Core Viewpoint - The Guangxi Zhuang Autonomous Region's Department of Commerce announced the suspension of the 2025 consumer goods trade-in subsidy program, effective from June 20, 2025, at 24:00 [1] Group 1 - The subsidy activities affected include automobile trade-in, home appliance trade-in, 3C digital product purchases, electric bicycle trade-in, and home renovation subsidies [1]

Core Viewpoint - The Guangxi Zhuang Autonomous Region's Department of Commerce announced the suspension of the 2025 consumer goods trade-in subsidy program, effective from June 20, 2025, at 24:00 [1] Group 1: Suspension Details - The suspension includes subsidies for automobile trade-ins, old-for-new appliance exchanges, 3C digital product purchases, electric bicycle trade-ins, and home kitchen and bathroom renovation subsidies [1] - Consumers participating in the automobile trade-in subsidy must complete the purchase of a new vehicle and submit the necessary documentation by the specified deadlines to secure their subsidy [1] Group 2: Ongoing Programs - The automobile scrapping and updating subsidy will continue as per the original policy [1] - The old-for-new subsidy program will remain active throughout the year, with the specific resumption date to be announced officially [1]

Core Viewpoint - The establishment of a unified communication protocol for lead-acid batteries used in electric bicycles is essential to enhance product interoperability, reduce resource waste, and improve safety standards in the industry [1][2][3][4] Group 1: Industry Background - The annual sales of electric bicycles in China exceed 40 million units, with a total ownership of over 350 million units, where lead-acid battery models account for 85% [2] - The lack of a unified communication protocol between electric bicycle batteries and chargers has led to significant resource waste and increased costs for manufacturers due to the need for multiple designs [2][3] Group 2: Safety and Standards - The absence of a communication protocol not only affects product interoperability but also hinders the advancement of safety certifications and smart battery management systems [3] - Recent mandatory standards for electric bicycles and chargers have been introduced to enhance safety, which includes the requirement for a communication protocol to mitigate safety risks associated with charger misuse [3] Group 3: Future Trends - The electric bicycle industry is expected to transition from "single product compatibility" to "platform interconnectivity," which will support the overall safety and standardization of the industry [4] - The implementation of a communication protocol is seen as a pivotal step towards improving data flow, safety management, and user experience within the industry, similar to the impact of the USB standard on computer peripherals [4]

Consumption - The "trade-in" program continues to show effectiveness, with subsidy fund progress estimated at approximately 42% for May[3] - Retail sales in May increased significantly, with a year-on-year growth of 6.4%, up 1.3 percentage points from the previous month[3] - The contribution breakdown of retail sales shows that major categories like home appliances and communication equipment contributed 0.27 and 0.20 percentage points respectively[3] Production - Industrial production maintained a high growth rate with a year-on-year increase of 5.8% in May, despite a slight decline of 0.3 percentage points from the previous value[5] - The supply-demand structure remains poor, with the industrial enterprise production-sales rate at 95.3%, the lowest level for the same period in history[5] Fixed Investment - Real estate investment continues to decline, with a year-on-year drop of 10.7% in May, indicating a worsening trend[6] - Manufacturing investment decreased by 0.3 percentage points year-on-year, primarily affected by sectors like non-ferrous metallurgy and electrical machinery[6] - Infrastructure investment is expected to maintain high growth, with special bond issuance progress at 39.0% as of June 15[6] Risks - Potential risks include unexpected changes in policy and a possible recession in the U.S. economy[7]

Economic Overview - In May, major economic indicators such as industrial output, services, consumption, and investment continued to grow, with external trade maintaining stable growth despite pressures [1][2] - The retail sales of consumer goods increased by 6.4% year-on-year in May, accelerating by 1.3 percentage points from the previous month [2] - The service industry production index rose by 6.2% year-on-year, up by 0.2 percentage points from April [2] Consumption and Investment - Policies promoting consumption have effectively released domestic consumption potential, with significant growth in retail sales of home appliances and other categories [2] - Investment in equipment and tools grew by 17.3% from January to May, contributing 63.6% to overall investment growth [2] - The production of new energy vehicles, tablets, and electric bicycles saw substantial increases in May, with growth rates of 31.7%, 30.9%, and 20.5% respectively [2] Industrial Performance - The industrial added value increased by 5.8% year-on-year in May, with manufacturing showing resilience despite a slight slowdown [4] - Manufacturing investment rose by 8.5% year-on-year from January to May, although this was a slight decrease from the previous period [4] - The equipment manufacturing and high-tech manufacturing sectors contributed significantly to industrial production, with growth rates of 9% and 8.6% respectively [4][5] Foreign Trade - In May, the total value of imports and exports grew by 2.7%, with exports increasing by 6.3% [6] - Despite a decline in trade with the US, trade with ASEAN, the EU, and Belt and Road countries continued to grow [6] - The import of goods decreased by 2.1% in May, influenced by global trade uncertainties and falling international commodity prices [7] Price Trends - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, while the core CPI rose by 0.6% [8][9] - The decline in CPI was primarily driven by lower international energy prices and increased supply of food products [8] - The core CPI's increase indicates a gradual recovery in domestic demand and price levels [9] Real Estate Market - The real estate market is showing signs of stabilization, with a narrowing decline in housing prices across major cities [10][11] - New housing sales area and sales value saw a year-on-year decline of 2.9% and 3.8% respectively from January to May [11] - The inventory of unsold properties decreased, indicating a potential recovery in market confidence [11] Economic Outlook - The overall economic performance in the first five months suggests a stable growth trajectory, with expectations for the GDP to maintain a steady pace [12] - Predictions for the second quarter indicate that various projects and infrastructure investments may boost domestic demand [12]

| 旧车续保和脱保不超过 | 旧车本地转保 | 陕西地区销售新年日车 主身份证归属地为陕西 | 旧车异地转保 | 非陕西地区购买的新车 或年主、被保险人身份 | | --- | --- | --- | --- | --- | | 一年的旧车 | | 的新保业务 | | 证归属地为陕西以外的 | | · 提供身份证正反面(投 | · 提供身份证正反面(投 | · 提供身份证正反面(投 | · 提供投保时车辆在陕证 | · 提供投保时车辆在陕证 | | 保人、玻保险人、车主) | 保人、被保险人、车主) | 保人、被保险人、车主 | 明或其他本地使用证明 | 明或其他本地使用证明 | | · 投保车辆行驶证正副本 | · 投保车辆行驶证正副本 | (归属地为陕西) | · 身份证正反面(投保人、 | · 身份证正反面(投保人、 | | · 非陕西牌照需提供投保 | · 过户车需提供产权证 | · 购车发票 | 被保险人、车主) | 被保险人、车主) | | 时车辆在陕证明或其他 | | · 车辆合格证 | · 投保车辆行驶证正副本 | · 购车发票 | | 本地使用证明 | | | · 过户车需提供产权证 | · ...

6月12日，南京市市场监管局组织召开全市电动自行车经销商行政约谈暨培训会。雅迪、爱玛、台铃、 绿源、小刀、新日、小牛、九号、金箭等50余家主流品牌在宁经销商代表以及市电动自行车行业协会相 关负责人共同参会。 会上，市局重点传达了省、市电动自行车工作专班关于2025年电动自行车安全隐患全链条整治工作要 求，深入分析了当前电动自行车火灾的严峻形势。同时，对新修订的电动自行车相关强制性国家标准进 行了全面、细致的解读，详细分析标准中关于车辆规格、性能、安全防护等方面的新规定；对工业产品 销售单位落实质量安全主体责任监督管理规定进行深度阐释，明确经销商在经营销售环节的责任义务。 此外，针对电动自行车及其配件抽检中发现的常见不合格情况和违法违规行为，结合具体案例进行了详 细讲解，指导企业合规经营。 下一步，市局将持续深化电动自行车"一件事"全链条整治工作，严厉打击拆除限速装置、外设蓄电池托 架、更换大容量蓄电池等非法加装改装行为，督促企业落实主体责任，消除安全隐患，推动电动自行车 行业高质量发展，切实守护人民群众生命财产安全。 ...

广西：加力扩围支持汽车、家电、家装厨卫和电动自行车以旧换新以及3C数码产品的购新补贴 智通财经6月12日电，广西壮族自治区人民政府办公厅日前印发《广西提振消费专项行动实施方案》。 其中提到，加力扩围支持汽车、家电、家装厨卫和电动自行车以旧换新以及3C数码产品的购新补贴， 汽车报废更新补贴支持范围扩大到符合条件的国四排放标准燃油乘用车，家电、家装厨卫补贴品类分别 扩围至24类、48类，优化补贴申领审核流程。2025年，拉动重点商品销售额达到380亿元以上，推动老 旧营运货车报废更新4700辆、新能源城市公交车更新400辆、新能源城市公交车动力电池更新700辆，报 废更新老旧农业机械2500台套。 ...

Core Viewpoint - The "old-for-new" policy in China aims to stimulate consumer spending by providing subsidies for purchasing new appliances and electronics, making it more affordable for consumers to upgrade their old products [1][4]. Group 1: Policy Overview - The "old-for-new" policy will be implemented in 2024, with increased subsidy amounts and broader coverage [1]. - Consumers can receive a subsidy of 15% on the final transaction price of eligible products, with an additional 5% for energy-efficient products, capping at 20% [2]. - The policy covers 12 categories of home appliances, including refrigerators, washing machines, and air conditioners, which must meet certain energy efficiency standards [2]. Group 2: Eligible Products - The policy includes digital products such as smartphones, tablets, and smartwatches, with a subsidy of 15% for products priced under 6000 yuan, capped at 500 yuan per item [3]. - For automobiles, a subsidy of 20,000 yuan is available for qualifying new energy vehicles when trading in older vehicles, while 15,000 yuan is available for certain fuel vehicles [3]. - Electric bicycles also qualify for subsidies, with specific amounts determined by local authorities [3]. Group 3: Additional Categories and Impact - The policy encourages home renovation by providing subsidies for materials, sanitary ware, furniture, and smart home products, with a maximum subsidy of 15% [4]. - As of May 31, 2025, the policy has generated sales of 1.1 trillion yuan and distributed approximately 175 million subsidies to consumers, effectively boosting consumption [4].

Group 1 - The "old for new" policy has significantly boosted consumer goods sales, exceeding 1.1 trillion yuan, benefiting millions of families through fiscal subsidies [1] - The policy has particularly benefited inland provinces like Henan, enhancing rural markets and improving living standards for middle and low-income families [1][2] - Challenges have emerged with some localities suspending subsidies, which may affect consumer expectations and highlight the need for better policy continuity [1][2] Group 2 - Local governments face challenges in executing the "old for new" policy, including tight budgets and complex operational platforms [2] - There is a recommendation for phased implementation of fiscal subsidies to ensure continuity and predictability in the policy [2] - The effectiveness of fiscal policies in driving consumption depends not only on the amount of subsidies but also on their proper utilization and consumer protection [2][3] Group 3 - The current "old for new" policy is larger in scale and scope, focusing on green technology and actual consumer needs [3] - For the future, better utilization of fiscal funds, efficient local execution, and adherence to regulations by enterprises are crucial for sustained market recovery [3]