多位接受第一财经采访的专家表示，2026年"国补"额度可在2025年基础上适度增加，并继续优化资金投 向领域，增加服务消费等，以进一步发挥财政资金带动消费，带动产业转型升级、提振经济。 为了促进消费，中国在2024年发行了1500亿元超长期特别国债资金用于消费品以旧换新，也就是老百姓 口中的"国补"。由于当年实施效果不错，2025年中国发行3000亿元超长期特别国债资金用于消费品以旧 换新，"国补"额度较2024年增长一倍。 "国补"政策也在不断优化。2025年"国补"领域在2024年基础上扩围，比如新增了手机、平板、智能手表 手环等3类数码产品和微波炉、净水器、洗碗机、电饭煲等4类家电产品等。 商务部数据显示，今年1~11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人次。 其中，汽车以旧换新超1120万辆，家电以旧换新超12844万台，手机等数码产品购新补贴超9015万件， 电动自行车以旧换新超1291万辆，家装厨卫"焕新"超1.2亿件。 中央经济工作会议提出明年要优化"两新"政策实施 12月10日至11日，中央经济工作会议在北京举行。此次会议部署2026年经济工作，其中在部署明年"坚 ...

Core Insights - The consumption market in Linxia is experiencing robust growth, with a total retail sales of social consumer goods reaching 12.344 billion yuan in the first three quarters, marking a year-on-year increase of 5.5%, outperforming national and provincial averages [1] Group 1: Consumption Policies and Initiatives - The local government has implemented an "old-for-new" policy, securing 144 million yuan in provincial funds, resulting in 119,000 orders and 1.22 billion yuan in subsidies, directly boosting consumption by 717 million yuan [3] - The "Discover Treasure Linxia" food consumption season and various cultural festivals have been organized to stimulate local consumption, with over 500 events enhancing consumer engagement [5] Group 2: Business Development and Support - The state has focused on nurturing enterprises through initiatives like the "Ten Hundred Thousand" business cultivation program, resulting in a threefold increase in the number of enterprises over three years, reaching 249 [7] - The wholesale industry has seen a year-on-year growth of 16.1%, while the catering industry has grown by 7.8%, indicating strong resilience among local market players [7] Group 3: Future Outlook - The government is preparing for winter consumption initiatives, continuing to leverage the benefits of the "old-for-new" policy and enhancing enterprise support to ensure sustained market vitality [8]

第一财经记者今年实地调研发现，"国补"政策不仅让老百姓直接受益，而且也带动了相关纳入"国补"范 围的产品销售，带动厂家业绩增长，并推动相关产业转型。 商务部数据显示，今年1—11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人次。 其中，汽车以旧换新超1120万辆，家电以旧换新超12844万台，手机等数码产品购新补贴超9015万件， 电动自行车以旧换新超1291万辆，家装厨卫"焕新"超1.2亿件。 消费者热情高涨之下，国补资金也被快速消耗。近期全国至少有20个地市陆续暂停或调整了汽车以旧换 新补贴申请。一些地方消费品以旧换新补贴券"秒光"。 那么2026年"国补"政策会继续吗？ 为大力提振消费，专家认为明年国补会继续 今年国家财政对消费品以旧换新补贴（下称"国补"）即将结束，明年是否继续备受关注。 多名接受第一财经采访的专家建议，明年继续实施"国补"政策，额度可以在今年3000亿元基础上有所提 高，比如提高至5000亿元，并继续优化资金投向领域，增加服务消费等，以进一步发挥财政资金带动消 费，带动产业转型升级、提振经济。 为了促进消费，中国在2024年发行了1500亿元超长期特别国债资金用 ...

Core Viewpoint - The article discusses the withdrawal of Japanese manufacturing companies from the Chinese market, highlighting the decline of brands like Canon, Yakult, and Mitsubishi, which were once dominant players in their respective industries. This trend reflects a broader shift in the competitive landscape as Chinese companies advance in technology and market presence, leading to a significant reduction in the market share of Japanese brands [1][9][11]. Group 1: Canon's Closure - Canon's production line at its Zhuhai facility ceased operations on November 21, 2025, marking the end of its 20-year presence in China [21][22]. - The factory, once a significant employer in the region, had seen its workforce shrink to just over 1,400 employees by the time of closure [29]. - Canon's market share in the Chinese laser printer market plummeted to 3.9% by the third quarter of 2025, down from 16% in 2010 [11][37]. Group 2: Other Japanese Brands - Yakult announced the closure of its Guangzhou factory, which had been operational for 23 years, and previously shut down its Shanghai factory [23][31]. - Mitsubishi Motors ceased all local production in China, with its vehicle sales dropping from 133,000 units in 2019 to just 33,600 units in 2022 [31][34]. - The article notes that the decline of these brands is not an isolated incident but part of a larger trend of Japanese companies exiting the Chinese market, including Sony and Toshiba [24][33]. Group 3: Market Dynamics - The decline of Japanese brands is attributed to several factors, including the rise of local competitors and a shift in consumer preferences towards more affordable and innovative products [12][38]. - The Chinese market for printers has evolved, with local brands capturing 41.5% of the market share by 2025, while Japanese brands struggle to adapt [11][37]. - Japanese companies are perceived to have failed to respond to changing market conditions, maintaining outdated business models and product offerings [12][41]. Group 4: Global Perspective - Despite their struggles in China, Japanese manufacturers still hold significant global market shares, with Canon commanding 22% of the global printer market as of 2023 [15][42]. - The profitability of Japanese automotive brands remains strong on a global scale, with Toyota's profits significantly outpacing those of Chinese competitors [44]. - The article concludes that while Japanese brands face challenges in China, their global competitiveness remains intact, indicating a need for adaptation rather than a complete retreat from the market [17][47].

Economic Overview - China's economy shows a steady growth trend, with the logistics industry maintaining an expansionary stance in November [1] - The logistics industry prosperity index for November is reported at 50.9%, reflecting a month-on-month increase of 0.2 percentage points [3] Logistics Industry Insights - The logistics business volume index across eastern, central, and western regions of China is relatively balanced [3] - Demand sectors indicate a rebound in manufacturing, a slowdown in energy, and stable consumption [3] - Key industries such as transportation equipment, home appliances, smart devices, and automotive parts are experiencing strong demand [3] - The postal and express delivery business volume index for November stands at 70.2%, with offline entities, social e-commerce platforms, and comprehensive e-commerce platforms performing steadily [3] Service Trade Performance - In the first ten months, China's service trade imports and exports totaled 65,844.3 billion yuan, marking a year-on-year growth of 7.5% [5] - Service exports reached 29,090.3 billion yuan, growing by 14.3%, while the service trade deficit decreased by 2,693.9 billion yuan [5] - Knowledge-intensive service trade continues to grow, with imports and exports amounting to 25,121.5 billion yuan, a 6.4% increase [5] - The surplus in knowledge-intensive services expanded by 1,036 billion yuan compared to the previous year, reaching 4,254.3 billion yuan [5] Consumer Goods Market - From January to November, the "old-for-new" consumption policy has driven sales of related goods exceeding 25,000 billion yuan, benefiting over 360 million people [7] - The automotive sector saw over 11.2 million vehicles replaced, while home appliances and digital products also experienced significant upgrades [7] - The government has allocated 300 billion yuan in special long-term bonds to support the "old-for-new" consumption initiative [7] Telecommunications Sector - The telecommunications industry has shown overall stability in the first ten months of the year [9] - The user base for 5G, gigabit broadband, and the Internet of Things continues to expand, with 5G mobile phone users reaching 1.184 billion, accounting for 64.7% of mobile phone users [9] - Mobile internet traffic has seen a robust growth, exceeding 320 billion GB, with a year-on-year increase of 16.8% [9]

Group 1 - The core viewpoint of the article highlights that the old-for-new consumption policy in China has significantly boosted sales, exceeding 2.5 trillion yuan in the first eleven months of the year, benefiting over 360 million people [1] Group 2 - The old-for-new program has led to the replacement of over 1.12 million vehicles [1] - The program has facilitated the replacement of more than 12.84 million home appliances [1] - Subsidies for new purchases of mobile phones and digital products have exceeded 9.015 million units [1] - The initiative has resulted in the replacement of over 1.29 million electric bicycles [1] - The home renovation and kitchen and bathroom upgrades have seen over 120 million items renewed [1]

Core Insights - The core message highlights the significant impact of the "trade-in" policy on consumer goods sales in China, with a total sales amount exceeding 2.5 trillion yuan and benefiting over 360 million people [1] Group 1: Sales Impact - The trade-in program for consumer goods has driven sales exceeding 2.5 trillion yuan from January to November this year [1] - The automotive sector saw over 11.2 million vehicles traded in, while home appliances accounted for over 12.844 million units [1] - Digital products, including mobile phones, received subsidies for over 9.015 million units, and electric bicycles saw over 1.291 million units traded in [1] Group 2: Policy Support - The Chinese government has allocated 300 billion yuan in special long-term bonds to support the trade-in program across four batches this year [1] - The acceleration of policy effects is fostering the development of new consumption patterns, particularly in digital and green sectors [1] Group 3: Industry Transformation - The trade-in initiative is promoting the green transformation of related industries, indicating a shift towards more sustainable consumption practices [1]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) is advancing the preparation of the "14th Five-Year Plan" for central enterprises, emphasizing the importance of strengthening and optimizing state-owned enterprises and capital [1] - SASAC Director Zhang Yuzhuo highlighted the need to focus on enhancing the "five values," planning major projects, and promoting high-quality development of central enterprises to achieve effective qualitative improvement and reasonable quantitative growth [1] Group 2 - In the first eleven months, the old-for-new consumption policy in China has driven sales exceeding 2.5 trillion yuan, benefiting over 360 million people [2] - The old-for-new program includes over 11.2 million vehicles, more than 12.84 million home appliances, over 9.015 million digital products, and over 1.291 million electric bicycles [2] Group 3 - The Ministry of Natural Resources will promote breakthroughs in deep-sea exploration and development [3]

Core Insights - The article highlights the significant impact of the "trade-in" policy on consumer goods sales in China, with a total sales volume exceeding 2.5 trillion yuan from January to November this year [1] Group 1: Sales Performance - The trade-in program has driven sales of various consumer goods, benefiting over 360 million people [1] - Specifically, the automotive sector saw over 11.2 million vehicles traded in, while home appliances experienced over 12.844 million units exchanged [1] - Digital products, including mobile phones, received subsidies for over 9.015 million new purchases, and electric bicycles had over 1.291 million units traded in [1] Group 2: Market Segments - The home renovation and kitchen appliance sector also saw significant activity, with over 120 million items being renewed [1]

手机等数码产品购新补贴超9015万件， 电动自行车以旧换新超1291万辆， 家装厨卫"焕新"超1.2亿件。 从商务部了解到，今年1—11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人次。 其中： 汽车以旧换新超1120万辆， 家电以旧换新超12844万台， ...