突然！多地“国补”暂停 发生了什么？

Core Viewpoint - The recent suspension or adjustment of "national subsidies" in various regions, particularly during the ongoing "618" promotional event, has raised concerns about the impact on consumer spending and the home appliance market [1][6][9]. Group 1: Suspension of National Subsidies - Reports indicate that the "national subsidies" for home appliances have been suspended in several regions, including Chongqing and Jiangsu, due to the depletion of subsidy funds [6][9]. - In Chongqing, the subsidy for "old-for-new" home appliances has been confirmed as paused, with officials stating that the funds have been exhausted and a new policy is being drafted for the second phase of subsidies [9][12]. - Similar suspensions have been noted in Guangdong, where certain categories of subsidies are no longer available [12]. Group 2: Financial Implications and Market Reactions - Analysts from Morgan Stanley suggest that the suspension of subsidies is likely a strategic move to support pricing during the "618" sales event, as the subsidies could disrupt the pricing structure [12]. - According to Huaxi Securities, over 150 billion yuan of subsidy funds have been consumed by the end of May, with expectations that consumption will rise to 500 billion yuan in June, leading to a total of 2.1 trillion yuan consumed in the first half of the year [13]. - The current adjustments in subsidy policies are viewed as a means to control the volume of subsidies rather than an end to the program, with further funding expected to be allocated [13].