温馨的烘焙月饼DIY、欢乐的亲子体验、激烈的电竞游戏、新奇的跨界联动影视IP……今年国庆与中秋 双节"合璧"，各大家电厂商携手线上、线下卖场，推出更为丰富多元的营销场景，加上消费贴息政策的 助力，为家电消费市场注入了新动能。 如果说场景化体验解决的是"为什么要买"的问题，那么各类厂商补贴、消费贴息政策等解决的则是"如 何买得划算"的问题。 在某家电卖场里的"亲子厨房"，孩子们将包好的月饼坯按压成形、放入烤箱，烤出美味的月饼；而在某 苏宁易购门店内的电竞体验专区，一场激烈的电竞游戏对决正在上演，参赛者热血沸腾，队友们配合默 契。 "最近有位客人在我们店里订了冰箱、洗干衣机套装、热水器、烟机灶具等全屋家电，享受了各项优惠 后总价4.6万元，使用建行贴息贷款，分12期还，省下了2000元左右的利息。"苏宁易购天河店店长方伟 佳告诉记者。 这个假期，家电卖场、厂商纷纷推出烘焙月饼DIY、亲子体验、电竞游戏、Coser巡游、影视IP跨界等主 题专场活动，吸引了不少消费者走进店里，在活动体验中增加对产品的了解。 记者走访时注意到，从"卖单品"到"卖方案"，从"交易场"到"体验中心"，如今的家电线下卖场正大力强 化场景化体 ...

Core Viewpoint - The "National Interest Subsidy" program launched by JD.com aims to stimulate consumer spending and enhance market vitality by offering subsidies on a wide range of products, including beauty and fitness items, effective from September 1 [1][7]. Group 1: Subsidy Program Details - Consumers can enjoy a maximum subsidy of 3,000 yuan when purchasing products marked with "National Interest Subsidy" on JD.com, with specific benefits for different purchase amounts [1]. - For purchases below 50,000 yuan, consumers can receive up to a 1% annual interest subsidy; for purchases above 50,000 yuan, the maximum subsidy is capped at 500 yuan [1]. - The program includes a variety of well-known beauty brands and offers interest-free installments for up to 24 months on selected products [1][3]. Group 2: Product Categories - The subsidy program covers a wide range of beauty and skincare products, including popular items like the Revitalizing Serum from SkinCeuticals and the Clarifying Lotion from Clarins, which are designed for skin repair and brightening [3]. - In addition to beauty products, the program also includes fitness equipment, such as the foldable treadmill from Yijian and the multi-functional fitness rack from Jietuote, catering to consumers' health and fitness needs [5][7]. Group 3: Consumer Experience - The "National Interest Subsidy" initiative aims to provide consumers with a more affordable and convenient shopping experience, encouraging them to explore high-quality beauty and fitness products [7].

Core Points - JD.com has launched a new consumer subsidy program starting September 1, allowing users to enjoy interest subsidies on purchases marked with "national subsidy" [1] - The program covers over one million products and services, aiming to boost consumer spending and market activity [1] - Users can benefit from a maximum annual interest subsidy rate of 1% for single purchases under 50,000 yuan, and a maximum subsidy of 500 yuan for purchases over that amount [1] - For multiple purchases, users can stack the interest subsidies up to a total of 3,000 yuan [1] - The interest subsidy can be combined with other promotional offers on the JD platform, enhancing the overall consumer benefits [1] - The program is part of a broader initiative following the release of a notice on August 24, 2024, regarding the promotion of home appliance recycling, which also includes products eligible for both "national subsidy" and interest subsidies [1]

Market Performance - The A-share market saw all three major indices rise, with the Shanghai Composite Index achieving an eight-day winning streak, closing at 3683.46 points, a 0.48% increase [2][3] - The Shenzhen Component Index rose by 1.76% to 11551.36 points, while the ChiNext Index surged by 3.62% to 2496.50 points [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 21509 billion, a significant increase of 2694 billion compared to the previous day [2][3] Divergence in Market Sentiment - There is a stark contrast in individual stock performance, with gains and losses being roughly equal, leading to investor confusion and concern about potential corrections [3] - The Shanghai market showed weakness in key sectors such as banking, oil, and coal, with the banking sector experiencing an overall decline of nearly 1% [3][4] Key Stock Performances - Notable stocks in the Shenzhen market included Ningde Times, which rose nearly 4% to around 273 yuan per share, and New Yisheng, which surged by 15.45% to 236 yuan per share [5] - The combined gains of New Yisheng, Zhongji Xuchuang, and Shenghong Technology contributed significantly to the Shenzhen index, accounting for a total increase of 55.64 points [5] Policy Support and Market Reaction - Recent government measures to support consumer spending through interest subsidies were introduced, indicating a strong intent to stimulate consumption [6] - However, the market's reaction to these measures was muted, with major consumer stocks like Kweichow Moutai and Wuliangye showing little positive movement [6] Financial Sector Highlights - The financial sector, particularly the securities segment, showed some positive movement, with an overall increase of about 2.1% [7] - Notable performers included Guosheng Financial Holdings, which hit its second consecutive trading limit, and Dongfang Fortune, which saw a trading volume increase to around 20 billion [7] Overall Market Outlook - The Shanghai Composite Index is at a four-year high but has not yet reached the 3740-point level from 2021 [8] - The rapid rise of certain stocks raises concerns about potential overextension and the need for caution among investors, especially those chasing high-growth, unprofitable stocks [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Raw material side: Indonesia's PNBP policy restricts nickel supply, raising costs, but increased nickel - iron production in Indonesia has led to a significant drop in nickel - iron prices, weakening cost support [3]. - Supply side: Steel mills' production profits have improved due to rising steel prices and relatively weak raw material cost increases. Steel production is expected to rise in August [3]. - Demand side: The end of the traditional off - season and the approaching "Golden September and Silver October" season, along with domestic fiscal policies, are expected to improve the supply - demand situation. Market purchasing willingness has recovered, and previous backlogs are being released. Recently, steel prices have risen, and downstream buyers purchase as needed. Domestic inventory reduction has slowed, and spot premiums have remained stable [3]. - Technical side: With declining positions and price adjustments, differences between bulls and bears have increased. Attention should be paid to the MA10 support level. It is recommended to go long at low prices [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the stainless - steel futures main contract is 13,130 yuan/ton, down 70 yuan. The 09 - 10 contract spread is - 85 yuan/ton, down 10 yuan [3]. - The net long position of the top 20 futures holders is - 17,852 lots, down 474 lots. The main contract position is 144,226 lots [3]. - The warehouse receipt quantity is 103,518 tons, down 422 tons [3]. 3.2 Spot Market - The price of 304/2B coil (trimmed edge) in Wuxi is 13,850 yuan/ton, up 50 yuan. The market price of scrap stainless - steel 304 in Wuxi is 9,700 yuan/ton, unchanged [3]. - The basis of the SS main contract is 340 yuan/ton, up 120 yuan [3]. 3.3 Upstream Situation - Monthly electrolytic nickel production is 29,430 tons, up 1,120 tons. Total monthly nickel - iron production is 22,600 metal tons, down 1,300 metal tons [3]. - Monthly imports of refined nickel and alloys are 17,215.27 tons, down 472.3 tons. Monthly nickel - iron imports are 1.0414 million tons, up 193,200 tons [3]. - The SMM1 nickel spot price is 123,800 yuan/ton, up 300 yuan. The average price of nickel - iron (7 - 10%) nationwide is 925 yuan/nickel point, unchanged [3]. - Monthly Chinese chromite production is 757,800 tons, down 26,900 tons [3]. 3.4 Industry Situation - Monthly 300 - series stainless - steel production is 1.744 million tons, down 40,700 tons. The total weekly inventory of 300 - series stainless - steel is 592,900 tons, down 15,100 tons [3]. - Monthly stainless - steel exports are 458,500 tons, down 29,500 tons [3]. 3.5 Downstream Situation - The cumulative monthly new housing construction area is 303.6432 million square meters, up 71.8071 million square meters. The monthly output of excavators is 26,800 units, up 1,000 units [3]. - The monthly output of large and medium - sized tractors is 21,700 units, down 2,900 units. The monthly output of small tractors is 10,000 units, down 1,000 units [3]. 3.6 Industry News - Three departments announced a consumption subsidy policy with a 50,000 - yuan limit for single - item consumption [3]. - China and the US agreed to suspend a 24% tariff for 90 days starting from August 12, 2025 [3]. - In July, the US CPI rose 0.2% month - on - month and 2.7% year - on - year. The core inflation reached the highest level since February, mainly driven by service prices. Traders expect a 95% probability of a Fed rate cut in September [3].