专研熟龄肌肤的护肤品、具备 ...

Core Viewpoint - The "New Luoshu Bay Super Purchase" event, featuring 23 million yuan in cash consumption vouchers, successfully ignited consumer enthusiasm in Kunming, transforming the area into a vibrant shopping destination [5][15][17]. Group 1: Event Overview - The event attracted homeowners from various Kunming neighborhoods, with 17 shuttle buses bringing them to the venue, creating a lively atmosphere [3][5]. - The consumption vouchers are straightforward, with no complex rules, allowing for 100% real deductions, which significantly boosted consumer willingness to spend [5][7]. Group 2: Consumer Engagement - The event saw long queues at nearly a hundred shops in the area, indicating a strong consumer response, with some stores reporting sales of nearly a thousand sets in just one hour [5][11]. - Homeowners actively participated in shopping, utilizing the vouchers to make purchases without spending any cash, demonstrating the effectiveness of the voucher system [9][11]. Group 3: Business Impact - The initiative has led to a noticeable increase in foot traffic, with some stores experiencing three times their usual customer volume, highlighting the positive impact on local businesses [11]. - The cash vouchers were fully pre-deposited into a designated bank account to ensure merchant confidence, further encouraging participation from local businesses [9]. Group 4: Future Plans - The company plans to distribute a total of 30 million yuan in cash consumption vouchers before the Spring Festival and aims to continue this initiative with a minimum of 150 million yuan over the next five years to stimulate consumption and enhance market vitality [17].

Core Insights - The Hunan Provincial Department of Commerce and the Provincial Department of Finance announced a consumption voucher initiative named "Enjoy Hunan · Xiang Dang You Hui," with a total issuance of 1 billion yuan, focusing on four key consumer sectors: dining, fuel, domestic services, and beauty services [1] - This initiative is part of a broader trend, as multiple regions including Hubei, Yunnan, Guizhou, Zhejiang, and Anhui are also launching new rounds of consumption vouchers to stimulate consumer activity ahead of the year-end shopping season [1] - The recent consumption voucher policies are designed to target daily consumer needs more effectively, with a notable shift from previous focuses on large-ticket items like automobiles and home appliances to everyday services [1][2] Group 1 - The total amount of consumption vouchers issued in Hunan is 1 billion yuan, with a focus on sectors that directly impact daily life [1] - The initiative is seen as a clear signal from local governments to stabilize growth and promote consumption [1] - The structure of the consumption vouchers has been optimized, with 65% allocated to dining, reflecting a focus on essential consumer needs [1] Group 2 - Different regions are tailoring their consumption voucher programs based on local economic structures, fiscal capabilities, and consumption patterns, enhancing the effectiveness of the funds [2] - The consumption voucher policies have shown significant stimulating effects, as evidenced by the "Enjoy Shanghai" cultural consumption voucher program, which issued over 296,000 vouchers with a leverage ratio of 1:3.25 [2] - Experts believe there is still potential for further release of consumer willingness, although consumption vouchers may not fundamentally change residents' income expectations [2]

Core Insights - The upcoming National Day and Mid-Autumn Festival holiday is expected to see record-breaking travel and consumption levels in China, with over 2.19 billion railway passengers and 19.2 million air travelers anticipated, marking a significant increase from last year [1][2] - The total cross-regional movement of people during the 8-day holiday is projected to reach 2.36 billion, averaging about 295 million daily, which is a 3.2% increase compared to the previous year [2] - The holiday is viewed as a "super golden week" that will stimulate domestic demand and unleash consumer potential, with various cultural and tourism activities planned nationwide [2][7] Transportation and Travel - The peak travel day is expected to be October 1, with a single-day passenger flow potentially exceeding 340 million [1] - Major cities like Beijing and Shanghai are implementing measures to enhance transportation capacity and extend service hours to accommodate the expected surge in travelers [2] - Online travel platforms report that many cities are seeing tourism bookings increase by over 50% year-on-year, indicating a strong recovery in the travel sector [3] International Travel Trends - The average daily inbound and outbound travelers are predicted to surpass 2 million during the holiday, driven by strong cross-border travel demand and the expansion of visa-free policies [4] - Popular destinations for outbound travel include Japan, Thailand, and Southeast Asian countries, with a notable increase in interest for self-driving tours in countries along the Belt and Road Initiative [5][6] - The influx of foreign tourists to China is also on the rise, with a 52.1% year-on-year increase in visa-free entries from January to August [6] Economic Impact - The holiday period is seen as a critical test for consumer confidence, with expectations for significant spending across various sectors, including tourism, dining, and entertainment [7] - The contribution of domestic consumption to GDP growth has been substantial, with a focus on service consumption, particularly in cultural and tourism sectors [7] - The government and businesses are optimistic that the holiday will provide a timely boost to the economy, with various initiatives aimed at enhancing consumer experiences and spending [7]

Group 1 - The 21st Summer Annual Meeting of the Yabuli Entrepreneurs Forum will be held in Guangzhou on September 12-13, 2025, focusing on the theme "Forging Ahead Steadily - Corporate Development in the New Global Context" [1] - The current market activity is attributed to multiple factors including abundant liquidity, the onset of the Federal Reserve's interest rate cuts, geopolitical factors creating investment opportunities, and the catalytic effect of AI technology [3] - There is a recognition of a technology innovation explosion, with rapid development across various stages from foundational computing algorithms to industry applications [3] Group 2 - Concerns about market bubbles exist, but the transition of technological advancements into corporate profitability is expected to be more solid than in previous market cycles [3] - To stimulate domestic demand, two approaches are suggested: providing financial support to low- and middle-income groups and implementing structural reforms to adjust the distribution system [3] - The growth potential for new consumption sectors, such as Pop Mart, remains significant, with high valuations driven by the ability to create new intellectual properties [4]

Core Insights - Alibaba's CFO Xu Hong announced significant investments totaling 430 billion yuan (approximately 61 billion USD) in AI and cloud infrastructure, marking an unprecedented commitment among private enterprises in China [2] - The investments are aimed at enhancing AI capabilities and stimulating domestic demand, reflecting Alibaba's belief in the vast potential of the AI market in China [2] - The company plans to leverage AI to transform its e-commerce platform, with notable growth in new brand registrations on Taobao's flash sales platform [2] Investment Details - Alibaba will invest 380 billion yuan (approximately 54 billion USD) over the next three years in building AI and cloud hardware infrastructure [2] - An additional 50 billion yuan (approximately 7 billion USD) will be allocated to subsidize consumers and merchants on Taobao's flash sales [2] - The total investment exceeds Alibaba's total investments over the past decade, highlighting the scale of this commitment [2] Market Context - Xu Hong emphasized that the current investment may seem substantial, but the future market potential for AI is expected to justify it [2] - The AI market in China is viewed as the largest globally, with significant demand anticipated to drive innovation in AI applications [2] - Amazon has also announced plans to invest 100 billion USD in AI-related projects, indicating a broader trend among major tech companies to prioritize AI development [2][3] E-commerce Transformation - The introduction of AI is expected to revitalize Taobao, with a reported 110% month-over-month increase in new brand registrations in July [2] - The shift towards instant retail aims to address traditional e-commerce challenges, enhancing customer experience and driving foot traffic to physical stores [2]

Core Viewpoint - The current real estate market should be approached with caution, emphasizing that purchasing a home should only occur when absolutely necessary, as properties are currently viewed as consumer goods likely to depreciate in value [3][5][14]. Group 1: Real Estate Market Dynamics - The real estate sector remains a crucial pillar of the economy, but expectations of rapid price increases and speculative profits should be tempered [5][13]. - The focus has shifted from large-scale development to urban renewal, emphasizing quality and efficiency improvements in existing urban areas rather than new construction [7][13]. - The urbanization rate has slowed, indicating a transition from addressing quantity (availability of housing) to quality (living conditions and urban infrastructure) [13][14]. Group 2: Government Policy and Funding - Recent government initiatives aim to stimulate the real estate market through urban renewal projects, with a focus on upgrading existing infrastructure rather than new developments [9][10]. - Funding for these urban renewal projects will come from a combination of central government investments and local government contributions, including the issuance of special bonds [10][11]. - Despite the optimistic outlook for urban renewal, the available funding may be insufficient to support widespread implementation, highlighting the need for additional policies or financial tools [11][12]. Group 3: Consumer Guidance - Homebuyers should prioritize their actual needs and financial capabilities over speculative investment potential, focusing on essential factors such as location, amenities, and affordability [14][15]. - The market is unlikely to provide widespread gains for all buyers, but properties in desirable locations may retain their value amid urban renewal efforts [15].