SUNING.COM(SZ:002024) Xin Hua Wang·2026-01-04 23:29Core Viewpoint - The 2026 first batch of 625 billion yuan funding plan has been issued to support the consumption market through a new round of "national subsidies" policy, aimed at stimulating consumer spending during the New Year and Spring Festival [3][4]. Group 1: Policy Implementation - The 2026 consumption goods replacement policy has been launched, with a focus on enhancing the "subsidy rate" for key consumer goods, including digital and smart products [5][6]. - The policy aims to provide direct financial benefits to consumers, with the central government continuing to allocate long-term special bonds to support the implementation of the replacement policy [7][8]. - The policy has been effective since its full implementation in September 2024, with over 480 million subsidies issued to consumers, promoting the adoption of green, low-carbon, and smart products [7][8]. Group 2: Market Impact - The New Year holiday saw a significant increase in consumer foot traffic, with a 110% rise in store visits nationwide, and sales of home appliances and 3C products (computers, communications, and consumer electronics) experiencing substantial growth [4][8]. - Specific sales figures during the holiday included a 170% increase in mobile phone sales and a 115% increase in smart watch sales, indicating a strong consumer response to the subsidy program [4][8]. Group 3: Policy Features - The 2026 policy emphasizes a combination of improving people's livelihoods and promoting consumption, with a focus on ensuring that subsidies reach consumers effectively [6][7]. - The policy will continue to support subsidies for automobiles, home appliances, and digital products while expanding the scope to include emerging fields such as smart devices [7][8]. - The government will enhance the management of the subsidy program, addressing issues such as fraudulent claims and ensuring efficient fund distribution and usage [8][9].