Core Viewpoint - The report from Zhongyin International indicates that the recent policy notification from the State Council regarding the 2026 large-scale equipment update and consumer goods trade-in subsidy will continue to incentivize the automotive, home appliance, and digital product sectors, with targeted optimizations to enhance policy effectiveness [1] Group 1: Subsidy Policy Details - The fiscal budget for subsidies is expected to decrease, but the new policy is clearly tilted towards the mid-to-high-end market, with the corresponding subsidy reduction for eligible models being much lower than market concerns [1] - Digital product subsidies will remain at 15% of the selling price, with a cap of 500 yuan, which is better than market expectations [1] - Home appliance subsidies will be tightened, focusing on six core categories and only subsidizing products that meet the first-level energy efficiency standard, with the subsidy rate reduced from 20% to 15% of the selling price [1] Group 2: Industry Outlook - With the early implementation of subsidy details and timely allocation of subsidy funds, the automotive industry is expected to achieve a strong start in 2026 [1] - However, due to consumer hesitation in the fourth quarter leading to high channel inventory at year-end, the first quarter of 2026 may enter a destocking phase [1] Group 3: Company Impact - Companies such as Li Auto, Xiaomi, NIO, Wenjie, and Zeekr are expected to be minimally affected by the adjustments to the trade-in subsidy [1]
大行评级｜中银国际：预计中国汽车行业今年开门红 首季或进入去库存阶段
Ge Long Hui·2026-01-02 07:15