Core Viewpoint - The article discusses the temporary suspension or limitation of national subsidies for old-for-new replacement policies in certain regions and e-commerce platforms, particularly during the peak shopping season of "6.18" [1][2]. Group 1: National Subsidy Adjustments - In regions like Guangdong and Chongqing, the national subsidy for old-for-new replacement has been paused or limited due to factors such as funding supply and government opposition to excessive price competition [1][3]. - The "Yue Huan Xin" program in Foshan has reached its funding limit, with future subsidies scheduled to be released in phases starting August 1 [3][4]. - The Chongqing subsidy for green smart home appliances has also been exhausted, leading to a halt in new applications [4][5]. Group 2: Market Dynamics and Consumer Behavior - The rapid consumption of subsidy funds indicates that the subsidies have effectively stimulated consumer spending, with over 1.1 trillion yuan spent on old-for-new replacements this year [10]. - The competitive pricing among e-commerce platforms has intensified, with some products being sold at prices lower than their production costs due to various subsidies [11]. - The current market pricing structure has become chaotic, with discrepancies between retail and factory prices, leading to concerns about healthy competition in the industry [11][12].

Core Viewpoint - The temporary suspension or limitation of national subsidies for trade-in programs in certain regions during the "6.18" promotional period is attributed to factors such as phased funding supply and the government's stance against excessive price competition [1][5][8]. Group 1: National Subsidy Adjustments - In regions like Guangdong and Chongqing, the national subsidy for trade-in programs has been paused or limited, with specific programs indicating they are "fully subscribed" or "out of stock" [2][3]. - The "Yue Huan Xin" program in Foshan has announced that various subsidies will be released in three phases, with strict limits on the total amount available in each phase [2]. - In Guangzhou, certain subsidies are available only at specific times each day, indicating a controlled distribution of funds [2]. Group 2: Market Dynamics and Consumer Behavior - The rapid consumption of subsidy funds indicates that the subsidies have effectively stimulated consumer spending, with over 1.1 trillion yuan spent on trade-in programs this year [7]. - The competitive landscape among e-commerce platforms and brands has intensified, with some retailers offering additional discounts on top of national subsidies, leading to price discrepancies [7][8]. - The current pricing environment is described as chaotic, with some products being sold below cost due to aggressive competition and subsidy strategies [8]. Group 3: Industry Insights - Industry experts suggest that the suspension of subsidies in some areas may lead to a healthier competitive ecosystem, as excessive low-price competition has distorted market dynamics [8]. - The government has expressed concerns over "involution" in the market, where companies engage in unsustainable pricing strategies that undermine fair competition [8].