Group 1 - The implementation of large-scale equipment updates and the "old-for-new" consumption policy has positively impacted industrial transformation, consumption demand, and 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 procurement amount for information transmission software and technology service industries grew by 27.8% and 28.3% respectively, indicating strong support for industrial upgrades [1] Group 2 - The "old-for-new" policy has stimulated diverse consumer demand, with sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% respectively from April 2024 to July 2025 [1] - The retail sales of furniture and sanitary ware grew by 30.1% and 13.6% respectively, while the service robot manufacturing industry saw a 51.1% increase [1] - The sales of new energy vehicles surged by 81.7%, reflecting the policy's significant impact on the automotive sector [1] Group 3 - The "supply and demand smoothness" has fostered a virtuous economic cycle, with the "Two New" policies driving retail demand and subsequently enhancing supply-side manufacturing efforts [2] - Manufacturing sales revenue increased by 5.8% year-on-year, contributing to a more efficient internal economic circulation [2] - The tax authority plans to strengthen the "policy + service" dual-drive approach to ensure the continued effectiveness of the "Two New" policies for high-quality economic development [2]

Group 1 - The implementation of large-scale equipment updates and the "old-for-new" consumption policy has shown positive 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 nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The procurement amount for information transmission software and technology service industries grew by 27.8% and 28.3% year-on-year, respectively, indicating strong support for industrial upgrades [1] Group 2 - The "old-for-new" policy has stimulated diverse consumer demand, with sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% year-on-year, respectively [1] - Retail sales of furniture and sanitary ware grew by 30.1% and 13.6% year-on-year, while the service robot manufacturing industry saw a 51.1% increase [1] - The sales of new energy vehicles surged by 81.7% year-on-year, reflecting the policy's impact on the automotive sector [1] Group 3 - The combination of the "two new" policies has created a virtuous cycle of "policy-driven - demand release - industrial upgrade," leading to a 5.8% year-on-year increase in manufacturing sales revenue [2] - The tax authority plans to enhance the "policy + service" dual-driven approach to ensure the continued effectiveness of the "two new" policies, contributing to high-quality economic development [2]

Core Insights - The implementation of large-scale equipment renewal and the "trade-in" policy has shown significant results in promoting industrial transformation, boosting consumer demand, and facilitating economic circulation [1] Equipment Procurement - From April 2024 to July 2025, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The information transmission and software industry, along with technology services, experienced nearly a 30% increase in equipment procurement [1] Consumer Demand - The "trade-in" policy has significantly stimulated diverse consumer demand, with daily household appliance sales increasing by 44.5% year-on-year and furniture retail sales rising by 30.1% [1] - The demand for smart consumption has surged, with sales in the service robot manufacturing industry growing by over 50% [1] Automotive Industry Impact - The policy has also benefited the automotive sector, with nationwide sales of new energy vehicles increasing by 81.7% year-on-year, indicating a strong growth momentum [1] Retail and Manufacturing Interaction - Since the implementation of the "two new" policies, retail demand has continued to grow, prompting manufacturing enterprises to accelerate equipment upgrades, creating a positive interaction from policy drive to demand release and industrial upgrading [1] - As of July this year, manufacturing sales revenue increased by 5.8% year-on-year, contributing to a smoother economic internal circulation [1]

Group 1 - The implementation of large-scale equipment renewal and the "trade-in" policy has shown positive 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 nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The procurement amount for information transmission software and technology service industries grew by 27.8% and 28.3% year-on-year, respectively, indicating strong support for industrial upgrades [1] Group 2 - The "trade-in" policy has stimulated diverse consumer demand, with sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% year-on-year, respectively [1] - The retail sales of furniture and sanitary ware grew by 30.1% and 13.6% year-on-year, while the sales of service robots surged by 51.1% [1] - The sales of new energy vehicles increased by 81.7% year-on-year, reflecting the policy's positive impact on the automotive industry [1] Group 3 - The policies have created a virtuous cycle of "policy-driven - demand release - industrial upgrade," leading to a 5.8% year-on-year increase in manufacturing sales revenue [2] - The tax authorities are committed to enhancing the "policy + service" dual-drive approach to ensure the continued effectiveness of the "two new" policies [2]

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]

Group 1 - The core viewpoint of the articles highlights the steady growth of national enterprise sales revenue in the first half of the year, driven by various positive factors [1] - Manufacturing industry sales revenue growth outpaced the overall national enterprise growth by 1.5 percentage points, supported by tax incentives and policies [1] - High-tech industries saw a significant sales revenue increase of 14.3% year-on-year, indicating the continuous expansion of innovative sectors [1] - The digital economy's core industry sales revenue grew by 10.1%, reflecting the accelerated integration of digital and real economies [1] - The "Two New" policies have shown clear effectiveness, with machinery equipment purchases increasing by 11.1% year-on-year [1] - Retail sales of home appliances, such as televisions and refrigerators, surged by 45.3% and 56.6% respectively, driven by consumer demand [1] Group 2 - The construction of a unified national market is progressing steadily, with inter-provincial sales accounting for 40.7% of national enterprise sales revenue, an increase of 0.6 percentage points from the previous year [2]

Group 1 - The core viewpoint of the article highlights that the sales revenue of enterprises in China has shown steady growth in the first half of the year, with the manufacturing sector leading this trend [1] - The sales revenue growth rate of the manufacturing industry is 1.5 percentage points faster than the overall sales revenue growth rate of enterprises, indicating its crucial role in stabilizing economic growth [1] - High-tech industries experienced a significant sales revenue increase of 14.3% year-on-year, reflecting a robust growth trajectory [1] Group 2 - The sales revenue of the equipment manufacturing and high-tech manufacturing sectors grew by 8.9% and 11.9% year-on-year, respectively, demonstrating the steady advancement of manufacturing "upgrading" [1] - The digital economy's core industries saw a sales revenue increase of 10.1%, while the amount spent by enterprises on digital technology procurement rose by 9.9%, indicating a continuous acceleration in the digitalization process [1] - The procurement of machinery and equipment by enterprises increased by 11.1% year-on-year, supported by large-scale equipment renewal policies [1] Group 3 - Consumer demand has been rapidly released, with retail sales of home audio-visual equipment like televisions and daily appliances like refrigerators increasing by 45.3% and 56.6% year-on-year, respectively [1] - Retail sales of furniture related to home decoration grew by 34% year-on-year, while retail sales of communication devices such as mobile phones increased by 25.4% [1]

Group 1 - The core viewpoint of the articles highlights the steady growth of national enterprise sales revenue in the first half of the year, driven by various positive factors [1][2] Group 2 - Manufacturing industry shows stable quality improvement, with sales revenue growth rate 1.5 percentage points faster than the overall national enterprise growth rate; high-end manufacturing is progressing steadily, with equipment manufacturing and high-tech manufacturing sales revenue increasing by 8.9% and 11.9% year-on-year respectively [1] - New productive forces are being cultivated rapidly, with high-tech industry sales revenue growing by 14.3% year-on-year, indicating the continuous expansion of innovative industries; the integration of digital economy and real economy is accelerating, with digital economy core industry sales revenue increasing by 10.1% and enterprise procurement of digital technology rising by 9.9% year-on-year [1] - The effectiveness of "two new" policies is evident, with national enterprise machinery equipment procurement amount increasing by 11.1% year-on-year; consumer demand is being released more quickly, with retail sales of home audio-visual equipment and daily appliances increasing by 45.3% and 56.6% respectively, and furniture retail growing by 34% year-on-year [1] - The construction of a unified national market is progressing steadily, with inter-provincial sales accounting for 40.7% of national enterprise sales revenue, an increase of 0.6 percentage points compared to the same period last year, reflecting deepening inter-provincial trade connections [2]