Group 1 - Chinese commercial aerospace companies are actively expanding into overseas markets, utilizing "rideshare launch" models to reduce costs and attract international clients from countries like Egypt, Nepal, and the UAE. The domestic launch cost has decreased to 50,000-60,000 yuan per kilogram, but still lags behind SpaceX, which has a competitive edge due to its high-frequency launches and Starlink project [3][4]. - The home appliance and light manufacturing industries are expected to face pressure on both domestic and foreign sales in 2026, with a potential recovery in overseas sales in the latter half of the year. Emerging markets are anticipated to show stronger demand compared to developed markets, particularly in Latin America and Southeast Asia [5]. - China's automotive exports are projected to reach 5.859 million units in 2024, maintaining the top position globally, with a shift from vehicle exports to a more comprehensive output of technology, brand, and supply chain solutions. This transition reflects a move from "selling products" to "building brands" [6][7]. Group 2 - The development of autonomous driving technology in China is being propelled by high-quality growth initiatives and strategic policies, with companies like Baidu Apollo enhancing safety standards and promoting technology exports. The industry is evolving into a collaborative ecosystem that drives innovation and reliability [7][8]. - The Chinese潮玩 (trendy toy) industry is rapidly globalizing, with brands like Pop Mart and 52TOYS successfully entering overseas markets through localized strategies and partnerships. The market share of Chinese潮玩 in the overseas market is projected to grow from 3% in 2020 to 18% by 2025 [9]. - Chinese companies are increasingly investing in the European market, particularly in renewable energy and high-tech sectors, while facing challenges such as national security reviews and compliance issues. Differentiated strategies and localized investments are essential for success [10]. Group 3 - Amazon's global store initiative aims to cultivate 200 cross-border brands in Shandong over the next three years, focusing on AI-driven strategies and innovative measures to enhance logistics efficiency and support local sellers [11]. - The Chinese commercial vehicle sector is transitioning from product trade to a comprehensive service model, emphasizing lifecycle services and local adaptation. The export of Chinese commercial vehicles to the EU has seen a 42% year-on-year increase [18]. - The digital culture industry in China is experiencing rapid growth, with online games, films, and literature becoming key components of global cultural exchange. The industry is encouraged to enhance IP development and international collaboration to overcome cultural barriers [17].

"与2025年政策相比，2026年将智能眼镜纳入了支持范围，这是明显的增量部分。"中泰证券研究所政策 团队首席分析师杨畅向上海证券报记者表示，可以预期这将对相关产业产品形成利好。 国家发展改革委、财政部印发的《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》12月 30日对外发布，明确2026年"两新"政策的支持范围、补贴标准和工作要求。据悉，为优化实施"两新"政 策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，近日，国家发展改革委会同财政部，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。 将智能眼镜纳入支持范围 2026年"两新"政策，在支持范围、补贴标准、实施机制等三个方面进行了优化。 设备更新方面，总体延续2025年支持范围，在继续支持工业、电子信息、能源电力、交通运输、物流、 教育、文旅、医疗、设施农业、粮油加工、安全生产、海关查验、住宅老旧电梯、节能降碳环保等领域 设备更新项目的基础上，将老旧小区加装电梯、养老机构、消防救援设施、检验检测等领域设备更新纳 入支持范围，更好满足民生和安全需要。并且，在消费基础设施领域，增加商业综合体、购物中心 ...

Core Viewpoint - The 2026 "National Subsidy" policy has been announced, focusing on large-scale equipment updates and the replacement of consumer goods, with specific support for electric vehicles and smart products like smart glasses [1][6]. Group 1: Support Scope Optimization - The support scope for equipment updates will continue from 2025, adding new categories such as the installation of elevators in old residential areas and equipment updates in elderly care institutions [2][7]. - In the consumer goods replacement program, the focus will be on key consumer products with strong market impact, including continued subsidies for vehicle scrappage and replacement, as well as for six categories of home appliances [2][7]. - The subsidy for digital products will now include smart products, covering smartphones, tablets, smartwatches, smart glasses, and smart home products [2][7]. Group 2: Subsidy Standard Optimization - The subsidy for updating old residential elevators will shift from a fixed amount to a tiered system based on the number of floors [3][8]. - For scrapping old commercial vehicles, there will be a priority for replacing them with electric vehicles [3][8]. - The consumer goods replacement subsidy will maintain the upper limit for vehicle subsidies while adjusting the fixed subsidy to a percentage of the vehicle price; home appliance subsidies will be set at 15% of the price for energy-efficient products, with a maximum of 1,500 yuan per item [3][8]. Group 3: Implementation Mechanism Optimization - The project application and review processes will be streamlined to lower the investment threshold for applications, enhancing support for small and medium-sized enterprises [4][9]. - The funding distribution method will be optimized, and strict measures will be taken against fraudulent claims and price inflation before subsidies [4][9]. - A unified subsidy standard will be implemented nationwide for vehicle scrappage, replacement, and six categories of home appliances, with coordination among various government departments to ensure effective policy execution [4][9].

长江商报消息 ●长江商报记者 李璟 2026年大规模设备更新和消费品以旧换新（简称"两新"）政策部署出炉。 12月30日，国家发展改革委、财政部发布《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》（简 称《通知》），明确2026年"两新"政策的支持范围、补贴标准和工作要求。《通知》共五个部分23条具体措施， 从支持范围、补贴标准、实施机制三个方面对2026年"两新"政策作出优化。 同日，国家发展改革委还发布通知，为认真贯彻落实党中央、国务院决策部署，优化实施"两新"政策，做好政策 平稳有序衔接，满足元旦、春节等旺季消费需求。近日，国家发展改革委会同财政部，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。 国家发展改革委指出，下一步，将会同各有关部门，充分发挥"两新"部际联席会议制度作用，强化统筹推进和跟 踪调度，组织地方合理把握工作节奏，均衡有序使用补贴资金，全链条强化资金监管，平稳有序实施消费品以旧 换新政策，持续释放"两新"政策效能。 政策撬动经济回升向好 2025年，大规模设备更新和消费品以旧换新"两新"政策持续加力扩围，通过政策创新与精准施策，在扩消 ...

Group 1 - The Central Rural Work Conference was held in Beijing, focusing on the "three rural issues" and outlining the work plan for 2026 [1] - The 2026 "Two New" policy has been announced, expanding the scope of subsidies for digital and smart products [2][18] - The copper market has seen a significant price increase, with LME three-month copper rising over 40%, indicating strong market performance [3][19] Group 2 - The 2026 "Two New" policy includes updates on support areas and subsidy standards, with an initial allocation of 625 billion yuan for consumer goods replacement [10][25] - The personal housing sales tax rate has been reduced from 5% to 3% for properties sold within two years, effective January 1, 2026 [5][21][26] - The new VAT implementation regulations will take effect on January 1, 2026, aiming to enhance tax incentives [9][24] Group 3 - The stock market has seen over 2,800 A-share companies receiving broker research attention, with machinery, electronics, and biomedicine being the most favored sectors [4][20] - Huawei's chairman announced a strategic focus on seven business directions for 2026, emphasizing the development of the Harmony ecosystem [14][29] - The new display technology industry is projected to reach an output value of 800 billion yuan, capturing nearly 54% of the global market [8][23]

点评：2026 年"两新"政策的延续与扩围，是积极聚焦扩内需、促转型的精准发力，契合消费升级与新 质生产力培育需求，以财政资金撬动居民换新意愿、缓解企业转型压力。是"十五五"开局之年稳增长、 优结构的重要抓手，彰显了以消费牵引供给、以产业升级支撑高质量发展的政策逻辑。 NO.2 东莞首富母子完成交接班 62岁的东阳光联合创始人郭梅兰因"年事已高"，将其持有的核心资产全部转让给38岁的儿子张寓帅。至 此，这位38岁的"创二代"成为东阳光唯一实际控制人，独自掌控着价值近700亿的上市公司平台，母子 二人合计400亿元的财富版图实现平稳交接。 点评：这是民营上市公司代际传承浪潮中的典型案例。此次交接以全额资产转让的方式完成控制权过 渡，既符合家族企业传承的常见路径，也让市场将目光聚焦于新任实控人后续在企业研发投入、业务布 局等方面的决策走向，以及这种传承模式对公司长期经营稳定性的影响。 丨 2025年12月31日星期三丨 NO.1 2026年"国补"政策来了 国家发展改革委、财政部印发的《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》30日 对外发布，明确2026年"两新"政策的支持范围、补贴标准和工 ...

1. 2026年国补方案正式发布，国家发改委、财政部印发《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》，同时下达首批625亿元资金支 持消费品以旧换新。2026年国补对象新增智能眼镜、智能家居等智能产品，剔除家装、电动自行车两大类。购买新车按车价补贴12%或10%，补贴上限仍 延续2025年标准（即2万元或1.5万元）。 家电国补范围缩小，限定为冰箱、洗衣机、电视、空调、电脑、热水器等6类产品，一级能效家电补贴比例从此 前20%降至15%，每件家电补贴最高额度从2000元降至1500元。 2.临近年末，楼市迎来重大利好政策。 财政部、税务总局发布公告，自2026年起，个人将购买不足2年的住房对外销售的，增值税征收率从此前的5%下调 至3%，满两年及以上的免征增值税。 2026年1月1日前，个人销售住房涉及的增值税尚未申报缴纳的，符合公告规定的将按公告执行。中指研究院认为， 本次政策大幅降低二手房交易成本，有利于提升二手房交易活跃度，但也将导致市场供应量加大。 3. 2025年中国资产崛起，A股市场持续走强，上证指数一度站上4000点，总市值、成交额、融资余额等连创纪录。 Wind数据显示，截至 ...

●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已提前下达 ●民生领域支持范围增加老旧小区加装电梯、养老机构设备更新 优化补贴标准。设备更新方面，将住宅老旧电梯更新由定额补贴调整为按电梯层(站)数分档差异化补 贴；在老旧营运货车报废更新补贴中，优先支持更新为电动货车。消费品以旧换新方面，在保持汽车补 贴上限不变的基础上，将定额补贴调整为按车价比例进行补贴；家电以旧换新调整为补贴1级能效或水 效产品，补贴产品售价的15%，单件补贴上限为1500元；数码和智能产品的补贴标准保持此前数码产品 标准不变。 优化实施机制。设备更新方面，优化项目申报机制和审核流程，进一步降低申报项目的投资额门槛，加 大对中小企业的支持力度，扩大政策惠及面。消费品以旧换新方面，优化资金分配方式，完善全链条实 施细则，严厉打击骗补套补和"先涨后补"等违法违规行为。同时，落实全国统一大市场建设要求，对汽 车报废更新、汽车置换更新、6类家电以旧换新、4类数码和智能产品购新，明确在全国范围内执行统一 的补贴标准。 国家发展改革委将会同各有关部门，充分发挥"两新"部际联席会议制度作用，强化统筹推进和跟踪调 度，组织地方合理把握工 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) and the Ministry of Finance have issued a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies in 2026, with a focus on supporting consumption and meeting demand during peak seasons like New Year's and Spring Festival [1] Group 1: Policy Optimization - The 2026 "Two New" policy has been optimized in three main areas: support scope, subsidy standards, and implementation mechanisms [2][3] - The support scope for equipment updates will continue from 2025, with additions in areas such as old residential elevator installations, equipment updates for elderly care institutions, and safety equipment updates [2] - The consumer goods replacement policy will focus on key consumer products with strong driving effects, including continued subsidies for scrapping and replacing cars, as well as for six categories of home appliances [2] Group 2: Subsidy Standards - The subsidy standards for equipment updates will be differentiated based on the number of floors for residential elevators, and electric trucks will be prioritized for scrapping and replacement subsidies [3] - For consumer goods, the subsidy for cars will remain capped, but will shift from a fixed amount to a percentage of the vehicle price; home appliance subsidies will focus on energy-efficient products with a maximum subsidy of 1,500 yuan per item [3] Group 3: Implementation Mechanisms - The implementation mechanisms will be optimized to lower the investment threshold for project applications and enhance support for small and medium-sized enterprises [3] - The funding distribution will be improved, with strict measures against fraudulent claims and price inflation before subsidies [3] - The NDRC will work with relevant departments to ensure a coordinated approach to the policy's implementation, aiming for balanced and orderly use of subsidy funds [3]

Core Viewpoint - The Sichuan Provincial Economic Work Conference emphasizes the importance of expanding effective demand as a key strategy for promoting high-quality economic development, particularly in Chengdu as the core engine of the Chengdu-Chongqing economic circle [1] Consumption Expansion and Quality Improvement - Chengdu aims to enhance consumer spending through policies and innovative consumption scenarios, targeting a retail sales total of 8,291.7 billion yuan by the third quarter of 2025, reflecting a 6.5% year-on-year growth, surpassing the national average of 4.5% [1] - The "trade-in" policy has been pivotal in stimulating large-scale consumption, with over 58,000 applications for vehicle subsidies in the first half of 2025, leading to new car sales of 40 billion yuan [2] - Innovative consumption scenarios are reshaping the urban consumption ecosystem, with a 197.2% increase in retail sales of communication equipment and a 22.2% growth in sports and entertainment products by 2025 [3] Investment Precision and Infrastructure Development - Chengdu focuses on major projects in infrastructure, industry upgrades, and public welfare to enhance investment scale and efficiency, with significant infrastructure projects like the completion of the Jinsha River Silver River Hydropower Station by December 2025 [5] - The city is advancing new productive forces through investments in artificial intelligence and other emerging industries, with the first commercial supercritical carbon dioxide generator set to operate in 2025 [6] Social Investment and Quality of Life - Investment in public services such as education, healthcare, and elderly care is increasing, with plans to build or expand 20 schools and add 30 community elderly care complexes by 2025 [7] - This investment strategy aims to alleviate residents' financial burdens in education, healthcare, and elderly care, thereby enhancing consumer confidence and spending capacity [7] Regional Collaborative Development - Chengdu is breaking the urban-rural dual structure and promoting regional collaboration to extend the internal demand market from cities to rural areas, with rural residents' disposable income projected to grow by 5.8% by 2025 [8] - The Chengdu-Chongqing economic circle is expected to see a retail sales total exceeding 3 trillion yuan by 2025, becoming one of the fastest-growing regional consumer markets in the country [9] Reform and Innovation - Continuous optimization of consumption policies is essential to enhance consumer confidence and capability, with plans to expand the scope of trade-in subsidies and improve the quality of consumption scenarios [11] - The focus on breaking down barriers to resource allocation and promoting regional integration is crucial for expanding internal demand and enhancing market efficiency [12]