前些天我们刚聊过关于国补暂停的事儿。 这刚过 618 ，今儿广西也发通知表示 " 暂停消费品以旧换新补贴活动 " 。 该通知称，从 6 月 20 日 24:00 起暂停汽车置换更新、家电以旧换新、3C 数码购新、电动自行车以旧换新、家装厨卫 " 焕新 " 补贴活动。 然后又引发了部分网友热议，不少网友表示 " 都扛不住了 " 、" 没钱了 " ...... 实际情况并非网友们担心的这样哈。 首先，在这个 618 电商大促期间，虽然有重庆、江苏、广东等不少地方传出暂停国补的消息。 但是并不是全国范围内，还有不少地方在同步实施。 可以说是家电、数码全线飘红哇！ 很明显，大家依然在 " 疯狂剁手 " ，且领国补消费也是大有人在。 部分地区暂停国补，大多也是因为补贴核销速度远超预期，让第一批补贴资金 " 光速 " 耗尽，所以才发公告进行中场休息。 就拿今年这个 618 来说，也实在是太强了。 根据某东最新公开的战报，618 单某东平台，下单用户数同比增长超 100% ，总订单量突破 22 亿单（含零售、线下业态及外卖业务），创历史新高。 更重要的是，北京、深圳等 7 省市的家电家居以旧换新成交额，同比增长超 100% ...

每经编辑｜张喜威 王晓波 ∪中国5月Swift人民币在全球支付中占比 2 今日央行有1193亿元7天期逆回购到1 3 商务部6月19日召开新闻发布会，介绍 重点工作有关情况 4 第五届中国国际固态电池科技大会暨2 电池材料与智能装备技术展将于6月19E 在合肥举办 1 隔夜市场 当地时间6月18日，美联储最新的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美联储决定将联邦基金利率目标区间维持在4.25%至4.50%之间不 变。这是美联储货币政策会议连续第四次决定维持利率不变。 美联储官员预计未来几个月美国通胀情况将恶化，但仍预计在2025年年底前将降息两次，与3月份的预测一致。美联储预计，相比于3月份的预测，到2025年 年底美国经济增长将明显放缓，通胀将上升，失业率将略有上升。美联储官员预计，美国通胀率到2025年年底将升至3%，失业率将升至4.5%，经济增长率 将放缓至1.4%。美联储主席鲍威尔当日警告称，不要过分相信美联储的利率预测，因为预测可能会根据公布的数据而发生变化，尤其是通胀数据。鲍威尔 在美联储政策会议后的新闻发布会上表示，没有人对这些利率预测抱有绝对的信心，这些都将取决于数据。 美股三 ...

Macro Dynamics - The Chinese Foreign Ministry responded to Trump's announcement of extending the deadline for the sale of TikTok, reiterating that China will handle related issues according to its laws and regulations [1] - As of June 18, 791 Chinese citizens have been safely relocated from Iran, with over 1,000 more in the process of evacuation, supported by Chinese embassies in neighboring countries [2] Financial Institutions - UBS reported a data breach affecting over 130,000 employees, but emphasized that client data remains secure [10] Market Data - On June 18, A-shares saw slight increases, with the Shanghai Composite Index rising by 0.04% and the ChiNext Index by 0.23%, while the total market turnover was approximately 11,910.88 billion [11] - The margin balance in the two markets increased by 53.83 billion, reaching a total of 18,098.63 billion [12] - The Hong Kong stock market closed with the Hang Seng Index down by 1.12% and the Hang Seng Tech Index down by 1.46% [13] Company Dynamics - JD Travel announced a plan for hotel operators to join the "JD Hotel PLUS Membership Program," offering up to three years of zero commission to optimize supply chain costs [15] - Powin, the third-largest energy storage company in the U.S., filed for bankruptcy, with major debts owed to companies including CATL and CIMC [16] - Toyota's chairman saw a 20% increase in total compensation, reaching approximately 1.34 million USD, primarily from bonuses and stock compensation [17] - The launch of a new budget delivery vehicle by Cainiao, priced at 21,800 RMB, aims to enhance logistics capabilities [20] - The live streaming event by Pop Mart on AliExpress attracted 240,000 viewers, significantly boosting the GMV of the trendy toy category by 300% year-on-year [18][19]

Core Insights - The Chinese government has allocated 300 billion yuan for a long-term special bond to support the consumption of old-for-new products, with 162 billion yuan already distributed to local governments, and the remaining funds will be distributed in an orderly manner [1][2] - The new round of subsidies for consumer products has a remaining scale of 138 billion yuan, with the policy for household appliances set to end on December 31, 2025 [2] Group 1: Policy Implementation - Many regions have paused or adjusted the old-for-new subsidy programs, with reports of suspensions in Jiangsu, Hubei, and Chongqing due to system upgrades and funding exhaustion [3][4] - Local governments are responsible for managing the subsidy funds, ensuring timely distribution and safety, with specific limitations on the time and amount of subsidies available in various regions [4][5] Group 2: Market Impact - The suspension of subsidies in various regions is linked to rapid fund utilization and adjustments to local policies, with some areas expanding the scope of eligible products [5][6] - The old-for-new policy has significantly driven sales, with 1.1 trillion yuan in sales generated across five major categories by May 31, 2023, and approximately 175 million subsidies issued to consumers [7]