商务部12月31日消息，商务部、国家发展改革委、财政部、市场监管总局、国家邮政局等五部门发布关 于做好2026年家电以旧换新、数码和智能产品购新补贴工作的通知。 6类家电产品、 4类数码和智能产品参与补贴 通知明确， 2026年1月1日起，按照全国统一的品类和标准，对个人消费者购买1级能效或水效标准的冰 箱、洗衣机、电视、空调、热水器、电脑6类家电产品，以及单件销售价格不超过6000元的手机、平 板、智能手表（手环）、智能眼镜4类数码和智能产品给予补贴。补贴标准为上述产品扣除各环节优惠 后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每件补贴不超过1500元，数码和智能产 品每件补贴不超过500元。 通知要求，各地要做好家电以旧换新、数码和智能产品购新补贴工作组织实施，充分发挥不同销售渠道 优势，统筹用好线上线下两个渠道实施补贴政策，加强对政策参与经营主体的工作指导和技术支撑，鼓 励线下门店打造多元化消费场景，深挖品牌专卖店、专业店等实体零售潜力，进一步支持线下实体发 展，增强周边消费带动作用。 在保障农村居民享受补贴政策方面，通知提出，各地要通过增加农村地区线下经营主体、引导线上渠道 向农村地区倾 ...

报告导读： 中观景气延续分化，受供给受限影响，化工 / 有色等资源品价格出现明显上 涨， AI 产业趋势下，电子产业景气偏强；旅游景气边际改善，内需消费复苏仍待观察。 周期资源品价格上涨，科技硬件景气延续。 上周（ 12.22-12.28 ）中观景气表现分化，值得关注： 1 ）周期行业局部出现供需紧张，基础化工、电新原料 以及工业金属价格大幅上涨，主因供给受限，下游需求则表现较强。 2 ） AI 产业趋势延续，国内电子产业需求仍受到明显拉动，存储价格环比继续上涨， 11 月 PCB 出口增速延续高位。 3 ）服务消费景气边际改善，上海迪士尼拥挤度延续高位，受封关影响，海南旅游价格指数环比提升；年末生猪价格环比企 稳上涨。中央经济工作会议提出"深入实施提振消费专项行动"，展望 2026 ，消费在供给端和需求端的政策空间存在超预期可能。 下游消费：旅游景气延续高位，生猪价格上涨。 1 ）服务消费： 上海迪士尼乐园拥挤度指数环比 -0.2% ，同比 +29.4% ，游乐场拥挤度延续高位 ； 12.15-12.21 海南旅游价格指数环比 +2.5% ，封关带动海南旅游景气环比显著提升。 2 ）地产： 30 大中城市商 ...

12月31日，国家发展改革委召开12月份新闻发布会。 国家发展改革委政策研究室副主任、委新闻发言人李超介绍，12月29日，国家发展改革委牵头印发《关于2026年实施大 规模设备更新和消费品以旧换新政策的通知》。2026年的"两新"政策进一步优化了制度设计和实施方式。 中央经济工作会议明确提出，要优化"两新"政策实施。按照党中央和国务院决策部署，在制定2026年"两新"政策过程中， 相关部门系统总结前期政策实施情况，广泛听取各方意见，充分评估发掘"两新"政策在扩大内需、带动就业、改善民生 等方面的潜力，将投资于物和投资于人紧密结合，重点在设备更新政策惠及面、支持绿色低碳智能产品推广应用、资金 使用监管等方面进行了优化。 继续实施汽车报废更新和汽车置换更新补贴 李超介绍，对于2026年"两新"政策，一是优化支持范围。设备更新方面，在总体延续今年支持范围的基础上，主要增加 了三个方面的更新补贴。民生领域增加老旧小区加装电梯、养老机构设备更新。安全领域增加消防救援、检验检测设备 更新。消费基础设施方面，增加商业综合体、购物中心、百货店、大型超市等线下消费商业设施的设备更新。 消费品以旧换新方面，进一步集中资源，着力提 ...

Core Viewpoint - The Chinese government has announced a subsidy program for the replacement of old home appliances and the purchase of new digital and smart products starting January 1, 2026, aimed at boosting consumer spending and supporting the economy [1][5]. Group 1: Subsidy Details - The subsidy program includes six categories of home appliances: refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, as well as four categories of digital and smart products: smartphones, tablets, smartwatches (bands), and smart glasses, with a maximum subsidy of 1,500 yuan for home appliances and 500 yuan for digital products [2]. - Consumers can receive a subsidy of 15% off the final sales price after discounts, with each person eligible for one subsidy per category [2]. Group 2: Implementation and Support - Local governments are required to effectively implement the subsidy program, utilizing both online and offline sales channels, and enhancing support for participating businesses [2]. - The program encourages the development of diverse consumption scenarios in physical stores and aims to boost the potential of brand specialty stores and professional retail [2]. Group 3: Rural Consumer Access - The notification emphasizes the importance of ensuring that rural residents, especially those in remote areas, can access the subsidy program through increased offline business presence and online channel guidance [3]. - It supports the participation of various commercial entities in county-level markets and encourages large supermarkets and specialty stores to reach rural markets through mobile sales and local exhibitions [3]. Group 4: Waste Recycling System - The notification calls for strengthening logistics management and improving the waste recycling system for old appliances, ensuring that businesses involved in the subsidy program can handle both the sale of new products and the collection of old ones [4]. - It encourages promotional activities that offer discounts for consumers who purchase new products while trading in their old appliances, and suggests developing innovative recycling models [4]. Group 5: Policy Coordination and Efficiency - A national meeting emphasized the need for coordination among various departments and local governments to effectively implement the subsidy policy, focusing on enhancing the efficiency of subsidy approval and disbursement [5]. - The meeting also highlighted the importance of combating fraudulent claims and ensuring that subsidy funds are utilized effectively [5].

每经头条（nbdtoutiao）——2025十大财经新闻出炉！护航、酣战、变局、狂飙分别指向哪些大事件？ （记者 曾健辉） 每经AI快讯，美的集团发布公告称，2025年12月31日，美的集团接受华创证券等投资者调研，公司管 理层参与接待，并回答了投资者提出的问题。 ...

Economic Indicators - The official manufacturing PMI for December is reported at 50.1, an increase of 0.9 percentage points from the previous month, indicating a return to the expansion zone [2][8] - The non-manufacturing business activity index stands at 50.2%, up 0.7 percentage points from last month, also returning to the expansion zone [2][8] - The comprehensive PMI output index is at 50.7%, reflecting a 1.0 percentage point increase from the previous month, signaling overall economic recovery [2][8] Policy Developments - The National Development and Reform Commission and the Ministry of Finance announced a large-scale equipment update and consumption upgrade policy for 2026, with an initial funding of 62.5 billion yuan to support the replacement of old consumer goods [2][3] - The subsidy for purchasing new cars is set at 12% or 10% of the car price, with a maximum subsidy of 20,000 yuan or 15,000 yuan, maintaining the 2025 standards [2][3] - The scope of household appliance subsidies has been narrowed to six categories, with the subsidy rate for first-level energy-efficient appliances reduced from 20% to 15%, and the maximum subsidy per appliance decreased from 2,000 yuan to 1,500 yuan [2][3] Market Performance - On the last trading day of 2025, the Shanghai Composite Index rose by 0.09% to 3,968.84 points, while the Shenzhen Component Index fell by 0.58% to 13,525.02 points, and the ChiNext Index decreased by 1.23% to 3,203.17 points [5][11] - The market turnover was reported at 20,659.23 billion yuan, a decrease from the previous trading day [6][12] - The two-margin balance was recorded at 25,552.84 billion yuan, showing an increase from the previous day [6][12] Sector Analysis - The defense, media, and real estate sectors showed strong performance, with increases of 2.13%, 1.54%, and 1.13% respectively [5][11] - Conversely, the telecommunications, agriculture, forestry, animal husbandry, and electronics sectors experienced declines of 1.35%, 1.10%, and 1.02% respectively [5][11]

Core Viewpoint - The Ministry of Commerce and other departments have issued a notification regarding the implementation of subsidies for the replacement of old home appliances and the purchase of new digital and smart products starting January 1, 2026, aimed at promoting consumer spending and supporting the retail sector [1][2]. Group 1: Subsidy Details - The subsidy applies to six categories of home appliances (refrigerators, washing machines, televisions, air conditioners, water heaters, and computers) and four categories of digital and smart products (mobile phones, tablets, smartwatches, and smart glasses) [1]. - The subsidy standard is set at 15% of the final sales price after discounts, with a maximum subsidy of 1,500 yuan for home appliances and 500 yuan for digital and smart products, limited to one item per category per person [1]. Group 2: Implementation and Funding - Local authorities are required to develop a scientific plan for the use and disbursement of subsidy funds, ensuring a balanced monthly usage and smooth transitions between weeks and months [2]. - The notification encourages the use of pre-allocated and rolling disbursement methods to simplify the funding approval process and alleviate the financial burden on participating businesses [2]. Group 3: Supervision and Compliance - Strengthened supervision and management measures are mandated, including the establishment of a monitoring mechanism for the use of subsidy funds [3]. - Non-compliance with subsidy requirements will lead to immediate corrective actions, including the suspension of participation qualifications and potential legal consequences for violations [3]. - The notification emphasizes the need for a healthy competitive environment and the prevention of price wars among brands in the home appliance and mobile phone sectors [3].

数码产品购新补贴拓展为数码和智能产品购新补贴，支持范围在手机、平板、智能手表（手环）基础上，新增了智能眼镜。此外，通知支持地方结合实际自 主制定智能家居产品（含适老化家居产品）的购新补贴具体品类与标准。 国家发展改革委会同财政部近日已向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划。根据两部门发布的《关于2026年实 施大规模设备更新和消费品以旧换新政策的通知》，2026年"国补"资金将按季度分批次下达地方。 根据通知规定，直接向地方安排的消费品以旧换新资金总体按照9:1的原则实行央地共担，具体承担比例根据地区划分：东部地区中央承担85%，中部地区 90%，西部地区95%。各省级财政需根据中央资金分配情况按比例安排配套资金，省以下经费分担办法由省级财政确定。 值得注意的是，通知明确，若某地区用完中央下达的消费品以旧换新资金额度，超出部分将由该地区通过地方资金支持，中央不再负担。2026年第一批"国 补"资金规模为625亿元，低于2025年同期的810亿元。 汽车补贴方式由定额调整为按新车售价比例进行，报废更新购买新能源乘用车补贴车价的12%（最高2万元），购买2.0升及以下排量 ...

Group 1 - The Ministry of Commerce and other departments issued a notice on December 31 regarding the implementation of a subsidy program for replacing old home appliances and purchasing new digital and smart products in 2026 [1] - The notice emphasizes the need for participating businesses to provide a one-stop service for both selling new appliances and collecting old ones, while encouraging promotional activities that offer discounts to consumers who trade in their old products [1] - The policy aims to enhance the participation of rural residents, especially in remote areas, by ensuring that online platforms meet their subsidy consumption needs and encouraging various commercial entities to extend services to these regions [1] Group 2 - Starting from January 1, 2026, consumers will receive subsidies for purchasing specific energy-efficient home appliances and digital products, with a subsidy rate of 15% of the final sales price after discounts, capped at 1500 yuan for home appliances and 500 yuan for digital products [2] - Eligible products include six categories of home appliances such as refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, as well as four categories of digital products like smartphones and smartwatches, with a price limit of 6000 yuan per item [2]

根据国家发改委以及财政部最新的通知，2026年国补将会从1月1日启动，个人消费者购买冰箱、洗衣机、 电视、空调、电脑以及热水器这6类产品，如果你是1级能效或者水效的产品，那么就可以享受最高15%的 补贴，补贴的额度最高不超过1500元，相比较2025年的政策，2026年的国补降低了家电类补贴的额度以及 幅度，如果购买高端产品就要多花500元的价格。 对于2025年的消费者来说，国补能够节省一大笔的预算，从而也能促进消费者。随着时间来到了年末，大 家纷纷担心2026年国补是否会取消，现在有个好消息就是2026年国补仍将继续，当然相比较2025年，2026 年的国补政策在部分领域有所调整，例如家电类产品的国补幅度为15%，而不是2025年的20%，最高额度 也降低到了1500元，不过这一次智能眼镜算是加入到了国补的行列中来。 不过针对数码产品，国补的范围有所增加，个人消费者在购买手机、平板、智能手表以及智能眼镜这四类 产品，最高可以享受15%的补贴幅度，最高补贴额度为500元，相比较2025年增加了智能眼镜的品类，此外 像是智能家居类产品的补贴项目，则是地方结合实际进行对应的补贴。 相比较2025年，2026年的 ...