Core Viewpoint - Shenzhen will fully implement a vehicle scrapping and replacement program, along with subsidies for six categories of home appliances and four categories of digital products starting January 1, 2026 [1] Group 1: Vehicle Scrapping and Replacement - Personal consumers who scrap gasoline passenger cars registered before June 30, 2013, and diesel or other fuel passenger cars registered before June 30, 2015, will receive a subsidy of 12% of the vehicle price when purchasing eligible new energy passenger cars [1] - A subsidy of 10% of the vehicle price will be provided for purchasing fuel passenger cars with an engine displacement of 2.0 liters or less [1] - Consumers scrapping new energy passenger cars registered before December 31, 2019, will also receive a subsidy of 12% when purchasing eligible new energy passenger cars [1] - The maximum subsidy for new energy vehicles is 20,000 yuan, while the maximum subsidy for fuel vehicles is 15,000 yuan [1] Group 2: Home Appliance Replacement - Consumers purchasing energy-efficient or water-efficient products from six categories of home appliances, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, will receive a subsidy of 15% of the product's sales price [1] - Each consumer can receive a subsidy for one item per category, with a maximum subsidy of 1,500 yuan per item [1] Group 3: Digital Product Replacement - Consumers purchasing new digital and smart products, including mobile phones, tablets, smartwatches, and smart glasses, will receive a subsidy of 15% of the product's sales price [1] - Similar to home appliances, each consumer can receive a subsidy for one item per category, with a maximum subsidy of 500 yuan per item [1]

Group 1 - The new round of "National Subsidy" officially starts on January 1, 2026, with the first batch of 62.5 billion yuan allocated [1] - The subsidy continues to support the replacement of old consumer goods and increases support for equipment upgrades [1] - Digital and smart products will continue to receive a 15% subsidy, with a maximum of 500 yuan per item [1] Group 2 - Home appliance products will only be subsidized if they meet level 1 energy efficiency or water efficiency standards [1] - The automotive subsidy has been adjusted to a price proportion, with a maximum subsidy of 20,000 yuan [1]

Group 1 - In 2025, the sales of products related to the trade-in program will exceed 2.6 trillion yuan, benefiting over 360 million people [1] - The trade-in program includes over 11.5 million cars, 129 million home appliances, 9.1 million digital products, 12 million home renovation items, and 12.5 million electric bicycles [1] - The Chinese government plans to respond firmly to the EU's carbon border adjustment mechanism, which it views as unfair and discriminatory against Chinese products [1] Group 2 - In 2025, China's carbon market is expected to operate smoothly, with an increase in market vitality and expanded support for voluntary greenhouse gas reduction trading [1] - The China Council for the Promotion of International Trade organized 407 outbound delegations in 2025, deepening trade and investment cooperation with Belt and Road Initiative countries [1] - The film box office in China for 2025 is projected to reach 51.83 billion yuan, a year-on-year increase of 21.95%, with domestic films accounting for 79.67% of the total [1] Group 3 - In 2025, Jilin Province's total grain production is expected to reach 164.006 billion jin, maintaining its position as the top producer in China for 16 consecutive years [1] - The number of new business entities in Hainan Province reached 11,957 by December 28, 2025, following the launch of the free trade port [1] - The passenger and vehicle flow through the Hong Kong-Zhuhai-Macao Bridge is expected to exceed 31.34 million and 6.8 million respectively in 2025, marking historical highs [1] Group 4 - The Spanish stock market index Ibex experienced a nearly 50% increase in 2025, marking the largest rise since 1993 [2] - The index reached a record high of 17,354.9 points on December 30, 2025, making it one of the best-performing indices globally [2] - The Democratic Republic of the Congo will extend cobalt export quotas from the fourth quarter of 2025 to the end of March 2026 to ensure a smooth implementation of the new quota system [2]

Group 1 - The 2026 appliance replacement policy will provide subsidies for consumers purchasing energy-efficient home appliances, with a subsidy of 15% of the product price, capped at 1,500 yuan per item [1] - The first batch of subsidies for the 2026 policy amounts to 62.5 billion yuan, which is lower than the 2025 plan, and the eligible appliance categories are fewer [1] - Citigroup believes the new policy will boost consumer sentiment despite the limited overall impact on e-commerce platforms due to high baseline effects and smaller subsidy scale [1] Group 2 - The 2026 policy is expected to stimulate domestic appliance sales and improve product structure, benefiting companies with R&D, channel, and brand advantages in the white and black goods sectors [2] - The easing of US-China trade tensions may reduce tariff pressures, allowing home appliance companies to gradually release global production capacity and gain incremental contributions from emerging markets [2] - The new policy is anticipated to drive the home appliance industry towards high-end, intelligent, and green upgrades, favoring large appliance companies with competitive advantages [2] Group 3 - Related Hong Kong-listed companies in the home appliance industry include Midea Group, Haier Smart Home, Hisense Home Appliances, TCL Electronics, Skyworth Group, and Xiaomi Group [3]

Group 1 - The Chinese government has announced a new policy for 2026 to support the replacement of old appliances and consumer goods, providing a subsidy of 15% of the product price for eligible energy-efficient appliances, with a maximum subsidy of 1,500 yuan per item [1][2] - The first batch of funding for this policy amounts to 62.5 billion yuan, aimed at stimulating consumer sentiment despite a smaller subsidy scale compared to 2025 [1][2] - The policy is expected to benefit e-commerce platforms, although the overall impact may be limited due to high baseline effects and reduced subsidy amounts [1][2] Group 2 - The 2026 policy focuses on high-efficiency products, with a narrower scope and lower subsidy rates compared to 2025, which aligns with market expectations and is anticipated to improve domestic appliance sales [2] - Companies with advantages in research, distribution, and branding in the white and black goods sectors are expected to benefit more from the new policy [2] - The policy is likely to drive the home appliance industry towards higher-end, smart, and green upgrades, optimizing product structures [2] Group 3 - Relevant Hong Kong-listed companies in the home appliance supply chain include Midea Group, Haier Smart Home, Hisense Home Appliances, TCL Electronics, Skyworth Group, and Xiaomi Group [3]

Core Insights - The 2026 national subsidy policy for replacing old consumer goods has been implemented in Jiangsu, leading to a surge in sales for home appliances, automobiles, and digital smart products as consumers take advantage of the subsidies [1][2] Group 1: Policy Overview - The 2026 national subsidy policy includes three major upgrades: expanded support scope, upgraded subsidy standards, and efficient implementation mechanisms [1][2] - The support scope now includes the installation of elevators in old residential areas, equipment for elderly care institutions, and fire rescue facilities, in addition to traditional categories like automobiles and home appliances [1] - Subsidy standards have been refined, with automotive subsidies shifting from fixed amounts to a percentage of the vehicle price, and home appliance subsidies focusing on energy-efficient products [1][2] Group 2: Market Response - The launch of the subsidy policy has resulted in a booming market for home appliances and digital products, with major retailers like JD.com offering nearly 10,000 products eligible for subsidies [2][3] - Retailers have adjusted their operations to accommodate increased consumer demand, with some stores opening earlier to handle the influx of customers [2][3] - The automotive market is experiencing a significant uptick in consumer interest, with many consumers eager to take advantage of the new subsidies and promotional offers [3][4] Group 3: Consumer Experience - The implementation of the subsidy policy has improved consumer experience, with local regulations requiring new vehicles to be registered in the same area to better serve local customers [5] - Retailers are offering additional incentives, such as low-interest financing and trade-in bonuses, to attract consumers who have been waiting for favorable conditions to purchase new vehicles [4][5] - Various channels for applying for subsidies have been established, making it easier for consumers to access the benefits [6]

Group 1: Consumer Goods and Trade - In 2025, the sales revenue from the replacement of old consumer goods is expected to exceed 2.6 trillion yuan, benefiting over 360 million people, with over 11.5 million cars, 129 million home appliances, and 9.1 million digital products being replaced [3] - Starting January 1, 2025, China will adjust import tariffs on certain goods, implementing a temporary tariff rate lower than the most-favored-nation rate on 935 items, aimed at reducing tariffs on key components, advanced materials, resource products, and medical products to expand the supply of quality goods [3] Group 2: Film Industry - The total box office revenue for films in China in 2025 is projected to be 51.832 billion yuan, with urban cinema attendance reaching 1.238 billion people, and domestic films accounting for 41.293 billion yuan, representing 79.67% of the total [4] - In 2025, there will be 51 films with box office earnings exceeding 100 million yuan, including 33 domestic films, with a total of 764 films produced, of which 511 are narrative films [4] - The number of urban cinema screens is expected to increase by 2,219, bringing the total to 93,187 screens [4] Group 3: Cross-Strait Relations and Tourism - In 2025, over 1.43 million Taiwanese residents traveled via the "Mini Three Links" passenger routes, marking a historical high since the service began 25 years ago [5] - The "Mini Three Links" route from Quanzhou to Kinmen has surpassed 100,000 passengers for the first time in six years, while the Fuzhou Huangqi to Matsu route celebrates its 10th anniversary of smooth operation [5] - The introduction of 15 passenger ships for the "Mini Three Links" routes during the 2026 New Year holiday is expected to facilitate over 20,000 travelers [5] Group 4: Cultural and Business Exchange - A delegation of Taiwanese restaurant enterprises visited Nanchang to explore business opportunities, aiming to leverage the influence of the "Two Sides' Human Fire" brand to promote collaboration between Taiwanese dining brands and Nanchang's commercial entities [6] - The delegation engaged in cultural exploration and business matching, enhancing their understanding and recognition of the Nanchang market [6] - The visit included tours of significant cultural sites and discussions with local commercial management, fostering direct dialogue between businesses from both regions [6]

本报北京1月1日电 （记者王珂）记者1日从商务部获悉：2025年以旧换新政策取得显著成效，全年以旧 换新相关商品销售额超2.6万亿元，惠及超3.6亿人次。其中，汽车以旧换新超1150万辆，家电以旧换新 超1.29亿件，手机等数码产品购新超9100万部，家装厨卫"焕新"超1.2亿件，电动自行车以旧换新超1250 万辆。 促进经济绿色转型。2025年，报废汽车回收量增长24.5%，实现循环利用钢材约960万吨、铜铝锂等有 色金属约130万吨，减少碳排放约2450万吨。 提高人民生活品质。自2024年9月政策全面实施以来，已累计发放直达消费者的补贴超4.8亿份，一大批 绿色、低碳、智能的新产品进入百姓生活。2025年，每卖出两辆家用新车，就有一辆享受了汽车以旧换 新补贴。老旧电动自行车淘汰更新量超过2024年的9倍，换新的电动自行车均具备符合现行国家标准的 产品合格证和CCC证书，安全性更好的铅酸电池车辆占比约90%。 （文章来源：人民日报） 支撑消费持续扩大。2025年1—11月，社会消费品零售总额同比增长4.0%，较上年同期加快0.5个百分 点，以旧换新带动社零总额增长超1个百分点；家电零售额已超2024年全年 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) and the Ministry of Finance have issued a notice to implement large-scale equipment updates and a trade-in policy for consumer goods in 2026, aiming to optimize support scope, subsidy standards, and implementation mechanisms for the "Two New" policies [1] Group 1: Policy Implementation - The first batch of 625 billion yuan in special long-term bonds to support the trade-in policy for consumer goods has been allocated in advance to meet the consumption demand during peak seasons like New Year and Spring Festival [1] - The 2026 "Two New" policy focuses on social concerns and real needs, with a systematic deployment characterized by precise targeting and quality improvement [1] Group 2: Equipment Updates - The 2026 policy will expand the support scope for equipment updates to include the installation of elevators in old residential communities, equipment updates in elderly care institutions, and facilities for fire rescue and inspection [1] - The subsidy for updating old residential elevators will shift from a fixed amount to a tiered subsidy based on the number of elevator floors [2] Group 3: Consumer Goods Trade-in - The policy continues to support trade-ins for automobiles and focuses on six categories of home appliances: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [1] - The subsidy for household appliances will be adjusted to support products with a 1st-level energy efficiency or water efficiency rating, with a maximum subsidy of 1,500 yuan per item [2] Group 4: Funding and Oversight - The notice outlines requirements for optimizing funding channels, regulating fund usage, and enhancing supervision to maximize the effectiveness of the funds [2] - Measures will be taken to optimize the project application mechanism and review process, lowering the investment threshold for applications and increasing support for small and medium-sized enterprises [2] Group 5: Future Actions - The NDRC will work with relevant departments to strengthen coordination and monitoring, ensuring a balanced and orderly use of subsidy funds while implementing the trade-in policy for consumer goods [3]

Core Viewpoint - The new round of "National Subsidy" for 2026 has officially started, with a total of 62.5 billion yuan allocated to support the replacement of old products and enhance consumer spending [3]. Group 1: Digital and Smart Products - Digital and smart products will continue to receive a 15% subsidy, with a maximum of 500 yuan per item. The subsidy categories have expanded to include smart glasses alongside existing products like smartphones and smart home devices [3]. - The subsidy applies to products priced up to 6,000 yuan, with each consumer limited to one subsidy per product category [3]. Group 2: Home Appliances - The subsidy for home appliances in 2026 will focus solely on products that meet the highest energy efficiency standards (1st level) or water efficiency standards, excluding lower-rated products [4]. - Eligible appliances include refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, with a maximum subsidy of 1,500 yuan per item [4]. Group 3: Automotive Subsidies - The automotive subsidy will be adjusted to a fixed percentage of the new car sales price, with a maximum subsidy of 20,000 yuan for eligible vehicles [5]. - For gasoline vehicles, the registration date must be before June 30, 2013, while for diesel and other fuel vehicles, it must be before June 30, 2015. For new energy vehicles, the registration date must be before December 31, 2019 [7]. - The subsidy for purchasing new energy vehicles after scrapping an old vehicle is set at 12% of the new car price, with a cap of 20,000 yuan [7]. Group 4: Addressing Public Concerns - The new round of subsidies aims to address public concerns regarding issues such as the installation of elevators in old residential areas and the updating of equipment in elderly care facilities [6][8]. - Additional support will be provided for updating equipment in commercial facilities, including shopping centers and supermarkets [8]. Group 5: Application Process - Consumers can apply for subsidies through designated platforms or mini-programs related to specific product categories, ensuring a streamlined process for accessing the benefits [10][12]. - There will be strict measures to combat fraudulent claims and ensure that the subsidy benefits reach the intended consumers effectively [12].