Core Viewpoint - The Chinese government has announced a significant policy initiative for 2026, allocating 62.5 billion yuan for a long-term special bond to support the replacement of old consumer goods and equipment upgrades, aiming to stimulate consumption and support various sectors, including elderly care and digital products [1][2]. Group 1: Policy Support and Funding - The National Development and Reform Commission (NDRC) and the Ministry of Finance have issued a notice regarding the implementation of a large-scale equipment update and consumer goods replacement policy for 2026, with an early allocation of 62.5 billion yuan in special bonds [1]. - The policy aims to meet consumer demand during peak seasons such as New Year's Day and the Spring Festival [1]. Group 2: Optimizations in Policy - The 2026 policy includes three main optimizations: expanding the support scope, adjusting subsidy standards, and improving implementation mechanisms [2][3]. - In the support scope, the policy now includes the installation of elevators in old residential areas and equipment updates in elderly care institutions, as well as updates for safety equipment and commercial facilities [2]. - The consumer goods replacement program will continue to support the scrapping and replacement of vehicles and household appliances, with an expanded subsidy for digital and smart products [2]. Group 3: Subsidy Standards and Implementation - The subsidy standards have been optimized, with differentiated subsidies based on the number of floors for elevator updates and prioritizing electric vehicles for old freight truck replacements [3]. - For consumer goods, the subsidy for household appliances will focus on energy-efficient products, with a cap of 1,500 yuan per item, while digital products will maintain previous subsidy standards [3]. - The implementation mechanism has been improved to lower investment thresholds for project applications, enhance support for small and medium-sized enterprises, and ensure a unified subsidy standard across the country [3].

●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 ...

1. Report's Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The 2026 national subsidy program for consumer goods replacement is released, with changes in subsidy targets and amounts [2][13]. - Multiple factors are driving copper prices to new highs, and the price is expected to continue rising in 2026 [5]. - The Fed agreed to cut interest rates in December, but officials have significant differences. Further rate cuts may be appropriate if inflation declines as expected [3][15]. - The real - estate market has new policies, such as a reduction in the VAT rate for short - term housing sales, which will impact the market [14]. 3. Summary by Relevant Catalogs 3.1 Macro Data - In Q3 2025, GDP grew at a 4.8% year - on - year rate, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1]. - In November 2025, the manufacturing PMI was 49.2%, slightly up from 49.0% in the previous month but down from 50.3% last year [1]. - The non - manufacturing PMI business activity in November 2025 was 49.5%, down from 50.1% in the previous month and 50.0% last year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The 2026 national subsidy plan for equipment renewal and consumer goods replacement is announced, including subsidy details for new cars and home appliances [2][13][14]. - The list of state - owned trading enterprises for tungsten, antimony, and silver exports from 2026 - 2027 is released [2]. - On December 30, 2025, there were 31 positive - basis and 37 negative - basis domestic commodity varieties [3]. 3.2.2 Metals - On December 30, 2025, COMEX gold futures rose 0.20% to $4352.30 per ounce, and COMEX silver futures rose 7.88% to $76.02 per ounce [4]. - Indonesia plans to cut nickel production in 2026 to balance supply and demand [5]. - Multiple factors are driving copper prices to new highs, and it's expected to continue rising in 2026 [5]. 3.2.3 Coal, Coke, Steel, and Minerals - As of mid - December 2025, the price of coke (quasi - first - class metallurgical coke) decreased 2.79% month - on - month, hitting a new low since late October [7]. 3.2.4 Energy and Chemicals - On December 30, 2025, WTI crude oil futures fell 0.22% to $57.95 per barrel, and Brent crude oil futures fell 0.24% to $61.34 per barrel [9]. - OPEC+ is expected to maintain the suspension of production increases [9]. 3.2.5 Agricultural Products - Since 2025, domestic pig prices have declined, and it's expected to recover in the second half of 2026 [10]. - In 2025, the national grain purchase volume reached 830 billion jin, remaining stable for three years [10]. 3.3 Financial News 3.3.1 Open Market - On December 30, 2025, the central bank conducted a 7 - day reverse repurchase operation of 312.5 billion yuan, with a net injection of 253.2 billion yuan [12]. 3.3.2 Key News - The 2026 national subsidy plan for consumer goods replacement is released [2][13]. - The VAT rate for short - term housing sales is reduced from 5% to 3% starting in 2026 [14]. - The Fed agreed to cut interest rates in December, but officials have differences [3][15]. 3.3.3 Bond Market - The sentiment of ultra - long bonds has recovered slightly, while other maturities are still weak. Bond futures show differentiation [20]. - Currency market interest rates mostly rose, with some short - term rates hitting new highs or lows [22]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 6.9901 on December 30, 2025, up 197 points [25]. - The US dollar index rose 0.22% to 98.22 in New York trading [25]. 3.3.5 Research Reports - Huatai Fixed - income believes that the bond market will remain volatile and slightly weak in Q1 2026 [26]. - CICC Fixed - income believes that the overall credit risk of central and state - owned real - estate enterprises is controllable in 2026 [26]. - CITIC Securities expects a more active fiscal policy and a moderately loose monetary policy in 2026 [27]. 3.4 Stock Market - The A - share market had a narrow - range adjustment, with the Shanghai Composite Index slightly down, and the Shenzhen Component Index and ChiNext Index up [30]. - The Hong Kong stock market rose, with the Hang Seng Index up 0.86% and the Hang Seng Tech Index up 1.74% [30]. - In 2025, the Hong Kong IPO scale ranked first globally. It's predicted that about 160 new stocks will be listed in 2026 [31].

Group 1 - The core viewpoint of the news is the implementation of the "Two New" policy in 2026, which focuses on large-scale equipment updates and the replacement of consumer goods through trade-in programs, with specific support areas and subsidy standards outlined [1][2]. Group 2 - The support scope for equipment updates will continue from 2025, with additions in areas such as old residential elevators, equipment updates for elderly care institutions, and safety equipment like firefighting and inspection devices [1]. - The policy will enhance the focus on key consumer goods with strong market impact, maintaining subsidies for automobile scrappage and replacement, and expanding the scope of household appliances to include six specific categories [1]. - The subsidy standards will be optimized, with differentiated subsidies for old residential elevator updates based on the number of floors, and prioritizing electric trucks in the scrappage program [2]. - The implementation mechanism will be improved by lowering the investment threshold for project applications, increasing support for small and medium-sized enterprises, and ensuring a unified subsidy standard across the country [2]. - A total of 62.5 billion yuan in special long-term bonds has been allocated to support the trade-in program for consumer goods, ensuring smooth policy implementation and meeting seasonal demand [2].

2026年"两新"政策出炉支持范围、补贴标准优化 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）。 "与2025年政策相比，2026年将智能眼镜纳入了支持范围，这是明显的增量部分。"中泰证券研究所政策 团队首席分析师杨畅向上海证券报记者表示，可以预期这将对相关产业产品形成利好。 将汽车定额补贴调为按车价比例补贴 2026年"两新"政策，还进一步优化了补贴标准。其中，消费品以旧换新方面，继续实施汽车报废更新和 汽车置换更新补贴，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。 已提前下达首批625亿元超长期特别国债支持消费品以旧换新资金计划 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》12月 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。据悉，为优化实施"两新"政 策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，近日，国家发展改革委会同财政部，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 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) and the Ministry of Finance have announced a plan to allocate 62.5 billion yuan in special long-term bonds to support the consumption upgrade policy for 2026, aiming to stimulate consumer demand during peak seasons like New Year's Day and Spring Festival [1] Group 1: Policy Implementation - The 2026 "Two New" policy will continue to support equipment updates in various sectors, including the installation of elevators in old residential areas and equipment updates in elderly care institutions [2] - The policy will also enhance the coverage of key consumer goods with high driving effects, focusing on the replacement and recycling of automobiles and household appliances [2][3] - The subsidy for old residential elevators will be adjusted to a tiered system based on the number of floors, while electric trucks will be prioritized for subsidies in the old operating vehicle replacement program [3] Group 2: Subsidy Standards - The subsidy for household appliances will focus on energy-efficient products, providing 15% of the product price with a maximum subsidy of 1,500 yuan per item [3] - The subsidy standards for digital and smart products will remain unchanged, covering items such as smartphones, tablets, and smart home devices [3] Group 3: Compliance and Oversight - The policy includes measures to combat fraudulent subsidy claims and ensure compliance with national standards for vehicle and appliance replacements [4] - The NDRC will lead inter-ministerial coordination to implement the "Two New" policy effectively, with various departments responsible for developing specific implementation guidelines [5]

Core Viewpoint - The 2026 "Two New" policy aims to enhance equipment updates and consumer goods replacement, focusing on optimizing support scope, subsidy standards, and implementation mechanisms [1]. Group 1: Optimization of Support Scope - The policy includes new support for smart home products and addresses public concerns by adding support for old residential elevators, equipment updates in elderly care institutions, and safety equipment updates [2]. - The scope of consumer goods replacement continues to support vehicle scrappage and replacement, as well as the replacement of major home appliances like refrigerators and washing machines, while expanding to include digital and smart products [2][3]. Group 2: Optimization of Subsidy Standards - Subsidy standards for equipment updates will be adjusted to provide differentiated subsidies based on the number of floors for old residential elevators, benefiting high-rise buildings [4]. - For vehicle scrappage, subsidies will be based on a percentage of the vehicle price, with specific rates for new energy vehicles and fuel-efficient vehicles [4][5]. - The subsidy for home appliances will be adjusted to support energy-efficient products, with a cap of 1,500 yuan per item, while digital and smart products will maintain previous subsidy standards [5]. Group 3: Optimization of Implementation Mechanisms - The policy will implement a unified national standard for certain subsidies to address regional disparities and enhance the efficiency of fund distribution [6]. - Measures will be taken to streamline project application processes and support small and medium-sized enterprises, ensuring that more consumers benefit from the subsidies [6]. - The government has allocated 62.5 billion yuan in special bonds to support the implementation of the policy, aiming to stimulate consumption during peak seasons [6].

Core Viewpoint - The "Two New" policy has expanded its coverage and optimized subsidy standards, focusing on enhancing consumer demand and supporting green and intelligent products [1][2][4]. Group 1: Policy Coverage Expansion - The "Two New" policy now includes subsidies for the installation of elevators in old residential areas, facilities for elderly care, fire rescue, and commercial consumption facilities such as shopping centers and supermarkets [1][6]. - New subsidies for smart products have been introduced, covering smartwatches, smart glasses, and smart home products, reflecting a shift towards consumer welfare, safety, and intelligent living [1][6]. Group 2: Subsidy Standard Optimization - The subsidy for scrapping old operational trucks will prioritize electric vehicles, and the subsidy for residential elevator updates will be adjusted based on the number of floors [2][7]. - The car subsidy will shift from a fixed amount to a percentage of the vehicle price, which may reduce the subsidy for lower-priced cars compared to 2025 [2][7]. - The energy efficiency standards for household appliances have been tightened, with the subsidy for first-level energy-efficient products reduced from 20% to 15%, and the maximum subsidy per item decreased from 2000 yuan to 1500 yuan [2][7]. Group 3: Implementation Mechanism Improvement - The policy aims to lower the investment threshold for applications and enhance support for small and medium-sized enterprises [3][9]. - A unified subsidy standard will be implemented nationwide to ensure consistency and combat fraudulent claims [3][9]. - A pre-allocation system for subsidy funds will be established to alleviate the financial burden on enterprises [3][9]. Group 4: Future Funding and Policy Outlook - The first batch of special government bonds for the "old-for-new" program in 2026 has been expedited, with 62.5 billion yuan allocated, indicating a focus on quicker policy effectiveness [4][11]. - The total funding for the "old-for-new" program in 2026 is expected to be around 250 billion yuan, slightly lower than in 2025, reflecting a potential shift towards service consumption [4][11]. - The overall subsidy structure remains robust, providing a foundational guarantee for consumer spending in the coming year, despite anticipated slower growth in demand [4][11].

中国青年报客户端北京12月30日电（中青报·中青网记者 贾骥业）今天，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， 明确了2026年"两新"政策的支持范围、补贴标准和工作要求。 《通知》要求，国家发展改革委发挥"两新"部际联席会议制度牵头部门作用，会同财政部安排超长期特 别国债资金实施"两新"政策，加强统筹协调和跟踪调度。商务部、交通运输部、农业农村部等部门按职 责分工制定分领域实施细则，并组织地方落实好相关领域政策。各省级人民政府要结合实际抓紧组织落 实，持续提升"两新"政策效能。 今年以来，"两新"政策持续发力显效，对支持经济平稳运行发挥了重要作用。数据显示，2025年1-11 月，设备工器具购置投资同比增长12.2%，拉动全部投资增长1.8个百分点；限额以上单位家用电器和音 像器材类、文化办公用品类、通讯器材类商品零售额同比分别增长14.8%、18.2%和20.9%，消费品以旧 换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人次。 来源：中国青年报客户端 2026年，"两新"政策补贴标准进一步优化。设备更新方面，政策将住 ...

优化支持范围。设备更新方面，在总体延续的基础上，增加老旧小区加装电梯、养老机构、消防救援、检验检测、线下消费商业设施等领域。 央视网消息（新闻联播）：记者12月30日从国家发展改革委了解到，2026年优化实施"两新"政策方案正式发布。 消费品以旧换新方面，支持汽车以旧换新，家电以旧换新聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6类产品。支持数码和智能产品购新，包括手 机、平板、智能手表、智能眼镜、智能家居产品。 国家已于近日向地方提前下达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，满足元旦、春节等旺季消费需求。各地将结合实际组织 落实，提升"两新"政策效能。 ...