（来源：荔枝新闻） 转自：荔枝新闻 好消息来啦！ 2026年江苏消费品以旧换新工作马上开启，不管是想换新车、新家电，还是入手数码智能产品，都能领 补贴，实打实帮你省钱，实惠又方便，快跟着小编一起划重点！ 从2026年1月1日起，政策正式实施！不管是换车还是买家电、数码产品，只要符合条件，都能申请补 贴，早换早享受优惠～ 哪些东西能领补贴？能省多少？ 01换汽车：最高补贴2万元！ 不管是报废旧车换新车，还是直接置换旧车买新车，都有补贴，新能源和燃油车都覆盖～ 报废旧车换新车： 报废2013年6月30日前登记的汽油乘用车、2015年6月30日前登记的柴油及其他燃料乘用车，或是2019年 12月31日前登记的新能源乘用车，再买符合要求的新能源乘用车，按新车售价12%补贴，最高能拿2万 元！报废燃油车并购买2.0升及以下排量燃油乘用车，按10%补贴，最高1.5万元～ 置换旧车换新车： 补贴什么时候能领？ 把自己名下的旧乘用车卖掉，再买符合要求的新能源乘用车，按新车售价8%补贴，最高1.5万元；买2.0 升及以下排量燃油乘用车，按6%补贴，最高1.3万元～ 划重点：每个人只能选一次汽车补贴（要么报废补贴，要么置换补贴） ...

Flash | 30 Dec 2025 11:17:16 ET │ 15 pages China Industrials CITI'S TAKE NDRC unveiled the renewal subsidy program for replacement with a budget of US$8.9bn for 2026 from ultra-long special treasury bonds but didn't specify the total size of the fund for the 2026 scheme. The 2026 initial budget seems to be far lower than the mega budget of Rmb300bn (approx. US$41.8bn) for 2025. Hence, we believe the positive impact to corporate earnings would be less for 2026 vs 2025. Major sectors to be covered are compara ...

Core Viewpoint - The 2026 "Two New" policy aims to enhance equipment updates and consumer goods replacement, addressing public concerns and promoting high-quality development through targeted subsidies and support measures [1][2]. Group 1: Policy Changes - The 2026 "Two New" policy expands support to include the installation of elevators in old residential areas, equipment updates in elderly care institutions, and updates for commercial facilities like shopping centers and supermarkets [2][4]. - The policy continues to support the replacement of old vehicles and household appliances, including cars, washing machines, and refrigerators, while also expanding subsidies for digital and smart products [2][3]. Group 2: Subsidy Standards - The subsidy standards for equipment updates have been optimized, with differentiated subsidies based on the number of floors for old elevators, potentially easing financial burdens for high-rise residential buildings [4][5]. - For automotive subsidies, the policy shifts from fixed amounts to percentage-based subsidies, with support for new energy vehicles at 12% of the vehicle price (up to 20,000 yuan) and for fuel vehicles at 10% (up to 15,000 yuan) [5][6]. Group 3: Implementation Mechanism - The policy introduces an optimized project application and review process, lowering investment thresholds and increasing support for small and medium-sized enterprises [7]. - A unified subsidy standard will be implemented nationwide for vehicle replacements and household appliances, addressing regional disparities in subsidy amounts [7].

21世纪经济报道记者周潇枭北京报道 2026年的"国补"要来了！国家发改委和财政部联手，真金白银地砸钱。大家在买新车、换家电、买数码 产品时，国家会给报销一部分。 2025年12月30日，国家发展改革委和财政部联合对外《关于2026年实施大规模设备更新和消费品以旧换 新政策的通知》，明确了"两新"政策的适用范围和补贴金额。为满足元旦、春节的消费需求，625亿元 首批"国补"资金已下达。 数码党们听好了！手机、平板、智能手表手环，还有智能眼镜！数码产品的单价不能超过6000块，按 15%补贴，每人每类补一件，每件最高500块。如果要买最新款、顶配的旗舰产品，价格一旦超过6000 块钱，就得完全自掏腰包了。 可以看出，2026年"国补"三个关键词：高能效、绿色、智能。专补那些能耗低、够智能、大家用得上的 东西。让你消费升级，还能推动产业升级。 另外，设备更新的政策放宽了。老旧小区加装电梯、养老院更新设备、消防救援设施改造，甚至线下商 场更新设备，都能申请补助。项目申报的投资门槛还降低了，更多中小企业也能享受政策红利。 总之，2026年如果你想换大件、搞升级，可以好好关注"国补"政策，分分钟能省一大笔钱。该报废的报 ...

Company Insights - Johnson Controls reported its best performance since 2019, highlighting its strong position in the coolant and air conditioning market, particularly for data centers [1] - The positive results from Johnson Controls are indicative of broader trends in the industry, as companies like Eaton also showed strong performance despite initial market skepticism [2] - The ongoing data center buildout is seen as a significant growth opportunity, with Johnson Controls positioned as a major beneficiary [3] Industry Trends - The data center sector is recognized as one of the most significant construction projects of the current era, driving demand for related services and products [3] - Companies that may appear mundane, like Johnson Controls, can deliver exceptional results, suggesting that there are hidden opportunities within traditional sectors [2]

Core Insights - LG Electronics Inc. successfully launched a $1.3 billion initial public offering (IPO) for its Indian unit, which was five times subscribed, indicating strong demand from institutional and wealthy investors [1][2]. Investor Demand - Subscriptions from wealthy individuals reached 13 times the allocated shares, while qualified institutional investors subscribed at 2.7 times, retail investors at 2.5 times, and employees at 5.3 times [2]. IPO Details - The IPO involves the sale of 71.3 million shares priced between 1,080 rupees and 1,140 rupees each, potentially valuing LG Electronics India Ltd. at up to 774 billion rupees ($8.7 billion), making it a contender for India's largest listed home-appliance maker [3]. Market Context - The IPO reflects a strong and sustainable consumption story in India, as noted by LG's chief sales officer, highlighting 28 years of trust from Indian consumers and partners [4]. - This offering marks the fourth billion-dollar IPO in India for the year, contributing to the country becoming the world's fourth-largest IPO market in 2025, with proceeds exceeding $13 billion [4]. Investor Participation - LG attracted significant interest from sovereign wealth funds from Abu Dhabi, Norway, and Singapore, as well as global asset managers like BlackRock Inc. and Fidelity International Ltd. [5]. Valuation Insights - The IPO is priced at approximately 35 times earnings for the year ended March 31, which is considered reasonable compared to peers trading at higher valuations, reflecting the company's strong market position and brand equity [6]. Product Leadership - LG Electronics India holds leading market positions in various product categories, including washing machines, refrigerators, televisions, air conditioners, and microwave ovens, based on offline market share [7]. Underwriters - The share sale was managed by Axis Bank Ltd. and the Indian units of major financial institutions including Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp., and Citigroup Inc. [8].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **durable goods consumption** in **China**, focusing on the **home appliances** and **automobile** sectors, highlighting a shift from growth to decline in sales due to various economic factors [1][2][3]. Core Insights and Arguments - **Durable Goods Sales Growth**: - China's durable goods sales growth has significantly slowed, with home appliance retail sales expected to drop to **-20.0% year-on-year** in Q4 2025 from an anticipated **14.2%** in Q3 2025 [1][3]. - The automobile sector is projected to experience a more modest slowdown, with sales revenue growth impacted by the reinstatement of purchase tax on electric vehicles starting in 2026 [1]. - **Impact of Trade-in Program**: - The home appliance sector benefited from a government trade-in program, which provided **15-20% discounts** and a subsidy cap of **RMB2,000** per item. This program has led to a surge in sales growth, but the momentum is now reversing [2][3]. - Home appliance sales growth surged from **3.4%** in August 2024 to **33.6%** in Q4 2024, but slowed to **14.3%** in August 2025, indicating a significant decline [2]. - **Production Plans as Leading Indicators**: - Factory production plans from China Industry Online (CIO) indicate a downward trend in production for major appliances, with air conditioner production plans showing a decline of **-11.9% year-on-year** in August 2025 [5][12]. - The overall planned production volume for home appliances has decreased from **10.1%** in July to **-7.5%** in August, reflecting a broader slowdown in consumer demand [12]. Additional Important Insights - **Historical Context**: - Previous trade-in programs have shown a payback effect, where sales growth sharply declined after the program ended. For instance, after the 2009-2011 program, home appliance sales growth fell from **12.3%** in 2009 to **7.2%** in 2012 [13]. - **Market Share of Home Appliances**: - Home appliances account for **7%** of merchandise sales and **16%** of durable goods sales among larger retail enterprises in China, making it a significant sector within the consumer goods market [4]. - **Automobile Sector Dynamics**: - The automobile sector, which accounts for **26%** of China's merchandise sales, has also seen a rebound in sales volume but is beginning to show signs of slowing growth due to the payback effect of the trade-in program [21][22]. - The growth in passenger car sales is expected to slow to **0.0% year-on-year** in Q4 2025, with value terms declining from **0.8%** in H1 to an estimated **-2.0%** in Q4 [22]. This summary encapsulates the critical insights from the conference call, focusing on the challenges facing the durable goods sector in China, particularly in home appliances and automobiles, as well as the implications of government subsidy programs and historical trends.

The housing market slump is rippling through manufacturing, sharply dragging down demand for air conditioners and plumbing products. https://t.co/HfvOTRsvHW ...

Core Viewpoint - Lennox International (LII) is positioned well to potentially beat earnings estimates in its upcoming quarterly report, supported by a strong history of exceeding expectations [1]. Group 1: Earnings Performance - Lennox has a solid track record of surpassing earnings estimates, with an average surprise of 18.04% over the last two quarters [2]. - In the last reported quarter, Lennox achieved earnings of $3.37 per share, exceeding the Zacks Consensus Estimate of $3.25 per share by 3.69% [3]. - For the previous quarter, the company reported earnings of $5.6 per share against an expectation of $4.23 per share, resulting in a surprise of 32.39% [3]. Group 2: Earnings Estimates and Predictions - Estimates for Lennox have been trending upward, aided by its history of earnings surprises, and the stock currently has a positive Zacks Earnings ESP of +2.03% [5][7]. - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high likelihood of another earnings beat, with historical data indicating that nearly 70% of stocks with this combination exceed consensus estimates [6][7]. Group 3: Earnings Release Information - The next earnings report for Lennox is expected to be released on July 23, 2025 [7].

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Lennox International (LII) due to higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - Lennox is expected to report quarterly earnings of $6.90 per share, reflecting a +1% change year-over-year, with revenues projected at $1.48 billion, up 2.1% from the previous year [3]. - The consensus EPS estimate has been revised 0.17% higher in the last 30 days, indicating a collective reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +2.41% for Lennox, suggesting analysts are optimistic about the company's earnings prospects [12]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. Historical Performance - Lennox has consistently beaten consensus EPS estimates, achieving this in the last four quarters [14]. - In the last reported quarter, Lennox exceeded expectations by delivering earnings of $3.37 per share against an expected $3.25, resulting in a surprise of +3.69% [13]. Conclusion - Lennox is positioned as a compelling candidate for an earnings beat, but investors should consider other influencing factors before making investment decisions [17].