（来源：沈阳晚报） 转自：沈阳晚报 节日假期，沈阳大力开展"约沈阳 悦消费—品秋韵"主题促消费活动，全市物资供应丰富，各大商家开 展了丰富多彩的促销活动。在消费品以旧换新、消费补贴发放活动等多方助力下，节日消费市场热潮涌 现，活力足。 供应足： 消费热： 超百场促销活动，掀市场热浪 "双节"期间，沈城的大街小巷、门店商超到处涌动着节日的消费热潮。记者从市商务局了解到，节日期 间，全市范围内大力开展"约沈阳 悦消费—品秋韵"主题促消费活动，持续营造浓厚节日促消费氛围。 全市各大商超结合"双节"假期消费特点，聚焦服饰珠宝、家电家居、手机数码、餐饮住宿等，推出了 130余场主题消费促进活动。市区两级商务部门发动中街、太原街等重点商业街区、各商贸企业、金融 机构、电商平台协同发力，掀起了节日消费热潮，满足消费者多元化消费需求。 与此同时，全市多地区协同发力，共计投入800万元资金用于发放消费券，优惠覆盖日常消费全场景， 不仅有满足购物需求的汽车消费券、商场购物券、超市购物券，还包含贴合健康消费的健康购物券，适 配节日休闲的住宿洗浴券，吸引广大消费者"乐购沈阳 惠享美好"。 多助力： 消费品以旧换新促节日消费热 沈阳人 ...

贵州日报天眼新闻记者 桂榕 编辑 鲁媛 二审 刘定珲 三审 孙勤 西南家居博览城举办国庆促消费活动现场。 此外，六盘水市积极组织重点经营主体参与省级"多彩贵州欢乐购·助商惠民购物季"活动。自10月1日启 动以来，已累计核销消费券22801笔，带动消费638.6万元，消费乘数效应达6.43，有效激发了市民的购 物热情。 从区域看，水城区（含高新区）大型商超及汽车经销商累计举办3场重点促销活动，实现销售额约为695 万元；钟山区大型商超及汽车经销商统计销售额约为1200万元；盘州市大型商超及汽车经销商统计销售 额达1266.05万元，区域消费呈现均衡活跃态势。 10月9日，记者从六盘水市商务局获悉，国庆中秋假期期间，六盘水市消费市场活力涌动，购销两旺。 市、县两级联动金融及企业等多方力量，围绕商场超市、成品油、家电家居、汽车等板块，叠加省、市 消费券及节日消费热点，全市统筹组织大型商超、汽车经销商等商贸主体开展了24场重点促销活动，实 现销售额7482.62万元，同比上涨16.42%，消费带动效应显著。 ...

9月22日，六盘水消费品以旧换新新闻通气会举行，今年以来，六盘水市坚决贯彻落实国家、省"以旧换新"部署要求，采取措施打好消费品"以旧换新"组合 拳，全力促消费、扩内需。1-8月全市落实上级消费品"以旧换新"政策带动消费20.79亿元。 六盘水消费品以旧换新新闻通气会现场。 因地制宜，放大政策叠加。结合实际用好促消费专项资金，有效叠加放大国家、省系列促销政策，制定针对汽车和家电家居的《专项消费券活动实施方 案》，深挖以旧换新消费潜力，努力吸引周边省市邻近地区群众消费。同时，加大与行业商协会、重点企业对接，谋划找准"五一""避暑季"等以旧换新促销 入口，激发潜在消费热情，吸引更多绿色消费、智能消费、品质消费。今年以来全市陆续开展了第十一届、第十二届凉都车展、万达车展、盘州车展等12场 系列市级汽车专项消费券活动，投入资金1200余万元，截至目前，带动消费近4亿元，成功吸引"纳威赫"甚至省外消费者前来购车，市外消费者占比超过 35%。开展1场市级家电家居专项消费券活动，带动消费800余万元，有效补充部分未能参加国补的家电家居品类，最大限度满足消费者需求。 六盘水商场内，政府消费券满减活动现场。 协同联动，整合资源集 ...

9月16日，经广州海关监管验放，第138届中国进出口商品交易会（下称"广交会"）首批进境展品在广州 南沙口岸顺利通关入境。这批货物是来自埃及的热水器、洗衣机和空调等家用电器，共计103件、总重 6248千克，为历届广交会单批进境展品重量之最，标志着第138届广交会布展工作拉开序幕。 作为中国历史最久、规模最大的综合性国际贸易盛会，广交会享有"中国第一展"等美誉，是链接全球的 贸易之桥、沟通之桥、友谊之桥。 据了解，第138届广交会将于10月15日至11月4日分三期在广州举办，展览总面积约155万平方米，设置 展区55个，预计有超3万家企业参展，展品涵盖工业自动化及智能制造、新能源汽车、五金建材、家电 家居、轻工礼品等品类。其中进口展面积约3万平方米，预计约有来自50个国家和地区的企业参展。 （总台记者 郑澍 赵菁） ...

Core Insights - Yunnan Province's Commerce Department has organized a series of "old for new" consumption upgrade events to promote resource recycling and consumption enhancement [1][5] - The events took place on August 27 and September 4-5, involving 15 companies and serving over 5,000 participants including corporate staff, university students, and community residents [1] Group 1 - The events featured various interactive activities such as mobile phone film application, free package replacements, test drives, and distribution of branded bags, aimed at attracting participants [1] - The activities focused on popular categories for product exchange, including automobiles, home appliances, and 3C digital products, creating a comprehensive service station for policy promotion and consumer engagement [1] - The initiative aims to deliver policy benefits and quality services directly to enterprises, campuses, and communities, enhancing consumer experience [1] Group 2 - The Yunnan Province Commerce Department plans to continue the "six advances" series of activities, tailoring them to meet the needs of different groups [5] - The strategy includes expanding policy coverage and optimizing service models to promote green, low-carbon, and energy-efficient consumption concepts among the public [5] - The goal is to maintain a "warm" policy approach to continuously boost the "heat" of the consumer market [5]

Core Insights - The national subsidy program is facing challenges due to misuse and regulatory scrutiny, leading to changes in how subsidies are distributed [1][3][20] - Several provinces have reported significant amounts of fraudulent use of subsidy funds, totaling over 100 million yuan [2] - The subsidy distribution has shifted from a "no-threshold" approach to a "first-come, first-served" model, and now to a lottery system in some regions [5][9][10][14] Group 1: Subsidy Misuse and Regulatory Response - Reports indicate that six provinces have engaged in fraudulent activities related to the national subsidy, with Hunan accounting for approximately 93.83 million yuan [2] - The initial phase of the subsidy program saw widespread misuse, prompting regulatory bodies to take action and adjust the subsidy distribution methods [3][20] - The adjustments aim to create a more transparent and fair process for subsidy distribution while preventing fraudulent claims [20] Group 2: Changes in Subsidy Distribution Methods - The subsidy distribution has evolved from a "no-threshold" model to a "first-come, first-served" basis, and now to a lottery system in various regions [5][9][10] - In Shanghai, the new lottery system will require consumers to register and participate in a public lottery to receive subsidies, with the first round of registration scheduled from September 20 to 22 [10] - Other regions, such as Anhui, have also adopted similar lottery systems for subsidy distribution, indicating a trend towards more regulated and controlled access to subsidies [14][15] Group 3: Consumer Impact and Sentiment - Consumers have expressed frustration with the new lottery system, feeling that it makes accessing subsidies more difficult [8][12] - The changes in subsidy rules have led to concerns about the overall accessibility and effectiveness of the subsidy program, potentially impacting consumer spending behavior [20][22] - Despite the challenges, the new systems are designed to ensure that subsidies are distributed more fairly and transparently, which may ultimately benefit consumers in the long run [20][22]

Group 1 - The provincial government emphasizes the importance of boosting consumption and expanding domestic demand as a long-term strategy to support high-quality economic development [1][2] - The government plans to enhance commodity consumption through policies like trade-in programs, focusing on major sectors such as automobiles and home appliances [2] - There is a commitment to integrate service consumption across various sectors, promoting tourism and cultural events to stimulate economic activity [2] Group 2 - The government aims to stabilize the real estate market and improve housing supply to boost housing consumption [2] - New consumption models, including e-commerce and digital services, will be developed to foster innovative consumer experiences [2] - Efforts will be made to improve consumer infrastructure and enhance financial support for consumption, creating a trustworthy consumption environment [2]

Core Viewpoint - The provincial government emphasizes the importance of boosting consumption and expanding domestic demand as a long-term strategy to support economic recovery and high-quality development, in response to the current complex external environment [1][2]. Group 1: Consumption Expansion Strategies - The government aims to further expand commodity consumption by leveraging policies such as trade-in for consumer goods, particularly in major sectors like automobiles and home appliances [2]. - Service consumption is identified as a long-term focus, with plans to integrate various sectors such as tourism and sports to enhance consumer experiences and stimulate demand [2]. - The real estate market is targeted for stabilization and recovery, with initiatives to increase the supply of quality housing and enhance housing consumption [2]. Group 2: New Consumption Models - The development of new consumption models is prioritized, including fostering leading e-commerce platforms and promoting innovative consumption scenarios such as virtual live streaming and instant retail [2]. - The government supports the growth of emerging leisure consumption sectors, including animation, gaming, and winter sports, to diversify consumer offerings [2]. Group 3: Infrastructure and Support - There is a commitment to improving urban and rural consumption infrastructure, alongside increasing financial and fiscal support for consumption [2]. - Efforts will be made to enhance the quality and branding of consumer goods to create a trustworthy consumption environment across society [2]. Group 4: Economic Cycle and Coordination - The government aims to improve livelihoods and increase consumer capacity through job creation and financial assistance, fostering a virtuous cycle of "livelihood improvement - consumption recovery - economic growth" [2]. - Coordination among various regions and departments is emphasized to streamline mechanisms that promote consumption and address restrictive measures in different industries [2].

Group 1 - The "618" shopping festival lasted nearly 40 days, making it the longest in history, with a significant increase in the use of interest-free installment payments, which grew by 19% year-on-year [1] - The four key themes during the "618" period were discounts, national subsidies, consumption vouchers, and interest-free installments [1] - The most active regions for interest-free installment consumers were Guangdong, followed by Zhejiang and Jiangsu [1] Group 2 - Domestic brands are becoming the dominant trend in consumption, with the popularity of domestic electric vehicles boosting the auto parts industry and the rise of Labubu driving the anime and toy sector [3] - Interest-free installment orders during "618" showed a shift in consumer preferences, with auto parts, educational supplies, electric vehicles, and anime toys experiencing the fastest growth alongside traditional electronics [3] - The transaction amount for electric vehicles saw a 30% year-on-year increase, with one in five transactions made using interest-free installments [3] Group 3 - The interest-free installment model is seen as a win-win for consumer finance, meeting the needs of consumers for rational planning and efficient fund usage while lowering decision-making barriers for merchants [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the macroeconomic performance of China in April 2025, highlighting the resilience of the economy despite external pressures such as U.S. tariffs on Chinese goods [1][2]. Core Economic Insights - China's actual GDP growth in April 2025 is approximately 5.5% year-on-year, indicating strong economic fundamentals that support the annual growth target [1][2]. - The production sector continues to show robust growth, particularly in high-tech industries such as high-end equipment manufacturing, integrated circuits, industrial robots, and the new energy vehicle supply chain [1][3]. - Consumer retail sales growth is around 5% year-on-year, with notable performance in new products, although goods consumption is currently stronger than services consumption [1][5]. - The real estate sector shows signs of stabilization, with new home sales and prices stabilizing, although supply-side indicators are declining [1][6]. - Investment growth has slightly decreased, with manufacturing investment remaining resilient, but the electronics sector is impacted by tariffs [1][7]. Production Sector Analysis - The production sector maintains strong growth, with industrial value-added growth remaining above 6%, despite a slight decline due to base effects [3]. - High-tech industries are expanding, and the overall macro environment is improving, which may help mitigate the impact of U.S. tariffs [3][9]. Consumer Sector Trends - The consumer sector continues to show structural characteristics, with significant growth in new products exceeding 20% [5]. - The expectation is that service consumption will gradually become a key support for domestic demand in the second half of the year [5]. Real Estate Sector Performance - The real estate demand is stabilizing, with new home sales and prices showing a stabilizing trend, although the supply side is experiencing a downturn [6]. Investment Sector Insights - Investment growth has slightly declined due to a decrease in real estate and marginal cooling in infrastructure and manufacturing investments [7][8]. - Infrastructure investment remains strong, particularly in new infrastructure areas such as data centers and artificial intelligence [8]. Capital Market Signals - Recent financial policies indicate a continuous supportive tone, suggesting that 2025 may be a turning point for China's macroeconomic narrative [10][12]. - The cyclical factors that have suppressed China's economy and equity performance are nearing an end, with positive changes emerging in structural factors [12]. Potential Investment Opportunities - Future investment opportunities may arise from three main areas: technological breakthroughs, confirmation of economic stability, and global economic structural changes [11]. - The overall outlook suggests that despite tariff impacts, improvements in domestic demand and new trade dynamics will support economic resilience and potential revaluation in the capital market [11][12].