“国补”将继续！有关部委最新回应：还有1380亿元中央资金将分批下达

Core Insights - The "National Subsidy" program for consumer goods replacement is facing challenges, with reports of exhausted quotas leading to speculation about an early end to the program [1] - The government has allocated a total of 3,000 billion yuan in special long-term bonds to support the consumer goods replacement initiative, with 1,620 billion yuan already distributed to local governments [1][2] Group 1: Policy and Financial Support - The central government has issued 1,620 billion yuan in funding for the first and second quarters, with an additional 1,380 billion yuan planned for the third and fourth quarters [1] - The consumer goods replacement policy has significantly boosted sales, with 11 trillion yuan in sales generated by five major categories of consumer goods by May 31, 2025 [2] - Local governments are actively promoting the replacement initiative, with cities like Shenzhen and Fujian implementing specific plans to enhance consumer spending through subsidies [3] Group 2: Consumer Impact and Market Performance - As of May 31, 2025, the program has issued approximately 175 million direct subsidies to consumers, with notable participation in the automotive sector, where 4.12 million applications for vehicle replacements were recorded [2] - Retail sales in May reached 36,748 billion yuan, marking a year-on-year growth of 6.5%, the highest level recorded in the year [2] - The policy has led to substantial growth in retail sales across various categories, including home appliances and communication devices, with increases of 53.0% and 33.0% respectively [2]