Group 1 - The core viewpoint of the article highlights the significant impact of the "old-for-new" policy in China, which is expected to drive substantial consumer spending and promote green consumption [3][10]. - In 2024 to 2025, China aims to achieve the replacement of 1.83 million vehicles under the "old-for-new" program, with nearly 60% being new energy vehicles [3]. - The "old-for-new" policy is projected to boost sales of consumer goods to 3.92 trillion yuan, benefiting approximately 494 million consumers [3]. Group 2 - The standardization rate of pallets in China has reached 37.8%, with around 50 million reusable pallets in circulation, potentially saving 250 million single-use pallets and protecting 50 million trees from deforestation [6]. - The number of green warehouses in China has reached 1,092, covering an area of approximately 65 million square meters [6]. - The Ministry of Ecology and Environment is advancing the construction of "waste-free cities" in about 200 cities, promoting the recycling and reuse of waste materials to support green consumption [11][12].

Core Viewpoint - The Chinese government has launched a comprehensive initiative to promote green consumption, aiming to enhance the supply of green products and accelerate the transition to a green economy through various measures outlined in the recent notification by multiple departments [1][2][3]. Group 1: Green Consumption Policies - The notification includes 20 specific measures across various sectors such as agricultural products, home appliances, and hospitality, focusing on creating a robust green consumption incentive mechanism [2][3]. - The government aims to achieve the replacement of 18.3 million vehicles under the old-for-new policy by 2025, with nearly 60% being new energy vehicles, and 192 million home appliances, with 90% meeting first-level energy efficiency standards [1][2]. - The old-for-new policy is projected to drive sales of consumer goods amounting to 3.92 trillion yuan, benefiting approximately 494 million consumers [1]. Group 2: Green Product Supply and Market Growth - The market for green products is expanding steadily, with increasing consumer acceptance of green, low-carbon, and environmentally friendly consumption [3][5]. - The notification emphasizes the need to enhance the supply of green agricultural products and promote green home appliances and vehicles [2][6]. - The government is also focusing on developing a green supply chain and encouraging the use of green packaging and procurement practices [4][5]. Group 3: Consumer Engagement and Behavior - The notification encourages the establishment of a green consumption points system to incentivize consumers, allowing them to earn points for engaging in environmentally friendly behaviors [4][5]. - Innovative platforms, such as the Wuhan carbon benefit platform, are being developed to reward individuals for low-carbon actions, demonstrating a growing trend in consumer engagement with green practices [5][6]. - The rise in consumer awareness regarding green consumption is prompting businesses to adapt their production and service models to align with sustainable practices [6][7]. Group 4: Regulatory and Environmental Measures - The government has introduced 40 green product evaluation standards and 66 energy and water efficiency standards to ensure compliance and promote green consumption [8][9]. - Efforts are being made to reduce plastic pollution through regulations that encourage the use of reusable and recyclable materials in the e-commerce sector [9][10]. - The Ministry of Commerce is actively monitoring the use and recycling of plastic products, with a reported 26.31% increase in the use of environmentally friendly alternatives in the first half of 2025 [10].

- The report discusses the construction of a "ROIC Model" for interest rate predictions. The model calculates the implied ROIC of the bond market and compares it with the equity market's ROIC to estimate the interest rate midpoint. The formula used is: $ ROIC = (Risk-free rate + Equity risk premium) × Equity proportion + (Risk-free rate + Credit risk premium) × Debt proportion $ Here, the risk-free rate is represented by the 30-year government bond yield, and the credit risk premium is derived from AAA corporate bond spreads. The model uses data from A-share listed companies (excluding financials) and large-scale industrial enterprises to calculate ROIC values. The results show a long-term downward trend in both equity and bond market ROICs, with equity ROIC consistently higher by an average of 50 basis points over the past decade[51][52][56] - The "Multi-cycle Interest Rate Timing Strategy" is introduced, which employs kernel regression algorithms to identify support and resistance levels in interest rate trends. This strategy is applied to 5-year, 10-year, and 30-year government bond yields. The annualized returns for the strategy are 2.19%, 2.48%, and 3.26%, respectively, with maximum drawdowns of 0.72%, 0.97%, and 1.71%. The strategy demonstrates stable performance, with probabilities of achieving positive absolute and excess returns close to 100% since 2008[75][77][81] - A "Pure Bond CARRY Strategy" is also highlighted, which leverages dynamic leverage to enhance returns. The strategy allocates 140% to bonds when borrowing costs (R007) are below the 80th percentile of historical levels and 100% otherwise. Over the past decade, the strategy has delivered an annualized return of 5.56%, with a return-to-drawdown ratio of 0.92. In 2023-2025, the strategy achieved annual returns of 7.21%, 7.39%, and 2.25%, respectively, with excess returns of 84 basis points, 121 basis points, and 21 basis points[83][84][88] - The "Momentum and Fundamental Composite Factor" is used for sector rotation strategies. This factor combines "Net Profit Growth Rate (QoQ)" and "ROA TTM Growth Rate (QoQ)" to rank industries. Historical backtests from 2008 to 2025 show strong performance, with an average annualized return of 18.60% and an excess return of 8.49% over the benchmark. In 2025, industries such as electronics, computers, media, defense, non-ferrous metals, and new energy equipment ranked high in both valuation and fundamental improvement metrics, making them recommended sectors for Q1 2026[45][46][47] - The "PB-ROE Framework" is applied to identify undervalued industries. By comparing the PB and ROE levels of various sectors as of December 31, 2025, industries like non-bank financials, home appliances, agriculture, basic chemicals, and light manufacturing are identified as having relatively low PB but high ROE expectations. These sectors are considered undervalued and are recommended for investment in 2026[48][49][50]

Core Viewpoint - The Ministry of Commerce and nine other departments have issued a notice to implement a green consumption promotion action plan, outlining 20 measures across seven areas to systematically arrange green consumption work during the 14th Five-Year Plan period [1] Group 1: Green Consumption Initiatives - The promotion of green consumption is a key strategy for achieving green low-carbon development, enhancing consumption, and accelerating the comprehensive green transformation of the economy and society [1] - By the end of 2025, the total number of certifications for agricultural products in China is expected to exceed 88,000, with standardized production areas for green food reaching 20.5 million acres [2] - The "old-for-new" policy for consumer goods is seen as a significant opportunity to promote green consumption, with plans to replace 18.3 million cars and 192 million home appliances by 2025, where nearly 60% of the cars will be new energy vehicles [3] Group 2: Economic Impact and Supply Chain - Green consumption is identified as a critical force for economic structural transformation and the cultivation of new growth points, with significant reductions in logistics costs and carbon emissions through the implementation of green supply chains [4] - The standardization rate of pallets has reached 37.8%, with an estimated saving of 250 million disposable pallets, equivalent to protecting 50 million trees and reducing carbon emissions by over 2 million tons [4] - The use of environmentally friendly alternatives has increased by 26.31% in the first half of 2025, reflecting positive outcomes in reducing single-use plastic products [4] Group 3: Waste Management and Circular Economy - The construction of "waste-free cities" is being promoted, aiming to transform waste materials from a societal burden into urban resources, with plans to support around 200 cities in this initiative during the 14th Five-Year Plan period [5] - Efforts will be made to enhance the construction of sorting centers for waste disposal, encouraging local governments to provide policy support for these developments [5] Group 4: Multi-Stakeholder Participation - Promoting green consumption requires the participation of multiple stakeholders, including government, enterprises, and consumers, to form a collaborative effort [6] - The government plans to update national standards and support domestic participation in international standardization activities in the green sector [6] - There will be a focus on enforcing regulations against violations in the areas of green products, energy efficiency labeling, and food waste [6]

1月6日，国务院新闻办举行新闻发布会，介绍推进绿色消费有关情况。 近日，商务部等九部门联合出台《关于实施绿色消费推进行动的通知》，对"十五五"时期绿色消费工作 作出安排。 商务部副部长盛秋平在发布会上介绍，开展绿色消费是践行绿色低碳发展理念、深入实施提振消费专项 行动、加快经济社会全面绿色转型的重要抓手，是顺应消费升级趋势、培育消费新增长点的有力举措， 既能推动生产生活方式绿色变革、促进产业结构优化升级，也能助力减少碳排放，实现低碳目标， 为"十五五"时期经济社会高质量发展作出重要贡献。 商务部坚决贯彻落实党中央、国务院决策部署，把落实大规模消费品以旧换新政策作为推动绿色消费的 重要机遇。2024~2025年实现汽车以旧换新1830万辆，其中新能源汽车占比近60%。实现家电以旧换新 1.92亿台，其中一级能效(水效)占比达到90%以上，以旧换新政策带动消费品销售额3.92万亿元，惠及消 费者4.94亿人次。 "新能源汽车、绿色智能家电等绿色商品消费增长带动绿色消费市场规模稳步扩大。"盛秋平强调。 优化绿色消费环境 盛秋平在发布会上表示，近年来虽然绿色产品供给更加丰富，绿色消费的模式不断创新，绿色消费的环 境持 ...

21世纪经济报道记者张旭 北京报道 近日，商务部等9部门联合出台《关于实施绿色消费推进行动的通知》（以下简称《通知》），对"十五 五"时期绿色消费工作作出安排。 1月6日，国务院新闻办举行新闻发布会介绍推进绿色消费有关情况新闻发布会有关情况。商务部副部长盛秋平在发布会表示，2024至2025年， 我国实现汽车以旧换新1830万辆，其中新能源汽车占比近60%。实现家电以旧换新1.92亿台，其中1级能效（水效）占比达到了90%以上，以旧 换新政策带动消费品销售额3.92万亿元，惠及消费者4.94亿人次。 盛秋平介绍，商务部把落实大规模消费品以旧换新政策作为推动绿色消费的重要机遇，在政策设计上对高能效的绿色家电、绿色家居、绿色建 材和新能源汽车等予以补贴，进一步激发绿色消费需求，畅通绿色消费循环。 2024年至2025年，全国报废汽车回收1767.3万辆，年均增速45.8%；二手汽车交易3968.6万辆；规范拆解废旧家电及手机约5300万台，年均增 速约12%。 （资料图） 盛秋平表示，新能源汽车、绿色智能家电等绿色商品消费增长带动绿色消费市场规模稳步扩大，绿色产品供给更加丰富，绿色消费的模式不断 创新，绿色消费的 ...

↑2024年3月3日，韩国民众在龙仁市的爱宝乐园观看大熊猫"福宝"。 ↑2025年4月8日，在韩国高阳举行的 "2025首尔移动出行展"上，观众参观中国品牌比亚迪展区。 ↑2024年4月3日，韩国民众在龙仁市的爱宝乐园雨中送别大熊猫"福宝"。当天旅韩大熊猫"福宝"启程回国。 从"韩中友好林"到中国文化中心，从大熊猫到中式新茶饮，从汽车家电到潮玩，"中国风"以一个个可感、可见的元素融入韩国社会。 ↑2025年10月17日，市民在韩国庆州的"韩中友好林"公园里的尚友亭休息。 ↑2025年5月20日，消费者在韩国首尔明洞街区的泡泡玛特店面前排队。 ↑2025年10月17日，市民在韩国庆州的"韩中友好林"公园里的崔致远铜像前观看崔致远的简介。崔致远是韩国历史上著名的文学家，被誉为"东 国儒宗"。他12岁时离开故乡庆州，渡海赴大唐求学，18岁便中"宾贡进士"，后在扬州任职四年多。 ↑这是2026年1月2日在韩国首尔拍摄的中国品牌茶饮门店。 ↑2025年10月12日，在韩国首尔近郊的一家大型购物中心，韩国消费者观看中国品牌扫地机器人演示。 新华社记者 姚琪琳 摄影报道 ↑2026年1月2日，游客在韩国仁川的韩中文化馆参观 ...

Core Viewpoint - The recent notification from the Ministry of Commerce and nine other departments emphasizes the importance of green consumption as a key driver for low-carbon practices, new consumption momentum, and industrial upgrades [1] Group 1: Green Consumption Initiatives - The Ministry of Commerce is leveraging large-scale consumer goods replacement programs to promote green consumption, with a target of 18.3 million vehicles replaced from 2024 to 2025, nearly 60% of which will be new energy vehicles [2] - The policy is expected to generate sales of 3.92 trillion yuan in consumer goods, benefiting nearly 500 million consumers and effectively promoting the growth of green and smart product consumption [2] - The initiative includes subsidies for high-efficiency green appliances, green home products, and new energy vehicles to stimulate demand and facilitate a circular economy [2] Group 2: Specific Measures for Green Consumption - The notification outlines 20 specific measures across seven major areas to address challenges in green consumption, including inconsistent product standards and inadequate incentive mechanisms [3] - Measures include expanding the supply of green agricultural products and appliances, enhancing service consumption's green content, and establishing a universal green consumption points system [3] - The initiative aims to strengthen recycling systems and reduce single-use plastic products, promoting a more sustainable consumption environment [3] Group 3: Resource Recycling and Utilization - The Ministry of Commerce will support the establishment of high-value recycling projects for renewable resources, focusing on optimizing sorting center construction to improve efficiency and reduce waste [4][5] - Local governments are encouraged to provide policy support for the construction and renovation of sorting centers, enhancing the recycling network's quality [5] Group 4: Standards and Regulations - The State Administration for Market Regulation has published 40 national standards for green product evaluation and 66 standards for energy and water efficiency, supporting the implementation of the consumer goods replacement policy [6] - The administration has also intensified enforcement actions against violations related to energy and water efficiency labeling, ensuring market order and consumer rights [6][7] Group 5: Waste Management and Urban Development - The Ministry of Ecology and Environment is promoting "waste-free city" initiatives, aiming to transform waste into resources and enhance recycling capabilities [8] - As of now, 113 cities have initiated "waste-free" construction, with plans to expand this to around 200 cities during the 14th Five-Year Plan period [9] Group 6: Seasonal Consumption Promotion - The Ministry of Agriculture and Rural Affairs is launching initiatives for the New Year and Spring Festival, including the release of a directory of local specialty products to guide consumers towards green and quality products [10][11] - Activities will include themed consumption events and promoting healthy eating habits, aiming to meet the diverse and high-quality consumption needs of urban and rural residents during the festive season [11]

Core Viewpoint - The Ministry of Commerce and nine other departments have jointly issued a notice to implement green consumption promotion actions, proposing 20 specific measures across various sectors, including agricultural products, home appliances, and hospitality, while also clarifying financial support policies to optimize the green consumption environment [1]. Group 1: Green Consumption Policies - The promotion of green consumption is a key measure for implementing low-carbon development, enhancing consumption, and accelerating the green transformation of the economy and society [2]. - The Ministry of Commerce has identified the old-for-new policy as a significant driver for green consumption, providing subsidies for high-efficiency green appliances, home furnishings, and new energy vehicles [2]. - The target for 2024-2025 includes replacing 18.3 million cars, with nearly 60% being new energy vehicles, and achieving 192 million old appliances replaced, contributing to a sales increase of 3.92 trillion yuan and benefiting 494 million consumers [2]. Group 2: Green Supply Chain and Recycling - The Ministry of Commerce is promoting green supply chain construction, improving recycling systems, and fostering green circulation enterprises to enhance green consumption [3]. - The notice emphasizes the need to enrich the supply of quality green products, including green agricultural products and energy-efficient appliances, to support consumer choices [4]. - The market regulatory authority has issued nearly 40,000 effective certification certificates for 122 types of products, indicating low resource consumption and pollution, thus enhancing market efficiency [4]. Group 3: Future Initiatives - The market regulatory authority plans to accelerate the update of national standards and support participation in international standardization activities in the green sector [5]. - Efforts will be made to strengthen the enforcement of laws against violations in green product labeling and food waste [5]. - The construction of a high-value recycling system for renewable resources is deemed essential for promoting green consumption and enhancing resource recycling levels [6]. Group 4: Resource Recovery and Utilization - The Ministry of Commerce has outlined 11 tasks to improve the recycling system for old appliances and furniture, designating 32 pilot cities and 78 enterprises to establish a comprehensive recycling network [6]. - The focus will be on supporting the construction of sorting centers to improve efficiency and reduce waste in the recycling process [7]. - The goal is to achieve a total recycling volume of approximately 380 million tons by 2025, contributing to the development of a green circular economy [6].

Core Viewpoint - The article discusses the implementation of green consumption initiatives by the Ministry of Commerce and nine other departments, highlighting 20 specific measures across various sectors to promote sustainable consumption and support policies [1][4]. Group 1: Green Consumption Policies - The initiative aims to enhance the green consumption incentive mechanism, focusing on areas such as agricultural products, home appliances, and hospitality [1]. - The "old-for-new" policy is emphasized as a key strategy to increase green consumption, with targets set for replacing 18.3 million cars, of which nearly 60% will be new energy vehicles, and 192 million home appliances, with 90% being of the highest energy efficiency [4][5]. Group 2: Market Development and Support - The article notes that the green consumption initiative is aligned with the trend of consumption upgrades and aims to create new growth points in the economy, contributing to carbon reduction and high-quality development during the 14th Five-Year Plan period [4]. - The Ministry of Commerce has collaborated with other departments to provide subsidies for high-efficiency green appliances and vehicles, stimulating demand and facilitating a circular economy [4]. Group 3: Quality Assurance and Certification - The article highlights the importance of quality certification in promoting green products, with nearly 40,000 effective certification certificates issued for 122 types of consumer-related products, ensuring lower resource consumption and pollution [7]. - China has become the world's third-largest organic consumption market, with over 32,000 certification certificates issued for organic products, supporting agricultural green development and enhancing the quality of life for consumers [6][7]. Group 4: Future Directions - Future efforts will focus on updating national standards, enhancing energy and water efficiency labeling systems, and promoting green dining services to reduce food waste [8]. - The establishment of a high-value recycling system for renewable resources is deemed essential for promoting sustainable consumption and improving resource utilization [10][11].