人民日报北京8月22日电 记者从国家税务总局获悉：大规模设备更新和消费品以旧换新政策推行一年多 来，效果持续显现。 增值税发票数据显示，2024年4月至2025年7月，"两新"政策叠加直接拉动全国零售业需求增长反作用于 供给端，带动制造业企业加力推进设备更新升级，制造业销售收入同比增长5.8%，经济内循环更加顺 畅。（记者王观） 以旧换新带热多元消费需求。传统消费领域和智能消费领域活力持续释放，增值税发票数据显示，2024 年4月至2025年7月，日用家电、视听设备销售额同比分别增长44.5%和22.8%；家具、卫生洁具零售额 同比分别增长30.1%、13.6%；服务型机器人制造业销售额同比增长51.1%；全国新能源车销量同比增长 81.7%。 设备更新助力产业转型升级。增值税发票数据显示，2024年4月至2025年7月，全国企业采购机械设备类 金额同比增长7.3%，其中，工业企业采购机械设备类金额同比增长9.8%；信息传输软件业、科技服务 业设备采购金额同比分别增长27.8%、28.3%；民营企业设备采购金额同比增长9.3%，设备更新支撑作 用进一步凸显。 ...

本报北京8月22日电 （记者王观）记者从国家税务总局获悉：大规模设备更新和消费品以旧换新政策推 行一年多来，效果持续显现。 设备更新助力产业转型升级。增值税发票数据显示，2024年4月至2025年7月，全国企业采购机械设备类 金额同比增长7.3%，其中，工业企业采购机械设备类金额同比增长9.8%；信息传输软件业、科技服务 业设备采购金额同比分别增长27.8%、28.3%；民营企业设备采购金额同比增长9.3%，设备更新支撑作 用进一步凸显。 增值税发票数据显示，2024年4月至2025年7月，"两新"政策叠加直接拉动全国零售业需求增长反作用于 供给端，带动制造业企业加力推进设备更新升级，制造业销售收入同比增长5.8%，经济内循环更加顺 畅。 《 人民日报 》（ 2025年08月23日 03 版） (责编：袁勃、赵欣悦) 关注公众号：人民网财经 以旧换新带热多元消费需求。传统消费领域和智能消费领域活力持续释放，增值税发票数据显示，2024 年4月至2025年7月，日用家电、视听设备销售额同比分别增长44.5%和22.8%；家具、卫生洁具零售额 同比分别增长30.1%、13.6%；服务型机器人制造业销售额同比增长5 ...

Group 1 - The "Two New" policies have shown significant effects in promoting industrial transformation, boosting consumer demand, and facilitating economic circulation [1][2] - From April 2024 to July 2025, the procurement amount of machinery and equipment by enterprises increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The information transmission and software industry, as well as the technology service industry, experienced equipment procurement growth of 27.8% and 28.3% respectively [1] Group 2 - The "old-for-new" policy has stimulated diverse consumer demand, with retail sales of daily household appliances and audiovisual equipment increasing by 44.5% and 22.8% respectively from April 2024 to July 2025 [1] - Sales of service robots surged by 51.1%, while the retail sales of furniture and sanitary ware grew by 30.1% and 13.6% respectively [1] - The new energy vehicle sales saw a remarkable increase of 81.7% during the same period, indicating strong momentum in the automotive sector [1] Group 3 - The "Two New" policies have directly driven retail demand growth, which in turn has positively impacted the supply side, leading to a 5.8% year-on-year increase in manufacturing sales revenue [2] - The implementation of these policies has contributed to a smoother internal economic circulation [2]

Core Insights - The city has effectively utilized the "Two New" working group to promote four major actions: equipment updates, trade-in programs, recycling, and standard upgrades, resulting in significant achievements in the first half of the year [1][2] Group 1: Economic Performance - The value added of regulated equipment manufacturing and digital product manufacturing industries increased by 10.5% and 14.3% year-on-year, respectively, while the automotive manufacturing industry saw a 17.3% increase [1] - The total retail sales of consumer goods grew by 6.3% year-on-year, driven by the trade-in programs that released consumer potential [1] Group 2: Policy and Project Development - The city has developed a comprehensive policy framework and project reserve, implementing 11 specialized work plans to support the "Two New" initiatives [1] - The city has established a task list for the "Two Heavy" and "Two New" initiatives, clarifying key tasks and support standards [1] Group 3: Recycling and Standards - As of now, the city has applied for a total of 566 million yuan in funding for trade-in programs, which has driven sales of related subsidized products exceeding 4.3 billion yuan [2] - The city has recycled 55,000 scrapped vehicles, 150,000 household appliances, and 36,000 electric bicycles [2] - The "Two New" standards have led to the formulation of 8 national standards and 4 local standards [2] Group 4: Future Plans - The city plans to enhance coordination and improve the awareness and satisfaction of policies among enterprises, ensuring smooth implementation of trade-in funding [2] - The development department will collaborate with relevant industry authorities to focus on key support areas, planning high-quality projects in advance [2]

Core Insights - Weichai Heavy Machinery Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 2.746 billion yuan, a year-on-year increase of 43.91%, and net profit attributable to shareholders at 144 million yuan, up 52.62% [1] - The company announced a mid-term dividend plan, proposing a cash dividend of 0.90 yuan per 10 shares and a capital reserve conversion of 4 shares for every 10 shares [1] Group 1 - The company achieved historical highs in sales, revenue, and profit during the reporting period, continuing a trend of high-quality growth [1] - The foreign market revenue saw a remarkable increase of 62% year-on-year, indicating strong international demand [1] - The company capitalized on domestic policies and technological advancements, particularly in the inland shipping sector, leading to a significant rise in LNG-powered product sales [1] Group 2 - The generator set business made substantial progress in the data center market, achieving significant growth in sales and revenue during the first half of 2025 [2] - The company broke the monopoly of imported brands in the data center sector by gaining access to major telecom operators' procurement and achieving breakthroughs with leading internet companies [2] - The company is diversifying into alternative fuel markets, establishing a multi-technology system encompassing LNG, methanol, and biofuels [2]

Economic Overview - The national economy shows a steady development trend, requiring continued macro policy support to effectively release domestic demand potential and promote a stable and healthy economic development [1][2] - In July, exports increased by 7.2% year-on-year, surpassing the previous value of 5.9%, while social retail sales grew by 3.7%, lower than June's 4.8% and May's 6.4% [1] Consumption and Retail - Retail sales of consumer goods grew by 4.0% year-on-year in July, down from 5.3% previously, with significant growth in home appliances (28.7%), furniture (20.6%), communication equipment (14.9%), and cultural office supplies (13.8%) [1] - The restaurant sector showed weak performance, with growth of only 1.1% in July compared to 5.9% in May [1] Investment Trends - Fixed asset investment increased by 1.6% year-on-year from January to July, a decline of 1.2 percentage points compared to the first half of the year, with manufacturing, infrastructure, and real estate investments all showing a slowdown [1] - Manufacturing investment has decreased, while infrastructure projects, particularly "two heavy" projects, are expected to gain momentum in the second half of the year [1][3] Industrial Production - In July, the industrial added value for large-scale industries grew by 5.7% year-on-year, down from 6.8% previously, influenced by slowing investment and consumption growth [2] - Producer prices for industrial products fell by 0.2% month-on-month, with a year-on-year decline of 3.6% [2] Policy Measures - Starting in August, measures to expand consumption include the introduction of childcare subsidies and the exemption of fees for public kindergarten education for certain age groups [3] - The government is also encouraging service consumption through fiscal interest subsidies for personal consumption loans and service industry loans [3] Challenges and Outlook - The real estate sector and local infrastructure investment present ongoing challenges, requiring time to address accumulated issues [3] - Short-term factors such as extreme weather and adjustments in consumption subsidies have impacted July's economic data, but upcoming macroeconomic policies are expected to promote effective investment and release domestic demand potential [3]

Group 1 - The "equipment update" policy has significantly contributed to industrial transformation and upgrading, with machinery equipment procurement amount increasing by 7.3% year-on-year from April 2024 to July 2025, and industrial enterprises seeing a 9.8% increase [1][2] - The information transmission and software industry, along with technology services, experienced substantial growth in equipment procurement, with increases of 27.8% and 28.3% respectively [1] - Private enterprises also showed a notable increase in equipment procurement by 9.3%, indicating the effective transformation of policy benefits into new driving forces for industrial upgrading [1] Group 2 - The "old-for-new" policy has stimulated diverse consumer demand, with retail sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% respectively from April 2024 to July 2025 [1] - Sales of furniture and sanitary ware also saw significant growth, with increases of 30.1% and 13.6% respectively, while the service robot manufacturing industry experienced a remarkable 51.1% growth [1] - The automotive sector benefited from the policy as well, with nationwide sales of new energy vehicles soaring by 81.7% during the same period [1] Group 3 - The implementation of the policies has created a positive interaction of "policy-driven - demand release - industrial upgrading," leading to a 5.8% year-on-year increase in manufacturing sales revenue from April 2024 to July 2025 [2] - The tax authority emphasizes the importance of a "policy + service" dual-drive approach to ensure the continued effectiveness of the "two new" policies, thereby injecting stronger momentum into high-quality economic development [2]

Core Viewpoint - The National Development and Reform Commission (NDRC) has allocated 188 billion yuan in investment subsidies to support approximately 8,400 projects across various sectors, driving total investment exceeding 1 trillion yuan [1][2]. Summary by Relevant Sections Investment Allocation - The 188 billion yuan investment subsidies are aimed at supporting projects in industrial equipment, energy, transportation, environmental infrastructure, education, cultural tourism, healthcare, electronic information, facility agriculture, grain and oil processing, and safety production [2][3]. Supported Sectors - The investment supports sixteen key areas, including: 1. Industrial Equipment: Encouraging the elimination of outdated equipment and the adoption of advanced technologies [3]. 2. Energy Equipment: Focused on high-energy-consuming devices, promoting energy-saving and carbon reduction modifications [3]. 3. Transportation Equipment: Upgrading old vehicles and supporting new energy buses [3]. 4. Logistics Equipment: Enhancing efficiency in warehousing and cold chain logistics [4]. 5. Environmental Infrastructure: Upgrading waste treatment and monitoring equipment [5]. 6. Education Equipment: Supporting updates in educational institutions, prioritizing significant demand projects [6]. 7. Cultural Tourism: Upgrading facilities across various cultural sectors [7]. 8. Healthcare Equipment: Updating medical devices across various healthcare institutions [8]. 9. Residential Elevators: Supporting the replacement of old elevators with smart, energy-efficient models [9]. 10. Electronic Equipment: Promoting the intelligent upgrade of electronic industry devices [10]. 11. Facility Agriculture: Expanding subsidies for agricultural machinery updates [11]. 12. Grain and Oil Processing: Focusing on large enterprises for equipment upgrades [12]. 13. Customs Inspection Equipment: Upgrading smart detection and imaging systems [13]. 14. Recycling and Circular Economy: Supporting network construction and technology development for remanufacturing [14]. Project Management and Funding - The NDRC will continue to enhance coordination and management of projects to ensure effective use of central funds and maximize the impact of the "Two New" policy [2][15]. - The average subsidy for the first batch of projects was approximately 23.07 million yuan, while the second batch saw a reduction to about 16.67 million yuan, reflecting a 27.7% decrease, indicating a tailored approach to project needs across different sectors [16].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The July financial data shows significant fiscal support, with 188 billion yuan in investment subsidies for equipment renewal under the 2025 ultra - long - term special treasury bonds, driving over 1 trillion yuan in total investment in various fields [1] - In July 2025, M2 balance was 329.94 trillion yuan, a year - on - year increase of 8.8%; M1 balance was 111.06 trillion yuan, a year - on - year increase of 5.6%. Net capital injection in the first seven months was 465.1 billion yuan, RMB loans increased by 12.87 trillion yuan, and deposits increased by 18.44 trillion yuan. The social financing scale stock at the end of July was 431.26 trillion yuan, a year - on - year increase of 9% [1] Summary by Directory Upstream - In the energy sector, international oil prices continued to decline; in the agricultural sector, egg and palm oil prices rebounded [2] Midstream - In the agricultural sector, the operating rate of pig products continued to rise [3] Downstream - In the real estate sector, the sales of commercial housing in first - and second - tier cities declined seasonally and were at a near - three - year low; in the service sector, the popularity of movies decreased and box office revenue declined [4] Industry Credit Spread Tracking - The report provides the credit spreads of various industries such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry, showing their data from last year to this week and their quantiles [48] Key Industry Price Index Tracking - It includes price data of multiple industries such as agriculture, non - ferrous metals, energy, and chemicals, along with their year - on - year changes and trends in the past 5 days [49]

Group 1 - The core point of the article is that the National Development and Reform Commission has allocated 188 billion yuan in investment subsidies for equipment upgrades, supporting approximately 8,400 projects across various sectors, which is expected to drive total investment exceeding 1 trillion yuan [1] Group 2 - The investment subsidies are aimed at key areas including industrial and energy equipment, transportation, logistics, environmental infrastructure, education, cultural tourism, healthcare, residential elevator upgrades, electronic information, facility agriculture, grain and oil processing, safety production, and recycling [1] - The National Development and Reform Commission will continue to strengthen coordination and advance project construction to ensure effective use of central funds and enhance the effectiveness of the "Two New" policy [1]