Core Insights - JD.com's 618 sales event achieved record-breaking performance, with digital product sales exceeding double the amount from the same period last year, marking a historic high [1] - The event was significantly supported by government subsidies and trade-in policies, driving strong consumer engagement and sales growth [1] User Growth and Consumer Preferences - During the 618 event, new user transactions for JD's digital products increased by 50% year-on-year, indicating a growing preference for JD as a primary platform for digital products [3] - Sales volume and user transactions for new products surged over six times, reflecting strong consumer demand for innovative digital products [3] - The trade-in service saw order volume increase by over six times, showcasing consumer commitment to sustainability and recognition of JD's trade-in offerings [3] Innovative Consumption Trends - JD's digital products are becoming a trendsetter in consumer behavior, with AI smart glasses sales increasing over seven times, highlighting the deep penetration of AI technology in consumer markets [5] - Fashionable smartwatches saw sales revenue double, meeting consumer desires for the integration of technology and fashion [5] - Sales of no-data monitoring devices and gaming products also more than doubled, indicating robust demand for convenient monitoring and entertainment solutions [5] Brand and Product Performance - Notable brands such as DJI, Huawei, Sony, Xiaomi, and Canon emerged as top performers during the event, thanks to their product quality and technological innovation [6] - Top-selling products included DJI Pocket 3, Sony Alpha 7C II, and Huawei GT5, which stood out for their unique advantages [6] New Product Launches - Many brands chose to debut new products on JD during the 618 event, achieving remarkable market responses, such as Huawei Watch 5 sales tripling year-on-year [8] - The Switch 2 auction attracted over 500,000 viewers, demonstrating significant consumer interest [8] - New products like the Fujifilm X-half and Huawei FIT 4 garnered top attention in their respective categories, quickly becoming market highlights due to their innovative features and designs [8] Future Outlook - JD's impressive performance during the 618 event serves as both a validation of past efforts and an encouragement for future initiatives [8] - The company aims to continue its commitment to innovation, quality, and service, striving to provide consumers with superior digital products and shopping experiences [8]

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人| 侯倩楠 摘要 5月"以旧换新"提速，或部分缘于电商平台大促集体提前、数码产品和汽车降价等。 "以旧换新"补贴数量 5月明显提速；家电、电动自行车补贴量5月同比分别达41.6%、29.5%。"以旧换新"提速，或部分缘于多 个电商平台"618"促销开始时间均较2024年提前至少一周；同时，部分数码产品与汽车5月降价或也一定 程度提振消费者"以旧换新"意愿。 近期部分地区国补额度告急，引发市场关注。与 2024 年相比，当前"以旧换新"机制有何变化，为何部分 地区国补使用较快？"以旧换新"政策效果如何？本文分析，可供参考。 "以旧换新"，今年有何不同？支持力度和补贴范围均提升，额度分配机制调整。 截至5月底"以旧换新"中央财政补贴已下达1620亿元，而部分地区补贴核销进度较快。 重庆披露，截至5 月21日其"以旧换新"中央补贴兑付进度达82.3%，6月3日其本轮家装厨卫、绿色智能家电补贴均使用完 毕。"以旧换新"补贴加快投放下，截至5月31日，全国消费品以旧换新销售额达1.1万亿元，发放补贴约 1.75亿份。 地方国补，缘何"暂停"？补贴扩围下 ...

截至5月底"以旧换新"中央财政补贴已下达1620亿元，而部分地区补贴核销进度较快。 重庆披露，截至5 月21日其"以旧换新"中央补贴兑付进度达82.3%，6月3日其本轮家装厨卫、绿色智能家电补贴均使用完 毕。"以旧换新"补贴加快投放下，截至5月31日，全国消费品以旧换新销售额达1.1万亿元，发放补贴约 1.75亿份。 "以旧换新"，政策效果如何？"以旧换新"政策受益商品消费4月分化，5月均提速。 社零数据显示，4月"以旧换新"政策受益商品消费分化，汽车、通讯器材等增速有所回调，家电消费延续 提速 。4月社会消费品零售总额同比增长5.1%，较前值下降0.8个百分点；从结构看，通讯器材、汽车销 售增速回落较大，当月同比分别下行8.7、4.8个百分点，但家电销售增速仍保持高位，当月同比较前月上 行3.7个百分点至38.8%。 前4月，中西部地区"以旧换新"政策效果更好，汽车、手机等数码产品及县域"以旧换新"财政补贴的拉动 效果更强。 前4月，部分中西部地区家电、通讯器材销量累计增速明显高于全国水平；辽宁、甘肃家电 销量4月累计同比达97%、88%。财政拉动效应看，辽宁汽车"以旧换新"补贴乘数效应近10；江苏县域家 ...

Group 1: Policy Changes and Funding - The 2025 "old-for-new" policy has significantly increased funding support to 300 billion yuan, up from 150 billion yuan in 2024[15] - The subsidy scope has expanded to include more products, such as microwaves, water purifiers, dishwashers, rice cookers, and digital products like smartphones[15] - The distribution of funds will favor regions that performed well in 2024, with adjustments based on local demand and spending progress[16] Group 2: Implementation and Progress - By the end of May, 162 billion yuan in central government subsidies had been allocated, with a rapid redemption rate in some regions, such as Chongqing at 82.3%[20] - National sales under the "old-for-new" program reached 1.1 trillion yuan by May 31, with approximately 175 million subsidies issued[20] - In April, the retail sales growth of consumer goods was 5.1%, with significant variances in categories; home appliances saw a 38.8% increase, while automotive and communication equipment sales declined[23] Group 3: Regional Variations and Challenges - The "old-for-new" policy has shown better results in central and western regions, with some areas like Liaoning and Gansu reporting appliance sales growth of 97% and 88% respectively[25] - Some regions have faced subsidy exhaustion, leading to the suspension of online applications and adjustments in subsidy mechanisms, such as in Chongqing and Guangdong[41] - Approximately 138 billion yuan in "old-for-new" funds remain to be allocated, with potential for additional funding if current allocations are exhausted[5]

今年以来，德阳市旌阳区聚焦消费提质扩容，推出家电、家装、电动车、手机等消费品以旧换新，持续推动消费升级，带动相关市场迎来"消费热"。 "我今天过来了解一下洗衣机，因为家里正好有需求。现在有商家优惠、店铺优惠，还有国补，这些都可以叠加满减，算下来很划算的。"顾客赖燕说。 市民选购手机 政策一经推出，各类数码产品迎来消费热潮。在市区一家手机销售店，"国补钜惠15%"的宣传标语被摆在显眼位置，不少消费者前来咨询补贴政策。 政策扩围激活数码产品"焕新潮" "华为的某款手机标价4199元，国补优惠过后的价格是3699元，让客户真正享受到了实打实的优惠补贴。"手机销售店店长王斐表示，自今年国家补贴政策实 施以来，门店客流量和销售额显著提升，月均增长率超过50%，平均每月售出400台手机，消费者购买热情持续高涨。 与往年相比，今年的以旧换新政策将手机等数码产品纳入以旧换新范围，对个人消费者购买手机、平板、智能手表手环等3类数码产品（单件销售价格不超 过6000元），按产品销售价格的15%给予补贴，每位消费者每类产品可补贴1件，每件补贴不超过500元。 多重补贴家电市场持续火热 在市区一家电器卖场内，以旧换新的宣传标识随处可 ...

Group 1 - The government has expanded the subsidy program to include digital products such as smartphones, tablets, and smartwatches, offering a 15% subsidy for products priced under 6000 yuan, with a maximum subsidy of 500 yuan [2][4][10] - As of May 31, 2025, the subsidy program has issued approximately 1.75 billion subsidies, leading to total sales exceeding 1.1 trillion yuan across five major categories [4][8][14] - The combination of the subsidy program and the 618 shopping festival has significantly boosted sales, with online sales of digital products increasing by 18.5% year-on-year [9][10] Group 2 - The subsidy program has led to a notable increase in the sales of mid to high-end products, with the market share of smartphones priced between 2000 to 6000 yuan rising [4][14] - Major brands like Lenovo and Honor have reported substantial sales growth due to the subsidy, with some products seeing discounts of up to 4000 yuan [9][10] - The policy has stimulated the demand for durable consumer goods, including home appliances and automobiles, contributing to a broader economic recovery [14][15] Group 3 - The implementation of the subsidy program has resulted in a significant increase in consumer engagement, with over 127 million digital products sold in Beijing alone, generating sales of over 38 billion yuan [12][13] - The program has also enhanced the efficiency of the supply chain, benefiting both manufacturers and retailers by increasing product turnover and consumer spending [4][14] - The government aims to continue leveraging the subsidy program as a key driver for consumer spending and economic growth, with plans for further enhancements in the application process [15]

《实施方案》提出，实施分层级人才补贴政策，为来深就业的本科生、硕士研究生、博士研究生分别提供最高 3万元、5万元、10万元的补贴，其中深圳市人力资源保障局统一负责博士研究生补贴，由新引进博士所在单位 向市人力资源保障部门提出申请。同时，为提升技能劳动者综合素质，加大职业技能培训补贴力度，2025年计 划发放补贴超6万人次。 消费赛道迎来利好政策。 据最新消息，《深圳市提振消费专项行动实施方案》（以下简称《实施方案》）已正式印发，《实施方案》围 绕提升居民消费能力和意愿、加大优质多元消费供给，以及加强政策支持和配套保障三个方面提出了39条具体 措施，全方位扩大消费需求、繁荣消费市场。 《实施方案》特别提出，加力扩围消费品以旧换新。用好超长期特别国债资金，支持汽车报废更新、汽车置换 更新、家电以旧换新、数码产品购新、家装消费品换新、电动自行车以旧换新等，加快补贴资金审核发放，鼓 励商家、卖场、平台追加补贴。 今年以来，消费品以旧换新在促进消费升级方面取得显著成效。商务部数据显示，截至5月31日，2025年消费 品以旧换新五大品类合计带动销售额达1.1万亿元，发放直达消费者的补贴约1.75亿份。 深圳重磅发布 据" ...

Core Viewpoint - The rapid disbursement of 300 billion yuan in national subsidies is significantly boosting consumer spending in various sectors, including automobiles, home appliances, and digital products, leading to increased sales and tax revenues for local governments [1][11]. Group 1: National Subsidy Program - The central government has issued 1.5 billion yuan in special long-term bonds for the "trade-in" subsidy program, which will increase to 3 billion yuan by 2025 [3][5]. - The distribution of the 3 billion yuan subsidy will be based on factors such as population, GDP, and previous performance in implementing the trade-in policy, with a focus on regions that have shown effective results [5][6]. Group 2: Regional Implementation - Chongqing has received 3 billion yuan in special long-term bond funds, with a high subsidy application rate leading to significant consumer spending [2][4]. - As of May 21, Chongqing has processed 48.5 billion yuan in trade-in subsidy applications, with 24.7 billion yuan disbursed, achieving an 82.3% disbursement rate [2]. Group 3: Economic Impact - The trade-in subsidy program has led to a notable increase in retail sales, with Chongqing reporting a 4.1% year-on-year increase in social retail sales in Q1 [2]. - The program has driven sales of over 8.3 trillion yuan across five major product categories, contributing to a positive shift in tax revenue growth [11]. Group 4: Fund Management and Oversight - The central government emphasizes strict fund management to prevent misuse, with measures including a negative list for fund usage and a multi-tiered oversight system [12][14]. - Local governments, such as in Chongqing and Shandong, are implementing advanced monitoring systems and collaborative regulatory frameworks to ensure compliance and efficiency in fund distribution [13][14].

Group 1 - Shanghai issued the "Special Action Plan for Boosting Consumption," promoting automobile consumption and introducing new subsidies for digital products such as mobile phones, tablets, and smartwatches, while also supporting green home appliances and home decoration consumption [1] - Eight departments released measures to support financing for small and micro enterprises, allowing eligible small and micro enterprises to list on the New Third Board and standardizing their transition to the Beijing Stock Exchange [1] - The China-ASEAN Economic and Trade Ministers' Special Meeting held online on May 20 announced the completion of negotiations for the China-ASEAN Free Trade Area 3.0 [1] Group 2 - UBS expressed optimism about the Chinese stock market, indicating that foreign capital inflow will be a significant trading logic in the coming quarters, with Hong Kong stocks slightly outperforming A-shares [1] - *ST Jinguang experienced significant stock price fluctuations and faces multiple delisting risks, while Leshan Electric Power has a price-to-earnings ratio significantly higher than the industry average [1] - Vanke A pledged not more than 6 billion yuan worth of Wanwu Cloud shares as collateral for a loan agreement with Shenzhen Metro Group [1] - Wangsha Co. saw a major shareholder sell 972,200 shares on May 21, while Liren Liyang reported that products containing "Mecarboxyl" account for less than 1% of total sales revenue [1] - Nanjing Port has seen a continuous rise in stock price over seven days, but its subsidiary's foreign trade container direct line does not have a direct route to the United States [1]

田利辉分析，银行在支持消费品以旧换新政策过程中，存在资金成本压力、风险管理复杂和服务能力不 足三大难点。特别是中小银行受制于资金成本，难以匹配大行低息贷款竞争力。而且，旧商品估值缺乏 统一标准，消费者信用差异大，套取补贴等风险增加。同时，下沉市场场景分散，数字化覆盖不足，智 能风控能力有待提升。 "我本来没想换车，觉得分期得多掏钱，而一次性付全款又有点压力。"今年36岁的消费者梁悦说，前一 阵和刚换了新车的朋友聊天时才了解到，现在不仅有政府补贴，有的银行还会给以旧换新的优惠券，算 下来能省不少钱。 消费品以旧换新是提振消费的重要举措。商务部数据显示，自消费品以旧换新政策实施以来，截至4月 24日24时，已有超过1.2亿人次享受到了真金白银的补贴优惠，带动销售额超过7200亿元。具体来看， 全国汽车以旧换新270.5万辆，12类家电以旧换新4746.6万台，手机等数码产品换新3661万件，家装厨卫 换新3712.3万件，电动自行车以旧换新420万辆。 随着相关政策密集落地推进，各商业银行纷纷聚焦消费品以旧换新全链条、各环节，以精准有效的金融 服务持续激活消费市场活力。中国邮政储蓄银行研究员娄飞鹏认为，消费品以旧 ...