Market Performance - During the National Day holiday (October 1-7, 2025), the Nasdaq, S&P 500, and Dow Jones Industrial Average increased by 0.57%, 0.39%, and 0.44% respectively[3] - The Nasdaq China Technology Index rose by 1.59%, while the Hang Seng Index increased by 0.38% during the same period[3] Bond Market - U.S. Treasury yields primarily decreased, with the 10-year yield falling by 2 basis points to 4.14% as of October 7, 2025[4] - The yield curve steepened, with all maturities except for the 30-year remaining unchanged or decreasing during the holiday[4] Currency Trends - The U.S. Dollar Index increased by 0.78%, with the dollar appreciating against the Euro, Pound, and Yen by 0.65%, 0.17%, and 2.70% respectively[5] - The offshore RMB depreciated against the U.S. dollar, rising to 7.1458, a 0.24% increase[5] Gold Market - Gold prices surged, with London spot gold rising by 4.02% to $3979.00 per ounce, and COMEX gold futures increasing by 3.40% to the same price[6] - A rebound in domestic gold prices is anticipated post-holiday due to the significant rise in international prices[6] Economic Uncertainty - The U.S. government shutdown began on October 1, 2025, due to budget disagreements, which may lead to increased unemployment and reduced consumer spending, negatively impacting GDP growth[7] - The delay in non-farm payroll data release adds to economic uncertainty, affecting market predictions[8] Political Developments - Japan's political landscape may shift with the election of the first female president of the Liberal Democratic Party, which could escalate geopolitical tensions in East Asia due to her conservative stance[9] Monetary Policy - The central bank plans to conduct a 1.1 trillion yuan reverse repo on October 9, 2025, to maintain liquidity, despite a net withdrawal in October due to maturing repos[10] Consumer Spending - The fourth batch of 690 billion yuan in special bonds for consumer goods has been allocated, expected to boost retail sales in the fourth quarter[10] Investment Strategy - The market may present structural investment opportunities in sectors such as AI, energy storage, and gold, while the bond market remains attractive despite short-term risks[11]

据国家发展改革委消息，今年1—8月，全国共有3.3亿人次申领消费品以旧换新补贴，带动相关商品销 售额超过2万亿元；限额以上单位家用电器和音像器材、文化办公用品、家具、通讯器材类商品零售额 同比分别增长28.4%、22.3%、22.0%、21.1%，支撑社会消费品零售总额同比增长4.6%。 了解更多 ▶ 来源/国家发展改革委 近日，国家发展改革委已会同财政部，向地方下达了今年第四批690亿元超长期特别国债支持消费品以 旧换新资金，至此，全年3000亿元中央资金已全部下达。下一步，各有关部门将进一步组织地方合理把 握工作节奏，完善资金使用计划，均衡有序支出补贴资金，加强产品质量和价格监管，严厉打击骗补套 补等违法违规行为，平稳有序实施消费品以旧换新政策，推动补贴资金用到实处、见到实效。 编辑/羊秀 胡禹山 ...

经济日报北京9月30日讯（记者顾阳）国家发展改革委近日会同财政部，向地方下达了今年第四批 690亿元超长期特别国债支持消费品以旧换新资金，至此，全年3000亿元中央资金已全部下达。 国家发展改革委有关负责人表示，将进一步组织地方合理把握工作节奏，完善资金使用计划，均衡 有序支出补贴资金，加强产品质量和价格监管，严厉打击骗补套补等违法违规行为，平稳有序实施消费 品以旧换新政策，推动补贴资金用到实处、见到实效。 今年以来，国家发展改革委会同财政部等部门，认真贯彻落实党中央、国务院关于实施"两新"政策 的决策部署，有序下达超长期特别国债资金支持消费品以旧换新。各地各有关部门持续完善实施机制， 强化资金监督管理，推动消费品以旧换新政策取得积极成效。今年1月至8月，全国共有3.3亿人次申领 消费品以旧换新补贴，带动相关商品销售额超过2万亿元；限额以上单位家用电器和音像器材、文化办 公用品、家具、通讯器材类商品零售额同比分别增长28.4%、22.3%、22.0%、21.1%，支撑社会消费品 零售总额同比增长4.6%。 ...

Core Points - The National Development and Reform Commission (NDRC) and the Ministry of Finance have allocated 69 billion yuan in the fourth batch of special long-term bonds to support the consumption of old-for-new products, completing the annual allocation of 300 billion yuan in central funds [1] - From January to August this year, 330 million people have applied for subsidies under the old-for-new policy, driving sales of related products to exceed 2 trillion yuan [1] - Retail sales of household appliances, audio-visual equipment, cultural and office supplies, furniture, and communication equipment have seen year-on-year growth rates of 28.4%, 22.3%, 22.0%, and 21.1% respectively, contributing to a 4.6% year-on-year increase in total retail sales of consumer goods [1] Implementation and Oversight - The NDRC plans to further organize local governments to reasonably manage the pace of work, improve fund usage plans, and ensure balanced and orderly expenditure of subsidy funds [1] - There will be an emphasis on product quality and price supervision, along with strict measures against fraudulent claims and illegal activities related to subsidies [1] - The goal is to implement the old-for-new policy smoothly and effectively, ensuring that subsidy funds are utilized properly and yield tangible results [1]

Core Viewpoint - The Chinese government has implemented a policy to support the replacement of old consumer goods with new ones, which has led to significant increases in sales and consumer participation in the program [1] Group 1: Policy Implementation - The National Development and Reform Commission (NDRC) and the Ministry of Finance have allocated 300 billion yuan in special long-term bonds to support the consumer goods replacement policy [1] - The fourth batch of 69 billion yuan in special long-term bonds has been distributed to local governments, completing the annual funding allocation [1] Group 2: Impact on Consumer Behavior - From January to August this year, 330 million people have applied for subsidies under the consumer goods replacement program, resulting in over 2 trillion yuan in related sales [1] - Retail sales of major household appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment have seen year-on-year growth rates of 28.4%, 22.3%, 22.0%, and 21.1% respectively [1] Group 3: Future Directions - The government plans to enhance the management of subsidy funds, ensure product quality and price regulation, and combat fraudulent claims to ensure the effective implementation of the consumer goods replacement policy [1]

2025.09. 30 据国家发展改革委消息，今年以来，国家发展改革委会同财政部等部门，认真贯彻落实党中央、国务 院关于实施"两新"政策的决策部署，有序下达超长期特别国债资金支持消费品以旧换新。各地各有 关部门持续完善实施机制，强化资金监督管理，推动消费品以旧换新政策取得积极成效。今年1—— 8月，全国共有3.3亿人次申领消费品以旧换新补贴，带动相关商品销售额超过2万亿元；限额以上单 位家用电器和音像器材、文化办公用品、家具、通讯器材类商品零售额同比分别增长28.4%、 22.3%、22.0%、21.1%，支撑社会消费品零售总额同比增长4.6%。 近日，国家发展改革委已会同财政部，向地方下达了今年第四批690亿元超长期特别国债支持消费品 以旧换新资金，至此，全年3000亿元中央资金已全部下达。下一步，各有关部门将进一步组织地方 合理把握工作节奏，完善资金使用计划，均衡有序支出补贴资金，加强产品质量和价格监管，严厉打 击骗补套补等违法违规行为，平稳有序实施消费品以旧换新政策，推动补贴资金用到实处、见到实 效。 微信编辑 | 小羊 推荐阅读 捷豹路虎3.3万名员工被告知"停工停产" t查询行者 2 代 H t a ...

Group 1 - The core viewpoint of the article highlights the positive impact of the "old for new" policy on consumer goods, with significant government support leading to increased sales and consumer participation [1] - From January to August this year, 330 million people applied for subsidies under the "old for new" program, resulting in over 2 trillion yuan in related sales [1] - Retail sales of household appliances, audio-visual equipment, cultural and office supplies, furniture, and communication equipment saw year-on-year growth rates of 28.4%, 22.3%, 22.0%, and 21.1% respectively, contributing to a 4.6% year-on-year increase in total retail sales of consumer goods [1] Group 2 - The National Development and Reform Commission, in collaboration with the Ministry of Finance, has allocated a total of 300 billion yuan in special long-term bonds to support the "old for new" policy, with the fourth batch of 69 billion yuan recently distributed [1] - Future efforts will focus on improving the implementation of the subsidy program, ensuring balanced and orderly expenditure, and enhancing product quality and price supervision while combating fraudulent claims [1]

国家发展改革委9月30日发布消息称，今年以来，国家发展改革委会同财政部等部门，认真贯彻落实党 中央、国务院关于实施"两新"政策的决策部署，有序下达超长期特别国债资金支持消费品以旧换新。各 地各有关部门持续完善实施机制，强化资金监督管理，推动消费品以旧换新政策取得积极成效。今年1 月份至8月份，全国共有3.3亿人次申领消费品以旧换新补贴，带动相关商品销售额超过2万亿元；限额 以上单位家用电器和音像器材、文化办公用品、家具、通讯器材类商品零售额同比分别增长28.4%、 22.3%、22.0%、21.1%，支撑社会消费品零售总额同比增长4.6%。 近日，国家发展改革委已会同财政部，向地方下达了今年第四批690亿元超长期特别国债支持消费品以 旧换新资金，至此，全年3000亿元中央资金已全部下达。下一步，各有关部门将进一步组织地方合理把 握工作节奏，完善资金使用计划，均衡有序支出补贴资金，加强产品质量和价格监管，严厉打击骗补套 补等违法违规行为，平稳有序实施消费品以旧换新政策，推动补贴资金用到实处、见到实效。 ...

国家发展改革委网站9月30日消息，近日，国家发展改革委已会同财政部，向地方下达今年第四批690亿 元超长期特别国债支持消费品以旧换新资金，至此，全年3000亿元中央资金已全部下达。 国家发展改革委表示，下一步，各有关部门将进一步组织地方合理把握工作节奏，完善资金使用计划， 均衡有序支出补贴资金，加强产品质量和价格监管，严厉打击骗补套补等违法违规行为，平稳有序实施 消费品以旧换新政策，推动补贴资金用到实处、见到实效。 今年1月、4月、7月，有关部门分三批下达超长期特别国债支持消费品以旧换新资金。各地各有关部门 持续完善实施机制，强化资金监督管理，推动消费品以旧换新政策取得积极成效。 国家发展改革委数据显示，今年1—8月，全国共有3.3亿人次申领消费品以旧换新补贴，带动相关商品 销售额超过2万亿元；限额以上单位家用电器和音像器材、文化办公用品、家具、通讯器材类商品零售 额同比分别增长28.4%、22.3%、22.0%、21.1%，支撑社会消费品零售总额同比增长4.6%。 国家发展改革委政策研究室副主任、新闻发言人李超日前透露，为进一步扩大内需，将平稳有序实施消 费品以旧换新政策，做好政策接续，加快首发经济、数字消 ...

据国家发展改革委消息，今年以来，国家发展改革委会同财政部等部门，认真贯彻落实党中央、国务院关于实施"两新"政策的决策部署，有序下达超 长期特别国债资金支持消费品以旧换新。各地各有关部门持续完善实施机制，强化资金监督管理，推动消费品以旧换新政策取得积极成效。 今年1－ 8月，全国共有3.3亿人次申领消费品以旧换新补贴，带动相关商品销售额超过2万亿元；限额以上单位家用电器和音像器材、文化办公用品、家具、 通讯器材类商品零售额同比分别增长28.4%、22.3%、22.0%、21.1%，支撑社会消费品零售总额同比增长4.6%。 近日， 国家发展改革委已会同财政部，向地方下达了今年第四批690亿元超长期特别国债支持消费品以旧换新资金，至此，全年3000亿元中央资金已 全部下达。 下一步，各有关部门将进一步组织地方合理把握工作节奏，完善资金使用计划，均衡有序支出补贴资金，加强产品质量和价格监管，严 厉打击骗补套补等违法违规行为，平稳有序实施消费品以旧换新政策，推动补贴资金用到实处、见到实效。 ...