（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） ...

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 ...

Market Opportunity and Strategy - The Home Depot has a massive total addressable market (TAM) of approximately $1.1 trillion[4, 6, 32], with over $900 billion remaining as an opportunity[4] - The company's strategy focuses on driving its core and culture[4, 11, 17], delivering a frictionless interconnected customer experience[4, 13, 19], and winning the Pro customer segment[4, 15, 27] - The Home Depot's total market share is approximately 15%[6, 127] Competitive Advantages and Operations - The company possesses distinct competitive advantages including its associates and culture, scale and premier real estate, brand, digital and interconnected capabilities, product authority, and supply chain[4, 7, 8, 9] - The Home Depot operates over 2,350 stores across North America[36, 122], with approximately 470,000 associates[36] - Approximately 90% of the stores are owned by the company[36] Pro Customer Focus - The Pro total addressable market is approximately $600 billion[6, 127], with approximately 50% of the market opportunity representing Pros working on complex projects[128] - The company has over 9 million Pro customers[122] and is focused on providing a unified, cross-category experience to save Pros time and money[131] - Pros on The Home Depot trade credit are increasing their spending by approximately 30% on average[141] Digital and Delivery Capabilities - The Home Depot has approximately $25 billion in annual online sales[97] and over 6 billion website and store visits annually[97, 100] - The company has approximately 16,000 delivery assets[97] and is focused on optimizing fulfillment across all assets to better serve customers[108] - Over 55% of deliveries are same or next-day for in-stock SKUs, representing a 3x+ increase from 2022[107] Financial Outlook - The company reaffirms its fiscal year 2025 guidance, including total sales growth of approximately 3%, a gross margin of approximately 332%, and an adjusted operating margin of approximately 130%[169] - The company anticipates net interest expense of approximately $23 billion and adjusted diluted EPS down approximately -5%[169] - The company estimates approximately $22 billion of pent-up demand created over the last 2 years[181]

Financial Performance - Sales increased by 4% year-over-year, reaching $943 million in Q3 2025, compared to $903 million in Q3 2024[11] - Earnings Per Share (EPS) increased by 15% year-over-year, reaching $0.94 in Q3 2025, compared to $0.82 in Q3 2024[11] - North America segment sales increased by 6% year-over-year[22] - China third-party sales declined 12% in local currency[28] - Legacy India business grew 13% and Pureit added $17 million to the quarter[28] - Free cash flow year-to-date September 2025 was $381 million, compared to $283 million for the same period in 2024[30] Segment Performance - North America segment earnings were $180 million in Q3 2025, compared to $163 million in Q3 2024[23] - Rest of World segment sales decreased by 1% year-over-year to $208 million in Q3 2025, from $210 million in Q3 2024[25] - Rest of World segment operating margin expanded 90 basis points[28] - North America segment margin increased 110 bps to 242 percent[15] Sustainability - Achieved a 30% reduction in greenhouse gas intensity by 2024, exceeding the 2025 goal of 10% reduction[16] - Achieved annual water savings of 36 million gallons, progressing towards the 2030 goal of 40 million gallons[18]

Core Viewpoint - A.O. Smith (AOS) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the changing earnings picture of a company [1][2]. - Changes in earnings estimates are strongly correlated with near-term stock price movements, influenced by institutional investors who adjust their valuations based on these estimates [3]. A.O. Smith's Earnings Outlook - The upgrade for A.O. Smith indicates an improvement in the company's underlying business, which is expected to positively affect its stock price [4]. - For the fiscal year ending December 2025, A.O. Smith is projected to earn $3.83 per share, with a 2.1% increase in the Zacks Consensus Estimate over the past three months [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [6]. - The upgrade to Zacks Rank 2 places A.O. Smith in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9].

Financial Data and Key Metrics Changes - The company reported a positive comp for Q2, marking the third consecutive quarter of positive comps, indicating a significant momentum shift compared to the previous year when there were eight quarters of negative comps [7][12] - Home prices have appreciated by approximately 50% since the end of 2019, contributing to a healthy consumer base with significant equity in their homes [8][10] Business Line Data and Key Metrics Changes - In Q2, 13 out of 16 departments in the U.S. experienced positive comps, with a broad-based impact across various categories, including concrete, dimensional lumber, and water heaters [13][14] - The company is taking market share in both consumer and pro segments, with growth in virtually every category outpacing the marketplace [16] Market Data and Key Metrics Changes - The housing market is experiencing a fundamental shortage, with housing turnover at forty-year lows, which is impacting consumer engagement in larger projects [10][12] - Economic uncertainty is cited as a reason for consumers not engaging in big projects, despite having significant untapped equity in their homes [11][12] Company Strategy and Development Direction - The company continues to focus on building out pro capabilities and enhancing digital platforms to engage consumers effectively [16][30] - Capital allocation strategy remains consistent, prioritizing investments in core business, paying dividends, and considering acquisitions to enhance capabilities [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the consumer environment improving in the second half of the year, driven by tax cut benefits [52] - The company is focused on maintaining competitive pricing while managing tariff impacts and ensuring project protection [21][23] Other Important Information - The company has made significant investments in supply chain improvements, enhancing speed and delivery capabilities, which have positively impacted online business growth [44][50] - The company is actively managing its assortment planning in response to tariff impacts and market conditions [26][28] Q&A Session Summary Question: What is the outlook for the consumer environment in the second half? - Management expects the environment to be better as tax cut benefits start to flow through to consumers [52] Question: Have there been any elasticity impacts from pricing actions? - Management noted that there is not much elasticity in their products, and they are closely monitoring pricing across the board [53] Question: What are the expectations for inventory growth in the second half? - Management indicated that there will be no significant changes in inventory growth, maintaining a business-as-usual approach [57] Question: What are the expectations for non-tariff margin drivers? - Management affirmed that operating costs will largely remain the same in the back half of the year [59] Question: What is the outlook for market share consolidation in the retail space? - Management believes that competitive dynamics will remain largely unchanged, with some potential for consolidation in the distribution space [61]

Financial Data and Key Metrics Changes - The company reported a positive momentum shift in Q2, with third-quarter positive comps, contrasting with the previous year's eight quarters of negative comps [4][5] - Home prices have appreciated by approximately 50% since the end of 2019, contributing to a healthier consumer base [5] - The company noted a significant amount of untapped equity in homes, which has not yet translated into increased consumer spending on large projects [8] Business Line Data and Key Metrics Changes - In Q2, 13 out of 16 departments in the U.S. experienced positive comps, indicating broad-based growth across various categories [11] - The company is taking market share in both consumer and professional segments, with growth in virtually every category outpacing the marketplace [14] Market Data and Key Metrics Changes - The housing market is described as being close to frozen, with housing turnover at forty-year lows, which is impacting consumer engagement in larger projects [6][7] - Despite economic uncertainties, the company believes that consumer engagement in home improvement will eventually increase as people become accustomed to current economic conditions [9] Company Strategy and Development Direction - The company is focused on enhancing its pro capabilities through acquisitions and organic growth strategies, aiming to capture more share of wallet from existing customers [30][36] - The company has made significant investments in supply chain improvements and digital assets to enhance delivery speed and customer service [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, anticipating improvements as tax cuts benefit consumers [51] - The company is closely monitoring pricing elasticity and consumer behavior in response to recent price adjustments, indicating a cautious but proactive approach [52] Other Important Information - The company has diversified its supply chain to mitigate tariff impacts, with over 50% of goods manufactured in the U.S. [17][18] - The company is committed to maintaining competitive pricing while protecting project costs, which is crucial for customer retention [21][22] Q&A Session Summary Question: What is the outlook for the consumer environment in the second half? - Management expects the environment to improve as tax cut benefits flow through to consumers [51] Question: Have there been any elasticity impacts from recent pricing actions? - Management noted that there is not much elasticity in their product pricing and is closely monitoring pricing tests [52] Question: What are the expectations for inventory growth in the second half? - Management indicated that there will be no significant changes in inventory growth, maintaining a business-as-usual approach [56] Question: What are the expectations for non-tariff margin drivers into 2026? - Management affirmed that operating costs will remain largely unchanged, with further discussions planned for the investor conference [58] Question: What is the outlook for market share consolidation in the retail space? - Management believes that competitive dynamics will remain stable, with some potential for consolidation in the distribution space [60]

Group 1 - A.O. Smith's stock surged by 6.5% following its earnings release on July 24th, indicating strong market reaction to the company's performance [1] - The company beat both top and bottom line estimates, showcasing its financial strength and operational efficiency [1] Group 2 - TQP Research focuses on a value-oriented investment approach, identifying businesses that align with long-term success criteria [1] - The research covers market analysis, macroeconomic trends, large-cap blue chip companies, and undervalued micro-cap and small-cap stocks [1]

Core Insights - A. O. Smith Corporation (AOS) reported adjusted earnings of $1.07 per share for Q2 2025, exceeding the Zacks Consensus Estimate of 97 cents, with a year-over-year increase of 1% [1] - Net sales reached $1.01 billion, surpassing the consensus estimate of $990.9 million, although this represented a 1% decline year-over-year due to lower water heater volumes and decreased sales in China [1] Segmental Details - North America sales decreased by 1% year-over-year to $779 million, compared to an estimated $758.9 million, primarily due to lower water heater volumes [2] - Segmental earnings remained flat year-over-year at $198.1 million [2] - Sales in the Rest of the World segment totaled $240.1 million, down 2% year-over-year, with China sales decreasing by 11% and India sales increasing by 19% in local currency [3] Margin Details - Cost of sales was $614.2 million, down 2.2% year-over-year, while selling, general & administrative expenses rose by 1.5% to $191.3 million [4] - Gross profit increased by 0.3% year-over-year to $397.1 million, resulting in a gross margin of 39.3%, up from 38.7% in the previous year [4] - Interest expenses rose to $4.6 million from $1.8 million in the year-ago quarter [4] Liquidity & Cash Flow - As of June 30, 2025, cash and cash equivalents totaled $177.9 million, down from $239.6 million at the end of December 2024 [5] - Long-term debt increased to $284.2 million from $183.2 million at the end of December 2024 [5] - Cash provided by operating activities for the first half of 2025 was $178.3 million, compared to $164 million in the same period last year [5] Share Repurchases - In the first half of 2025, A. O. Smith repurchased 3.8 million shares for $251.3 million, with 3 million shares remaining under the existing repurchase authorization as of June 2025 [6] 2025 Outlook - A. O. Smith raised its sales outlook for 2025 to a range of $3.85-$3.93 billion, up from the previous estimate of $3.8-$3.9 billion, with reported sales of $3.82 billion in 2024 [7] - Adjusted earnings per share (EPS) forecast for 2025 is now projected to be between $3.70-$3.90, compared to the earlier expectation of $3.60-$3.90 [8]