SUNING.COM(SZ:002024) 2 1 Shi Ji Jing Ji Bao Dao·2026-01-04 23:13Core Viewpoint - The implementation of the "old for new" policy in 2026 aims to boost consumer spending, particularly in the automotive and home appliance sectors, with significant financial support from the government [1][4][14]. Policy Implementation - The National Development and Reform Commission (NDRC) and the Ministry of Finance announced a funding plan of 62.5 billion yuan to support the "old for new" policy, which includes subsidies for automobiles, home appliances, and digital products [1][4][15]. - The policy was officially launched on January 1, 2026, coinciding with the New Year holiday, to stimulate consumer demand [1][5][19]. Consumer Response - In Xi'an, most offline stores have begun to implement the new subsidy policy, offering around 1,000 yuan in subsidies for various products, including televisions and refrigerators [1][6][20]. - Data from Su Ning and other retailers indicate a significant increase in foot traffic and sales, with a 110% increase in customer visits and a substantial rise in sales of energy-efficient appliances [6][20][25]. Regional Impact - The "old for new" policy has been positively received in regions like Hebei, Henan, and Sichuan, where sales of home appliances and digital products surged, with Hebei reporting a 1.3-fold increase in sales compared to the previous year [7][8][22]. - The policy's effects are amplified by the holiday season, leading to increased consumer spending across various regions [8][22]. Subsidy Details - The 2026 policy features more precise coverage, focusing on automobiles, home appliances, and smart products, with specific subsidy amounts based on product categories [9][23]. - For automobiles, the subsidy for scrapping and replacing vehicles is capped at 20,000 yuan, with specific percentages for new energy and fuel vehicles [9][23]. Market Trends - The new policy is expected to accelerate the demand for high-efficiency and technologically advanced products in the home appliance and digital sectors, creating growth opportunities for manufacturers [10][24]. - The emphasis on energy efficiency and sustainability is likely to drive innovation and upgrades in the electronics and home appliance industries [11][25]. Regulatory Measures - The government has implemented strict measures to prevent fraud and ensure the proper distribution of subsidies, enhancing the policy's effectiveness and consumer trust [12][26].