政策周观察第62期：两新补贴落地

Consumption Policy Changes - The first batch of funds for the "Two New" subsidy program has been set at 62.5 billion yuan for this year, with a planned 81 billion yuan for 2025[2] - Subsidies for home appliances will focus on six product categories, with a 15% subsidy on the selling price for energy-efficient products, capped at 1,500 yuan per item[2] - The digital product subsidy has been expanded to include smartphones, tablets, smartwatches, smart glasses, and smart home products[3] Automotive Subsidy Adjustments - For scrapping and replacing vehicles, subsidies for new energy vehicles will be 12% of the sales price, with a maximum of 20,000 yuan, while for fuel vehicles, it will be 10% with a cap of 15,000 yuan[3] - The replacement subsidy for new energy vehicles will be 8% of the sales price, capped at 15,000 yuan, and for fuel vehicles, it will be 6% with a cap of 13,000 yuan[3] Investment Initiatives - The National Development and Reform Commission has announced an early release of investment plans totaling approximately 295 billion yuan, aimed at accelerating fund allocation and usage[4] - Major infrastructure projects approved or authorized have a total investment exceeding 400 billion yuan, including transportation and water resource projects[4] Risk Considerations - There are risks associated with the timely update of policies, which could affect the implementation of the subsidy programs[5]