发改委“两新”政策解读：政策预期落地，静待基本面催化

Core Insights - The report highlights the implementation of the "Two New" policies by the National Development and Reform Commission (NDRC) and the Ministry of Finance, which are expected to stimulate demand in the electric vehicle and smartphone sectors as part of a broader push for consumption upgrades [1][2] - The policies include expanded subsidies for the replacement of old vehicles and the introduction of trade-in programs for smartphones and other digital products, aiming to enhance consumer purchasing power and drive market growth [1][2] Electric Vehicle Industry - The subsidy policy for electric vehicles continues from the previous year, maintaining the same subsidy amounts while expanding the scope to include more vehicles eligible for trade-in [2][5] - The report indicates that the subsidy is particularly beneficial for price-sensitive consumers looking to purchase economical vehicles priced below 200,000 yuan, with companies like BYD and Leap Motor positioned to benefit significantly [2][5] - The maximum subsidy for electric vehicles is set at 15,000 yuan, while for fuel vehicles, it is 13,000 yuan, which is expected to accelerate the replacement of older models [2][5] Smartphone Industry - The new policy extends the trade-in program to smartphones, tablets, and smartwatches, providing a subsidy of 15% of the product's sales price, capped at 500 yuan per item [2][6] - This nationwide subsidy is anticipated to encourage upgrades from mid-range to higher-end smartphones, benefiting brands like Xiaomi and their supply chain partners such as BYD Electronics and Lens Technology [2][6] - The report notes that the policy aims to stimulate both demand for new smartphones and the replacement of older models, thus enhancing overall market activity [2][6] Policy Implementation and Impact - The report outlines a comprehensive timeline of policy announcements and implementations, indicating a coordinated effort between central and local governments to support the "Two New" initiatives [7][9] - Various local governments have also introduced their own measures to enhance the effectiveness of the national policies, further expanding the range of products eligible for subsidies [10][11] - The overall strategy is designed to not only boost immediate consumer spending but also to lay the groundwork for sustainable growth in the electric vehicle and technology sectors [7][9]