Citi(US:C) Zhi Tong Cai Jing·2025-12-31 08:16Group 1 - The core viewpoint of the article is that the continuation of the trade-in policy is a positive factor for most e-commerce platforms, helping to offset the high base effect in the first half of 2026 [1] - The initial subsidy scale for the trade-in program in 2026 is set at 62.5 billion RMB, with the maximum subsidy per product being lower than that of the 2025 plan, and fewer categories of eligible appliances [1] - Despite the limitations in subsidy scale and eligible categories, the company believes that the new policy will still boost consumer sentiment [1] Group 2 - The overall effectiveness of the new policy on e-commerce platforms may be limited due to the high base and smaller subsidy scale [1] - Smart glasses have been included as eligible products for subsidies, but their adoption rate is expected to be limited [1]