宏观专题报告：地方国补，缘何_暂停”？

Group 1: Policy Changes and Funding - The 2025 "old-for-new" policy has significantly increased funding support to 300 billion yuan, up from 150 billion yuan in 2024[24] - The subsidy scope has expanded to include more products, such as microwaves, water purifiers, dishwashers, rice cookers, and mobile devices[24] - As of the end of May, 162 billion yuan of central government subsidies have been allocated, with 138 billion yuan still pending distribution[7] Group 2: Market Impact and Performance - In April, retail sales of consumer goods grew by 5.1% year-on-year, with significant disparities in growth rates among categories[5] - Home appliance sales surged by 38.8% year-on-year in April, while automotive and communication equipment sales saw declines[39] - By the end of May, nationwide sales under the "old-for-new" program reached 1.1 trillion yuan, with approximately 175 million subsidies issued[33] Group 3: Regional Variations and Challenges - Some regions, like Chongqing, reported a subsidy redemption rate of 82.3%, leading to a suspension of certain subsidy programs due to fund exhaustion[33] - Local governments are adjusting subsidy mechanisms, with some areas implementing phased funding releases to manage demand[61] - The rapid use of subsidies in various regions has raised concerns about potential fraud and the need for improved monitoring mechanisms[65]