三天抢不到一张券！国补落地遇挑战：线下渠道陷“抢券难”“垫资苦”

Core Insights - The government is enhancing the implementation of the "old-for-new" subsidy policy to address market concerns, focusing on "timeliness" and "balance" [1][14] - The policy has successfully stimulated significant consumer demand, with over 66 million consumers purchasing home appliances and digital products under the subsidy program [1][3] - The market for home appliances and audio-visual equipment saw a retail sales growth of 30.7% year-on-year in the first half of the year, while communication equipment grew by 24.1% [3] Group 1: Policy Impact - The "old-for-new" subsidy program has expanded from covering 8 categories of appliances in 2024 to 15 categories in 2025, including smartphones and smart home devices, with subsidies of up to 2,000 yuan for appliances and 500 yuan for digital products [4][5] - The policy has led to a significant increase in sales of high-efficiency and smart products, with sales of first-level energy-efficient appliances seeing substantial year-on-year growth [5][11] - The recycling and processing system for old appliances has improved, with millions of units being processed, enhancing resource utilization [5] Group 2: Market Dynamics - There is a notable shift in retail channel dynamics, with traditional e-commerce channels gaining market share while smaller retailers face challenges due to subsidy access and funding issues [5][12] - Some retailers report difficulties in accessing subsidy vouchers, leading to a decline in sales, particularly in lower-tier cities where competition with online platforms is fierce [7][8] - The financial burden of upfront subsidy payments is straining cash flow for many retailers, with delays in reimbursement from the government exacerbating the situation [9][10] Group 3: Future Outlook - The government plans to implement a more structured approach to subsidy distribution, ensuring that funds are allocated consistently across regions and sectors [14][15] - Upcoming measures aim to enhance the consumer experience and policy effectiveness, with adjustments to address regional disparities and streamline processes [15]