新的一年，消费品以旧换新"国补"还会持续吗？ 近日召开的中央经济工作会议在明年经济工作重点任务中明确指出，优化"两新"政策实施。财政部日前 也在相关会议中提出，用好用足各类政府债券资金，发行超长期特别国债，持续支持"两重"建设、"两 新"工作。这也进一步明确，明年"国补"将继续实施。 稳增长惠民生 根据国务院2024年印发的《推动大规模设备更新和消费品以旧换新行动方案》，消费品以旧换新主要涉 及汽车、家电以及家装厨卫等消费品。当前，我国耐用消费品市场规模居全球首位，已进入存量优化阶 段。通过实施消费品以旧换新政策，有利于激发升级消费需求，释放消费潜力。 2025年，"两新"政策加力扩围实施，支持该项工作的超长期特别国债资金规模增加至5000亿元。其中， 3000亿元用于支持消费品以旧换新，比上年增加1500亿元；2000亿元用于支持设备更新，比上年增加 500亿元。 "'两新'政策取得显著成效，有效发挥了促消费、扩投资、稳增长、调结构、惠民生等重要作用，着力 推动了高质量发展。"中国国际经济交流中心科研管理和信息服务部副部长、研究员刘向东对本报记者 表示。 比如，大规模设备更新有效拉动了投资增长。国家统计局数 ...

Core Insights - The 2025 Central Economic Work Conference emphasizes "domestic demand as the main driver" and "prioritizing people's livelihoods" as key tasks for the upcoming year, aligning with the long-term goals of enhancing consumer capacity and improving the social security system outlined in the 15th Five-Year Plan [2] Income Growth - The conference introduces a plan to increase income for urban and rural residents, marking a shift from short-term consumption stimulation to long-term income structure improvement, with a focus on synchronizing income growth with economic growth and labor remuneration with productivity [3] - The income growth plan targets various groups, including college graduates and migrant workers, aiming to stabilize employment and income through job retention and quality enhancement actions [3] - Policies will also address the income of flexible workers like delivery personnel by improving their social security mechanisms, thereby alleviating their concerns about spending [3] Supply Expansion - The conference prioritizes domestic demand and proposes actions to boost consumption by expanding the supply of quality goods and services [6] - There is a focus on upgrading consumer goods from basic to high-quality products, with policies aimed at promoting the iteration of popular items like smartphones and smart home devices [8] - The initiative includes expanding the scope of trade-in policies to cover various categories, enhancing the adaptability of supply to meet consumer needs [8] Investment Promotion - Investment is highlighted as a crucial lever for expanding domestic demand, with the conference calling for measures to stabilize and invigorate private investment [11] - The conference acknowledges a 1.7% year-on-year decline in fixed asset investment in the first ten months of the year, while emphasizing the need for structural optimization in investment, particularly in high-tech sectors [11] - The government aims to create a stable and predictable environment for private investment by addressing barriers and expanding access [13] Consumption Environment Improvement - The conference outlines measures to eliminate unreasonable restrictions in the consumption sector, aligning with the goal of building a unified national market [14] - Policies will encourage the development of new consumption formats such as digital and green consumption, enhancing the management of emerging consumption models [16] - The initiative includes the establishment of a national unified market construction regulation to improve market order and protect consumer rights, fostering a more favorable consumption environment [16]

此次会议提出优化"两新"政策实施，表明2026年将继续推进该政策，同时将在执行细节上进行调整和完 善，以提升政策效能。 2025-12-12 01:42:35 作者：狼叫兽 为刺激消费增长，2024年已安排1500亿元超长期特别国债资金支持消费品以旧换新，即启动"国补"计 划。由于成效显著，2025年投入额度提升至3000亿元，较上年翻倍，进一步扩大政策覆盖范围。 2025年12月11日至12日，中央经济工作会议在北京召开，会议对2026年经济工作作出部署。在强调坚持 内需主导、建设强大国内市场的过程中，明确提出将优化"两新"政策的实施方式。 "两新"政策指的是大规模设备更新和消费品以旧换新。其中，与民众生活密切相关的消费品以旧换新政 策因涉及面广、惠民性强，受到广泛关注，并被通俗称为"国补"。 政策内容也在持续拓展。2025年新增手机、平板电脑、智能手表及手环三类数码产品，同时纳入微波 炉、净水器、洗碗机和电饭煲四类家用电器，使补贴品类更加丰富，贴近居民日常生活需求。 根据商务部发布的统计数据，2025年1月至11月期间，消费品以旧换新行动带动相关商品销售额超过2.5 万亿元，惠及人数逾3.6亿人次。具体来 ...

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 持内需主导，建设强大国内市场"时称，要优化"两新"政策实施。 所谓"两新"政策，是指大规模设备更新和消费品以旧换新政策。其中与老百姓利益直接相关的消费品以 旧换新政策又备受关注，被称为"国补"。此次会议明确2026年优化"两新"政策实施，意味着明年会继续 实施国补政策，但具体政策会有所优化。 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。 多位接受第一财经采访的专家表示，2026年"国补"额度可能在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 ...

Core Insights - The article emphasizes the importance of innovative consumer products that go beyond mere functionality, focusing on user experience and addressing pain points in daily life [1][2] - The 2025 Annual Focus Product Plan aims to showcase a diverse range of products across various categories, highlighting their role in enhancing quality of life and driving industry innovation [1][2] Group 1: Consumer Electronics - The iPhone AIR and Honor Magic8 series are highlighted as key mobile products, showcasing advancements in technology and user experience [3][15] - The Honor Magic8 series features a self-evolving AI system and impressive battery life, appealing to users who prioritize performance and convenience [15][16] Group 2: Home Appliances - The Angel Space Master series water purifier is noted for its compact design and high performance, achieving top sales in its category [20][22] - The Lenovo Zhaoyang X7 laptop is recognized for its powerful processing capabilities and reliability, making it suitable for high-demand professional environments [25][26] Group 3: Health and Wellness - The Mounjaro peptide and MitoQ + turmeric capsules are mentioned as innovative health products that address specific consumer needs [7] - The DeRUCCI AI smart mattress is highlighted for its advanced sleep management features and significant sales achievements, appealing to health-conscious consumers [30][33] Group 4: Beauty and Personal Care - The Color Repair Whitening Toothpaste is presented as a product that caters to the growing demand for effective personal care solutions [9] Group 5: Food and Beverage - The article mentions popular food products like the spicy rice noodles from Ma Liu Ji and bottled tea from Let Tea, reflecting consumer preferences in the food and beverage sector [10] Group 6: Automotive - The Aion M9 and Zeekr ES8 are noted for their innovative features and strong market performance, appealing to high-end consumers [5][76] - The Aion M9 has achieved significant sales milestones, establishing itself as a benchmark in the luxury vehicle segment [76] Group 7: Digital and Smart Devices - The Shokz OpenDots ONE earphones are recognized for their lightweight design and advanced sound technology, leading the open-ear headphone market [54][57] - The Baidu AI glasses Pro are highlighted for their stylish design and practical AI features, enhancing user experience in daily activities [60][61] Group 8: AI and Technology - The Lenovo ThinkStation PGX AI workstation is noted for its ability to run large AI models locally, significantly improving efficiency and reducing costs [28][29] - The iFlytek mobile digital human is recognized for its advanced interaction capabilities, enhancing user experience in various applications [72][73]

进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为648.4万元。该股近5个交易日累计 下跌1.75%，主力资金合计净流出665.28万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：小浪快报 11月27日，天地数码收涨1.07%，收盘价为17.95元，发生1笔大宗交易，合计成交量15万股，成交金额 214.2万元。 第1笔成交价格为14.28元，成交15.00万股，成交金额214.20万元，溢价率为-20.45%，买方营业部为申 万宏源证券有限公司杭州金华南路证券营业部，卖方营业部为中信证券股份有限公司杭州古墩路证券营 业部。 ...

Core Insights - Shenzhen Huifan Digital Products Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The company is involved in a wide range of business activities including sales of electronic products, daily necessities, home appliances, and smart devices [1] Company Overview - The legal representative of the company is Ye Fanlong [1] - The company’s business scope includes general operations such as sales of home appliance parts, manufacturing and retail of household goods, and information technology consulting services [1] - The company does not have any licensed operating projects [1]

Core Insights - The Chinese new energy vehicle (NEV) industry is transitioning from a "policy nurturing period" to a market-driven phase as government subsidies begin to phase out [3] Group 1: Policy Changes - Shenzhen's automotive replacement subsidy policy will cease on October 28, 2025, after reaching its budget limit [1] - The subsidy program aims to promote the replacement of approximately 160,000 vehicles by the end of 2025, alongside significant sales in home appliances and digital products [2] Group 2: Market Response - The subsidy program has seen a strong market response, with over 1 million applications submitted nationwide by October 22, 2023, indicating high consumer interest [2] - The rapid depletion of subsidy qualifications has led to additional funding being allocated by Shenzhen authorities [2] Group 3: Regional Variations - Several provinces have suspended their long-term special bond subsidy policies, while some local governments are introducing supplementary measures to stimulate automotive consumption [3] - Starting January 1, 2026, the full exemption from vehicle purchase tax for NEVs will shift to a 50% reduction, increasing the cost of purchasing these vehicles [3]

Core Viewpoint - The company announced its Q3 2025 financial results, achieving revenue of 6.364 billion yuan, a year-on-year increase of 47.80%, and a net profit attributable to shareholders of 467 million yuan, up 45.08% year-on-year [1][2]. Financial Performance - In Q3 2025, the company reported revenue of 2.507 billion yuan, a year-on-year increase of 60.44%, and a net profit of 192 million yuan, up 67.3% year-on-year, indicating a significant improvement compared to the first half of the year [3]. - The net profit margin for Q3 2025 reached 7.66%, an increase of 0.32 percentage points year-on-year [3]. - The overall gross margin for Q3 2025 was 37.2%, up 0.66 percentage points year-on-year, driven by improved gross margins in core product categories [3]. Strategic Product Development - The company is enhancing its strategic product offerings, particularly in NAS products and AI NAS, which are expected to drive growth in storage and related hardware [1][5]. - The company anticipates continued high-end iterations in charging products, which will improve profitability [1][5]. - The overseas revenue share is expected to increase, with NAS products projected to meet annual sales targets, particularly in key markets like Germany, Japan, and the United States [5]. Market Position and Future Outlook - The company is focusing on expanding its product categories, channel penetration, and market positioning, which are expected to yield ongoing benefits [5]. - The introduction of AI NAS products is anticipated to enhance the ecosystem with complementary hardware, such as smart cameras, thereby boosting overall sales growth [5]. - The company projects net profits of 684 million yuan, 934 million yuan, and 1.183 billion yuan for 2025 to 2027, with corresponding price-to-earnings ratios of 36X, 26X, and 21X, maintaining a "buy" rating [5].

Group 1 - Vivo recently launched the X300 series flagship phone along with a "photographer's kit" that includes a 2.35x telephoto lens and various accessories, priced at 8299 yuan for the 16GB+1TB storage model, compared to 6699 yuan for the base package [1] - Oppo introduced the Find X9 series with the "Hasselblad Professional Imaging Kit," which includes a telephoto lens and other accessories, priced at 1699 yuan, with the option to purchase just the lens for 1099 yuan [1] - The trend of bundled sales in the digital product market is becoming increasingly common, with brands offering various combinations of products tailored to different consumer needs and occasions [2] Group 2 - The rise of bundled sales reflects a shift in consumer demand, where customers are looking for comprehensive solutions rather than single products, as seen in the example of camera kits that include multiple accessories [2] - Brands are creatively marketing bundled products to attract consumers, such as Meizu's special package for the Qixi Festival and Vivo's collaboration with popular IPs for themed bundles [2] - Industry insiders note that while bundled sales are convenient, they can sometimes lead to issues like price opacity and mismatched products, urging manufacturers to be more transparent and consumers to make rational purchases [3]