近日，国家发展改革委会同财政部，向地方下达今年第四批690亿元超长期特别国债支持消费品以旧换 新资金。至此，全年3000亿元中央资金已全部下达。 随着第四批"国补"资金到位，消费品以旧换新政策持续激活消费市场潜力。 国家发展改革委表示，下一步，各有关部门将进一步组织地方合理把握工作节奏，完善资金使用计划， 均衡有序支出补贴资金，加强产品质量和价格监管，严厉打击骗补套补等违法违规行为，平稳有序实施 消费品以旧换新政策，推动补贴资金用到实处、见到实效。 推荐阅读 美股小幅收涨，中国资产走强 【财经早报】国庆节首日票房，突破3亿元；多家车企9月交付量创新高 圣邦股份拟港股IPO，全球化战略迈出关键一步 "我们这款彩电，政府可以按15%限高补贴2000元，同时还可以享受企业补贴。"在西安市高新区一家苏 宁电器门店内，销售人员向消费者介绍购买家电的优惠政策。 扩大汽车报废更新、家电产品以旧换新补贴范围，将手机等数码产品纳入补贴……今年以来，"两新"政 策加力扩围，支持力度不断增强，为消费市场注入强劲活力。 国家发展改革委数据显示，今年1月至8月，全国共有3.3亿人次申领消费品以旧换新补贴，带动相关商 品销售额超2万亿元 ...

Core Points - The National Development and Reform Commission (NDRC) and the Ministry of Finance have allocated 69 billion yuan in the fourth batch of special long-term bonds to support the consumption of old-for-new products, completing the annual allocation of 300 billion yuan in central funds [1] - From January to August this year, 330 million people have applied for subsidies under the old-for-new policy, driving sales of related products to exceed 2 trillion yuan [1] - Retail sales of household appliances, audio-visual equipment, cultural and office supplies, furniture, and communication equipment have seen year-on-year growth rates of 28.4%, 22.3%, 22.0%, and 21.1% respectively, contributing to a 4.6% year-on-year increase in total retail sales of consumer goods [1] Implementation and Oversight - The NDRC plans to further organize local governments to reasonably manage the pace of work, improve fund usage plans, and ensure balanced and orderly expenditure of subsidy funds [1] - There will be an emphasis on product quality and price supervision, along with strict measures against fraudulent claims and illegal activities related to subsidies [1] - The goal is to implement the old-for-new policy smoothly and effectively, ensuring that subsidy funds are utilized properly and yield tangible results [1]

资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 云南省统计局、国家统计局云南调查总队9月17日发布今年1至8月云南省经济运行情况。1至8月，该省 装备制造业增加值同比增长15.4%，比1至7月加快2个百分点，对规模以上工业增加值增速的贡献率达 27.1%。在消费品以旧换新政策带动下，1-8月云南省太阳能热水器产量增长45%，智能手机产量增长 10.2倍。 ...

Core Insights - The National Bureau of Statistics reported that in August, the Consumer Price Index (CPI) showed a year-on-year decline of 0.4%, reversing from a flat reading in the previous month, primarily due to high base effects from the previous year [5][6] - The core CPI, excluding food and energy, increased by 0.9% year-on-year, marking a continuous expansion in price increases for four consecutive months, driven by rising industrial consumer goods and service prices [5][6] Economic Indicators - In August, the CPI remained flat month-on-month, compared to a 0.4% increase in July, with food prices rising by 0.5% and non-food prices declining by 0.1% [3][6] - Food prices saw a year-on-year decline of 4.3% in August, with significant drops in pork, fresh vegetables, and eggs, each exceeding 10% [5][6] Industrial and Service Prices - Industrial consumer goods prices, excluding energy, rose by 1.5% year-on-year in August, an increase of 0.3 percentage points from the previous month, with home appliances and entertainment goods contributing to this rise [6] - Service prices increased by 0.6% year-on-year in August, reflecting a steady upward trend, influenced by increased demand for high-quality social services and summer travel [6] Policy and Market Outlook - The government aims to continue expanding domestic demand and implementing consumption-boosting initiatives, while also addressing capacity management in key industries to promote reasonable price recovery [6]

Economic Overview - In August, major economic indicators such as industrial added value, service production index, retail sales, and investment showed signs of marginal weakening, indicating downward pressure on economic performance [1][2] - Despite the challenges, exports maintained resilience, with a year-on-year growth of 4.8% in August, contributing to a cumulative export growth of 6.9% from January to August [4][5] Consumption and Retail - Retail sales of consumer goods in August grew by 3.4% year-on-year, a decrease of 0.3 percentage points from the previous month, reflecting a slowdown in consumer demand [2][3] - The "old-for-new" consumption policy positively impacted certain durable goods, but its effect showed signs of diminishing in August [3][8] Investment Trends - Fixed asset investment (excluding rural households) grew by 0.5% year-on-year from January to August, with manufacturing investment increasing by 5.1%, infrastructure investment by 2.0%, and real estate investment declining by 12.9% [3][4] - The central government is expected to accelerate the introduction of policies to stabilize growth, focusing on promoting private investment and addressing barriers to market entry [5][6] Policy Measures - The government plans to implement measures to stimulate consumption and investment, including the establishment of new policy financial tools and the expansion of service consumption [6][7] - Recent signals from central authorities indicate a commitment to enhancing market conditions for private enterprises and addressing issues that hinder private investment [5][6] Price Trends - The Producer Price Index (PPI) showed a narrowing year-on-year decline in August, attributed to improved market competition and demand in emerging industries [7][8] - Core Consumer Price Index (CPI) showed signs of recovery, reflecting an improvement in supply-demand dynamics [8]

9月15日，国家统计局发布2025年8月国民经济数据。 8月社零同比增长3.4％，增速再下降0.3％ 8月份，社会消费品零售总额39668亿元，同比增长3.4%；环比增长0.17%。而7月份，社会消费品零售 总额增长3.7%，较6月增速4.8%下降1.1%。 按经营单位所在地分，8月城镇消费品零售额34387亿元，同比增长3.2%；乡村消费品零售额5281亿 元，增长4.6%。 按消费类型分，商品零售额35172亿元，增长3.6%；餐饮收入4496亿元，增长2.1%。基本生活类和部分 升级类商品销售增势良好，限额以上单位日用品类、粮油食品类、体育娱乐用品类商品零售额分别增长 7.7%、5.8%、16.9%。其中，餐饮收入在6月和7月的单月增速仅为0.9%、1.1%之后有所回升，8月增速 回升至2.1%。 分产品看，3D打印设备、新能源汽车、工业机器人产品产量同比分别增长40.4%、22.7%、14.4%。 1—8月份，全国规模以上工业增加值同比增长6.2%。8月份，制造业采购经理指数为49.4%，比上月上 升0.1个百分点；企业生产经营活动预期指数为53.7%，上升1.1个百分点。1—7月份，全国规模以上工 ...

Group 1 - In August 2025, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4% and a month-on-month increase of 0.17% [2] - The retail sales in urban areas amounted to 34,387 billion yuan, growing by 3.2% year-on-year, while rural retail sales were 5,281 billion yuan, with a growth of 4.6% [2] - The retail sales of goods reached 35,172 billion yuan, increasing by 3.6%, and catering revenue was 4,496 billion yuan, growing by 2.1% [2] Group 2 - From January to August, the total retail sales of consumer goods were 323,906 billion yuan, reflecting a year-on-year growth of 4.6% [3] - The national online retail sales reached 99,828 billion yuan, with a year-on-year increase of 9.6%, and the physical goods online retail sales were 80,964 billion yuan, growing by 6.4% [3] - The proportion of online retail sales of physical goods accounted for 25.0% of the total retail sales of consumer goods [3]

Group 1 - In August, the industrial added value of enterprises above designated size increased by 5.2% year-on-year and by 0.37% month-on-month [1] Group 2 - In August, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4% and a month-on-month growth of 0.17% [2] - Urban retail sales amounted to 34,387 billion yuan, growing by 3.2% year-on-year, while rural retail sales reached 5,281 billion yuan, increasing by 4.6% [2] - Retail sales of goods were 35,172 billion yuan, up by 3.6%, and catering revenue was 4,496 billion yuan, growing by 2.1% [2] - Sales of basic living goods and some upgraded products showed strong growth, with retail sales of daily necessities, grain and oil food, and sports and entertainment products increasing by 7.7%, 5.8%, and 16.9% respectively [2] - The effects of the consumption upgrade policy continued to show, with retail sales of furniture, home appliances, audio-visual equipment, cultural and office supplies, and communication equipment increasing by 18.6%, 14.3%, 14.2%, and 7.3% respectively [2] - From January to August, the total retail sales of consumer goods reached 323,906 billion yuan, with a year-on-year growth of 4.6% [2] - National online retail sales reached 99,828 billion yuan, growing by 9.6%, with physical goods online retail sales at 80,964 billion yuan, increasing by 6.4%, accounting for 25.0% of total retail sales [2] - From January to August, service retail sales increased by 5.1%, with significant growth in cultural and recreational services, tourism consulting and leasing services, and transportation services [2]

Core Viewpoint - Recent consumer reports regarding the closure of the Jiangsu Province vehicle replacement subsidy application platform have been confirmed as false by the Jiangsu Provincial Department of Commerce, which stated that the application platform will remain open and operational until further notice [1] Group 1: Policy Status - The vehicle scrapping and replacement subsidy policy in Jiangsu Province is currently being implemented normally, with no plans to suspend it as of September 15 [1] - The State Council's 2024 action plan for promoting large-scale equipment updates and consumer goods replacement is set to continue until 2027, indicating a long-term commitment to these policies [1] Group 2: Consumer Guidance - The National Development and Reform Commission emphasized the ongoing implementation of strategies to expand domestic demand and stimulate consumption, reinforcing the sustainability of the consumer goods replacement policy [1] - Consumers are advised to make rational purchasing decisions based on their individual needs and to avoid spreading rumors regarding subsidy applications [1]

Group 1 - The adjustment of the old-for-new subsidy policy in Shanghai aims to address funding shortages and improve the efficiency of subsidy distribution [1][6] - The new rules will implement a lottery system for consumers to obtain subsidy qualifications, which is expected to enhance fairness and reduce waste [8][9] - The policy has significantly stimulated consumer spending, with over 80 billion yuan in subsidies leading to more than 500 billion yuan in consumption [3][6] Group 2 - The suspension of certain product categories from the subsidy program reflects a need to align subsidies with actual consumer demand [6][9] - The adjustment may lead to short-term challenges for businesses, as consumer hesitation could impact sales [8] - The long-term goal of the policy is to promote high-quality, sustainable consumption, with potential for further optimization in subsidy mechanisms [9]