●2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划已提前下达 据介绍，2026年"两新"政策主要做了3个方面优化。 优化支持范围。设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养 老机构设备更新，在安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合 体、购物中心、百货店、大型超市等线下消费商业设施的设备更新。消费品以旧换新方面，进一步集中 资源，着力提升覆盖人群广、带动效应强的重点消费品"得补率"。继续实施汽车报废更新和汽车置换更 新补贴；继续实施家电以旧换新补贴，支持范围聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类 产品；同时，将数码产品购新补贴拓展为数码和智能产品购新补贴，支持范围包括手机、平板、智能手 表（手环）、智能眼镜和智能家居产品（含适老化家居产品）。 优化补贴标准。设备更新方面，将住宅老旧电梯更新由定额补贴调整为按电梯层（站）数分档差异 化补贴；在老旧营运货车报废更新补贴中，优先支持更新为电动货车。消费品以旧换新方面，在保持汽 车补贴上限不变的基础上，将定额补贴调整为按车价比例进行补贴；家电以旧换新调整为补贴1级能效 或水效产 ...

Core Viewpoint - The 2026 "Two New" policy aims to enhance equipment updates and promote the replacement of consumer goods, addressing key social issues and supporting economic development through targeted subsidies and optimized implementation mechanisms [1][2][7]. Group 1: Policy Changes - The 2026 "Two New" policy expands the support scope to include the installation of elevators in old residential areas, equipment updates in elderly care institutions, and updates for commercial facilities like shopping centers and supermarkets [2][4]. - The policy continues to support the replacement of old vehicles and household appliances, including cars, washing machines, refrigerators, and extends subsidies to digital and smart products such as smartphones and smart home devices [2][3]. Group 2: Subsidy Standards - The subsidy standards for equipment updates have been optimized, with a shift to differentiated subsidies based on the number of floors for old residential elevators, potentially easing financial burdens for high-rise buildings [4]. - For automotive subsidies, the policy adjusts from fixed amounts to a percentage of the vehicle price, with specific rates for new energy vehicles and fuel-efficient cars, ensuring better alignment with consumer needs [5][6]. Group 3: Implementation Mechanisms - The policy introduces an optimized project application and review process, lowering the investment threshold for project applications and increasing support for small and medium-sized enterprises [7]. - A unified subsidy standard will be implemented nationwide for various categories, addressing discrepancies in local subsidy standards and ensuring that more consumers benefit from the policy [7].

Core Insights - The National Development and Reform Commission and the Ministry of Finance announced a subsidy policy for 2026, providing a 15% subsidy for personal purchases of specific electronic products, including smartphones, tablets, smartwatches, and smart glasses [2][5] - The policy marks a significant change from 2025 by including smart glasses, recognized as the "next generation human-computer interaction interface," in the subsidy program [2][5] Subsidy Details - Consumers can receive a 15% subsidy on the purchase price of eligible products, with a maximum subsidy of 500 yuan per item for smart devices priced under 6000 yuan [3][6] - For home appliances, the subsidy applies to energy-efficient products (1st level) such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, with a maximum subsidy of 1500 yuan per item [3][6] Structural Optimizations - The subsidy program has expanded its scope to include smart glasses, smartwatches, and smart home products, enhancing the support for digital and intelligent devices [3][6] - The policy continues to support the replacement of old appliances and vehicles, focusing on energy-efficient products and promoting a shift towards green and low-carbon upgrades [3][6]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 2026年"国补"政策来了！ 12月30日晚间消息，国家发改委、财政部印发《关于2026年实施大规模设备更新和消费品以旧换新政策 的通知》，明确2026年"两新"政策的支持范围、补贴标准和工作要求。 2026年，将继续实施汽车报废更新和汽车置换更新补贴；继续实施家电以旧换新补贴，支持范围聚焦冰 箱、洗衣机、电视、空调、电脑、热水器等6类产品；同时，将数码产品购新补贴拓展为数码和智能产品 购新补贴，支持范围包括手机、平板、智能手表（手环）、智能眼镜和智能家居产品。 另据新华社报道，近日，国家发改委会同财政部，已向地方提前下达2026年第一批625亿元超长期特别 国债支持消费品以旧换新资金计划。 两部门重磅发布 12月30日，国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新政策的 通知》（以下简称"通知"）对外发布。据悉，2026年"两新"政策主要做了3个方面优化： 一是优化支持范围。设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养 老机构设备更新，在安全领域增加消 ...

[Table_Page] 投资策略|点评报告 2025 年 12 月 31 日 证券研究报告 [Table_Title] 晨会精选 ——观点全追踪（12 月第 11 期） [Table_Summary] 报告摘要： [分析师： Table_Author]吴棋滢 SAC 执证号：S0260519080003 SFC CE No. BQN213 021-38003588 wuqiying@gf.com.cn [联系人： Table_Contacts] 毕露露 bilulu@gf.com.cn 972918116公共联系人2025-12-31 00:44:13 识别风险，发现价值 请务必阅读末页的免责声明 1 / 3 投资策略|点评报告 广发投资策略研究小组 | 刘 | 晨 | 明 ：首席分析师，南开大学世界经济硕士，10 年策略研究经验。 | | --- | --- | --- | | 郑 | | 恺 ：首席分析师，华东师范大学金融学硕士，10 年策略研究经验。 | | 许 | 向 | 真 ：（上海）资深分析师，厦门大学硕士，8 年策略研究经验。 | | 倪 | | 赓 ：（上海）资深分析师，中山大学硕士，7 年 ...

Core Viewpoint - The 2026 "National Subsidy" policy has been announced, focusing on large-scale equipment updates and the replacement of consumer goods, with specific support for electric vehicles and smart products like smart glasses [1][6]. Group 1: Support Scope Optimization - The support scope for equipment updates will continue from 2025, adding new categories such as the installation of elevators in old residential areas and equipment updates in elderly care institutions [2][7]. - In the consumer goods replacement program, the focus will be on key consumer products with strong market impact, including continued subsidies for vehicle scrappage and replacement, as well as for six categories of home appliances [2][7]. - The subsidy for digital products will now include smart products, covering smartphones, tablets, smartwatches, smart glasses, and smart home products [2][7]. Group 2: Subsidy Standard Optimization - The subsidy for updating old residential elevators will shift from a fixed amount to a tiered system based on the number of floors [3][8]. - For scrapping old commercial vehicles, there will be a priority for replacing them with electric vehicles [3][8]. - The consumer goods replacement subsidy will maintain the upper limit for vehicle subsidies while adjusting the fixed subsidy to a percentage of the vehicle price; home appliance subsidies will be set at 15% of the price for energy-efficient products, with a maximum of 1,500 yuan per item [3][8]. Group 3: Implementation Mechanism Optimization - The project application and review processes will be streamlined to lower the investment threshold for applications, enhancing support for small and medium-sized enterprises [4][9]. - The funding distribution method will be optimized, and strict measures will be taken against fraudulent claims and price inflation before subsidies [4][9]. - A unified subsidy standard will be implemented nationwide for vehicle scrappage, replacement, and six categories of home appliances, with coordination among various government departments to ensure effective policy execution [4][9].

Group 1: Agriculture and Food Production - China's grain production reached 14,297.5 billion jin in 2025, an increase of 167.5 billion jin or 1.2% from the previous year, maintaining a stable level above 14 trillion jin [11][12] - The grain planting area in China increased to 1.791 billion mu, up by 1.348 million mu, marking six consecutive years of growth [11] - The average grain yield reached 399.1 kg per mu, an increase of 4.4 kg or 1.1% from the previous year, supported by improved agricultural policies and technology [12] Group 2: New Energy Industry - By the end of Q3 2025, China's installed capacity for wind and solar power exceeded 1.7 billion kilowatts, accounting for 46% of the national power generation capacity [13] - Wind and solar power generation reached 1.73 trillion kWh, representing 22.3% of the total electricity consumption during the same period [13] - The first batch of wind and solar power bases is expected to be operational, with plans for an additional 50 million kilowatts of capacity in subsequent phases [13] Group 3: E-commerce and Logistics - China's express delivery volume surpassed 18 billion pieces for the first time, with an average of over 6,200 pieces processed per second [15][16] - The express delivery business in central and western regions saw an increase in revenue share, indicating improved logistics accessibility [15] - The postal and express industry has become a significant driver for consumption and economic growth [16] Group 4: Telecommunications and Technology - China has built 4.83 million 5G base stations, achieving over 90% coverage in administrative villages [17][18] - The 5G network is integrated into 91 sectors of the national economy, with a complete industrial chain established from chips to base station equipment [18] - The development of 6G technology is underway, with over 300 key technologies in reserve, aiming for commercial capabilities by 2030 [18] Group 5: Infrastructure and Transportation - The national comprehensive transportation network is over 90% complete, connecting more than 80% of county-level administrative regions [21][22] - In 2025, transportation fixed asset investment is expected to exceed 3.6 trillion yuan, with significant expansions in highways and railways [21] - The construction of the "6 axes, 7 corridors, and 8 channels" framework is progressing, enhancing connectivity between major economic regions [22] Group 6: Automotive Industry - In the first 11 months of 2025, China's production and sales of new energy vehicles approached 15 million units, with exports exceeding 2.315 million units, reflecting over 30% growth [23][24] - The overall automotive market is expected to achieve record highs in production and sales, driven by policy support and market demand [24] - The number of electric vehicle charging facilities reached 19.322 million, alleviating previous concerns about charging accessibility [25]

三是优化实施机制。设备更新方面，优化项目申报机制和审核流程，进一步降低申报项目的投资额门 槛，加大对中小企业的支持力度，扩大政策惠及面。消费品以旧换新方面，优化资金分配方式，完善全 链条实施细则，严厉打击骗补套补和"先涨后补"等违法违规行为。同时，落实全国统一大市场建设要 求，对汽车报废更新、汽车置换更新、6类家电以旧换新、4类数码和智能产品购新，明确在全国范围内 执行统一的补贴标准。 相关报道详见P09 一是优化支持范围。设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养 老机构设备更新，在安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合 体、购物中心、百货店、大型超市等线下消费商业设施的设备更新。消费品以旧换新方面，进一步集中 资源，着力提升覆盖人群广、带动效应强的重点消费品"得补率"。继续实施汽车报废更新和汽车置换更 新补贴；继续实施家电以旧换新补贴，支持范围聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类 产品；同时，将数码产品购新补贴拓展为数码和智能产品购新补贴，支持范围包括手机、平板、智能手 表（手环）、智能眼镜和智能家居产品（含适老化家居产品）。 ...

Group 1 - The core policy for 2026 includes large-scale equipment updates and a trade-in program for consumer goods, with support for home appliances and digital products [1][3] - Consumers purchasing energy-efficient home appliances will receive a subsidy of 15% of the product price, capped at 1500 yuan per item, with a limit of one item per category per consumer [1] - New digital products eligible for subsidies include smartphones, tablets, smartwatches, and smart glasses, with a similar subsidy structure as home appliances [3] Group 2 - The automotive subsidy policy for 2026 will adjust from fixed amounts to a percentage of the vehicle price, linking subsidies directly to the purchase price [3][4] - For vehicle trade-ins, consumers can receive an 8% subsidy on the price of new energy vehicles, capped at 15,000 yuan, and a 6% subsidy for fuel vehicles with an engine size of 2.0 liters or less, capped at 13,000 yuan [3][4] - The scrapping and replacement subsidy offers higher rates, with 12% for new energy vehicles (up to 20,000 yuan) and 10% for smaller fuel vehicles (up to 15,000 yuan) [4] Group 3 - Funding for the "national subsidy" program will primarily come from the issuance of long-term special bonds, with the issuance amount increasing from 150 billion yuan last year to 300 billion yuan this year [4][5] - The central government will support local governments with a 9:1 funding ratio for the consumer goods trade-in program, with varying central government contributions based on regional classifications [4][5] - Unused subsidy funds by the end of 2026 will be reclaimed by the central government, and regions with significant unfulfilled subsidy claims will face increased oversight [5]

优化支持范围！2026年"两新"政策部署来了 新华社北京12月30日电（记者魏玉坤、魏弘毅）国家发展改革委、财政部印发的《关于2026年实施大规 模设备更新和消费品以旧换新政策的通知》30日对外发布，明确2026年"两新"政策的支持范围、补贴标 准和工作要求。2026年"两新"政策主要做了3个方面优化。 一是优化支持范围。设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养 老机构设备更新，在安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合 体、购物中心、百货店、大型超市等线下消费商业设施的设备更新。消费品以旧换新方面，进一步集中 资源，着力提升覆盖人群广、带动效应强的重点消费品"得补率"。继续实施汽车报废更新和汽车置换更 新补贴；继续实施家电以旧换新补贴，支持范围聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类 产品；同时，将数码产品购新补贴拓展为数码和智能产品购新补贴，支持范围包括手机、平板、智能手 表（手环）、智能眼镜和智能家居产品（含适老化家居产品）。 二是优化补贴标准。设备更新方面，将住宅老旧电梯更新由定额补贴调整为按电梯层（站）数分档差异 化补贴；在老 ...