央视网消息：日前，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》，明确2026年"两新"政策的支持范围、补贴标准和工作要求。详情如下： 国家发展改革委、财政部关于2026年实施大规模设备更新和消费品以旧换新政策的通知 为全面贯彻党的二十大和二十届历次全会精神，认真落实中央经济工作会议部署，根据《推动大规模设 备更新和消费品以旧换新行动方案》（国发〔2024〕7号），经国务院同意，现就2026年实施大规模设 备更新和消费品以旧换新政策通知如下。 一、推进大规模设备更新 （一）支持设备更新项目。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。支持商业综合体、购物中心、百货店、大型超市等线下消费商业设施设备更 新。优化申报条件和审核流程，进一步降低申报设备更新项目的投资额门槛，加大对中小企业设备更新 的支持力度，扩大政策惠及面。 （二）支持老旧营运货 ...

在补贴标准方面，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；家电以旧换新调整为补贴1级能效或水效产品售价的15%，单件补贴上限为 1500元；数码和智能产品的补贴标准保持不变。 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。 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。 据央视新闻，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 ...

（原标题：海尔智家(06690)12月30日斥资145.43万元回购5.5万股A股） 智通财经APP讯，海尔智家(06690)发布公告，于2025年12月30日，该公司斥资人民币145.43万元回购5.5 万股A股，每股回购价格为26.44-26.46元。 ...

Consumption - In November 2025, the total retail sales of consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%, down 1.6 percentage points from the previous value of 2.9%[12] - Sales of "two new" products and real estate-related consumption continued to decline, with automotive consumption down 8.3% and home appliances down 19.4% year-on-year[12] - Service retail sales grew by 5.4% year-on-year from January to November, indicating a gradual release of service consumption potential[14] Investment - Fixed asset investment continued to decline, with a year-on-year decrease of 2.6% in November, marking three consecutive months of negative growth[23] - Real estate development investment fell by 31.4% year-on-year in November, a significant increase in the decline compared to the previous month's 23.2%[23] - Equipment purchase investment showed a year-on-year growth of 6.3%, contributing 1.8 percentage points to overall investment growth[24] Trade - In November, exports increased by 5.9% year-on-year, rebounding from a previous decline of 1.1%[32] - Exports to the EU saw a significant recovery with a growth rate of 14.8%, while exports to the US decreased by 28.6%[32] - Imports rose slightly by 1.9% year-on-year, with notable increases in the import of integrated circuits and automatic data processing equipment[34]

Core Viewpoint - The A-share market has undergone a cyclical rise, with certain sectors and styles remaining undervalued, making Chinese assets attractive for global allocation in 2026. Key investment opportunities are identified in four main areas: globally competitive manufacturing leaders, industries with improving supply-demand dynamics, sectors with low valuations and potential for significant fundamental changes, and long-term high-return industries with mismatched valuations [2][4]. Group 1: Market Overview - The current A-share market is experiencing active trading volumes and turnover rates, but there is a notable differentiation among stocks, presenting both opportunities and risks. Some stocks are becoming expensive, while others, particularly in real estate and domestic demand, remain undervalued [3]. - The investment strategy for equities should focus on safety margins and certainty, avoiding blind speculation on volatility. The U.S. economy is not performing well, and potential monetary easing could occur in response to the upcoming mid-term elections, which may influence domestic fiscal policies [3]. Group 2: Investment Opportunities - Four key investment opportunities for 2026 are highlighted: 1. Long-term focus on globally competitive manufacturing leaders, including sectors like power equipment, batteries, electric vehicles, home appliances, chemicals, and machinery. Observations from Southeast Asia indicate a significant gap in infrastructure and supply chains compared to China, reinforcing confidence in China's manufacturing competitiveness [5]. 2. Industries with improving supply-demand dynamics, such as real estate, aquaculture, chemicals, and light industry, are expected to enhance their global market positions and profitability [5]. 3. Sectors with low valuations and potential for substantial fundamental changes, such as chemicals, are noted for their past performance shifts, similar to coal, steel, and non-ferrous metals in previous years [6]. 4. Long-term high-return industries with severe valuation mismatches, including airport and airline services, insurance, and non-liquor food sectors, are highlighted for their high return on equity (ROE) despite low stock attention [6]. Group 3: Risks and Considerations - Potential risks include persistent inflation and sector-specific risks. The undervaluation of the RMB may pressure export industries, and inflation could pose significant risks to the stock market in the latter half of the year. Additionally, long-term risks associated with AI, including its impact on labor and technological competition, warrant attention [6].

Market Overview - The market experienced fluctuations with mixed performance among the three major indices, where the Shanghai Composite Index slightly declined by 0.00%, while the Shenzhen Component Index rose by 0.49% and the ChiNext Index increased by 0.63% [1] Sector Performance - The sectors that performed well included electric motors, energy metals, and the oil industry, while commercial retail, photovoltaic equipment, and wind power equipment saw declines [1] ETF Performance - Robotics, chemicals, and home appliances ETFs showed strong performance, likely driven by relevant news [2] - The opening of a physical store by Yushutech in Beijing, showcasing various robotic products, is expected to support the robotics sector [2] - The macroeconomic recovery is anticipated to bolster the chemical industry, with price increases observed in the polyester supply chain [2] Industry Insights - The basic chemical industry is projected to see significant growth in 2025, driven by strong demand for new materials and emerging applications such as AI and OLED [3] - The home appliance export chain benefits from low inventory levels and recovering demand, with the "old-for-new" policy leading to significant sales in 2025 [4] - The home appliance sector is expected to face pressure on domestic sales due to policy changes and high base effects, while external sales may benefit from easing tariffs and recovering demand in North America [4]

Core Insights - The 2026 Consumer Trends Conference hosted by Zhimeng in Beijing highlighted the evolution of consumer trends over the past decade and identified structural opportunities for brands in 2026 [1][3] - Zhimeng Consulting presented ten key consumer trends for 2026, emphasizing the shift from capturing attention to building public value consensus among consumers [5][8] Group 1: Consumer Trends - The ten consumer trends identified include: rational-emotional coexistence, quality calculation, spiritual nomadism, daily highlights, empathetic experiences, local trends, insiderism, health tuning, brand consensus, and AI scenario power [5] - Brands are urged to focus on creating public recognition and emotional resonance rather than merely competing for attention in a saturated market [5][10] Group 2: Market Dynamics - The market is experiencing an overload of choices, with over 20 million new consumer products introduced in 2024 alone, leading to a challenge for brands to differentiate themselves [8][10] - The proliferation of short video accounts and content has resulted in a noisy environment where consumers struggle to discern valuable information, leading to a sense of brand indifference [10][11] Group 3: Brand Consensus - Brand consensus is defined as a multi-layered process that includes cognitive consensus, value consensus, emotional consensus, and experiential consensus [12][13] - Cognitive consensus refers to the unique position a brand holds in consumers' minds, often encapsulated in a memorable phrase or symbol [13] - Value consensus focuses on the brand's value stance and lifestyle proposition, exemplified by brands like Bosideng, which connects its products to broader public values [15][17] - Emotional consensus is about the stable emotional experiences a brand evokes in consumers, often stemming from relatable stories or experiences [18][20] - Experiential consensus occurs when consumers instinctively associate a brand with specific situations, as demonstrated by Vivo's focus on concert photography [20][22] Group 4: Role of Centralized Media - Centralized platforms like Weibo are crucial for building brand consensus, as they facilitate public discussions and shared memories [25][28] - The process of creating brand consensus involves multiple stakeholders, including media, KOLs, and consumers, contributing to a collective understanding of the brand [26][28] - Successful brands become part of the social narrative, transcending individual marketing efforts to establish a lasting presence in consumers' minds [26][28]

Core Viewpoint - The company has announced the establishment of a new energy division, integrating its renewable energy and related businesses to enhance resource allocation efficiency and project advancement capabilities [1][2]. Group 1: Business Performance - In Q3 2025, the company's revenue reached 111.93 billion yuan, a year-on-year increase of 10.1%, although there was a slight quarter-on-quarter slowdown attributed to the reduction in national subsidies [2]. - The company's ToC (business-to-consumer) revenue in Q3 grew by 13% year-on-year, with expectations of double-digit growth for the quarter [2]. - The ToB (business-to-business) revenue in Q3 increased by 18% year-on-year, with projections for continued double-digit growth [2]. - The company's net profit attributable to shareholders in Q3 was 11.87 billion yuan, reflecting an 8.95% year-on-year growth, indicating a recovery in profitability [2]. Group 2: Cost and Cash Flow - The company's operating cash flow in Q3 was 19.79 billion yuan, a decrease of 6.99 billion yuan year-on-year, but still 1.7 times the net profit attributable to shareholders [3]. - The decline in operating cash flow was primarily due to weaker cash inflows and changes in working capital compared to the previous year [3]. - The company managed to reduce inventory by 1.6 billion yuan compared to Q2, while accounts receivable turnover days increased by 1.04 days year-on-year [3]. Group 3: Future Outlook - The company is expected to achieve stable revenue and profit growth driven by robust performance in the consumer segment and accelerated growth in the business segment, alongside brand and channel upgrades [4]. - The company’s external sales of air conditioning, refrigeration, and washing machines are anticipated to maintain high growth, supporting future double-digit growth in ToC external sales [4]. - The integration of building technology, renewable energy, commercial energy storage, and automation is projected to contribute to future growth in the ToB segment [4]. - The company has adjusted its EPS forecasts for 2025, 2026, and 2027 to 5.84, 6.44, and 7.05 yuan respectively, with a target price of 93.4 yuan based on a DCF valuation method [4].

Group 1 - The core viewpoint of the article highlights that while China's consumption market shows growth in data, the actual consumer sentiment remains weak, with a significant increase in household savings indicating a preference for saving over spending [1] - In the first eleven months of 2025, the total retail sales of consumer goods increased by approximately 4.0% year-on-year, while per capita disposable income and consumption also rose [1] - Consumer confidence has remained low, with the consumer confidence index fluctuating around 89 points, significantly below the long-term average of 108.77 [1] Group 2 - The home appliance and automotive markets experienced a cumulative growth of nearly 14.8% and 6.1% respectively in the first eleven months of 2025, driven by policies like "trade-in for new" [4] - However, in November, retail sales for these categories dropped by 19.4% and 8.1% year-on-year, indicating a typical consequence of policy stimulus [5][6] - The increase in automotive trade-in applications exceeded 11.2 million vehicles, accounting for over one-third of total sales, suggesting that much of the growth was due to preemptive demand rather than new demand [7] Group 3 - The dining sector has seen a significant shift, with approximately 75% of new takeaway orders priced below 15 yuan, indicating a trend towards cost-saving [9] - The number of high-end restaurants has halved over the past three years, with major cities like Shenzhen and Beijing experiencing reductions of 57% and 47% respectively [9] - Consumers are increasingly skeptical about the value of higher-priced dining options, leading to a preference for more affordable choices [9] Group 4 - The travel market in 2025 saw a 20.6% year-on-year increase in domestic travel, but spending growth was only 15.2%, indicating a trend of more travelers spending less [11][12] - During peak travel periods, such as the National Day holiday, the number of travelers increased by 1.23 million, yet overall spending only grew by 3% [12] - Consumers are becoming more price-sensitive, with airlines and hotels hesitant to raise prices during peak seasons [12] Group 5 - The micro-short drama market is projected to exceed 68 billion yuan in 2025, significantly outpacing the film industry's total box office of 50 billion yuan [16] - The average daily usage time for micro-short dramas reached 120.5 minutes, while movie attendance frequency has declined, with 60% of viewers attending only once a year [17] - The concentration of box office revenue is increasing, with 55% of total box office revenue captured by the top five films in 2025, the highest in a decade [17] Group 6 - In the fast-moving consumer goods sector, prices have been declining, with an average price growth rate of -2.4% in the first three quarters of 2025 [20] - The focus of consumers has shifted from brand loyalty to channel trust, with discount stores and private labels rapidly expanding [21] - Consumers are prioritizing functional utility over brand prestige, leading to a shift in purchasing behavior towards more stable and reliable products [21] Group 7 - Instant retail is experiencing rapid growth, with platforms like Meituan and JD.com emphasizing delivery speed, aiming for delivery within 30 minutes [24] - The instant retail market is projected to reach 1.5 trillion yuan by 2030, with a compound annual growth rate of 18% [24] Group 8 - Gold prices surged by 70% in 2025, significantly outpacing income growth, leading to a decline in gold jewelry consumption by 25% in 2024 and 26% in the first half of 2025 [33] - The demand for gold bars and coins has increased, reflecting a shift towards gold as a safe-haven asset amid geopolitical uncertainties [33] Group 9 - The white wine market is showing signs of fatigue, with inventory turnover days reaching 900 days, indicating a significant slowdown in consumption [36] - Younger consumers are distancing themselves from traditional drinking cultures, preferring craft and low-alcohol beverages that emphasize casual social interactions [37] - In contrast, new consumer products like Labubu are thriving, with a turnover rate of only 83 days, appealing to younger demographics seeking cultural identity [39] Group 10 - The overall consumption landscape in 2025 reflects a shift towards defensive consumption, where consumers prioritize certainty and stability over aspirational spending [40] - The willingness to spend is being weighed against the need for risk management, leading to a more cautious approach to consumption [41]

Group 1 - The core viewpoint of the article highlights the significant growth in consumer spending driven by various sectors, including automotive and home appliances, with a total sales amount exceeding 2.5 trillion yuan by November 2025, benefiting over 360 million people [2] - Online retail sales in the country increased by 9.1% year-on-year, while online service consumption surged by 21.7%, indicating that digital consumption and online services are becoming crucial drivers of domestic demand [6] - The silver economy market is projected to reach 15.8 trillion yuan this year, encompassing diverse areas such as elderly care services, health and wellness, and cultural tourism, with the new elderly demographic leading the upgrade in quality consumption [10] Group 2 - Domestic travel participation reached 4.998 billion trips in the first three quarters of 2025, marking an 18.0% year-on-year increase, with spending amounting to 4.85 trillion yuan, reflecting tourism consumption as a key area for boosting overall consumption [13] - The "emotional economy" in China is expected to exceed 2 trillion yuan this year, driven by trends such as the popularity of collectible toys and cross-province concert attendance, showcasing strong growth momentum in emotional consumption [17] - The event economy is anticipated to become a significant engine for economic growth in 2025, with major monitored events, such as the "Suo Super," generating over 38 billion yuan in consumption across various scenarios, demonstrating robust consumer driving capacity [20]