Core Viewpoint - The article outlines the implementation of a large-scale equipment update and consumer goods trade-in policy starting in 2026, aimed at promoting economic growth, enhancing consumer spending, and supporting green and low-carbon development. Group 1: Promotion of Large-Scale Equipment Updates - Support for equipment update projects across various sectors including industrial, electronic information, energy, transportation, and healthcare, with an emphasis on meeting public safety and welfare needs [3][4] - Continued support for the scrapping and updating of old commercial vehicles, prioritizing low-emission and electric trucks, with subsidies following existing guidelines [3] - Encouragement of the electrification of urban public transport through subsidies for new energy buses and battery updates [3] Group 2: Implementation of Consumer Goods Trade-In - Financial support for consumers who scrap old vehicles and purchase new energy vehicles or low-emission fuel vehicles, with subsidies of 12% (up to 20,000 yuan) for new energy vehicles and 10% (up to 15,000 yuan) for low-emission vehicles [6] - Subsidies for household appliances trade-in, providing 15% of the product price (up to 1,500 yuan) for energy-efficient appliances [9] - Support for the purchase of digital and smart products, offering 15% of the product price (up to 500 yuan) for eligible items [7] Group 3: Recycling and Circular Economy - Development of a comprehensive recycling network for waste equipment and consumer goods, including support for resource recycling companies to enhance their capabilities [8][9] - Encouragement of the "Internet + recycling" model to improve the efficiency of waste collection and processing [8] - Promotion of the resource recycling industry through funding and regulatory support to ensure compliance with environmental standards [9] Group 4: Standardization and Supervision - Acceleration of the establishment of standards for energy efficiency and pollution control in key industries, ensuring strict adherence to regulations [10] - Strengthening of supervision over the implementation of equipment updates and consumer goods trade-in policies to prevent misuse of funds [15] - Establishment of a transparent environment for participation in the equipment update and trade-in programs, ensuring fair treatment of all market players [16]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The high - level has listed expanding domestic demand as the primary strategic task, and the national subsidy policy will continue to advance next year. The domestic financing balance has reached a new high again, market risk appetite is gradually warming up, and the market is expected to maintain a volatile repair trend on the last trading day before the holiday [2] 3. Summary by Directory 3.1 Market Analysis - **Macro - policy**: In 2026, the national subsidy policy continues. The National Development and Reform Commission and the Ministry of Finance issued a notice on implementing large - scale equipment renewal and consumer goods trade - in policies and allocated the first batch of 62.5 billion yuan to support consumer goods trade - in. The subsidy objects in 2026 include new smart products like smart glasses and smart home, and exclude home decoration and electric bicycles. New car purchase subsidies are 12% or 10% of the car price with the same upper limits as in 2025. The scope of home appliance subsidies is narrowed to 6 categories, and the subsidy ratio for first - level energy - efficiency home appliances drops from 20% to 15%, with the maximum subsidy per appliance decreasing from 2,000 yuan to 1,500 yuan. Overseas, the Fed's December meeting minutes show that FOMC agreed to cut interest rates, but officials had significant differences [1] - **Index performance**: In the spot market, the three major A - share indexes fluctuated. The Shanghai Composite Index slightly declined to close at 3,965.12 points, while the ChiNext Index rose 0.63%. Among industries, petroleum and petrochemical, automobile, non - ferrous metals, and machinery equipment industries led the gains, while commerce and retail, real estate, and public utilities industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets exceeded 2 trillion yuan. Overseas, the three major US stock indexes closed slightly lower, with the Nasdaq down 0.24% to 23,419.08 points [1] - **Futures market**: In the futures market, the basis of stock index futures declined on the day. In terms of trading volume and open interest, the trading volume and open interest of IH, IC, and IM increased simultaneously [1] 3.2 Strategy - The high - level has listed expanding domestic demand as the primary strategic task, and the national subsidy policy will continue to advance next year. The domestic financing balance has reached a new high again, market risk appetite is gradually warming up, and the market is expected to maintain a volatile repair trend on the last trading day before the holiday [2] 3.3 Macro Economic Charts - The charts include the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, the relationship between the RMB exchange rate and A - share trends, and the relationship between US Treasury yields and A - share style trends [11][7] 3.4 Spot Market Tracking Charts - **Stock index performance**: On 2025 - 12 - 30, the Shanghai Composite Index closed at 3,965.12 points with a daily change of + 0.00%, the Shenzhen Component Index at 13,604.07 points with a + 0.49% change, the ChiNext Index at 3,242.90 points with a + 0.63% change, the CSI 300 Index at 4,651.28 points with a + 0.26% change, the SSE 50 Index at 3,036.55 points with a + 0.06% change, the CSI 500 Index at 7,458.94 points with a + 0.38% change, and the CSI 1000 Index at 7,597.30 points with a + 0.04% change [13] - Other charts show the trading volume of the Shanghai and Shenzhen stock markets and the financing balance [14] 3.5 Futures Market Tracking Charts - **Trading volume and open interest**: The trading volume and open interest data of IF, IH, IC, and IM are provided. For example, the trading volume of IF is 94,429 (a change of - 1,730), and the open interest is 281,129 (a change of + 5,274) [15] - **Basis**: The basis data of different contracts (current month, next month, current quarter, and next quarter) for IF, IH, IC, and IM are presented. For instance, the current - month contract basis of IF is - 8.57 (a change of - 8.33) [40] - **Inter - delivery spread**: The inter - delivery spread data for different contract combinations (such as next month - current month, next quarter - current month, etc.) of IF, IH, IC, and IM are given. For example, the next - month minus current - month spread of IF is - 10.00 (a change of + 5.00) [44]

Core Viewpoint - The National Development and Reform Commission and the Ministry of Finance have issued a notice regarding the implementation of large-scale equipment updates and consumer goods replacement policies in 2026, outlining support scope, subsidy standards, and operational requirements for the "Two New" policy [1][4]. Summary by Relevant Sections Policy Optimization - The 2026 "Two New" policy includes three main optimizations: support scope, subsidy standards, and implementation mechanisms [4]. - The policy continues to support subsidies for scrapping and replacing old vehicles, particularly focusing on personal consumers who register scrapped vehicles in their name [4][6]. Subsidy Standards - For consumer goods replacement, the subsidy for purchasing new energy vehicles is set at 12% of the vehicle price (up to 20,000 yuan), while for 2.0-liter or below fuel vehicles, it is 10% (up to 15,000 yuan) [4]. - For vehicle replacement, the subsidy for new energy vehicles is 8% (up to 15,000 yuan), and for 2.0-liter or below fuel vehicles, it is 6% (up to 13,000 yuan) [6]. - Compared to the 2025 policy, the subsidy amounts remain unchanged, but the criteria have been adjusted to be based on vehicle price, aligning with the high-quality development goals of the automotive industry [6]. Market Impact - The announcement of the policy is expected to mitigate market impacts from the transition of the vehicle purchase tax for new energy vehicles from full exemption to a 50% reduction starting January 1, 2026 [8]. - The "old-for-new" subsidy policy has significantly driven sales, with over 2.5 trillion yuan in related sales and more than 11.2 million vehicles sold under this scheme in the first 11 months of the year [8]. - Projections indicate that the transaction volume for "old-for-new" vehicles in 2025 could exceed 12 million units, with the market scale expected to surpass 180 billion yuan [8]. Implementation and Funding - To ensure smooth implementation of the "Two New" policy, the National Development and Reform Commission has allocated 62.5 billion yuan in special bonds to support consumer goods replacement [8][9]. - The commission will work with relevant departments to enhance coordination and monitoring of the subsidy funds, ensuring a balanced and orderly execution of the policy [9]. Industry Outlook - Analysts believe that the continuation of national subsidies will stabilize domestic demand through inventory updates and structural upgrades in product categories [10].

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]

【导读】国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新政 策的通知 中国基金报记者 晨曦 2026年"两新"政策，来了！ 12月30日，国家发展改革委官网发布《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》），对明年的"两新"政策作出说明。 其中，设备更新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，更好满足民生和安全需要。 国家发展改革委 财政部关于2026年实施 大规模设备更新和消费品以旧换新政策的通知 发改环资〔2025〕1745号 《通知》提到，支持商业综合体、购物中心、百货店、大型超市等线下消费商业设施设备更 新。优化申报条件和审核流程，进一步降低申报设备更新项目的投资额门槛，加大对中小企 业设备更新的支持力度，扩大政策惠及面。 消费品以旧换新方面，《通知》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 （手环）、智能眼镜、智能家居产品（含适老化家居产品）。 具体而言，个人消费者购买冰箱、洗衣机、电视 ...

Core Viewpoint - The article discusses the implementation of a large-scale equipment update and consumer goods replacement policy in 2026, focusing on optimizing support scope, subsidy standards, and implementation mechanisms to enhance consumer spending and promote economic growth [6]. Group 1: Equipment Update - The policy continues to support various sectors including industrial, electronic information, energy, transportation, and healthcare, while expanding to include the installation of elevators in old residential areas and updating equipment in elderly care institutions [7]. - The subsidy for updating old operational trucks will prioritize the replacement with electric vehicles, and the support for urban public transport will focus on electric buses [8]. - The project application process will be streamlined to lower investment thresholds, particularly benefiting small and medium-sized enterprises [7][8]. Group 2: Consumer Goods Replacement - The policy maintains the upper limit for automobile subsidies while adjusting the subsidy structure to be based on a percentage of the vehicle price [9]. - Consumers will receive a subsidy of 15% for purchasing energy-efficient home appliances, with a cap of 1,500 yuan per item for six specified categories [10]. - For digital and smart products, a subsidy of 15% will be provided for purchases, with a maximum of 500 yuan per item for specified categories [10]. Group 3: Implementation Mechanism - The policy emphasizes a unified subsidy standard across the country for various consumer goods, ensuring consistency in implementation [11]. - Local governments are tasked with organizing and implementing the policy effectively, with a focus on enhancing the efficiency of the "two new" policies [5][14]. - A comprehensive management system will be established to oversee project applications, funding distribution, and compliance with regulations to prevent fraud and misuse of funds [17]. Group 4: Recycling and Utilization - The policy aims to improve the recycling network for waste equipment and consumer goods, supporting the establishment of a national resource recovery platform [12]. - It encourages the development of a standardized second-hand goods market and promotes the recycling of used machinery and automotive parts [12]. - The initiative includes funding support for high-level resource recycling projects and emphasizes the importance of environmental compliance in the recycling process [12].

Core Viewpoint - 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 in 2026, with an initial allocation of 62.5 billion yuan in special long-term bonds to support this initiative [1][17]. Group 1: Large-Scale Equipment Update - The policy supports equipment updates in various sectors, including industrial, electronic information, energy, transportation, and healthcare, while also including the installation of elevators in old residential areas and facilities for elderly care and fire rescue [3][20]. - The initiative aims to enhance the management of project funding, ensuring a comprehensive approach from project reserve to funding disbursement, thereby improving project quality and avoiding resource waste [4][21]. - The policy encourages the replacement of old operational trucks with low-emission vehicles, prioritizing electric trucks, and supports the update of new energy city buses [3][20]. Group 2: Consumer Goods Replacement - The policy provides subsidies for consumers who scrap old vehicles and purchase new energy vehicles or fuel-efficient cars, with subsidies of up to 20,000 yuan for new energy vehicles and 15,000 yuan for fuel-efficient cars [5][22]. - Consumers purchasing energy-efficient home appliances, such as refrigerators and washing machines, will receive a 15% subsidy on the purchase price, capped at 1,500 yuan per item [6][23]. - The initiative also includes support for digital and smart products, offering a 15% subsidy for items like smartphones and tablets, with a maximum subsidy of 500 yuan per item [6][23]. Group 3: Recycling and Circular Economy - The policy emphasizes the establishment of a comprehensive recycling network for waste equipment and consumer goods, promoting the development of a national resource recycling platform [8][25]. - It encourages the growth of the second-hand goods market and the remanufacturing industry, ensuring that remanufactured products meet quality and environmental standards [9][25]. - The initiative aims to strengthen the resource recycling industry through funding support and technological advancements, while also enhancing regulatory oversight of recycling practices [9][25]. Group 4: Implementation and Supervision - The NDRC will lead the coordination of the policy's implementation, ensuring that local governments effectively manage and utilize the allocated funds [11][27]. - A unified subsidy standard will be established across the country for vehicle scrapping and consumer goods replacement, with local governments required to adhere to these standards [7][24]. - The policy includes measures for ongoing evaluation and transparency, with local governments responsible for reporting on the execution and effectiveness of the initiatives [16][31].

Core Viewpoint - The article discusses the implementation of a large-scale equipment update and consumer goods trade-in policy in 2026, focusing on support for electric vehicles, public transport, and agricultural machinery, with a total funding plan of 625 billion yuan allocated for these initiatives [1][7]. Group 1: Equipment Update Support - The policy continues to support the update of old operational trucks, prioritizing the replacement with low-emission electric trucks, following the subsidy standards set in previous notifications [2][10]. - There is a push for the electrification of urban public transport, with continued support for the update of new energy city buses and power batteries, adhering to the subsidy standards established in 2025 [3][10]. - Support for the scrapping and updating of old agricultural machinery will follow the subsidy standards outlined in the 2025 agricultural machinery update policy, allowing regions to optimize the types of machinery eligible for subsidies [4][11]. Group 2: Consumer Goods Trade-in Support - Personal consumers who scrap their registered passenger vehicles and purchase new energy vehicles or fuel vehicles with a displacement of 2.0 liters or less will receive subsidies, with 12% of the purchase price for new energy vehicles (up to 20,000 yuan) and 10% for fuel vehicles (up to 15,000 yuan) [5][13]. - For vehicle trade-ins, consumers will receive 8% of the purchase price for new energy vehicles (up to 15,000 yuan) and 6% for fuel vehicles (up to 13,000 yuan) [6][13]. - The policy includes support for the trade-in of household appliances, providing a 15% subsidy on the purchase price for energy-efficient appliances, capped at 1,500 yuan per item [14][15]. Group 3: Funding and Implementation - The funding for these initiatives will come from a special long-term bond plan, with the National Development and Reform Commission and the Ministry of Finance coordinating the allocation and management of these funds [7][19]. - The distribution of funds will consider factors such as population, GDP, and existing consumer goods ownership, ensuring a fair allocation across regions [13][20]. - Local governments are responsible for implementing the policies and ensuring that the funds are used effectively, with a focus on transparency and accountability in the management of subsidies [23][24].

支持汽车报废、置换更新， 支持老旧营运货车报废更新 今天（12月30日），国家发展改革委、财政部明确了明年"两新"政策的支持范围和补贴标准。 那么明年以旧换新政策都有哪些变化？老百姓都能享受哪些优惠？一起来看专家的解读。 明年"两新"政策在支持范围上进行了优化。 消费品以旧换新政策重在提升覆盖人群广、带动 效应强的重点消费品"得补率"，继续支持汽车、家电、数码产品的补贴，并且增加了智能眼镜 和智能家居产品（含适老化家居产品）的购新补贴。 国家信息中心经济预测部宏观经济研究室副主任邹蕴涵介绍，2026年的消费品以旧换新政策重 在产品向新， 新增了智能产品的补贴 ， 消费者在购买比如AR眼镜之类的智能化产品时，也 可以享受消费品以旧换新的补贴，这种是将人工智能等新的产品进一步加快推向普通群众生 活，让高品质智能化的产品更好地走进日常生活。 在补贴标准方面， 邹蕴涵进一步介绍，政策从总体考虑到具体的细则都进行了优化升级，也就是要更好地结合市 场的内生动力的需求，以及政策效力，为民生需求解渴，也为刚需提供更多的助力，能够更好 地推动明年的消费平稳向好。 此外， 国家已于近日向地方提前下达2026年第一批 625亿元 ...

Core Viewpoint - The article discusses the implementation of a large-scale equipment update and consumer goods replacement policy in 2026, aimed at promoting economic growth and enhancing consumer spending through subsidies and support for various sectors [2]. Group 1: Large-Scale Equipment Update - Support for equipment update projects will include various sectors such as industrial, electronic information, energy, transportation, and healthcare, with a focus on enhancing public safety and meeting consumer needs [3][4]. - The policy will prioritize the scrapping and updating of old commercial vehicles, particularly those with emissions standards of National IV and below, encouraging the transition to low-emission and electric vehicles [3]. - The initiative will also support the renewal of old agricultural machinery, with specific subsidy standards outlined in existing notifications [4]. Group 2: Consumer Goods Replacement - The policy includes subsidies for consumers who scrap old vehicles and purchase new energy vehicles or fuel-efficient cars, with specific percentages of the purchase price subsidized (12% for new energy vehicles, up to 20,000 yuan; 10% for fuel-efficient cars, up to 15,000 yuan) [6][7]. - Consumers purchasing energy-efficient home appliances will receive a 15% subsidy on the sales price, capped at 1,500 yuan per item, for specific categories such as refrigerators and air conditioners [7]. - The policy also supports the purchase of digital and smart products, offering a 15% subsidy on sales prices, with a maximum of 500 yuan per item for products like smartphones and tablets [7]. Group 3: Recycling and Circular Economy - The establishment of a comprehensive recycling network for old equipment and consumer goods is emphasized, including support for resource recycling platforms and local cooperative systems [9]. - The policy encourages the development of a second-hand goods market and the remanufacturing of old equipment, ensuring that remanufactured products meet quality and safety standards [9]. - Investment in the resource recycling industry will be supported through special long-term bonds, promoting technological advancements and regulatory oversight [9]. Group 4: Standards and Supervision - The article highlights the need to enhance standards for energy efficiency and pollution control in key industries, aligning with international benchmarks [10]. - Strict supervision of the implementation of vehicle scrapping and appliance replacement standards is mandated to prevent fraud and ensure compliance [10]. - The government will establish a transparent and fair environment for all market participants, addressing issues such as fraudulent claims and ensuring equitable treatment across different business entities [14][15].