Group 1 - The 2026 national offline "national subsidy" program launched in Guangzhou, marking the first transaction on January 1, 2026, with consumers eager to participate [1] - The new subsidy policy extends beyond automobiles and home appliances to include digital and smart products, such as smartphones, tablets, smartwatches, smart glasses, and smart home products [2] - The first automotive transaction under the new subsidy program was completed with the purchase of a GAC Aion i60 electric SUV, highlighting the program's immediate impact on consumer behavior [2] Group 2 - Guangzhou's commercial enterprises leveraged the "national subsidy" policy to create a vibrant marketing campaign during the New Year holiday, enhancing consumer engagement through various promotional activities [3] - Retailers like Guangbai Electric and JD Mall organized diverse events, including street dance competitions and live performances, to create an immersive shopping experience [3] - The "Two New" policies implemented in 2025 have shown significant economic impact, with a total sales boost of 61.59 billion yuan from the old-for-new program, particularly in the automotive sector [4]

格隆汇1月4日丨美的集团(000333.SZ)公布，截至2025年12月31日，公司通过回购专用证券账户，以集 中竞价交易方式累计回购公司A股股份数量为20,564,598股，占公司目前总股本的0.2706%，最高成交价 为80.44元/股，最低成交价为69.50元/股，支付的总金额为1,509,865,814元（不含交易费用），本次回购 符合相关法律法规的要求，符合公司既定的回购方案。 ...

Core Viewpoint - The article outlines the implementation of a new policy for the recycling and upgrading of consumer goods in 2026, emphasizing the need for coordinated efforts among various departments and the establishment of a unified subsidy framework to enhance efficiency and effectiveness in the consumer market [2][8]. Group 1: Policy Implementation and Funding - The central government will continue to allocate long-term special bond funds to support the recycling policy, with local governments required to match funding proportionally [2]. - A unified subsidy standard will be established for four key areas: automobile scrapping and replacement, six categories of home appliances (refrigerators, washing machines, televisions, air conditioners, computers, water heaters), and four categories of digital and smart products (mobile phones, tablets, smart watches/bands, smart glasses) [2]. - Local governments must develop a balanced plan for the use and disbursement of subsidy funds to ensure smooth implementation of the recycling policy [3]. Group 2: Local Autonomy and Support for New Technologies - Local governments are granted more autonomy to implement subsidy policies, allowing them to determine specific subsidy categories and standards within the framework of the national policy [4]. - The policy encourages support for high-efficiency, water-efficient, and environmentally friendly products, as well as new generation smart terminals as defined by the "Artificial Intelligence +" initiative [4]. Group 3: Efficiency and Compliance - The article emphasizes the need to upgrade the subsidy information system to enhance the efficiency of subsidy application reviews and approvals, connecting data across various departments [5]. - A unified management system for participating businesses will be established to ensure fair participation and prevent fraudulent activities [5][6]. - Local governments are required to monitor product pricing and quality to prevent illegal practices such as selling substandard goods [6]. Group 4: Organizational Support and Public Engagement - A collaborative mechanism among various government departments will be established to enhance data sharing and joint inspections to prevent fraud [7]. - Channels for public consultation and reporting on the recycling policy will be created to encourage social oversight and improve the management of subsidy funds [7]. - The article calls for promotional activities to raise awareness of the recycling policy and its benefits, integrating it with broader consumer initiatives [7].

2026年首批625亿元国补资金已下达 延续消费品以旧换新 并加大对设备更新的支持力度 1月1日，新一轮"国补"正式开始！ 新一轮"国补"有哪些看点和变化？ 一次梳理清楚 数码和智能产品继续享受15%国补 单件最高500元 数码和智能产品的补贴标准基本与2025年保持一致。但补贴品类进一步扩大： 在延续手机、平板、智能手表（手环）和智能家居产品（含适老家居）的基础上， 新增 了 智能眼镜 这一品类 。 补贴规则 ： 单件产品销售价格不超过6000元，按销售价格的15%给予补贴。单件补贴 最高不超过 500元 （每位消费者每一类产品限补1件） 。 家电产品只补贴1级能效 或水效标准产品 除了数码产品，家电补贴在2026年也继续推进，条件更聚焦于高能效产品。家电以旧换新 只 补贴1级能效或水效标准产品，不再补贴2级能效或水效标准的产品 。 补贴品类 ：包括冰箱、洗衣机、电视、空调、电脑、热水器等6类产品。 汽车调整为按价格比例补贴 最高补贴2万元 《2026年汽车以旧换新补贴实施细则》明确，参与申领2026年汽车报废更新补贴旧车的 注册登记时间 ， 相比2025年进一步扩大支持范围 。 ■ 若参与申领补贴的报废旧 ...

- The report introduces a quantitative framework for market trend analysis, emphasizing the inherent attributes of assets and their lifecycle stages, categorized into five styles: external growth, quality growth, quality dividend, value dividend, and bankruptcy value[6][7][10] - The framework prioritizes asset comparison using metrics such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (PB/SIZE), each tailored to specific lifecycle stages[7][10] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.45% since 2009, with notable positive excess returns in most years, particularly post-2017[17][20][18] - The report recommends three dominant styles for January 2026: expected growth, actual growth, and profitability, supported by metrics like Δgf, Δg, and ΔROE, all showing expansion trends[15][33][29] - Expected growth strategy selects industries with the highest analyst forecasted growth rates, achieving significant excess returns since 2019. Recommended sectors for January 2026 include automotive sales, home appliances, tungsten, emerging financial services, and lithium[37][39][36] - Actual growth strategy focuses on industries with the highest Δg and related factors (sue, sur, jor), showing strong long-term excess returns. Recommended sectors for January 2026 include photovoltaic equipment, electronic chemicals, lithium battery chemicals, aerospace military, and home appliances[39][40][36] - Profitability strategy targets industries with high ROE and low PB-ROE valuation residuals, with notable excess returns from 2016 to 2020. Recommended sectors for January 2026 include agriculture, liquor, power distribution equipment, non-dairy beverages, and network connection/tower setup[42][43][36] - Quality dividend strategy uses DP+ROE scoring to select industries, with significant excess returns in 2016, 2017, and 2023. Recommended sectors for January 2026 include forestry/processing, boiler equipment, public transportation, fuel cells, and network connection/tower setup[45][46][36] - Value dividend strategy employs DP+BP scoring, achieving notable excess returns in 2009, 2017, and 2021-2023. Recommended sectors for January 2026 include security, daily chemicals, pet food, buses, and network connection/tower setup[48][50][36] - Bankruptcy value strategy selects industries with the lowest PB+SIZE scores, showing strong excess returns in 2015-2016 and 2021-2023. Recommended sectors for January 2026 include automotive sales, ceramics, cotton textiles, dyeing, and building decoration[52][53][36]

Core Insights - Guangxi's new round of consumer goods exchange policy is set to stimulate consumption during the New Year holiday period in 2026, with various promotional activities organized to enhance consumer engagement and sales [1] Group 1: Consumer Activity and Sales Performance - The consumer goods exchange initiative launched on December 31, 2025, has seen over 10,000 applications for subsidies amounting to over 5.87 million RMB, leading to sales exceeding 41.25 million RMB within two days [1] - During the New Year holiday, sales of major appliances and communication equipment in Guangxi increased by 4.2% and 5.0% year-on-year, respectively [1] - Key monitored pedestrian streets and commercial areas in Guangxi experienced a 21% increase in average daily foot traffic and a 16% increase in sales revenue year-on-year [1] Group 2: Online Promotions and Tourism - Over 400 "Guangxi Products Chain ASEAN" live streaming events were organized to promote local and ASEAN products, enhancing online traffic and boosting offline sales [2] - The number of visitors to Guangxi during the New Year holiday increased by 35.2% compared to the previous year, with a significant recovery in dining consumption [2] - Major events such as concerts featuring popular artists have led to a dramatic increase in hotel bookings around the Guangxi Sports Center, with orders surging by several times year-on-year [2] Group 3: Cultural and Entertainment Activities - Guangxi planned over 400 key cultural and tourism activities, including New Year music festivals and parades, with Beihai's Weizhou Island emerging as a top destination for New Year tourism, ranking second nationally in ticket sales [2] - Movie screenings of popular films like "Zootopia 2" and "Avatar 3" have contributed to a vibrant cultural consumption market during the holiday [2] Group 4: Market Stability - Prices of essential goods in Guangxi remained stable during the New Year holiday, with no reports of shortages, price fluctuations, or other abnormal market conditions [2]

Core Viewpoint - The National Development and Reform Commission and the Ministry of Finance have released a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies in 2026, focusing on optimizing support scope, subsidy standards, and implementation mechanisms. Group 1: Support Scope Optimization - The 2026 policy continues the support scope from 2025, adding new areas such as the installation of elevators in old residential communities and equipment updates in elderly care institutions. It also includes updates for fire rescue and inspection equipment in the safety sector, and equipment updates for offline commercial facilities like shopping centers and supermarkets in the consumer infrastructure sector [1][3]. - The policy emphasizes enhancing the "subsidy rate" for key consumer goods that have a broad coverage and strong driving effect, continuing to implement subsidies for scrapping and replacing cars, as well as for six categories of household appliances including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters. Additionally, the subsidy for digital products has been expanded to include smart products such as smartphones, tablets, smartwatches, smart glasses, and smart home products [1][3]. Group 2: Subsidy Standard Optimization - For equipment updates, the subsidy for updating old residential elevators will shift from a fixed amount to a tiered subsidy based on the number of elevator floors. In the case of scrapping old operational trucks, priority will be given to those replaced with electric trucks [2][3]. - In the consumer goods replacement aspect, while maintaining the upper limit for car subsidies, the fixed subsidy will be adjusted to a percentage of the vehicle price. The subsidy for household appliances will focus on products with a 1st-level energy efficiency or water efficiency rating, providing 15% of the product price as a subsidy, with a maximum of 1,500 yuan per item. The subsidy standards for digital and smart products will remain unchanged from previous standards [2][3]. Group 3: Implementation Mechanism Optimization - The policy aims to optimize the project application mechanism and review process, lowering the investment threshold for project applications, and increasing support for small and medium-sized enterprises to expand the policy's coverage [3][4]. - In terms of consumer goods replacement, the policy will improve the funding allocation method, enhance the implementation details across the entire chain, and strictly combat fraudulent subsidy claims and illegal practices such as "price hikes before subsidies." It also emphasizes the need for a unified subsidy standard nationwide for various categories of products [3][4].

Group 1 - A new round of national subsidies for consumer goods trade-in will be implemented starting January 1, 2026, with positive feedback from multiple local markets [1] - The subsidy policy continues to support automobiles, home appliances, and digital and smart products, with specific incentives for consumers purchasing eligible new energy vehicles and energy-efficient appliances [3] - The subsidy for new energy vehicles can reach up to 20,000 yuan based on the sales price, while home appliances and digital products can receive a 15% subsidy with caps of 1,500 yuan and 500 yuan respectively [3] Group 2 - The subsidy method for automobile purchases has shifted from fixed amounts to a percentage of the vehicle price, allowing consumers to combine it with a half-price tax policy for new energy vehicles, potentially leading to a total subsidy of 20,000 yuan [4] - There has been a noticeable increase in customer traffic at automobile sales outlets during the New Year holiday, indicating a positive market response to the new policy [4] - Authorities will optimize fund allocation and implement strict measures against fraudulent claims to enhance the efficiency of fiscal funds and improve consumer satisfaction [4]

2026年元旦假期，青海省各级商务主管部门和商贸服务企业紧抓元旦节日消费黄金期，积极组织开展促 消费活动，举办特色跨年等主题活动，全力做好生活必需品供应和保障，营造浓厚节日氛围，消费市场 红火开年。 元旦期间，省商务厅精心主办"青海家宴饗在刚察——日出刚察美.家宴贺新禧"活动，西宁市持续开 展"心动西宁燃豹冬季"消费券发放活动，海西州开展2026年"礼约柴达木.暖冬嗨购季"消费促进活动， 海北州开展"元旦嗨购节.好物带回家"促消费活动，果洛州开展"旧岁收官惠新元焕新购"喜迎2026年元 旦购精彩促消费活动。青海25个县区结合本地消费特色，围绕汽车、家电、零售、餐饮等多个领域，策 划开展"元旦欢乐购.悦享在城北"、"逐光启新.城西跨年夜"、城中区"冰雪嘉年华"、城东区"暖冬消费季. 欢乐迎新年"等主题促消费活动。西宁市城中区马忠食府等十余家重点餐饮和商贸企业组织"鸿运开年. 味启新章"、"冰雪秘境.潮玩青海"等促销活动，推动形成"省市县联动、政企协同"的促消费格局，节日 商品消费呈现购销两旺。 各大商圈以"文化+商业+体验"深度融合，打造元旦全域狂欢盛宴。新千王府井（600859）生活广场 以"2026马上红" ...

封面新闻记者 易弋力 1月1日，新一轮"国补"正式开始！2026年首批625亿元国补资金已下达，延续消费品以旧换新，并加大对设备更新的支持力度。 2026年国补继续，释放出 什么经济信号？2026年"两新"政策有哪些值得关注的变化和看点？ 1月4日，知名经济学家、工信部信息通信经济专家委员会委员盘和林进行了解读。 盘和林表示，国补继续，且本轮国补政策主要面向耐用消费品，包括汽车、家电、数码三个领域，释放了中国继续通过国补拉动内需的积极信号，也说明 现阶段中国将拉动内需放在经济工作最重要的位置。当然，经济信号也并非仅仅是刺激，更深入地看，是中央财政通过加杠杆的方式来刺激消费，因为我 们知道，国补的资金来源是特别国债，以特别国债+地方财政作为国补资金来源，所以，其实是中央财政扩大赤字的方式来支持居民消费，体现了国家在 扩大内需上的坚定态度。 对于变化和看点，盘和林表示，有四个方面值得关注—— 1、国补未来还会扩容。如今公布的国补政策并非全部，按照经济工作安排2026年还将国补扩展到一般消费品和服务消费，所以未来还有可能出现新的国 补项目。 2、智能化设备大规模加入国补，成为国补的扩容项目，这意味着国补将更多地引导 ...