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]

Core Viewpoint - The Ministry of Commerce and four other departments have announced a subsidy program for the replacement of old home appliances and the purchase of new digital and smart products starting January 1, 2026, aimed at promoting energy efficiency and consumer spending [1] Group 1: Subsidy Program Details - The subsidy will apply to six categories of home appliances: refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, as well as four categories of digital and smart products: smartphones, tablets, smartwatches (bands), and smart glasses [1] - The subsidy standard is set at 15% of the final sales price after discounts for the eligible products, with a cap of 1,500 yuan for home appliances and 500 yuan for digital and smart products per item [1] - Each individual consumer is eligible for one subsidy per category of product, with a maximum subsidy amount for home appliances not exceeding 1,500 yuan and for digital products not exceeding 500 yuan [1]

Core Viewpoint - The Ministry of Commerce and four other departments have announced a subsidy program for the replacement of old home appliances and the purchase of new digital and smart products starting January 1, 2026, aimed at promoting energy-efficient and environmentally friendly consumer behavior [1] Group 1: Subsidy Program Details - The subsidy will apply to six categories of home appliances: refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, as well as four categories of digital and smart products: mobile phones, tablets, smartwatches (bands), and smart glasses [1] - The subsidy standard is set at 15% of the final sales price after discounts for the eligible products, with a cap of 1,500 yuan for home appliances and 500 yuan for digital and smart products per item [1] - Each individual consumer is eligible for one subsidy per category of product, with a maximum subsidy amount for home appliances not exceeding 1,500 yuan and for digital products not exceeding 500 yuan [1]

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 - A new round of national subsidies has been officially launched, effective from January 1, 2026, covering ten categories of products including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, mobile phones, tablets, smartwatches, and smart glasses, with smart glasses being a newly added category [1][4]. Group 1: National Subsidy Details - The national subsidy rate is set at 15%, with a maximum subsidy of 1500 yuan for energy-efficient appliances and 500 yuan for digital and smart products priced under 6000 yuan [1]. - The subsidy program is available on platforms like Taobao and Tmall, with over 10,000 offline Tmall stores nationwide participating [4]. Group 2: Promotional Activities - From January 1 to 3, Tmall is collaborating with brands like Haier, Midea, Huawei, and Siemens to host a "National Subsidy Renewal Season" event, offering additional discounts of up to 90% and extra consumption vouchers worth 950 yuan [4]. - The promotion allows consumers to purchase home appliances at prices as low as 50% after applying the national subsidy and additional discounts [8]. Group 3: Product Pricing and Discounts - Specific products and their original and discounted prices include: - Gree air conditioner originally priced at 4799 yuan, discounted to 4.1 times lower after subsidies [8]. - Haier refrigerator originally priced at 11999 yuan, available at 50% off after discounts [8]. - Vivo X300 Pro originally priced at 5299 yuan, with a subsidy saving of 500 yuan [8]. - Thunderbird smart glasses Air 4 Pro originally priced at 1888 yuan, eligible for additional discounts [8]. Group 4: Market Reach and Consumer Engagement - By 2025, over 3000 product categories and more than 10,000 brands will be available under the national subsidy program on Taobao and Tmall, attracting an average of over 150 million daily visits to the subsidy section [8].

积极响应国补以旧换新增量政策，给消费者更大力度让利，1月1日至3日，天猫联合海尔、美的、华 为、西门子等上千个品牌，举办"国补焕新季"活动，超级立减9折起，在国家补贴基础上，消费者额外 可领950元国补焕新季消费券，多重优惠叠加，家电低至5折。 2026年第一个好消息来了，新一轮的国家补贴正式开启，1月1日起，上淘宝天猫领取马上可用。同时， 线下天猫优品全国超万家门店全面承接2026年国补。 最新政策显示，2026年国补覆盖品类为：冰箱、洗衣机、电视、空调、电脑、热水器、手机、平板、智 能手表手环、智能眼镜10大品类；其中，智能眼镜为2026年国补新增品类。国补力度上，统一调整为补 贴15%，一级能效/水效家电补贴上限1500元，数码和智能产品（单件销售价格不超过6000元）补贴上 限500元。 目前，广东、浙江、江苏、安徽、福建、内蒙古、江西、上海、四川、山东、河北、重庆等省市国补率 先上线淘宝天猫，消费者在淘宝首页「国补」频道或者搜索「国家补贴」即可领用。天猫线上线下全面 承接2026年国补，线下天猫优品全国超万家门店也支持领用国家补贴。 据悉，2025年超3000多个品类，1万多个品牌，50万款商品，在 ...

通知称，支持家电以旧换新。个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器等6类家电中1 级能效或水效标准的产品，按产品销售价格的15%给予补贴，每位消费者每类产品可补贴1件，每件补 贴不超过1500元。支持数码和智能产品购新。个人消费者购买手机、平板、智能手表手环、智能眼镜等 4类产品(单件销售价格不超过6000元)，按产品销售价格的15%给予补贴，每位消费者每类产品可补贴1 件，每件补贴不超过500元。支持智能家居产品(含适老化家居产品)购新补贴，具体补贴品类、补贴标 准由地方结合实际自主合理制定。 业内人士分析称，从经济效应来看，这无疑是激活消费和推动产业升级的双重引擎。具体来看，补贴政 策向1级能效产品和智能终端倾斜，倒逼企业加大研发投入。例如，家电企业需提升压缩机、芯片等核 心部件效率以满足能效标准，而数码厂商则需在AI算法、传感器集成等领域突破，以增强产品竞争 力。这种"补贴-创新-市场扩大"的良性循环，将推动中国制造向高端化、智能化转型。 12月30日，国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新政策的通 知。 终端品牌：小米集团(01810)、联想集团(009 ...

●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已提前下达 据介绍，2026年"两新"政策主要做了3个方面优化。 优化支持范围。设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养 老机构设备更新，在安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合 体、购物中心、百货店、大型超市等线下消费商业设施的设备更新。消费品以旧换新方面，进一步集中 资源，着力提升覆盖人群广、带动效应强的重点消费品"得补率"。继续实施汽车报废更新和汽车置换更 新补贴；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）。 优化补贴标准。设备更新方面，将住宅老旧电梯更新由定额补贴调整为按电梯层（站）数分档差异 化补贴；在老旧营运货车报废更新补贴中，优先支持更新为电动货车。消费品以旧换新方面，在保持汽 车补贴上限不变的基础上，将定额补贴调整为按车价比例进行补贴；家电以旧换新调整为补贴1级能效 或水效产 ...

Core Viewpoint - The 2026 "Two New" policy aims to enhance equipment updates and promote the replacement of consumer goods, addressing key social issues and supporting economic development through targeted subsidies and optimized implementation mechanisms [1][2][7]. Group 1: Policy Changes - The 2026 "Two New" policy expands the support scope to include the installation of elevators in old residential areas, equipment updates in elderly care institutions, and updates for commercial facilities like shopping centers and supermarkets [2][4]. - The policy continues to support the replacement of old vehicles and household appliances, including cars, washing machines, refrigerators, and extends subsidies to digital and smart products such as smartphones and smart home devices [2][3]. Group 2: Subsidy Standards - The subsidy standards for equipment updates have been optimized, with a shift to differentiated subsidies based on the number of floors for old residential elevators, potentially easing financial burdens for high-rise buildings [4]. - For automotive subsidies, the policy adjusts from fixed amounts to a percentage of the vehicle price, with specific rates for new energy vehicles and fuel-efficient cars, ensuring better alignment with consumer needs [5][6]. Group 3: Implementation Mechanisms - The policy introduces an optimized project application and review process, lowering the investment threshold for project applications and increasing support for small and medium-sized enterprises [7]. - A unified subsidy standard will be implemented nationwide for various categories, addressing discrepancies in local subsidy standards and ensuring that more consumers benefit from the policy [7].

Core Insights - The National Development and Reform Commission and the Ministry of Finance announced a subsidy policy for 2026, providing a 15% subsidy for personal purchases of specific electronic products, including smartphones, tablets, smartwatches, and smart glasses [2][5] - The policy marks a significant change from 2025 by including smart glasses, recognized as the "next generation human-computer interaction interface," in the subsidy program [2][5] Subsidy Details - Consumers can receive a 15% subsidy on the purchase price of eligible products, with a maximum subsidy of 500 yuan per item for smart devices priced under 6000 yuan [3][6] - For home appliances, the subsidy applies to energy-efficient products (1st level) such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, with a maximum subsidy of 1500 yuan per item [3][6] Structural Optimizations - The subsidy program has expanded its scope to include smart glasses, smartwatches, and smart home products, enhancing the support for digital and intelligent devices [3][6] - The policy continues to support the replacement of old appliances and vehicles, focusing on energy-efficient products and promoting a shift towards green and low-carbon upgrades [3][6]