{"id":21838,"date":"2025-12-31T09:32:57","date_gmt":"2025-12-31T01:32:57","guid":{"rendered":"https:\/\/www.orientfutures.com.sg\/?p=21838"},"modified":"2025-12-31T09:40:39","modified_gmt":"2025-12-31T01:40:39","slug":"morning-brief-2025-12-31","status":"publish","type":"post","link":"https:\/\/of.sbwd.website\/zh\/research\/morning-brief-2025-12-31\/","title":{"rendered":"Morning Brief 2025-12-31"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"21838\" class=\"elementor elementor-21838\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4025ec7 e-con-full e-flex e-con e-parent\" data-id=\"4025ec7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-945fb5f elementor-widget elementor-widget-text-editor\" data-id=\"945fb5f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><strong>Policy<\/strong><\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*NDRC and MoF issued a Notice on the Implementation of Large-Scale Equipment Renewal and Consumer Goods Trade-In Policy for 2026.<\/span><span data-blocked-bgimage=\"initial\" data-ogsc=\"\"><br \/><\/span><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">Individual Consumer Subsidies: A 15% subsidy will be provided for individuals purchasing four categories of products: mobile phones, tablets, smart watches\/bracelets, and smart glasses.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">Continued Support for Public Transport: Renewal of new energy city buses and their power batteries will continue to receive support.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">Funding Mechanism: The central and local governments will share the funding for consumer goods trade-in programs allocated to regions on a 9:1 ratio (central to local).<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*The Ministry of Finance and the State Taxation Administration released an Announcement on the Value-Added Tax Policy for Individual Sales of Housing, Individuals (excluding general taxpayers among individual industrial and commercial households) who sell a housing property held for less than two years will pay VAT at a 3% rate on the full sales amount. For housing held for two years or more, the sale is exempt from VAT .<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>Industrial Economy<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*The Ministry of Agriculture and Rural Affairs will focus on cultivating and strengthening leading agricultural technology enterprises, accelerating breakthroughs in areas such as seed industry,<\/span><span data-blocked-bgimage=\"initial\" data-ogsc=\"\"> agricultural machinery and equipment, and smart agriculture. It will also vigorously develop modern animal husbandry and modern fisheries.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*MIIT and three other departments jointly issued the \u201cImplementation Plan for the Digital Transformation of the Automotive Industry\u201d, which stipulates that by 2027, benchmark vehicle manufacturing enterprises must elevate their intelligent manufacturing capability maturity level by one tier.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*Beijing issued the \u201cSeveral Measures of Beijing Municipality to Support the Innovative Development of the Artificial Intelligence Industry in the Healthcare Field (2026-2027)\u201d.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*The National Data Administration announced that in 2026, China will intensify efforts to advance the construction of a Digital China, continue implementing the \u201cEast Data, West Computing\u201d project, and accelerate the development of a nationwide integrated computing power network.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>International Relationship<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*At the invitation of the Chairman Xi Jinping, South Korean President Lee Jae-myung will pay a state visit to China from January 4 to 7, 2026.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>Dec 30 Block Trade Info<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*Discount<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-Giant Network (002558 CH) saw 2 block trades worth 301.73mn at 43.92yuan per share, 2.18pct discount from last closing.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-Xinya Electronic (605277 CH) saw 3 block trades worth 129.92mn at 20.30yuan per share, 10.02pct discount from last closing.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*Flat<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-Muyuan Foods (002714 CH) saw 1 block trades worth 187.13mn at 49.90yuan per share, flat from last closing.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><\/div><\/div><p>For more insights, please visit Orient Futures Singapore\u2019s research platform,\u00a0<br \/><a href=\"http:\/\/www.finoview.com.sg\/\">\u7e41\u5fae<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2604ec3 elementor-widget elementor-widget-button\" data-id=\"2604ec3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/of.sbwd.website\/wp-content\/uploads\/2025\/12\/Morning-Brief-2025-12-31.pdf\" target=\"_blank\" rel=\"nofollow\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3210e15 e-flex e-con-boxed e-con e-parent\" data-id=\"3210e15\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 2<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>China\u2019s NDRC and MoF announced the 2026 equipment renewal and trade-in policy, including 15% consumer subsidies for smart devices and ongoing support for new energy city buses.<\/p>","protected":false},"author":3,"featured_media":21839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_links_to":"","_links_to_target":""},"categories":[33],"tags":[],"post_language":[],"class_list":["post-21838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.5 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Morning Brief 2025-12-31 - Orient Futures Singapore<\/title>\n<meta name=\"description\" content=\"China launched the 2026 equipment renewal and trade-in policy, including 15% subsidies for smart devices and support for new energy buses.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" 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