Core Viewpoint - The Ministry of Commerce and four other departments have issued a notice regarding the implementation of the 2026 appliance trade-in and subsidy program for digital and smart products, emphasizing the importance of both online and offline sales channels [1] Group 1 - Local authorities are encouraged to effectively organize and implement the appliance trade-in and subsidy program, leveraging the advantages of different sales channels [1] - The policy aims to enhance the development of offline entities by encouraging physical stores to create diverse consumer scenarios and tapping into the potential of brand specialty stores and professional retail outlets [1] - There is a focus on providing guidance and technical support to participating businesses in the policy, which is expected to stimulate surrounding consumption [1]

人民财讯12月31日电，商务部等5部门办公厅(室)发布关于做好2026年家电以旧换新、数码和智能产品 购新补贴工作的通知，其中提出，各地要做好家电以旧换新、数码和智能产品购新补贴工作组织实施， 充分发挥不同销售渠道优势，统筹用好线上线下（300959）两个渠道实施补贴政策，加强对政策参与经 营主体的工作指导和技术支撑，鼓励线下门店打造多元化消费场景，深挖品牌专卖店、专业店等实体零 售潜力，进一步支持线下实体发展，增强周边消费带动作用。 ...

每经AI快讯，12月31日，商务部等5部门办公厅(室)发布关于做好2026年家电以旧换新、数码和智能产 品购新补贴工作的通知。2026年1月1日起，按照全国统一的品类和标准，对个人消费者购买1级能效或 水效标准的冰箱、洗衣机、电视、空调、热水器、电脑6类家电产品，以及单件销售价格不超过6000元 的手机、平板、智能手表(手环)、智能眼镜4类数码和智能产品给予补贴。补贴标准为上述产品扣除各 环节优惠后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每件补贴不超过1500元，数码 和智能产品每件补贴不超过500元。 ...

人民财讯12月31日电，商务部等5部门办公厅(室)发布关于做好2026年家电以旧换新、数码和智能产品 购新补贴工作的通知，2026年1月1日起，按照全国统一的品类和标准，对个人消费者购买1级能效或水 效标准的冰箱、洗衣机、电视、空调、热水器、电脑6类家电产品，以及单件销售价格不超过6000元的 手机、平板、智能手表(手环)、智能眼镜4类数码和智能产品给予补贴。补贴标准为上述产品扣除各环 节优惠后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每件补贴不超过1500元，数码和 智能产品每件补贴不超过500元。 ...

Core Insights - The Chinese home appliance industry has developed a large-scale and complete industrial system, yet it faces challenges in high-end core components, particularly in the air conditioning sector where reliance on imports remains significant [1][4] - Midea's central air conditioning division has adopted a unique path of "independent innovation + system leadership," providing a model for high-quality development in Chinese manufacturing [1][4] Group 1: Industry Challenges - Despite being the largest market globally, China's air conditioning industry struggles with a lack of self-sufficiency in high-end compressor technology, which affects profit margins and innovation [1] - In 2021, China exported 159 million compressors worth 26.93 billion yuan but imported 16.71 million units valued at 7-9 billion yuan, highlighting the gap in high-end production capabilities [1] Group 2: Midea's Innovation Strategy - Midea has shifted its strategic focus from optimizing external technologies to reconstructing core technologies internally, leading to a significant transformation in its research and development logic [4][5] - Over the past five years, Midea has invested over 18 billion yuan in R&D, concentrating on foundational areas like compressors and control systems, establishing a localized R&D framework [4][5] Group 3: Breakthroughs in Technology - Midea achieved a historic breakthrough in compressor technology, enabling self-research and production, which enhances supply chain security and performance [5] - By 2025, Midea's self-developed ultra-low frequency steady-state technology is expected to receive international recognition, significantly improving energy efficiency and comfort in central air conditioning systems [5][10] Group 4: New Standards in the Industry - The introduction of the "Comfort Golden Triangle" redefines the standards in the central air conditioning industry, shifting focus from technical parameters to user experience [6][12] - This new evaluation system emphasizes "temperature balance, noise balance, and comfort," marking a transition from performance metrics to comprehensive user experience [6][12] Group 5: Market Recognition and Impact - Midea's technological advancements have led to a significant market share in central air conditioning, with recognition from industry awards validating its innovative approaches [10][15] - The "Comfort Golden Triangle" is becoming a benchmark for the industry, indicating a shift where Chinese innovation is not just a participant but a trendsetter [12][15] Group 6: Broader Implications for Chinese Manufacturing - Midea's journey illustrates how Chinese manufacturing can overcome core technological bottlenecks and transition from being "large but weak" to "large and strong" [17] - The company's focus on independent innovation and understanding user needs positions it as a leader in defining future standards and experiences in the global market [17]

Group 1 - The government is providing substantial subsidies for the replacement of household appliances and digital devices, with up to 1,500 yuan for high-end air conditioners and 500 yuan for smartphones priced under 6,000 yuan [2][4] - A total of 625 billion yuan in special long-term bonds has been allocated to stimulate consumer spending during the New Year and Spring Festival, encouraging consumers to upgrade their appliances and devices [4] - The initiative aims to boost domestic demand, stabilize the economy, accelerate the elimination of outdated production capacity, and support the domestic smart terminal industry, benefiting companies like Huawei, Xiaomi, Gree, and Midea [4] Group 2 - The program is described as a "national asset renewal plan," indicating a strategic approach to enhance consumer spending while promoting green and low-carbon transitions [4] - Consumers are advised to be cautious about potential price increases by retailers and the availability of subsidy quotas, highlighting the need for vigilance in the market [4] - The government-led "consumption carnival" is set to begin in early 2026, suggesting a significant opportunity for consumers to take advantage of these subsidies [4]

Core Viewpoint - The National Development and Reform Commission (NDRC) and the Ministry of Finance have released a notification regarding the implementation of large-scale equipment updates and consumer goods replacement policies in 2026, focusing on optimizing support scope, subsidy standards, and implementation mechanisms [1][2][3][4] Group 1: Support Scope Optimization - The 2026 policy continues to support the 2025 scope, adding new areas such as elevator installations in old residential communities and equipment updates in elderly care institutions [1] - In the safety sector, updates for firefighting and inspection equipment are included, while consumer infrastructure now covers commercial complexes and large supermarkets [1] - The policy maintains subsidies for scrapping and replacing cars, as well as for six categories of household appliances, and expands digital product subsidies to include smart devices [1] Group 2: Subsidy Standard Optimization - The subsidy for updating old residential elevators will now be tiered based on the number of floors, rather than a flat rate [2] - For scrapping old operational trucks, there is a priority for electric truck replacements, while car subsidies will be adjusted to a percentage of the vehicle price [2] - Household appliance subsidies will focus on energy-efficient products, providing 15% of the product price with a cap of 1,500 yuan per item [2] Group 3: Implementation Mechanism Optimization - The policy aims to streamline project application and review processes, lowering investment thresholds to support small and medium-sized enterprises [2] - It includes measures to combat fraudulent claims and ensures a unified subsidy standard across the nation for various categories [2] - The NDRC will coordinate with other departments to implement the policy effectively and ensure local governments adhere to the guidelines [3] Group 4: Funding and Execution - A total of 625 billion yuan in special long-term bonds has been allocated to support the consumer goods replacement program for 2026, with early disbursement to meet seasonal demand [4] - The NDRC will work with relevant departments to monitor and manage the use of subsidy funds, ensuring a smooth implementation of the policy [4]

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]

备受关注的2026国补，迎来了官方明确答复。 作为消费品以旧换新的重点品类，步入2026年，家电行业将迎来怎样的新机？ 财政部明确国补继续 通知提到，继续实施家电以旧换新补贴，支持范围聚焦冰箱、洗衣机、电视、空调、电脑、热水器等6 类产品。同时，将数码产品购新补贴拓展为数码和智能产品购新补贴，支持范围包括手机、平板、智能 手表（手环）、智能眼镜和智能家居产品（含适老化家居产品）。 补贴标准方面，家电以旧换新调整为补贴1级能效或水效产品售价的15%，每位消费者每类产品可补贴1 件，每件补贴不超过1500元。数码和智能产品的补贴标准保持此前数码产品标准不变。 同时，为优化实施"两新"政策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，近日，国家 发展改革委会同财政部，已向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新 资金计划。 此前全国财政工作会议指出，2026年继续实施更加积极的财政政策。一是扩大财政支出盘子，确保必要 支出力度。二是优化政府债券工具组合，更好发挥债券效益。三是提高转移支付资金效能，增强地方自 主可用财力。四是持续优化支出结构，强化重点领域保障。五是加强财政金融协 ...

Industry Investment Rating - No information provided Core Viewpoints - The industry presents a mixed picture with different trends in various sectors, and policies such as the "Two New" policy in 2026 and the automotive digital transformation plan will have an impact on relevant industries [1][2] Summary by Directory Middle - view Event Overview Production Industry - The Ministry of Industry and Information Technology and other four departments issued the "Implementation Plan for the Digital Transformation of the Automotive Industry". By 2027, the intelligent manufacturing capability maturity level of benchmark vehicle manufacturers will be upgraded by one level, the digital level of component enterprises will be significantly improved, the penetration rate of R & D and design tools will exceed 95%, and the numerical control rate of key processes will exceed 70%. By 2030, the industry will achieve a high - level digital and intelligent development [1] Service Industry - The National Development and Reform Commission and the Ministry of Finance issued the "Notice on Implementing the Policy of Large - scale Equipment Renewal and Consumer Goods Trade - in in 2026", supporting home appliance trade - in, new purchases of digital and smart products, and new purchases of smart home products with corresponding subsidy standards [2] Industry Overview Upstream - In the non - ferrous sector, copper prices continue to rise; in the energy sector, liquefied natural gas prices continue to fall; in the agricultural sector, the prices of pork, cotton, and palm oil rise slightly [3] Middle - stream - In the chemical industry, the operating rates of PTA and PX remain low; in the energy sector, the coal consumption of power plants increases [4] Downstream - In the real estate sector, the sales of commercial housing in first - and second - tier cities continue to pick up; in the service sector, the number of domestic flights increases [5] Key Industry Price Indicators Tracking - Agricultural products such as corn, eggs, palm oil, cotton, and pork show price increases, with the price of pork rising by 2.19% [40] - Non - ferrous metals including copper, zinc, aluminum, and nickel also see price increases, with copper rising by 4.39% [40] - Energy products like WTI crude oil have a slight price increase of 0.12%, while Brent crude oil and liquefied natural gas prices fall, with liquefied natural gas dropping by 5.39% [40] - Chemical products such as PTA have a price increase of 2.49%, while polyethylene and urea prices fall [40] - In the real estate - related sector, the cement price index and building materials comprehensive index decline slightly [40]