Core Insights - The "Two New" policies have shown significant effectiveness in the first three quarters of the year, with various industries experiencing positive growth trends [1] Equipment Investment - Overall equipment procurement in industrial enterprises increased by 9.4% year-on-year, with high-tech manufacturing equipment procurement rising by 14% [1] - The information and technology sectors saw substantial increases in equipment investment, with procurement amounts growing by 26.8% in information transmission software and IT services, and 32.5% in scientific research and technical services [1] - Digital equipment procurement across all industries grew by 18.6%, indicating a strong focus on digital transformation [1] Consumer Goods and Sales - The "old for new" policy for consumer goods has yielded notable results, with retail sales in daily household appliances and furniture increasing by 48.3% and 33.2% year-on-year, respectively [1] - Newly included sectors, such as mobile and communication devices, reported a retail sales revenue increase of 19.9% [1] Automotive Sector - Sales data for motor vehicles indicates that new energy vehicle sales increased by 30.1% year-on-year, reflecting the effectiveness of the automotive "old for new" policy in stimulating consumer demand [1]

10月16日，《证券日报》记者从国家税务总局了解到，2024年3月份，党中央、国务院部署了大规模设 备更新和消费品以旧换新系列政策措施。政策实施以来，效应持续发力显效，有力助推设备投资和消费 增长。今年随着大规模设备更新和消费品以旧换新政策加力扩围，全国企业设备更新加快推进，消费品 以旧换新政策成效明显。 一是工业企业设备更新总体较好。增值税发票数据显示，今年前三季度，工业企业采购机械设备类金额 同比增长9.4%。其中，高技术制造业保持良好增长势头，采购机械设备类金额同比增长14%；电力热力 燃气及水生产和供应业采购机械设备类金额同比增长10.5%，其中热力管道改造加力提速，热力生产和 供应行业采购机械设备类金额同比增长16.4%。 二是信息、科技行业设备更新投入力度加大。增值税发票数据显示，今年前三季度，信息传输软件和信 息技术服务业、科学研究和技术服务业采购机械设备类金额同比分别增长26.8%、32.5%，反映新质生 产力领域投入力度加大。 三是企业数字化设备更新动力较足。增值税发票数据显示，今年前三季度，全国企业采购数字化设备金 额同比增长18.6%，反映数字化转型成为企业重要的发展方向。其中，一些高端 ...

Group 1: National Policies and Financial Support - The issuance of 1.3 trillion yuan in special long-term bonds has been completed, with 300 billion yuan allocated for consumer product trade-in programs and 200 billion yuan for equipment upgrades, indicating strong government support for these initiatives [1] - The tax authority reported that 2.31 trillion yuan of the national subsidy funds have been utilized in the first three quarters of the year, primarily benefiting the home appliance, furniture, and automotive sectors [1] Group 2: Consumer Goods and Retail Performance - Retail sales of daily household appliances, such as refrigerators and televisions, saw significant year-on-year growth of 48.3% and 26.8%, respectively, driven by the trade-in policy [1] - The furniture and lighting retail sectors also experienced robust growth, with sales increasing by 33.2% and 17.2%, respectively, while smart home products like robotic vacuum cleaners surged by 75% [1] Group 3: New Energy Vehicles and Equipment Upgrades - New energy vehicle sales increased by 30.1% year-on-year in the first three quarters, reflecting the effectiveness of the vehicle trade-in policy in stimulating automotive consumption [2] - The 200 billion yuan allocated for equipment upgrades has encouraged industries to enhance their equipment, with industrial machinery purchases rising by 9.4% [2] Group 4: Digital Transformation and Private Sector Growth - The information and technology sectors have seen significant investment in equipment upgrades, with spending on machinery rising by 26.8% and 32.5% in the first three quarters [3] - Private enterprises have played a crucial role in equipment upgrades, with their machinery purchases increasing by 13%, outpacing state-owned and foreign enterprises [3]