政策高频 | 2026年“两新”首批额度下达（申万宏观·赵伟团队）

Group 1 - The core viewpoint of the article emphasizes the expansion of subsidy policies for equipment updates and consumer goods replacement, with a focus on optimizing subsidy methods and broadening the scope of support [1][4][5] - The 2026 "Two New" policy introduces a shift from fixed subsidies to proportional subsidies based on the sales price for new energy vehicles, with specific limits set for different vehicle types [7][8] - The subsidy categories for household appliances have been streamlined from 12 to 6, focusing on high-efficiency products, with a reduction in the maximum subsidy amount per item [7][8] Group 2 - The 2026 policy includes a unified national standard for four major subsidy areas, preventing local variations in categories or standards [7][8] - The central government will share the funding burden for consumer goods replacement at a ratio of 9:1 with local governments, with specific regional funding proportions [6][8] - The announcement of the 2026 budget includes approximately 295 billion yuan for "Two Heavy" construction projects, with a focus on urban infrastructure and public welfare [9][10] Group 3 - The new housing sales tax policy reduces the tax rate for properties sold within two years from 5% to 3%, and eliminates the distinction between ordinary and non-ordinary housing for tax exemption after two years [11][12] - The national fiscal work conference emphasizes the continuation of proactive fiscal policies to stimulate domestic demand, support innovation, and promote green transformation [13][14] - The State Council meeting outlines measures to enhance cross-border trade facilitation, aiming to improve logistics efficiency and support new business models like cross-border e-commerce [15][16]