Year Start: Public Capex Strong, Private Consumption Soft Early-2026 growth will likely be public capex-led. Consumers and property remain the weak links, and the Q1 pull toward 5% growth is unlikely to be sustainable. What's new at the year start: 4Q25 GDP still tracks <4.5% despite a possible year-end rebound: December production and capex growth likely rebounded from the recent slowdown, supported by (1) accelerated pass-through of Rmb1tn fiscal expansion in the fall, (2) still resilient external demand, ...

据河南省工业和信息化厅提供的数字，2025年前11个月，河南省汽车、家电、通讯器材消费同比分别增 长4.7%、10.5%和61.6%；机电产品出口增长22.9%，占全省出口总值的66.1%。 资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 ...

新国标规定，安全使用年限从消费者首次购买日期计起；需要专业人员安装才能实现正常使用的产品， 从首次安装完成日期计起。此外，生产者应综合考量家电生产、使用、维护等全环节的影响因素，借助 风险管理与风险评估制定有效的预防措施，保障产品在设定年限内能够稳定可靠地使用。 上游财经-重庆晨报记者 杨新宇 重庆市市场监督管理局昨天发布市场消费提示，从2026年1月1日起，新修订的国家标准《家用和类似用 途电器的安全使用年限和再生利用通则》正式实施，要求家用电器必须标注安全使用年限。 新国标聚焦老旧家电"超期服役"引发的安全隐患，规定家电生产者应标明家电安全使用年限。年限不得 低于主要（零）部件的"三包"期限。标识用文字或符号表示，应标注在产品上或使用说明中。标识上还 应标注使用超过安全使用年限产品的风险提示信息。 ...

Summary of the Conference Call on China's "Dual Upgrade" Program Industry Overview - The conference call discusses the **consumer goods industry** in China, specifically focusing on the **2026 consumer goods trade-in and equipment upgrade program**, referred to as the "dual upgrade" program [1][2]. Key Points and Arguments 1. **Program Announcement**: On December 30th, the National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF) released guidelines for the 2026 "dual upgrade" program, adjusting subsidy categories and levels to support areas like livelihood, security, elderly care, green products, and AI [1][2]. 2. **Funding Details**: The initial funding for the program is set at **RMB 62.5 billion**, which is lower than the **RMB 81 billion** allocated in 2025. The total expected funding for 2026 is around **RMB 250 billion**, slightly below the **RMB 300 billion** from 2025 [1][2][6]. 3. **Impact on Retail Sales**: Although retail sales growth is expected to pick up in early 2026 due to the new subsidy quota, full-year nominal retail sales growth is projected to decelerate from **3.8% in 2025 to 2.7% in 2026** due to reduced subsidies and their diminishing impact [1][7]. 4. **Subsidy Adjustments**: The subsidy structure has been modified, with a shift from fixed subsidies per vehicle to a percentage-based subsidy tied to the vehicle's price. For home appliances, subsidies will now only apply to products meeting Level 1 energy-efficiency standards, with a subsidy rate of **15%** (down from **20%**) and a maximum subsidy of **RMB 1,500** per item (down from **RMB 2,000**) [9][2]. 5. **Eligible Products**: The program will focus on products with broad reach, narrowing the scope of qualified home appliances from **12 to 6 sub-categories** and expanding coverage to include digital products like smart glasses and smart home devices for elderly consumers [9][2]. 6. **Implementation Challenges**: The effectiveness of the trade-in program is contingent on both funding and implementation. The previous program's impact faded due to slower subsidy disbursement and tighter application processes, particularly affecting home appliance trade-in applications [2][10]. Additional Important Content - **Long-term Recovery Measures**: To achieve a sustainable recovery in consumption, it is suggested that measures should prioritize job creation and income improvement, such as subsidizing labor-intensive services and enhancing income distribution through mechanisms like raising the minimum wage [7][2]. - **Historical Context**: The initial boost from the trade-in program was noted in Q4 2024 and H1 2025, but its effects have diminished over time, indicating a need for ongoing adjustments to maintain consumer engagement [2][10]. This summary encapsulates the essential points from the conference call regarding the "dual upgrade" program and its implications for the consumer goods industry in China.

Core Insights - The article highlights the significant increase in consumer spending during the New Year holiday in Hebei Province, driven by various promotional activities and policies aimed at stimulating consumption [2][3][6]. Group 1: Consumer Demand and Sales Performance - During the New Year holiday, Hebei's consumer market showed a steady release of demand, with key monitored enterprises achieving a total revenue of 13.58 million yuan, marking a 16.09% year-on-year increase [2]. - In Tangshan, 14 key commercial enterprises recorded a foot traffic of 773,000, a 12.1% increase, and sales of 97.46 million yuan, up 7.4% [2]. - Xingtai's 14 large supermarkets saw a daily foot traffic of 331,000, a 6.5% increase, with sales reaching 13.61 million yuan, a 5.2% rise [2]. - In Shijiazhuang's Luquan District, the North Country Outlets experienced an 8% increase in foot traffic and sales of 15.47 million yuan, up 20% [2]. - Qinhuangdao's eight large supermarkets had an average daily foot traffic of 300,000, more than tripling compared to pre-holiday levels, with sales of 25 million yuan, a 15% increase [2]. - Handan's 73 monitored hotels and inns achieved an occupancy rate of 68.9%, with revenue of 4.38 million yuan, a 4.3% increase [2]. Group 2: Policy Initiatives and Consumer Programs - On January 1, 2026, Hebei launched a comprehensive "old-for-new" consumption policy covering key sectors such as automobiles, home appliances, and digital products, aimed at stimulating consumer demand [3][4]. - From January 1 to 2, the total sales of home appliances, digital, and smart products reached 590 million yuan, with 81.32 million yuan utilized in "old-for-new" subsidies [6]. - Over 11,000 enterprises participated in the "old-for-new" program, completing over 42,000 transactions and achieving sales of 216 million yuan, a 130% increase compared to the same period last year [6]. Group 3: Enhanced Consumer Experience - Various regions have created immersive and interactive shopping experiences, significantly enhancing market attractiveness during the holiday [7]. - In Shijiazhuang, the Zhengding Ancient City hosted over 80 themed activities, attracting an average daily foot traffic of 51,000 [7]. - The Wanli Temple Walking Street received 1.42 million visitors during the holiday, a 35% increase, generating 25 million yuan in revenue, an 18% rise [7]. - Zhangjiakou's "Ice and Snow Chongli" venues attracted nearly 200,000 visitors with immersive experiences [7]. - Handan's HeTou Old Street welcomed over 200,000 tourists, while Tangshan's banquet events featured diverse performances, drawing 13,800 visitors on New Year's Day [7].

（来源：新安晚报） 消费品以旧换新主要包括三大块内容。一是"汽车报废更新"，二是"汽车置换更新"，三是"家电以旧换 新、数码和智能产品购新"。 按照商务部等8部门办公厅联合印发的《2026年汽车以旧换新补贴实施细则》，汽车报废更新最高可补 贴2万元；汽车置换更新最高可补贴1.5万元；每位个人消费者当年只能选择享受一次汽车报废更新补贴 或一次汽车置换更新补贴。按照商务部等5部门办公厅（室）联合印发的《关于做好2026年家电以旧换 新、数码和智能产品购新补贴工作的通知》，家电产品每件最高可补贴1500元，数码和智能产品每件最 高可补贴500元，每人每类可补贴1件。（详细规定请扫二维码）记者在采访中获悉，我省合肥、六安等 地，今年家电等消费品的以旧换新补贴发放工作已经开始试运行。本报记者综合报道 本报讯 安徽省商务厅近日发布《关于2026年安徽省消费品以旧换新工作的公告》，宣布从2026年1月1 日起，启动安徽省消费品以旧换新工作。 转自：新安晚报 ...

据第三方映潮科技数据显示，2025年12月31日至2026年1月2日，湖南实现消费总额460.3亿元，同比增 长24.27%。省商务厅明确自2026年1月1日起，接续实施消费品以旧换新政策，涵盖汽车、家电、数码 及智能产品等多个领域。 政策"引擎"精准点火，触达万千消费者，点燃元旦消费热潮。省商务厅数据 显示，1月1日至2日，全省家电数码智能产品以旧换新订单超12.48万笔，带动销售金额5.16亿元，其中 家电类3.22亿元、数码类1.94亿元。 ...

Group 1 - Qinghai Province's commerce departments and trade service enterprises actively organized consumption promotion activities during the New Year holiday, resulting in a sales revenue of 23.38 million yuan from 12 key commercial enterprises in Xining on New Year's Eve, a year-on-year increase of 5.62% [1] - Various themed activities were held, including "Qinghai Family Feast" and "Warm Winter Shopping Season," with 25 counties and districts conducting diverse promotional activities across sectors like automotive, home appliances, retail, and dining, fostering a collaborative consumption promotion framework [1] - The integration of culture, commerce, and experience in major commercial districts contributed to a vibrant shopping atmosphere during the holiday season [1] Group 2 - The launch of the 2026 consumption upgrade program on January 1 included 201 participating automotive merchants and 1,243 home appliance and digital merchants, with daily subsidies supporting "instant discount" promotions in the home appliance sector [2] - The program has led to an average daily issuance of nearly 2,000 consumption vouchers, with total sales reaching 2 million yuan and subsidy funds utilized amounting to 230,000 yuan [2] - Monitoring data indicated stable operation of essential goods markets during the New Year holiday, with sufficient inventory and orderly sales of staple products like grains, oils, meats, and vegetables, with no shortages reported [2]

Core Viewpoint - The 2026 Hainan Province subsidy policy for replacing old vehicles and electronic products will continue, providing financial incentives for consumers to upgrade their automobiles and household appliances, effective from January 1, 2026 [1][2][3]. Vehicle Replacement Subsidy - The subsidy for scrapping old vehicles can reach up to 20,000 yuan for gasoline vehicles and 15,000 yuan for diesel vehicles, with specific eligibility criteria based on the registration date of the old vehicle [1][2]. - For scrapping eligible old vehicles and purchasing new energy vehicles, a subsidy of 12% of the new vehicle's sales price (up to 20,000 yuan) will be provided, while for fuel vehicles with an engine size of 2.0 liters or less, a subsidy of 10% (up to 15,000 yuan) will be available [1][2]. - Consumers can only choose one type of subsidy (either scrapping or replacing) and can only apply for it once during the policy period [2]. Household Appliances and Digital Products Subsidy - The subsidy for household appliances and digital products will also be implemented, providing 15% of the final sales price as a subsidy, with specific limits on the amount per item [2][3]. - For household appliances, consumers can receive up to 1,500 yuan for each eligible product, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [2][3]. - For digital products like smartphones and tablets, a subsidy of up to 500 yuan per item will be available, with a maximum sales price of 6,000 yuan [3]. Application Process - Consumers can apply for subsidies through the Cloud Flash Payment platform, either online or offline, ensuring that they only pay the amount after the subsidy is deducted [4]. - The application process requires consumers to download the Cloud Flash APP, bind their bank accounts, and complete identity verification before making purchases [4].

Flash | 30 Dec 2025 08:38:23 ET │ 8 pages China Hardware Implications of Newly Announced 2026 Subsidies CITI'S TAKE NDRC announced details of consumption subsidy today. For digital products, it keeps handset, tablet and smart watch but newly added smart glasses with same caps of selling price at Rmb6,000, maximum subsidy amount at Rmb500 and subsidy at 15% of selling prices. For home appliances, it reduced the number of categories to 6 only (from 12), with maximum subsidy amount at Rmb1,500 (from Rmb2,000) ...