Core Insights - JD's instant retail platform, JD Seconds, has fully adopted the national subsidy program for 2026, launching in 15 provinces and cities including Beijing, Shanghai, and Guangdong, allowing consumers to access a dedicated subsidy section for 3C digital products [1][2] Group 1: Subsidy Program Details - Consumers can enjoy a subsidy of 15% off the product sales price, with a maximum subsidy of 1500 yuan for computers and 500 yuan for mobile phones, tablets, and wearable devices [1][2] - Popular brands such as Apple, Xiaomi, Huawei, OPPO, and Lenovo are included in the subsidy program, with specific hot-selling models available for purchase [1] Group 2: Delivery and Service Enhancements - Trained JD Seconds couriers will deliver the subsidized products to consumers' homes, providing on-site signing and activation assistance as part of a comprehensive service experience [2] - Over 10,000 brand specialty stores have integrated into this service system to enhance consumer experience [2] Group 3: Investment and Future Plans - Since the implementation of the national "Two New" policy in 2024, JD has invested nearly 30 billion yuan to support the subsidy program in rural areas, effectively boosting county-level consumption [2] - JD plans to leverage its supply chain and instant retail network to further promote the subsidy policy, contributing to consumer stimulation and high-quality economic development [2]

Core Insights - JD's instant retail platform, JD Seconds, has fully adopted the national subsidy program for 2026, launching in 15 provinces including Beijing, Shanghai, and Guangdong, allowing consumers to purchase 3C digital products with efficient delivery services [1][2] - The subsidy allows consumers to receive a 15% discount on product prices, with maximum subsidies of 1500 yuan for computers and 500 yuan for mobile phones, tablets, and wearable devices [1] - JD has invested nearly 30 billion yuan to support the national subsidy program in rural areas, promoting consumption growth in county regions [2] Group 1 - JD Seconds offers a wide range of products including computers, smartphones, tablets, and smart wearables from major brands like Apple, Xiaomi, Huawei, and Lenovo [1] - Consumers can further reduce costs by combining the national subsidy with platform coupons and interest-free installments through JD's financing options [1] - The service includes trained delivery personnel who provide on-site signing and activation assistance, enhancing the overall consumer experience [2] Group 2 - The national subsidy program aims to make high-quality products more accessible to consumers, leveraging JD's supply chain and instant retail network [2] - The initiative is part of the broader "Two New" policy implemented in 2024, with JD continuously investing resources to ensure effective subsidy distribution [2] - By 2026, JD plans to expand the reach of the subsidy program, further benefiting consumers across various regions [2]

2026.01. 23 本文字数：1222，阅读时长大约2分钟 作者 | 第一财经 王珍 "其中，手机销售在新一轮国补中受益较大，销售额同比增长约10%。"这位零售商说，因为大家使用 手机的频率较高，有国补15%的刺激，一些潜在需求会释放出来。 苏宁易购提供的数据显示，2026年新一轮国补启动以来，截至1月21日，苏宁易购渠道空调、冰 箱、洗衣机、电视、热水器等国补品类销售环比去年12月增长超6成，一级能效、水效产品销售占比 92.6%。其中，新风空调、大容量分区控温冰箱、85英寸以上大屏电视、零冷水热水器的销量环比 增幅均在100%左右。 封图 | 拍摄/第一财经记者任玉明 2026年国补实施了约半个月，第一财经记者从多位家电零售商处了解到，今年1月以来的销售环比去 年12月回暖，一级能效家电产品销售占比提升，手机销售相对较好。同时，经销商希望各地尽快结 清去年垫资款项，以使今年国补实施时有资可垫。 第一财经记者从中国家用电器商业协会了解到，全国31个省、自治区、直辖市发放2026年国补优惠 券的功能都已经陆续在云闪付等平台上线，实施零售网点数量比去年增加，资金使用监管比去年严 格。 在青海，青海商务厅的官 ...

Group 1 - The implementation of the 2026 national subsidy has led to a recovery in sales since January, with a notable increase in the sales proportion of first-level energy-efficient home appliances and mobile phones [4] - The national subsidy program has been launched across all 31 provinces, with an increase in retail points and stricter fund usage supervision compared to last year [4] - In Qinghai, as of January 20, a total of 34,094 home appliance replacement and digital product purchase subsidy coupons were issued, with 8,712 coupons redeemed, amounting to 4.3984 million yuan, stimulating consumption of 33.717 million yuan [4] Group 2 - Mobile phone sales have benefited significantly from the new round of national subsidies, with a year-on-year increase of approximately 10% [5] - Sales of air conditioners, refrigerators, washing machines, televisions, and water heaters through Suning.com have increased by over 60% compared to December, with first-level energy-efficient and water-efficient products accounting for 92.6% of sales [5] - The new subsidy policy has also boosted mid-to-high-end mobile phone consumption, with the 3,000-6,000 yuan price range becoming mainstream, and over 60% of sales coming from this segment [5] Group 3 - Dealers express concerns about the pressure of funding for advance payments and hope for quicker settlement of outstanding funds from previous years to facilitate participation in the current subsidy program [6]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12]. Core Views - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and stabilization of exports, suggesting a positive outlook for leading white goods companies [1][12][18]. - December retail performance for home appliances showed signs of bottoming out, with significant declines in major appliances but a relatively stable performance in small appliances [1][19]. - The report highlights the resilience of leading companies in the home appliance sector, with a focus on white goods, which are expected to maintain steady growth despite high base effects [12][13]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric Appliances, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [4][12][13]. 2. December Retail Performance - In December, the retail sales of major appliances saw declines exceeding 20%, while small appliances showed slightly better demand, with air fryers experiencing growth [1][19]. - The offline sales channels for major appliances faced declines of over 40%, while kitchen small appliances remained relatively stable [1][19]. 3. Export Performance - In December, China's home appliance exports decreased by 8.1% year-on-year, with air conditioners facing a significant decline of 20.7% [2][37]. - Other categories like refrigerators and washing machines showed modest growth, indicating a mixed performance across different product lines [2][37]. 4. U.S. Market Insights - U.S. retail sales for home appliances showed a slight increase of 0.8% in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][43]. - The inventory levels in U.S. appliance stores are returning to normal, suggesting improved market conditions [3][43]. 5. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating expected EPS growth for Midea Group, Gree Electric Appliances, and Haier Smart Home, among others, with all rated as "Outperform the Market" [5][76].

Core Viewpoint - The data from the National Bureau of Statistics indicates a slowdown in retail sales growth, with a focus on boosting domestic consumption in response to external uncertainties and the impact of high tariffs on global trade [1][4][5] Group 1: Retail Sales Data - In December 2025, the total retail sales of consumer goods reached 39,398 billion yuan, showing a year-on-year growth of 0.7%, a decrease of 0.3 percentage points from November [1][4] - For the entire year of 2025, the retail sales of consumer goods grew by 3.7%, slightly down by 0.3 percentage points compared to the first eleven months [1][4] Group 2: Domestic Consumption Strategy - The central economic work conference for 2026 emphasizes the importance of domestic demand, with a focus on building a strong domestic market as the primary task [5] - The "National Subsidy" policy is set to play a crucial role in stimulating domestic consumption, with a new round of policies officially launched on December 30, 2025 [5] Group 3: Fiscal Measures and Consumer Support - Fiscal spending to promote consumption is expected to increase from 300 billion yuan in the previous year to 500 billion yuan in 2026, expanding the scope from durable goods to general consumer goods and services [2][5] - The People's Bank of China will utilize 500 billion yuan in loans to support service consumption and elderly care, addressing the current high demand for services like tourism, education, and healthcare [2][5] Group 4: Supply and Demand Challenges - There are significant supply gaps in high-quality products and services, particularly in areas like housing, transportation, and cultural entertainment, which restrict consumer choices and willingness to spend [6] - Recommendations include accelerating the transformation of traditional industries towards higher quality and more personalized services, as well as innovating consumption scenarios to stimulate market activity [3][6] Group 5: Policy Focus on Human Investment - The emphasis on "investing in people" is expected to enhance consumer capacity, with potential increases in birth and early education subsidies, as well as adjustments to basic pensions, particularly for rural residents [2][5] - The integration of service consumption with "investing in people" is anticipated to be a key focus, with policies likely to support skill training and elderly care services [3][6]

Group 1 - Ningxia's "old for new" policy for automobiles and home appliances has been officially implemented, stimulating consumer demand for cars, home appliances, and digital products [1] - The policy features a more precise implementation method, with subsidies for scrapping and updating cars requiring consumers to obtain qualification through the "My Ningxia" app, and the subsidy for purchasing new energy vehicles can reach up to 12% of the vehicle price, capped at 20,000 yuan [1] - The first phase of the automobile "old for new" program saw over 7,600 registrations, with 4,226 winners selected through a lottery, and home appliance purchases have led to a direct consumption boost of 31.9 million yuan [2] Group 2 - In Anhui's Linquan County, government-issued consumption vouchers have significantly stimulated market activity, with digital product sales increasing as a result [3][4] - The local government has issued consumption vouchers applicable to digital products, leading to a notable rise in sales, with one consumer saving 500 yuan on a smartphone purchase [3][4] - The trend towards quality and smart products is evident, with a shift from traditional goods to intelligent products in rural areas, facilitated by improved supply chains and logistics [4] Group 3 - Guangdong's "Guangdong Goods Go Global" spring consumption promotion event has been launched, aiming to invigorate consumer activity through online and offline collaboration [5] - The first promotional event in Foshan showcased AI home appliances and energy-saving products, with over 6,000 enterprises and major commercial platforms participating in upcoming promotional activities [6] - The government is leveraging subsidies and partnerships with platforms and enterprises to ensure good products are available at competitive prices, enhancing sales channels [6]

Group 1 - The new round of consumer goods trade-in policy has led to a surge in the consumption market in regions like Hunan and Shanxi, marking a strong start to the new year [1] - In a large appliance store in Changsha, Hunan, many consumers are inquiring about the "national subsidy" policy, with some stores offering additional discounts on top of government subsidies [3] - A store manager reported that with combined subsidies from businesses and manufacturers, consumers can enjoy up to 45% in discounts, resulting in a sales increase of over 30% year-on-year since January 1 [5] Group 2 - Hunan's trade-in policy this year has expanded the scope of subsidized products from "digital products" to include "digital and smart products," covering items such as smartphones, tablets, smartwatches, smart glasses, and smart home products [7] - In Shanxi, the consumption market is also thriving, with staff assisting consumers in redeeming "national subsidy" vouchers at an appliance store [9] - Shanxi's government subsidies are distributed weekly through the "Yunshanfu" platform, using a "voucher first, discount at purchase" method, with a subsidy standard of 15% off the final price after all discounts, limited to one item per category per consumer [11]

Group 1 - The new "National Subsidy" policy, with an initial funding of 62.5 billion yuan, aims to boost consumption and improve livelihoods through large-scale equipment updates and trade-in programs for consumer goods [1] - The policy covers key areas such as automobiles, home appliances, and digital smart products, with specific adjustments made for 2026 compared to 2025 [1][6] - The inclusion of smart glasses in the subsidy program reflects the government's support for the smart wearable industry and aligns with the trend of consumption upgrading [2][3] Group 2 - The subsidy for smart glasses, which are now recognized as practical tools rather than niche products, is expected to stimulate market growth and meet consumer demand for high-tech products [3][4] - The report predicts that the global AI glasses market will reach 6.653 billion yuan in 2025 and 18.209 billion yuan in 2026, indicating significant growth potential [4] - The adjustment in the subsidy policy for home appliances emphasizes energy efficiency, with consumers receiving a 15% subsidy on the purchase of energy-efficient products, capped at 1,500 yuan per item [6][8] Group 3 - The shift towards energy-efficient home appliances is expected to enhance the market share of green products and drive companies to invest more in high-end, eco-friendly production [6][7] - The policy changes are anticipated to create a positive cycle of hardware proliferation, ecosystem prosperity, and user growth in the smart glasses sector [4][5] - The demand for smart wearable products, such as AI glasses and smartwatches, has shown a significant increase, with online retail sales growing by 23.1% from January to October 2025 [8]

Group 1 - The global smartphone market is expected to show resilience in 2025, with a projected year-on-year growth of 1.9%, reaching 1.26 billion units for the year, despite challenges such as tariff fluctuations and supply chain disruptions [1] - The fourth quarter of 2025 is anticipated to see a 2.3% year-on-year increase in global smartphone shipments, totaling 336.3 million units [1] - High-end models and strong performance of foldable phones, along with consumer anticipation of price increases, are driving market growth [1] Group 2 - In the Chinese market, smartphone shipments are projected to be approximately 75.78 million units in the fourth quarter of 2025, reflecting a slight year-on-year decline of 0.8% [2] - Huawei has regained the top position in the Chinese smartphone market with a market share of 16.4%, followed by Apple, Vivo, Xiaomi, and OPPO [2] - Local brands in China are adjusting their product strategies by reducing low-end model shipments to maintain profitability amid rising storage chip costs [2] Group 3 - The market environment for smartphones in 2026 is expected to differ significantly, with a forecasted decline due to ongoing storage chip shortages [3] - The duration of the storage chip shortage will directly impact the extent of market contraction, emphasizing the importance of scale and supply chain management for manufacturers [3] - Despite overall shipment pressures, the average selling price is expected to continue rising due to increased costs [3]