Group 1: Equipment Updates - The government is increasing investments in updating equipment for old residential elevators and elderly care institutions, as well as enhancing safety equipment for fire rescue and inspection [3][7]. - There is a focus on updating equipment in consumer infrastructure, including commercial complexes, shopping centers, department stores, and large supermarkets [3]. Group 2: Consumer Goods Trade-In - The initiative aims to concentrate resources on key consumer goods with a broad coverage and strong driving effect, enhancing the "subsidy rate" [4][8]. Group 3: Subsidy Standard Optimization - The subsidy for updating old residential elevators will shift from a fixed amount to a tiered subsidy based on the number of elevator floors [7]. - The subsidy for scrapping old operational trucks will prioritize support for electric truck replacements [7]. - The automotive subsidy will remain capped but will transition from a fixed amount to a percentage of the vehicle price [9][11]. Group 4: Appliance Trade-In Adjustments - The subsidy for home appliances will be adjusted to cover products with a 1st-level energy efficiency or water efficiency rating, providing 15% of the product's final sale price, with a cap of 1,500 yuan per item [14]. - The eligible appliances include refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, with a limit of one subsidy per person per category [14]. Group 5: Digital and Smart Product Subsidies - The subsidy for digital and smart products remains unchanged, covering items with a sales price not exceeding 6,000 yuan, providing 15% of the final sale price, capped at 500 yuan per item [17]. Group 6: Implementation Mechanism Optimization - The project application mechanism and review process will be optimized to lower the investment threshold for project applications, increasing support for small and medium-sized enterprises [18][19]. - The funding distribution method will be improved, and strict measures will be taken against fraudulent subsidy claims and illegal practices [20].

2026年"国补"来了 燃动新年消费市场 据悉，广百股份旗下广百电器同步启动"重磅优惠促销季"，推出"省补焕新""折扣满减叠加""套购补贴 满额减"三重补贴。旗下门店结合自身定位打造特色消费体验，如北京路店以节日巡游传递祝福，天河 中怡店举办街舞大赛，新大新国风店举办跨年音乐会，友谊环市东店创新推出马术主题活动等，构 建"购物+娱乐"的沉浸式消费生态。沙园家电则在跨年夜举行狂欢活动，以买赠礼品吸引顾客；京东 MALL作为此次"首单"落地门店，举办跨年狂欢、乐队表演等活动；苏宁易购作为首批启动企业，于1 月1日推出"国补迎新，双补临门"活动，以场景创新重塑高端消费体验。 元旦假期期间，广州商贸企业通过打造丰富多元的消费场景与诚意十足的优惠活动，将政策红利切实转 化为市场活力与消费热度，为迎接元旦消费旺季营造了浓厚氛围，令实体商业的活力与吸引力得到进一 步激发。 "新年零点一过就成功下单了！"吴女士兴奋地向记者展示订单，她购买的手机，原价5999元，在享受企 业优惠及品牌补贴后，通过银联云闪付领取资格并支付，又额外享受国家补贴500元，实际支付仅4849 元。此外，她还可以参加抽奖活动。"非常划算！"吴女士说。 ...

今天是2025年最后一个交易日，利好很多： 一个利好是12月制造业PMI50.1%，久违的回归荣枯线以上，预示着12月制造业显著回暖，从细分行业数据看，制造业回暖主要受益于节前备货，集中于食 品饮料、纺织服装、消费电子等行业，可能也受到12月大宗商品市场活跃的影响，希望26年初能够保持这种趋势，毕竟经济才是股市上涨的底气。 还有一个政策利好是国补政策基本落地。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》。 有观点认为国补政策略有遗憾，因为没有2025年力度大，虽然多了一个AI眼镜，但少了微波炉、净水器、洗碗机和电饭煲等，且家电上限从2000下降到 1500，汽车国补还有比例限制。 的确，2026年的国补的确针对性更强，力度有所减弱，但话又说回来了，有，总比没有好吧。要知道，2025年10月之后，事实上国补资金已经用完，耐用消 费品的消费热度瞬间下滑，所以，有国补，势必让2026年上半年的市场恢复热度。 当然，也要考虑耐用消费品的特性，25年买了，26年就不会有需求，但话还是要两说，中国人多，市场纵深大，没那么容易饱和。 所以，有国补，就是好消息，就能让汽车制造、家电制造、数 ...

港股公司 证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 智能眼镜首次纳入国补，看好消费级产品渗 透率加速提升 事项： ❖ 25 年 12 月 30 日，国家发改委、财政部发布 2026 年国补政策，首次将智能眼 镜纳入补贴范围，补贴标准为 15%，单件补贴上限 500 元（单件产品售价不超 过 6000 元）。根据测算，智能眼镜价格超过 3300 元基本可以全额享受国补。 评论： 其他轻工Ⅲ 2025 年 12 月 31 日 | 目标价：63.63 | 港元 | | --- | --- | | 当前价：51.80 | 港元 | 华创证券研究所 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 联系人：周星宇 邮箱：zhouxingyu1@hcyjs.com ❖ 风险提示：智能眼镜发展不及预期、国内渠道拓展不及预期、行业竞争加剧。 [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

Group 1 - The core viewpoint is that by 2026, China will optimize the allocation of funds and improve the implementation mechanism of the "national subsidy" policy [1][3] - The National Development and Reform Commission (NDRC) will consider previous policy execution and audit findings to determine the scale of fund allocation for different regions [1] - Regions with serious arrears in payments will face increased supervision and penalties to ensure timely fund distribution [1] Group 2 - The NDRC will guide local governments to balance and orderly spend subsidy funds, ensuring smooth transitions across weeks, months, and quarters [3] - A pre-allocation system for subsidy funds will be established to alleviate the financial burden on enterprises [3] - A special long-term bond plan of 62.5 billion yuan has been allocated to support the consumption of old-for-new goods, with funds already dispatched to localities [3] Group 3 - In 2026, China will strictly combat illegal activities related to fund management, including rigorous fund audits and price management [5] - Violations of price management requirements will lead to immediate disqualification from participation and legal consequences [5] - Strict enforcement and supervision will be applied to fraudulent subsidy claims and other illegal activities, with a commitment to investigate and expose such cases [5]

根据国家发改委以及财政部最新的通知，2026年国补将会从1月1日启动，个人消费者购买冰箱、洗衣机、 电视、空调、电脑以及热水器这6类产品，如果你是1级能效或者水效的产品，那么就可以享受最高15%的 补贴，补贴的额度最高不超过1500元，相比较2025年的政策，2026年的国补降低了家电类补贴的额度以及 幅度，如果购买高端产品就要多花500元的价格。 对于2025年的消费者来说，国补能够节省一大笔的预算，从而也能促进消费者。随着时间来到了年末，大 家纷纷担心2026年国补是否会取消，现在有个好消息就是2026年国补仍将继续，当然相比较2025年，2026 年的国补政策在部分领域有所调整，例如家电类产品的国补幅度为15%，而不是2025年的20%，最高额度 也降低到了1500元，不过这一次智能眼镜算是加入到了国补的行列中来。 不过针对数码产品，国补的范围有所增加，个人消费者在购买手机、平板、智能手表以及智能眼镜这四类 产品，最高可以享受15%的补贴幅度，最高补贴额度为500元，相比较2025年增加了智能眼镜的品类，此外 像是智能家居类产品的补贴项目，则是地方结合实际进行对应的补贴。 相比较2025年，2026年的 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has announced a plan to expand effective investment by allocating approximately 295 billion yuan for early-stage "two重" construction projects and central budget investments for 2026 [1][3]. Group 1: Investment Allocation - The NDRC has organized a total of about 220 billion yuan for "two重" construction projects, focusing on urban underground pipelines, high-standard farmland, and logistics cost reduction, among others, with 281 projects identified [3]. - Over 75 billion yuan has been allocated for central budget investments, supporting 673 projects in urban renewal, water conservancy, ecological protection, and pollution control [3]. Group 2: Soft Construction Initiatives - The NDRC is promoting various "soft construction" measures to enhance investment efficiency, including improving financing models for urban underground pipeline construction and establishing agricultural water-saving incentive mechanisms [4]. - The NDRC aims to create a long-term mechanism for project implementation and operation maintenance [4]. Group 3: Policy Implementation Mechanism - The NDRC has optimized the fund allocation method by considering previous policy execution and audit findings to determine funding scales for different regions [4][5]. - A quarterly phased funding distribution will be maintained to ensure balanced and orderly use of funds at both national and local levels [5]. Group 4: Regulatory Measures - The NDRC will enforce strict funding audits and price management to combat illegal activities, ensuring compliance with pricing regulations and taking legal action against violations [5]. - Special actions will be organized to address fraudulent behaviors such as "先涨后补" (price increase before subsidy) and to strengthen the connection between administrative enforcement and criminal justice [5].

国家发展改革委：对骗补套补、"先涨后补"等违法违规行为发现一起、查处一起、曝光一起 中新网12月31日电 国家发展改革委31日上午召开12月份新闻发布会。会上，有记者问，今年大家在享 受"国补"政策红利的同时，也出现了补贴时断时续且难以预期、骗补套补、"先涨后补"等问题，不少商 家则反映地方政府资金支付不及时等问题。在明年政策实施过程中，是否有针对性的优化举措？ 国家发展改革委政策研究室副主任、新闻发言人李超表示，消费品以旧换新涉及范围广、主体多，政策 实施过程中确实暴露出一些需要调整完善的地方。今年下半年以来，国家发展改革委会同商务部等部 门，坚持问题导向，组织各地区全面开展问题核查整改，特别是针对个别企业和个人骗补套补、经销商 和平台"先涨后补"、补贴资金错发多发少发、资金审核兑付效率低、政策落实和资金管理不规范等5个 方面典型问题，进行了集中整治。在此基础上，我们充分论证、有针对性地完善了2026年的政策实施机 制。 第一，优化资金分配方式。在原有资金分配标准的基础上，综合考虑前期政策执行情况、审计发现问题 等因素，合理确定各地资金分配规模。同时，对拖欠兑付较严重的地区，将通过适当方式加大督促和惩 戒力 ...

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]

大摩提到，2026年的国补政策与2025年相比，在技术硬件产品方面几乎相同，但新增了智能眼镜至补贴 清单。对于消费电子产品，补贴由2025年的20%略微下降至2026年的15%，上限亦从2,000元人民币降至 1,500元人民币。 摩根士丹利发布研报称，中国官方明确2026年"两新"政策的支持范围和补贴标准，智能手机、平板电 脑、智能手表和智能眼镜将继续提供售价15%的折扣，单件最多获500元人民币补贴，而冰箱、洗衣 机、电视、空调、电脑和热水器，单件最多获1,500元人民币补贴。该行认为，新公布的政策对技术硬 件行业是一个积极的催化剂，因为市场预期补贴会减少，而非保持不变。对于消费电子产品，15%的补 贴仍然利好小米集团-W(01810)明年的AIoT业务。 ...