持续支持、优化实施大规模设备更新和消费品以旧换新——2026年，“国补”将继续

Core Viewpoint - The "National Subsidy" for the replacement of old consumer goods will continue in the coming year, as emphasized in the recent Central Economic Work Conference, which aims to optimize the implementation of the "Two New" policies [1][4]. Group 1: "Two New" Policy Overview - The "Two New" policies refer to large-scale equipment updates and the replacement of old consumer goods, closely related to ordinary consumers [2]. - The 2024 action plan for promoting large-scale equipment updates and consumer goods replacement includes support for automobiles, home appliances, and home renovation products [2]. - By 2025, the funding scale for the "Two New" policies will increase to 500 billion yuan, with 300 billion yuan allocated for consumer goods replacement, an increase of 150 billion yuan from the previous year [2]. Group 2: Economic Impact - The "Two New" policies have significantly contributed to promoting consumption, expanding investment, stabilizing growth, and improving living standards, thereby driving high-quality development [2]. - In the first three quarters, investment in equipment and tools increased by 14% year-on-year, contributing 2 percentage points to overall investment growth [3]. - The special bonds supporting equipment updates have funded approximately 8,400 projects, leading to total investments exceeding 1 trillion yuan, showcasing the multiplier effect of the policy [3]. Group 3: Consumer Benefits - From January to November this year, the replacement of old consumer goods generated over 2.5 trillion yuan in sales, benefiting more than 360 million people [5]. - The replacement of old automobiles exceeded 11.2 million units, while home appliances reached over 12.8 million units, indicating strong consumer engagement [5]. - The subsidies have effectively driven the upgrade of consumption structures, with smart appliances and new energy vehicles seeing significant sales growth [5]. Group 4: Future Implementation - The Ministry of Finance has indicated that the "Two New" policies will be optimized, including the introduction of new categories for subsidies such as smartphones and various home appliances [7]. - The implementation of personal consumption loan and service industry loan interest subsidy policies aims to enhance financing support for diverse consumer needs [7]. - Future adjustments to the "Two New" policies may include expanding subsidies to service consumption sectors to further stimulate consumer spending and economic growth [7].