Core Viewpoint - The National Development and Reform Commission and the Ministry of Finance have issued a notice regarding the continuation of large-scale equipment updates and consumer goods replacement policies in 2026, optimizing support scope, subsidy standards, and implementation mechanisms [1] Group 1: Optimization of Support Scope - The support scope for equipment updates will generally continue from 2025, with additions in the livelihood sector for old residential elevators and equipment updates in elderly care institutions, as well as in safety for firefighting and inspection equipment [2] - The policy will continue to implement subsidies for scrapping and replacing automobiles, and for replacing old household appliances, focusing on six categories: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [2] - The subsidy for digital products will be expanded to include smart products such as smartphones, tablets, smartwatches, smart glasses, and smart home products, including those designed for the elderly [2] Group 2: Optimization of Subsidy Standards - For equipment updates, the subsidy for updating old residential elevators will be adjusted from a fixed amount to a tiered subsidy based on the number of elevator floors [3] - In the scrapping and replacing of old operational trucks, priority will be given to supporting the replacement with electric trucks [3] - The subsidy for household appliances will be adjusted to support products with a 1st-level energy efficiency or water efficiency rating, providing 15% of the product price as a subsidy, with a maximum of 1,500 yuan per item [3] Group 3: Optimization of Implementation Mechanisms - The project application mechanism and review process for equipment updates will be optimized to lower the investment threshold for applications and increase support for small and medium-sized enterprises [4] - The funding allocation method for consumer goods replacement will be optimized, with strict measures against fraudulent claims and illegal practices [4] - The notice emphasizes the need for coordinated efforts among various departments to implement the policies effectively, with local governments required to organize and enhance the effectiveness of the policies [4]

记者今天（30日）从国家发展改革委了解到，2026年优化实施"两新"政策方案发布。 优化支持范围。设备更新在总体延续的基础上，增加老旧小区加装电梯、养老机构、消防救援、检验检 测、线下消费商业设施等领域，更好满足民生和安全需要。 消费品以旧换新方面，支持汽车以旧换新，家电以旧换新聚焦冰箱、洗衣机、电视、空调、电脑、热水 器等6类产品；支持数码和智能产品购新，包括手机、平板、智能手表（手环）、智能眼镜、智能家居 产品（含适老化家居产品）。 优化实施方式，提升重点消费品"得补率"。 国家已于近日向地方提前下达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，满 足元旦、春节等旺季消费需求。各地将结合实际组织落实，提升"两新"政策效能。 那么明年以旧换新政策都有哪些变化？老百姓都能享受哪些优惠？一起来看专家的解读。 明年"两新"政策在支持范围上进行了优化。消费品以旧换新政策重在提升覆盖人群广、带动效应强的重 点消费品"得补率"，继续支持汽车、家电、数码产品的补贴，并且增加了智能眼镜和智能家居产品（含 适老化家居产品）的购新补贴。 国家信息中心经济预测部宏观经济研究室副主任邹蕴涵介绍，2026年的消 ...

周二，A股深强沪弱，根据交易所数据，上证指数涨0.0%报3965.12点，深证成指涨0.49%，创业板指涨0.63%，沪深300涨0.26%，科创50涨1.01%。 责任编辑：山上 沪深两市1734股上涨，3306股下跌，142股持平。合计成交额2.14万亿元，较前一交易日放量约32.81亿元；大盘主力资金净流出387.72亿元，汽车零部件主 力资金净流入居首，其次是家电行业、通用设备、文化传媒、消费电子，通信设备主力资金净流出居首，其次是电子元件、风电设备、光伏设备、航天航 空。 周三是今年最后一个交易日，资深市场人士徐小明指出，周三是日线收盘、周线收盘、月线收盘、也是年线收盘。2025年就这样过去了，中间经历了4月7日 单日大跌千股跌停的至暗时刻，也经历了中间几乎无下跌除了涨就是横的148个交易日的上升周期。2025年是罕见的慢牛走势。 徐小明表示，非常期待中国股市能走出长周期慢牛，他不止一次提到过慢牛对于市场的好处，慢牛才是王道。从目前来看，年线收盘到相对高位基本格局已 定，慢牛也会被历史记录下来。 徐小明分析，今年跟以往最大的不同在于，今年的股市资金很多都是理性投资，居民存款居高不下，代表了市场能投资 ...

2025 年 12 月 30 日 中欧基金吉翔：专注发掘具有长期 竞争优势个股的价值型基金经理 ——基金经理研究系列报告之九十 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 其 他 权 益 类 产 品 - ⚫ 价值风格的配置价值：长期投资性价比更高，日历效应提示当下配置价值：价值是一类 持有体验度较好的风格策略：（1）从长期配置维度下相对占优；（2）大多数时间下夏 普比明显更高；（3）最大回撤明显更低、创新高能力更强。日历效应反映近期价值风格 的配置价值：观察近 10 年时间中价值风格在 ...

明年"两新"政策，将继续实施汽车报废更新和汽车置换更新补贴；继续实施家电以旧换新补贴，支 持范围聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类产品。同时，将数码产品购新补贴拓展为 数码和智能产品购新补贴，支持范围包括手机、平板、智能手表（手环）、智能眼镜和智能家居产品 （含适老化家居产品）。 12月30日，备受社会关注的2026年"两新"政策发布：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、补贴标准和工作要求。 2026年"两新"政策有哪些变化？新一轮"国补"有哪些看点？可以从三个"优化"来理解： 一是优化支持范围。 老旧小区加装电梯难、养老机构功能不足、超市设施老旧……针对这些老百姓关注的民生难点痛 点，2026年"两新"政策给予了回应：增加支持。 通知明确，设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养老机 构设备更新，在安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合体、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。这些新部署，有望更好 ...

消费品以旧换新方面，支持汽车置换更新；支持家电以旧换新。个人消费者购买冰箱、洗衣机、电视、 空调、电脑、热水器等6类家电中1级能效或水效标准的产品，按产品销售价格的15%给予补贴，每位消 费者每类产品可补贴1件，每件补贴不超过1500元。支持数码和智能产品购新。个人消费者购买手机、 平板、智能手表手环、智能眼镜等4类产品（单件销售价格不超过6000元），按产品销售价格的15%给 予补贴，每位消费者每类产品可补贴1件，每件补贴不超过500元。支持智能家居产品（含适老化家居产 品）购新补贴，具体补贴品类、补贴标准由地方结合实际自主合理制定。 期货日报网讯（记者 杨美）据国家发展改革委官网消息，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。 实施机制优化方面，落实全国统一大市场建设要求，本通知明确的汽车报废更新、汽车置换更新、6类 家电以旧换新以及4类数码和智能产品购新，在全国范围执行统一的补贴标准。依法依规严肃处理骗补 套补、"先涨后补"等违法违规行为。 支持设备更新项目方面，在继续支持 ...

今天（12月30日），国家发展改革委、财政部 明确了明年"两新"政策的支持范围和补贴标准。那么明 年以旧换新政策都有哪些变化？老百姓都能享受哪些优惠？一起来看专家的解读。 明年"两新"政策在支持范围上进行了优化。消费品以旧换新政策重在提升覆盖人群广、带动效应强的重 点消费品"得补率"，继续支持汽车、家电、数码产品的补贴，并且 增加了智能眼镜和智能家居产品 （含适老化家居产品）的购新补贴。 国家信息中心经济预测部宏观经济研究室副主任邹蕴涵介绍，2026年的消费品以旧换新政策重在产品向 新，新增了智能产品的补贴，消费者在购买比如AR眼镜之类的智能化产品时，也可以享受消费品以旧 换新的补贴， 这种是将人工智能等新的产品进一步加快推向普通群众生活，让高品质智能化的产品更 好地走进日常生活。 在补贴标准方面， 邹蕴涵进一步介绍，政策从总体考虑到具体的细则都进行了优化升级，也就是要更好地结合市场的内生 动力的需求，以及政策效力，为民生需求解渴，也为刚需提供更多的助力，能够更好地推动明年的消费 平稳向好。 消费品以旧换新的补贴标准则是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 ...

2025.12. 30 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》（下称《通知》），其中明确2026年实施消费品以旧换新，即老百姓口中的"国补"，但对 补贴范围和力度有所调整。 与2025年执行的"国补"政策对比，2026年"国补"范围总体稳定，有增有减。 根据上述《通知》，2026年"国补"主要有四类，即汽车报废、汽车置换、家电和数码、智能产品。 与2025年"国补"相比，少了家装、电动自行车两大类。 当然2026年"国补"上述四大类别中涵盖的具体补贴对象，则有增有减。比如，2025年家电产品"国 补"共有12类，分别是冰箱、洗衣机、电视、空调、电脑、热水器、家用灶具、吸油烟机、微波炉、 净水器、洗碗机、电饭煲。而2026年家电"国补"对象降至6类，即冰箱、洗衣机、电视、空调、电 脑、热水器，且必须是1级能效或水效标准的产品。 这意味着2026年家用灶具、吸油烟机、微波炉、净水器、洗碗机、电饭煲不再被纳入"国补"。 根据《通知》，2026年数码"国补"对象是手机、平板、智能手表手环、智能眼镜等4类产品，相比 2025年新增了一项智能眼镜。另外，《 ...

Core Viewpoint - The article discusses the recent performance of the Chinese stock market, highlighting the MSCI China Index's year-to-date increase of approximately 28%, indicating a strong performance compared to the S&P 500 index since 2017 [1]. Group 1: Robotics Sector - The robotics sector saw significant activity with several companies making headlines, including Huawei's Dongguan Jimu Robotics increasing its registered capital by about 20.54% to approximately 4.689 billion yuan [4]. - JD.com and Yuzhu Technology are set to open their first offline robotics experience store on December 31, further boosting interest in the sector [4]. - The Ministry of Industry and Information Technology has established a committee for humanoid robots and embodied intelligence standardization, indicating government support for the industry [4]. Group 2: Market Trends - The A-share market showed mixed results, with the Shanghai Composite Index closing flat, while the Shenzhen Component and ChiNext Index rose by 0.49% and 0.63%, respectively [13]. - The total trading volume across the three markets reached 21,617.04 billion yuan, an increase of 38.88 billion yuan from the previous day [13]. - Over 3,400 stocks declined, with 67 stocks hitting the daily limit up, indicating a selective market performance [13]. Group 3: Lithium Market - After a recent decline, lithium prices showed signs of recovery, with BYD updating its long-term contract price for lithium hexafluorophosphate to 150,000 yuan [9]. - Analysts predict that prices for lithium hexafluorophosphate and other materials will peak between the end of Q1 and early Q2 of 2026, with a gradual decline expected in the latter half of the year [10]. Group 4: AI and Digital Transformation - The Ministry of Industry and Information Technology, along with other departments, released a plan to accelerate the digital transformation of the automotive industry, promoting the integration of AI technologies [20][21]. - The education sector is also set to benefit from AI, with plans to implement policies that enhance AI education and applications in schools [22]. Group 5: Consumer Goods and Policies - The National Development and Reform Commission and the Ministry of Finance announced a new policy for large-scale equipment updates and consumer goods replacement, which will include subsidies for smart products [23]. - This policy aims to promote the adoption of high-quality smart products among consumers, enhancing the integration of AI into daily life [23].

Core Viewpoint - The 2026 "National Subsidy" policy for consumer goods has been clarified, with adjustments in the scope and intensity of subsidies compared to 2025 [2][5]. Group 1: Subsidy Scope Changes - The 2026 "National Subsidy" will focus on four main categories: automotive scrapping, automotive replacement, home appliances, and digital/ smart products, while excluding home decoration and electric bicycles [3][4]. - The home appliance subsidy category has been reduced from 12 types in 2025 to 6 types in 2026, specifically including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, with the exclusion of kitchen appliances like stoves and microwaves [3][4]. Group 2: Subsidy Intensity Adjustments - The subsidy for automotive scrapping will shift from fixed amounts (20,000 or 15,000 yuan) to a percentage of the new car purchase price (12% or 10%), maintaining the previous upper limit [5]. - For home appliances, the subsidy rate will decrease from 20% to 15%, and the maximum subsidy per appliance will drop from 2,000 yuan to 1,500 yuan [5]. Group 3: Policy Implications - The adjustments in the subsidy policy are expected to promote green and intelligent manufacturing investments, stabilize manufacturing investments, and enhance consumer spending [6]. - The optimization of the consumer goods replacement policy aims to better align with market demands by considering local population and appliance ownership, thereby maximizing the effectiveness of fiscal funds [6].