近日，笔者家中换了三台空调，因为可以参加以旧换新活动，享受"国补+平台补贴+旧品抵扣"的优惠 后，每台省了840元，相当于打了七五折。安装空调的师傅表示，最近一段时间，通过以旧换新方式安 装空调的客户，每天都排得满满的。这是今年以来我国加力扩围实施消费品以旧换新政策，持续促消 费、惠民生的缩影。 ■刘萌 再拉长时间来看，今年1月份至4月份，限额以上单位家电和音像器材类商品零售达3469亿元，同比增长 23.9%，超出同期社会消费品零售总额增速19.2个百分点。2024年9月份至2025年4月份，家电类商品零 售额已连续8个月保持两位数增长。 今年《政府工作报告》提出"大力提振消费、提高投资效益，全方位扩大国内需求"。日前，国家发展改 革委印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国债资金，继续大力支 持消费品以旧换新。 此外，为更好地落实消费品以旧换新政策，不少地方正加强协作，出招解决一些痛点问题。比如，辽宁 省今年加力扩围产品品类并不断优化以旧换新流程。目前，家电品类从上年的8类扩充至今年的20+X 类；家电、手机等补贴资格领取核销渠道由2个拓展到10个；升级使用专用POS机后，消 ...

Core Insights - Hainan's policy to promote the replacement of old consumer goods has effectively stimulated market activity, leading to sales exceeding 138 billion yuan this year [1][2] Group 1: Policy Implementation - In January, Hainan introduced a comprehensive plan to support the replacement of old consumer goods, focusing on automobiles, home appliances, digital products, home decoration, and electric bicycles [1] - The policy has been well-received by consumers, prompting retailers to launch new products and promotional offers [1] Group 2: Sales Impact - The old-for-new policy has directly driven various categories of consumption, with significant contributions from different sectors: - 0.5 million old cars scrapped, generating 7.18 billion yuan in new car sales - 5.81 million cars replaced, leading to 96.86 billion yuan in new car sales - 6.98 million electric bicycles replaced, resulting in 2.08 billion yuan in new sales - 537,000 home appliances replaced, contributing 15.07 billion yuan - 81,800 home decoration items replaced, generating 8.22 billion yuan - 333,000 digital products purchased, leading to 9.46 billion yuan in sales [2] Group 3: Consumer Trends - The consumption of related categories has shown a continuous increase, with retail sales of home appliances and audio-visual equipment rising by 7.7% year-on-year, and communication equipment by 5.6% [2] - Notably, smart home appliances and audio-visual equipment saw a remarkable growth of 43%, while energy-efficient products (level 1 and 2) increased by 30% [2] - Furniture retail sales surged by 2.8 times, and building materials increased by 3.3 times year-on-year [2] - The automotive sector experienced a significant boost, with retail sales of automobiles increasing by 78.7% year-on-year, and new energy vehicle sales rising by 1.6 times [2]

Core Insights - The article highlights the significant impact of China's "old for new" consumption policy, which has led to increased sales in various sectors, particularly in home appliances and electric vehicles [2][4][5] Group 1: Policy Implementation - The Chinese government is actively promoting the "old for new" policy, with a focus on large-scale equipment updates and consumer goods replacement, aiming to expand support until 2025 [2][6] - As of April 27, 2025, Shandong province has received subsidy applications totaling 64 billion yuan, resulting in the sale of 544.3 million units of various products [2][5] - The policy has led to substantial growth in retail sales, with electric vehicles, smart home appliances, and smartphones seeing increases of 29.2%, 50.2%, and 54.8% respectively in the first quarter [2] Group 2: Retail Performance - JD Electronics in Jinan achieved over 1 billion yuan in sales during its first month of operation, with 90% of products participating in the national subsidy program [4] - The store's sales during the "May Day" holiday reached 9.6 million yuan, ranking first among 130 flagship stores nationwide [4] - The store has adapted its product offerings based on consumer feedback, focusing on cleaning products and televisions, and has updated about 20% of its inventory [4] Group 3: Regulatory Measures - Shandong has established a cross-departmental regulatory mechanism to prevent fraud related to subsidies, ensuring compliance and timely sharing of information [3][9] - The province has implemented strict measures against businesses that violate pricing commitments or engage in fraudulent activities, including immediate disqualification from the subsidy program [3] Group 4: Financial Support Mechanisms - The Shandong government has introduced a pre-allocation funding system to alleviate the financial burden on retailers participating in the "old for new" program, allowing for immediate subsidy access for consumers [8] - The province has also integrated various resources, including financial institutions and retailers, to maximize consumer benefits and reduce costs [7][8] Group 5: Future Outlook - In 2025, the national government plans to allocate 300 billion yuan in long-term special bonds to further support the "old for new" policy [6] - The policy will expand to include additional categories of appliances and digital products, enhancing consumer incentives [7]

Core Viewpoint - Shanghai's government has launched a comprehensive action plan to boost consumption, which is expected to positively impact the city's consumer market [1][2]. Group 1: Consumption Support Policies - The action plan outlines six major initiatives aimed at enhancing consumer spending, including income growth for residents, support for consumption capacity, upgrading service consumption, promoting large-scale consumption updates, fostering new consumption types, and improving the consumption environment [2][3]. - The plan emphasizes the cultivation of new consumption types, particularly through the integration of technologies like artificial intelligence and virtual reality, as well as expanding offerings for senior consumers and enhancing self-care consumption [2][3]. Group 2: Employment and Income Measures - The action plan includes measures related to employment, skills training, and income growth, addressing consumer confidence and reducing concerns about spending [3]. - These measures are expected to significantly boost local consumption by providing a safety net for consumers [3]. Group 3: Trade-in Policies - The plan promotes a "large-scale consumption update action," which includes expanding trade-in programs for consumer goods, particularly in the automotive sector, and implementing subsidies for vehicle replacements [4][5]. - The trade-in policies have shown positive results, with significant increases in automotive sales and consumer engagement in the trade-in programs [4][5]. - In 2024, the trade-in policies are projected to stimulate over 6.8 million vehicle exchanges, with an expected total vehicle sales of around 32 million in China [4]. Group 4: Home Appliances and Digital Products - The action plan also supports the home appliance sector through trade-in incentives, with optimistic projections for domestic sales in 2025 [5]. - The implementation of trade-in policies in Shanghai has resulted in substantial financial support, with over 1.8 billion yuan in subsidies leading to approximately 12 billion yuan in related product sales [5].

Core Viewpoint - The continuation and expansion of the national subsidy policy for replacing old consumer goods have significantly boosted sales in the home appliance and automotive sectors, contributing to economic stability and growth [1][4][8]. Group 1: Sales Performance - The JD Electric flagship store in Jinan reported a sales revenue exceeding 1 billion yuan within the first four months of this year, driven by the national subsidy policy [1][2]. - The cumulative purchase of old-for-new home appliances has surpassed 100 million units since the policy's implementation, with over 40 million units purchased in 2025 alone [2]. - Retail sales of home appliances and audio-visual equipment increased by 19.3% year-on-year in the first quarter, with March showing a remarkable growth of 35.1% [2]. Group 2: Automotive Sector Impact - The automotive sales at Shandong Changshuo have doubled due to the combined effect of national and local subsidies, with significant sales growth continuing into the traditionally slow first quarter [3]. - In the first four months of this year, China's automotive production and sales reached 10.175 million and 10.06 million units, respectively, marking year-on-year growth of 12.9% and 10.8% [3]. Group 3: Economic and Industrial Upgrades - The subsidy policy has not only stimulated consumer spending but also facilitated industrial transformation and upgrades, with a notable increase in the purchase of energy-efficient products [4][5]. - In Shandong, 61.8% of new vehicle purchases were electric, and 87.6% of old-for-new home appliances sold were of first-level energy efficiency [5]. Group 4: Policy Implementation Challenges - Some consumers have reported delays in receiving subsidies, prompting local governments to streamline the approval process to expedite fund disbursement [6][7]. - A pre-allocation mechanism for subsidies has been established in Shandong to alleviate the financial burden on home appliance retailers, allowing for up to 80% of funds to be advanced [7]. Group 5: Future Policy Considerations - Stakeholders express a desire for the continuation and optimization of the subsidy policy, with suggestions to expand the range of eligible products and increase the price cap for certain categories [8][9]. - The diminishing marginal utility of the subsidy policy has been noted, with recommendations for ongoing central government support to maintain the program's effectiveness [9].

Group 1 - The core viewpoint of the news is the introduction of the "Shanghai Consumption Promotion Special Action Plan," which aims to enhance consumption's role in economic growth through six major actions, including expanding employment and implementing childcare subsidies [1][3] - The plan emphasizes the importance of consumption as a key driver of economic growth, linking macroeconomic factors with household spending [3] - Various regions, including Jiangsu, Zhejiang, and Anhui, are implementing measures to stimulate consumption, particularly through the "trade-in" policy for consumer goods, which has shown positive results in sales growth [4][6][7] Group 2 - The "trade-in" policy has been effective in driving consumption and accelerating the pace of consumer spending, with Jiangsu reporting a retail sales total of 15,991.9 billion yuan, a year-on-year increase of 5.5% [4][6] - Zhejiang's approach includes expanding the categories eligible for subsidies from 12 to 85, increasing subsidy rates, and involving over 18,000 businesses in the program [6] - The integration of "artificial intelligence + consumption" is highlighted as a new trend, with various regions promoting the application of advanced technologies in the consumer sector to stimulate new consumption patterns [8][10][11]

Core Points - Shenzhen's e-commerce support policy for 2025 includes ten key measures aimed at boosting online consumption [1] Group 1 - The policy emphasizes the promotion of trade-in activities for consumer goods [1] - Subsidies will be provided for personal consumers purchasing home appliances such as refrigerators, washing machines, televisions, air conditioners, computers, water heaters, kitchen stoves, range hoods, dishwashers, water purifiers, microwaves, and rice cookers [1] - Subsidies will also be available for personal consumers buying digital products like smartphones, tablets, smartwatches, and fitness bands [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In the production industry, attention should be paid to the implementation of the "two new" policies. Shanghai has introduced a special action plan to boost consumption, including measures to promote the replacement of old consumer goods, support automobile and home appliance consumption, and offer subsidies for purchasing new digital products [1]. - In the service industry, attention should be paid to the export - related policy restrictions in the logistics industry. The EU plans to charge fees on small parcels entering the EU, most of which are from China [1]. - The prices of some upstream products are fluctuating. Egg prices are oscillating, aluminum prices are rising, while glass and rubber prices are falling in the short - term [2]. - In the mid - stream, the PTA and asphalt开工率 have increased, while the PX开工率 has decreased [3]. - In the downstream, the sales of commercial housing in first - and second - tier cities have seasonally declined to a near - three - year low, and the number of domestic flights has decreased cyclically [4]. - The credit spreads of the pharmaceutical and chemical industries have slightly declined recently [5]. 3. Summary by Related Catalogs 3.1 Upstream - **Agriculture**: Egg prices have been oscillating recently [2]. - **Non - ferrous metals**: Aluminum prices have been rising continuously [2]. - **Black metals**: Glass and rubber prices have declined in the short - term [2]. 3.2 Mid - stream - **Chemical industry**: The PTA开工率 has increased, while the PX开工率 has decreased recently [3]. - **Infrastructure**: The asphalt开工率 has been increasing continuously recently [3]. 3.3 Downstream - **Real estate**: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low [4]. - **Service industry**: The number of domestic flights has decreased cyclically [4]. 3.4 Market Pricing - The credit spreads of the pharmaceutical and chemical industries have slightly declined recently [5]. 3.5 Industry Credit Spreads - The credit spreads of multiple industries such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry have changed. For example, the credit spread of the agriculture, forestry, animal husbandry and fishery industry has decreased from 78.86 last week to 63.16 this week [52]. 3.6 Key Industry Price Indicators - The prices of various products in different industries have changed. For example, the spot price of PTA has increased by 1.48% to 4986.3 yuan/ton on May 21, while the spot price of WTI crude oil has decreased by 2.58% to 62.0 dollars/barrel [53].

消费赛道迎来重磅利好政策。 5月21日晚，据上海市人民政府官网，上海市人民政府办公厅印发《上海市提振消费专项行动方案》，从七个 方面提出了32条具体举措提振消费。其中提到，加力扩围实施消费品以旧换新；推动人工智能、虚拟现实、大 数据等技术在消费领域深化应用。 券商机构分析称，提振消费成为更鲜明的政策主线，提振消费成为经济工作的重中之重。短期措施主要集中 在"以旧换新"加码发力，化债持续展开，房地产市场"止跌回稳"，资本市场强政策预期等方向。 与此同时，小微企业也迎来利好政策。据国家金融监督管理总局网站消息，金融监管总局、中国人民银行、中 国证监会、国家发展改革委、工业和信息化部、财政部、税务总局、市场监管总局于近日联合印发了《支持小 微企业融资的若干措施》，从增加融资供给、降低综合融资成本、提高融资效率、提高支持精准性、落实监管 政策、强化风险管理、完善政策保障等八个方面，提出23项具体工作措施，进一步改善小微企业、个体工商户 融资状况。 上海重磅发布 5月21日晚间，据上海市人民政府官网，上海市人民政府办公厅印发《上海市提振消费专项行动方案》（以下 简称《行动方案》），其中提到，加力扩围实施消费品以旧换新。 ...

智通财经5月21日电，上海市人民政府办公厅印发《上海市提振消费专项行动方案》。其中提到，加力 扩围实施消费品以旧换新。促进汽车消费，落实好国家汽车报废更新补贴和我市汽车置换更新补贴政 策。落实国家家电以旧换新补贴政策，新增手机、平板、智能手表（手环）等数码产品购新补贴，加力 支持绿色家电家居家装消费。 上海市提振消费专项行动方案：加力扩围实施消费品以旧换新 ...