图 读懂 2026国补使用攻略 · 只需三步 轻松领取国补 · 冰箱 / 洗衣机 / 空调 手机 / 平板 智能手表手环 / 智能眼镜 电视 / 电脑 / 热水器 #1单次 500元 #142 1500元 家电及数码和智能品类 单人累计至高可省11000元 ○以京东为例 第一法 进入国补会场 在京东APP搜索"国家补贴",抵达国补主会场 第二步 领域国补资格 选择对应省市,按照页面提示领取国补资格 27 第三步 完成产品达购 在国外会场训培训班 中国语培训室国外文学习与中 此外，京东MALL、京东电器城市旗舰店、京东之家、京东家电专卖店等线下渠道也同步展开国补承接。1 月1日起，消费者可直接前往就近京东门店，咨询国补导购进行国补核销与下单。 在提升国补体验方面，京东可额外为消费者提供家电品类的旧机回收补贴，"送、装、拆、收"一体化服 务，以及"三免四不限"服务（即旧机免费上门、免费拆卸、免费搬运；不限旧机购买渠道、不限品牌、不 限年限、不限品相）。此外，京东可为3C数码品类送货上门的同时，完成现场签收、现场激活，让消费者 足不出户换新机。 为更好支持国补战略进乡村，京东2025年已投入近300亿元支持国补进乡 ...

证券研究报告 | 宏观研究 gszqdatemark 2025 12 31 年 月 日 宏观点评 1、2026"两新"政策的 4 大关注点： >时点看，政策主动靠前发力，释放了抢开局、力争 2026 年经济"开 门红"的信号。2026 年"两新"通知于 2025 年 12 月 29 日提前下达， 较"2025 年 1 月 5 日下达 2025 年通知"提前了一周，清晰地释放了政策 主动靠前发力的信号，也释放了 2026 年经济"开门红"的信号。 >规模看，2026 年"以旧换新"力度可能有所退坡、总规模可能低于 2025 年的 3000 亿，节奏可能也会更平滑。2026 年首批"以旧换新" 资金为 625 亿元，低于 2025 年各季度单期规模（四个季度 810、810、 690、690 亿），再结合部分品类补贴标准的下调，指向 2026 年全年"以 旧换新"的补贴规模很可能会有所退坡、总额度可能会低于2025年的3000 亿元（（单单 4 次均为 625 亿元，对应 2026 年总补贴规模为 2500 亿元）。 此外，从节奏看，2025 年四次补贴是上半年高于下半年；而本轮首批规模 相对收敛，预示 2026 ...

Group 1 - The core point of the article is that Shenzhen will fully implement subsidies for vehicle scrapping and replacement, as well as for the replacement of certain home appliances and digital products starting January 1, 2026 [1] Group 2 - For vehicle scrapping and replacement, the maximum subsidy for new energy vehicles is 20,000 yuan, while for fuel vehicles it is 15,000 yuan [1] - The subsidy for purchasing new energy passenger vehicles is up to 15,000 yuan, and for fuel passenger vehicles, it is up to 13,000 yuan [1] Group 3 - Subsidies for six categories of home appliances will be 15% of the product sales price, with a cap of 1,500 yuan per item for each consumer, limited to one item per category [1] - For four categories of digital and smart products, the subsidy will also be 15% of the product sales price, with a cap of 500 yuan per item for each consumer, limited to one item per category [1]

Core Viewpoint - The announcement of the 2026 "Two New" policy for automobiles is expected to significantly boost the automotive consumption market in China, providing a strong stimulus for consumer spending during the upcoming holiday season [2][8]. Group 1: Policy Changes - The 2026 policy introduces a major adjustment in the old-for-new vehicle subsidy standard, shifting from a fixed subsidy to a percentage-based calculation based on the price of the new vehicle [2][3]. - The government has allocated 62.5 billion yuan in special long-term bonds to ensure the timely implementation of the policy during peak consumption periods [2][8]. Group 2: Subsidy Details - The new subsidy structure encourages higher-end consumption, with personal consumers receiving a 12% subsidy (capped at 20,000 yuan) for purchasing new energy vehicles after scrapping their old cars, and a 10% subsidy (capped at 15,000 yuan) for fuel vehicles [3][4]. - In the vehicle replacement scenario, the subsidy for new energy vehicles is set at 8% (capped at 15,000 yuan), while for fuel vehicles, it is 6% (capped at 13,000 yuan) [3][4]. Group 3: Market Impact - The policy aims to address structural issues in the automotive market, promoting a shift from volume expansion to quality improvement, particularly benefiting brands with high-value, technology-rich models [5][6]. - The 2025 old-for-new policy had already shown significant results in boosting automotive consumption and facilitating the upgrade of the automotive industry, with over 60% of the market now driven by replacement demand [7][8]. Group 4: Implementation and Monitoring - The new policy emphasizes optimizing fund allocation and implementing strict measures against illegal practices, such as price gouging and fraudulent claims for subsidies [5][6]. - A pre-allocation system for subsidy funds has been established to alleviate financial pressure on enterprises, ensuring smooth policy execution [7].

Core Insights - The article highlights the successful transition of a sales manager, Tang Wentao, from traditional fuel vehicles to the booming electric vehicle (EV) market, showcasing the impact of government subsidies and consumer demand for EVs [3][4][7]. Group 1: Company Performance - Tang Wentao, as the used car business manager at BYD Zhonghe Vision 4S store, facilitated the purchase of 296 electric vehicles for customers in Changsha through trade-in programs in 2025 [1][4]. - The store's performance is bolstered by attractive national and provincial subsidies for EV purchases, with new policies set to take effect on January 1, 2026, generating increased customer inquiries [4][8]. Group 2: Industry Trends - The penetration rate of new energy vehicles in Changsha reached nearly 60% in November 2025, with 17,624 out of 29,684 new cars insured being electric, marking an increase of over 11% from the previous month [7]. - The article emphasizes the strategic development of Changsha as a hub for the new energy vehicle industry, supported by local manufacturing facilities like BYD and GAC Aion, and the establishment of a national intelligent connected vehicle testing area [7][8]. Group 3: Consumer Behavior - Customers are increasingly opting for electric vehicles due to lower operational costs, with Tang Wentao noting a significant reduction in monthly expenses from fuel to electricity, enhancing the quality of life for families [7]. - The article illustrates a growing trend among consumers to embrace electric vehicles, as evidenced by Tang's personal decision to purchase an EV, reflecting broader market sentiments [7][9].

Group 1 - JD.com is fully prepared to launch the "National Subsidy" event and has invested nearly 30 billion yuan to support the initiative in rural areas by 2025, aiming to boost rural consumption and promote high-quality economic development [1] - In 2024, the "old-for-new" program has become a national strategy, with JD.com mobilizing tens of thousands of employees across various departments to ensure effective implementation of the policy [3] - By 2025, JD.com will continue to invest nearly 30 billion yuan in subsidies, marketing, logistics, and service capacity to enhance user experience and stimulate market consumption in rural areas [3] Group 2 - JD.com's "old-for-new" service covers over 200 categories, including home appliances and electronics, and has nearly 30,000 offline stores ready to support the national subsidy program [5] - The company offers comprehensive services such as free pickup, dismantling, and transportation for old appliances, achieving a 97% integration rate for delivery and installation of major appliances [5] - JD.com ensures the safe and effective distribution of subsidies through a fully digitalized process, optimizing fraud prevention measures and ensuring compliance [6] Group 3 - JD.com has established nearly 100,000 service stations in rural areas to enhance last-mile delivery and service accessibility for consumers [6] - The ongoing implementation of the "old-for-new" policy in 2026 is expected to significantly support domestic demand and high-quality economic development [6] - JD.com aims to leverage its supply chain capabilities to efficiently manage the "old-for-new" program and ensure subsidies reach rural consumers fairly and securely [6]

Group 1 - The Ministry of Commerce and other departments issued a notice on December 31 regarding the implementation of a subsidy program for replacing old home appliances and purchasing new digital and smart products in 2026 [1] - The notice emphasizes the need for participating businesses to provide a one-stop service for both selling new appliances and collecting old ones, while encouraging promotional activities that offer discounts to consumers who trade in their old products [1] - The policy aims to enhance the participation of rural residents, especially in remote areas, by ensuring that online platforms meet their subsidy consumption needs and encouraging various commercial entities to extend services to these regions [1] Group 2 - Starting from January 1, 2026, consumers will receive subsidies for purchasing specific energy-efficient home appliances and digital products, with a subsidy rate of 15% of the final sales price after discounts, capped at 1500 yuan for home appliances and 500 yuan for digital products [2] - Eligible products include six categories of home appliances such as refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, as well as four categories of digital products like smartphones and smartwatches, with a price limit of 6000 yuan per item [2]

Core Viewpoint - The 2026 national subsidy policy for the replacement of old appliances and consumer goods has been officially clarified, indicating significant opportunities for the home appliance industry as it enters 2026 [1][3]. Group 1: Subsidy Policy Details - The subsidy will continue to support the replacement of old appliances, focusing on six categories: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [3]. - The subsidy standard for home appliances has been adjusted to 15% of the selling price for products with a 1st-level energy efficiency or water efficiency rating, with a maximum subsidy of 1,500 yuan per item [3]. - The scope of subsidies for digital and smart products has been expanded to include smartphones, tablets, smartwatches, smart glasses, and smart home products [3]. Group 2: Financial Support and Market Impact - The government has allocated 625 billion yuan in special bonds to support the implementation of the old-for-new policy, with a focus on meeting consumer demand during peak seasons [3][4]. - In the first 11 months of this year, the old-for-new program has driven sales exceeding 2.5 trillion yuan, benefiting over 360 million people, with over 12.84 million home appliances and over 9.015 million digital products replaced [4]. Group 3: Local Implementation and Compliance - Multiple cities, including Shenzhen and Xi'an, are preparing to implement the 2026 old-for-new policy, with specific requirements for businesses to ensure compliance and effective service delivery [6][7]. - The selection criteria for service platforms emphasize the need for strong technical support and risk management capabilities to prevent fraud and ensure efficient subsidy distribution [7]. Group 4: Industry Opportunities and Trends - The 2026 subsidy policy is expected to drive a significant transformation in the home appliance industry, promoting upgrades towards green, intelligent, and age-friendly products [11]. - The demand for age-friendly appliances is projected to grow significantly, supported by new national standards aimed at enhancing the safety, usability, and comfort of home products for the elderly [10]. - The integration of AI technology in home appliances is anticipated to reach a critical point in 2026, with features like smart sensing and human-machine collaboration becoming standard in high-end products [10].

Market Overview - The three major indices opened higher, with the education sector leading the gains. As of the market opening, the Shanghai Composite Index was at 3968.73, up 0.09%; the Shenzhen Component Index was at 13627.26, up 0.17%; and the ChiNext Index was at 3247.74, up 0.15% [1]. Policy Announcements - The National Development and Reform Commission and the Ministry of Finance have allocated 625 billion yuan in special long-term bonds to support the consumption of old goods in the first batch for 2026 [1]. - The Ministry of Finance and the State Taxation Administration announced a new policy on the value-added tax for individuals selling homes, with a 3% tax rate for properties held for less than two years and exemption for those held for two years or more [1]. - The Ministry of Industry and Information Technology, along with three other departments, issued a plan for the digital transformation of the automotive industry, promoting the large-scale application of intelligent robots in various manufacturing processes [1]. - The Ministry of Commerce and eight other departments released the implementation details for the 2026 vehicle trade-in subsidy, offering up to 20,000 yuan for scrapping eligible old vehicles and purchasing new energy vehicles [1][2]. Industry Developments - The National Development and Reform Commission and the Ministry of Finance announced a large-scale equipment update and trade-in policy for consumer goods, providing a 15% subsidy for energy-efficient home appliances and a maximum of 1,500 yuan per item [2]. - The Ministry of Education plans to advance artificial intelligence in education, with policies expected to be released next year to enhance AI education and applications [2]. Corporate Announcements - Aoyuan Ceiling announced a change in its actual controller to Shi Qiming, and its stock has resumed trading. Dongjie Intelligent has terminated its major asset restructuring plan, and its stock has also resumed trading [4]. - Salt Lake Co. plans to acquire a 51% stake in Minmetals Salt Lake for 4.605 billion yuan to accelerate the development of a world-class salt lake industry base. Shengxin Lithium Energy intends to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan [4]. - China National Airlines plans to purchase 60 Airbus A320NEO aircraft, with a total catalog price of approximately 9.53 billion USD [6]. - Guotou Zhonglu intends to issue shares at a premium of 147.4% to acquire 100% of China Electronics Engineering Design Institute for 6.026 billion yuan [6]. Market Sentiment - Citic Securities reported an increase in expectations for the appreciation of the RMB, which is favorable for the performance of RMB-denominated equity assets. The central bank is expected to adopt more flexible policy tools, focusing on domestic demand [10].

Core Viewpoint - The report from CITIC Securities indicates that the home appliance sector's stock performance will lag behind the market in 2025, with fund holdings dropping to historical lows, but recovery opportunities are emerging [1] Group 1: Domestic Demand - Domestic demand remains resilient supported by the "trade-in" policy, with expectations that the national subsidy policy will continue to underpin demand in 2026 [1] - The focus should be on the advancement of domestic demand policies [1] Group 2: External Demand - The impact of tariffs is gradually diminishing, allowing companies to accelerate local operations overseas [1] - There is significant growth potential in emerging markets [1] Group 3: Investment Recommendations - It is recommended to pay close attention to areas such as the promotion of domestic demand policies, expansion into emerging markets, and the structural upgrade of black appliances [1] - Preference should be given to leading home appliance companies with scale and technological strength [1]