4月末，一季度中国智能手机市场数据陆续出炉，"国补"成为其中最大的增长动力。 Counterpoint公布的数据显示，2025年Q1中国智能手机销量同比增长2.5%。这一增长主要得益于国补， 尤其是提振了春节期间的销售表现：自1月20日国补开启至1月26日，中国智能手机的销量同比增长近 65%，达到950多万部，释放了大量换新红利。 手机国补最早开启于2024年，部分省市为促进消费，针对智能手机产品率先推出地方性补贴，具体金额 在500～1500元不等。以江苏为例，手机、平板电脑、智能手表等3C数码产品均按产品成交价格的15% 进行补贴，每件补贴最高不超过 1500 元。 2025年初，手机、平板、智能手表（手环）正式纳入全国性补贴政策，"国补"正式开始。根据商务部规 定，个人消费者购买单件销售价格不超过6000元的手机，按产品最终销售价格的15%享受补贴，每类产 品可享1件补贴，每件补贴不超过500元。 相比起去年的省市级补贴，全国性补贴尽管力度稍减，但范围更广、影响力也更大。如今，国补已经成 为中国手机市场讨论最热切的关键词。尤其是对零售从业者来说，这甚至是一场决定生死的游戏。 小米或成最大赢家 早在去年 ...

Core Insights - The implementation of the "mobile national subsidy" policy on January 20 significantly impacted the smartphone market, with a reported doubling of foot traffic in stores on the first day of the subsidy [1][3] - OnePlus's Ace 5 Pro emerged as a standout model, with a price drop of 400 yuan, making it the lowest-priced Snapdragon 8 Gen 2 model in the market, leading to immediate stock shortages [3][4] - The national subsidy is seen as a catalyst for consumers to opt for higher-performance products within their budget, benefiting mid-range models like the OnePlus Ace 5 series [4][5] Industry Impact - The national subsidy policy, which offers a 15% rebate on smartphones priced under 6000 yuan, has led to a 5% year-on-year increase in smartphone shipments in Q1 2025, totaling 70.9 million units [4] - Industry experts note that while the subsidy has stimulated initial demand, its marginal benefits may diminish over time, raising questions about the sustainability of growth in subsequent quarters [4][5] - OnePlus is strategically targeting the small-screen smartphone market, which has a significant demand gap, with the upcoming OnePlus 13T positioned to meet this need [5]