破万亿的以旧换新：补贴狂欢下的耐力赛

Group 1 - The core viewpoint highlights the significant impact of policy incentives on consumer spending, with a total sales volume exceeding 1.1 trillion yuan in the used-for-new consumption market by the end of May, and Shenzhen alone contributing over 30 billion yuan in home appliances and automotive consumption [1] - The "618 shopping festival" initiated by JD.com saw remarkable sales growth, with over 500 home appliance brands achieving a year-on-year increase of more than 10 times in the first hour, and leading domestic brands experiencing growth rates exceeding 500% [1] - The current policy effectively addresses the "consumer upgrade" dilemma in China, where over 6 billion units of consumer goods exist, by alleviating residents' cost concerns and boosting enterprise confidence through sales [1] Group 2 - Despite the evident effectiveness of policy stimulation, there are concerns that concentrated consumption of durable goods may limit future growth, particularly in sectors like fuel vehicles and home decoration materials [2] - The data from JD.com's "618" indicates a significant shift towards green consumption, with traditional categories like tire maintenance and automotive products growing over 30 times, while sales of electric vehicle charging equipment surged tenfold [2] - The sustainability of consumer enthusiasm post-policy incentives relies on the transition from "policy infusion" to "product innovation," emphasizing the need for companies to leverage the subsidy window to create lasting appeal through technological advancements [2]