Group 1 - The core viewpoint of the article highlights the significant recovery and growth of the consumer market in Guangxi during the first four days of the National Day holiday in 2025, with a year-on-year sales increase of 11.3% among nearly 200 key retail and catering enterprises [1][3][4] Group 2 - To stimulate consumer spending, Guangxi has implemented measures such as distributing consumption vouchers and promoting trade-in policies, leading to substantial sales growth in automotive, petroleum products, and furniture categories compared to the same period last year [3] - As of October 4, 2025, the trade-in activities in Guangxi have driven new car sales exceeding 187,000 units, home appliance sales of 3.724 million units, 3C digital product sales of 1.77 million units, electric bicycle sales of 250,000 units, and home renovation sales of 438,000 units, resulting in a direct sales boost of over 41.9 billion yuan [3] - The integration of cultural and tourism services has enhanced service consumption and night economy, with a 58.5% increase in the number of visitors to Guangxi and a 38.6% rise in night-time consumption during the holiday [3] Group 3 - Guangxi has leveraged digital empowerment and innovative scenarios to activate all-channel consumption and foster the growth of new business formats, with online retail sales increasing by 10.2% during the holiday [4] - Notably, sales of electric vehicles, washing machines, and mobile phones saw remarkable year-on-year growth rates of 307.8%, 116.9%, and 116.9% respectively [4]

10月3日 《经济日报》头版、2版刊发文章 《离岛免税业态升级》 版面图及全文如下 左右 核心体验之一 随着海南离岛免税政策的 不断优化 "免税购物天堂" 成为海南的又一张新名片 购物不再只是旅行的点缀 而成为游客赴琼旅游的 外国游客在三亚大东海旅游区购物。图源于三亚大东海旅游区 10月1日，位于海口市的海控全球精品免税城内，前来购物的消费者络绎不绝，在海南上大学的黄宇轩也是其中一员。"这是我第N次来免税城购物，这次 趁国庆假期出游来买一些护肤类产品。"黄宇轩说，海南离岛免税政策实施后，免税店成为她的购物首选，不仅价格优惠，新推出的"即购即提"政策也很 方便。 消费者在海控全球精品免税城内参与活动。图源于海控免税 海控全球精品免税城有限公司相关负责人介绍，近年来，免税城热卖商品格局有所改变，除传统热销产品外，彩妆、3C数码等品类销售增速较快，年轻 群体逐渐成为离岛免税购物的消费主力。这些年，为持续优化购物体验，免税城推出私享SPA、酒水品鉴等特色服务，全力打造海南离岛免税高端购物体 验新标杆。 资料图：海控全球精品免税城。南海网、南国都市报记者 李昊 摄 cdf海口国际免税城里，节日气息扑面而来。今年国庆中秋 ...

随着海南离岛免税政策的不断优化，"免税购物天堂"成为海南的又一张新名片，购物不再只是旅行的点 缀，而成为游客赴琼旅游的核心体验之一。 10月1日，位于海口市的海控全球精品免税城内，前来购物的消费者络绎不绝，在海南上大学的黄宇轩 也是其中一员。"这是我第N次来免税城购物，这次趁国庆假期出游来买一些护肤类产品。"黄宇轩说， 海南离岛免税政策实施后，免税店成为她的购物首选，不仅价格优惠，新推出的"即购即提"政策也很方 便。 从买免税到逛景区，三亚国际免税城持续刷新消费者购物体验。作为全国首个以免税商业为核心载体的 国家4A级旅游景区，通过推动旅游与时尚购物、亲子娱乐等业态深度融合，将传统商业空间转化为多 元价值平台，以"文商体旅康"融合发展模式构建国际消费新生态，打造了情景式、沉浸式休闲游览体 验。 三亚国际免税城聚焦"首"字经济，持续丰富业态组合和品牌迭代，引入爱心小熊咖啡店中国内地首店、 DIMOO"自然的形状"系列主题展全国首展等，通过"免税+体验+社交"的复合模式，吸引年轻客群。目 前已汇聚近1000个国内外知名品牌，为消费者提供多元购物选择。 如今，越来越多消费者选择海南离岛免税购物，线上线下相结合的购物 ...

京东(JD.US)盘前涨超2%，报35.21美元。消息面上，京东宣布，2025年双11购物节将于10月9日晚8点正 式启动，较去年再提前2天，成为历届最早的一次。据悉，京东今年将投入百亿补贴，覆盖3C数码、家 电、服饰等核心品类，并联合超万店开播"直播闪降"专场。物流方面，全国超1600个仓库已开启预售前 置，部分城市可实现分钟级送达。(格隆汇) ...

Core Insights - The upcoming National Day and Mid-Autumn Festival are expected to drive a surge in demand for home appliances and home decoration, with consumers showing a preference for diverse, personalized, and high-quality products [1] - Suning.com has announced an early launch of its Double 11 promotion, starting on September 30, with a focus on providing significant discounts and a "Super Subsidy" plan for home appliances [1][2] - The integration of the National Day holiday and Double 11 shopping events is anticipated to enhance consumer purchasing flexibility and stimulate home appliance sales during the holiday period [2] Group 1: Consumer Trends - Consumers are increasingly seeking home appliances that offer advanced features such as green technology, smart capabilities, and health benefits, moving beyond basic functionalities [1] - The demand for new smart home appliances is urgent, as indicated by Suning's strategy to combine new functions and experiences in their offerings [1] Group 2: Company Initiatives - Suning.com is collaborating with brand factories to implement the "Super Subsidy" plan, targeting three key demand scenarios: essential needs, upgrades, and home decoration [1][2] - The company plans to enhance the shopping experience by integrating supply chains and innovating in experiential retail, allowing consumers to enjoy discounts earlier [1] Group 3: Market Dynamics - Major brands such as Haier, Midea, and TCL are participating in the promotion, which is expected to drive innovation and high-quality development in the home appliance industry [2] - Suning.com will open new flagship stores during the National Day holiday, featuring expanded product categories and enhanced customer interaction areas [2]

姓名：安冉 从业资格号：F3049294 交易咨询证号：Z0017020 姓名：王海聪 从业资格号：F03101206 交易咨询证号：Z0022465 投资咨询资格号：证监许可[2012]112 交易咨询资格证号：证监许可[2012]112 碳酸锂产业链概览-研究框架 碳酸锂 锂辉石 锂云母 盐湖卤水 氢氧化锂 三元材料 磷酸铁锂 钴酸锂 锰酸锂 六氟磷酸锂 动力电池 储能电池 新能源汽车 玻璃陶瓷等 3C数码 请务必阅读正文之后的声明部分 碳酸锂综述 01 多空矛盾不强，震荡运行为主 碳酸锂周度报告 2025年9月28日 碳酸锂产业链价格 02 03 碳酸锂上游供给环境 04 碳酸锂下游消费环境 05 碳酸锂库存结构 请务必阅读正文之后的声明部分 目 录 Part 01 碳酸锂综述 请务必阅读正文之后的声明部分 碳酸锂综述 碳酸锂综述——平衡表 | | 要素 | | | | ★ 碳酸锂周度综述 ★ | | 驱动方向 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 单位:吨 总产量 | 一道 20363 | न्त में मी 20516 | ...

Group 1 - The core theme of the event is "Don't Wait for Double 11," with Su Ning Yi Gou announcing an early start to the Double 11 promotions, beginning on September 30 during the National Day holiday [1] - The company aims to enhance consumer experience by integrating new features and innovative scenarios in smart home appliances, responding to the evolving consumer demand for personalized and high-quality products [2][3] - The Double 11 campaign will last for 44 days, featuring various promotional phases including a "Flash Sale" event with 100,000 discounted home appliances [2] Group 2 - Su Ning Yi Gou has launched the "Super Subsidy" plan for home appliances, offering tiered subsidies of 10%-20% to ensure competitive pricing and meet diverse consumer needs [3] - The company is collaborating with major brands to introduce new products and enhance the penetration of smart home appliances, positioning itself as a leader in the home appliance market [3] - During the National Day holiday, Su Ning Yi Gou will revamp its stores to create immersive shopping experiences, including interactive areas and various consumer engagement activities [4] Group 3 - The company emphasizes leveraging its supply chain and local retail operations to provide a new lifestyle experience, aiming to meet consumer aspirations for quality living [5]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866）韩港（微信 HGK1366） 报告摘要 1 ）多数省市对补贴金额进行限额管理 。我们统计的 19 个省市中，有 16 个提及限额管理。例如山西省 对"按日配置家电、 3C 数码、家装厨卫、电动自行车以旧换新补贴资金额度，消费者领取资格后，可在电 商平台或线下门店消费，消费时补贴先到先得，当补贴达到每日资金上限额度时即停止当日补贴活动。" 2 ）部分省市补贴标准降低。 例如 7 月 31 日贵州省公告，汽车置换更新，购买新能源乘用车，补贴比例 从 16% 降低至 10% 、购买燃油车的补贴比例从 15% 下降至 9% 。 3 ）个别省市活动暂停。 例如 9 月 7 日，天津市公告"自 2025 年 9 月 8 日零时起，汽车置换更新活动停 止" 。 第三，涉及体量有多大？ 7 月以来至少 19 个省市以旧换新政策出现调整，该 19 省市 2024 年社零合计为 22 万亿，占全国社零的 44% 左右。 每周经济观察： （一）景气向上： 一、近期"以旧换新"有何变化？ 今年 7 ...

Core Insights - The sixth China Cross-Border E-Commerce Fair will take place from March 18 to 20, 2026, in Fuzhou, focusing on "Digital Empowerment and Cross-Border Win-Win" as its theme, aiming to explore new opportunities in cross-border e-commerce and lead the digital transformation of global trade [1] Group 1: Scale and Platform Development - The exhibition area will exceed 120,000 square meters, a 20% increase from the previous edition, with 10 themed exhibition zones covering the entire industry chain of cross-border e-commerce [3] - Over 2,500 exhibitors are expected, including major platforms like Amazon, eBay, and SHEIN, along with more than 1,000 source factories and service providers [3] - The fair will adhere to UFI international certification standards, enhancing its internationalization and professionalism, providing an efficient platform for exhibitors [3] Group 2: Digital Innovation - Digital technology will be a core focus, showcasing AI applications in cross-border e-commerce, including smart product selection, precise marketing, intelligent customer service, and logistics optimization [6] - The "Brand Going Global" initiative will highlight domestic brands showcasing their products and sharing internationalization experiences, promoting the upgrade from "manufacturing" to "creation" and "branding" [6] Group 3: Geographical Advantages - Fuzhou's advantageous geographical location and comprehensive transportation network make it a key hub connecting the "Belt and Road" initiative with Southeast Asia and Japan/Korea markets [7] - The modern facilities of the Strait International Exhibition Center are conveniently located just 20 minutes from Fuzhou Changle International Airport, facilitating easy access for global exhibitors and buyers [7] Group 4: Future Opportunities - The cross-border e-commerce industry is expected to see two major trends in 2026: the rise of green supply chains and the unlocking of potential in emerging markets [9] - Environmental concepts will be deeply integrated into cross-border logistics and packaging design, becoming a necessary direction for corporate transformation [9] - Emerging markets in Southeast Asia and Latin America will provide significant growth opportunities for Chinese enterprises [9]

Group 1: Fixed Asset Investment in Jiangsu - Fixed asset investment in Jiangsu province decreased by 7.8% year-on-year from January to August [1] - Infrastructure investment showed growth, increasing by 2.5% year-on-year, contributing 0.4 percentage points to overall investment growth [1] - Large-scale infrastructure projects (over 1 billion) saw a 6.5% increase in investment, driving infrastructure growth by 3.9 percentage points [1] Group 2: Sector Performance - The electricity, heat production, and supply sector grew by 34.2%, while railway transportation and water transportation sectors increased by 17.4% and 19.3%, respectively [1] - The manufacturing sector faced challenges, with investment declining by 4.3% year-on-year, although 14 out of 31 major industries experienced growth [1] - Notable growth in automotive manufacturing (13.5%), textile industry (29.7%), and rubber and plastic products (3.9%) [1] Group 3: Real Estate Market - Real estate development investment in Jiangsu decreased by 18.2% year-on-year from January to August [1] - The sales area of commercial housing also fell by 7.6% year-on-year, with the decline accelerating by 2.4 percentage points compared to the previous month [1] Group 4: Equipment Investment and Consumer Spending - Investment in equipment and tools increased by 4.1% year-on-year, accounting for 19.3% of total investment, up by 0.5 percentage points from the previous month [2] - The retail sales of social consumer goods grew by 4.1% year-on-year, with significant growth in the wholesale and retail sector (33.4%) and information technology services (43.8%) [2] - In August, retail sales of major goods under the "old for new" policy increased by 2.2%, contributing 0.9 percentage points to overall retail growth [2]