格隆汇2月28日｜深圳市超长期特别国债资金支持消费品以旧换新提质增效实施方案(2026年)提到，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，具体补贴品类和补贴标准由市商务局结合我 市优势产品情况，根据国家、省有关指导意见另行确定。 ...

在此基础上，2025年12月底，国家发展改革委、财政部联合发布《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》，对2026年"两新"工作作出系统部署。其中，2026年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"。 消费作为经济增长的主动力和稳定锚，在2025年交出了亮眼成绩单。数据显示，2025年，我国社会消费 品零售总额首次突破50万亿元，达50.1万亿元，比上年增长3.7%，消费对经济增长的贡献率达到52%， 提高了5个百分点。 这些成绩不仅彰显了消费市场的强大韧性，也为今年消费市场的持续向好奠定了坚实基础。对于今年的 扩内需工作，去年底召开的中央经济工作会议将"坚持内需主导，建设强大国内市场"列为今年经济工作 重点任务首位。今年开年，提振消费政策力度再升级——从继续实施消费品以旧换新政策，到拓宽服务 消费与养老再贷款支持领域，再到多维度政策协同发力，一场全方位的消费提振行动正在展开。 在业内专家看来，未来要加强货币政策与财政政策的协调配合，充分发挥政策协同效应，放大政策效 能，引导社会资本参与促消费、扩投资，共同支持稳增长、调结构，合力推动经 ...

Core Insights - The "Two New" policy, aimed at large-scale equipment updates and consumer goods replacement, has seen rapid implementation across various regions in China, with a focus on digital and smart products [1][2][3] Group 1: Policy Implementation - Regions such as Shanghai, Jiangsu, and Zhejiang have introduced detailed guidelines to align with central policy directives while addressing local development needs [1][2] - The first batch of 625 billion yuan in special government bonds for consumer goods replacement and 936 billion yuan for equipment updates has been allocated, supporting approximately 4,500 projects and expected to drive over 460 billion yuan in total investment [2] Group 2: Local Adaptation - Local governments are encouraged to tailor their subsidy categories and standards based on regional characteristics, enhancing the alignment of national policies with local demands [3][4] - For instance, Jiangsu has added new categories for smart home products, while Inner Mongolia has adjusted its subsidy categories for agricultural machinery based on local agricultural needs [4][5] Group 3: Economic Impact - The "Two New" policy is expected to stimulate consumer spending and investment, with a notable increase in the smart glasses market projected to reach 4.5 million units, reflecting a 77% year-on-year growth [7] - The policy aims to create a dynamic balance between supply and demand, driving high-quality development through structural reforms that leverage China's vast market potential [7]

Core Viewpoint - The Chinese government is enhancing financial support through interest subsidies for consumer loans and small and micro enterprises, aiming to stimulate domestic demand and support the real economy [8][9][12]. Group 1: Consumer Loan Policies - The upgraded consumer loan subsidy policies will provide a 1% interest subsidy on personal consumption loans and service industry loans, benefiting both consumers and businesses [9][10]. - The policies have been optimized to include credit card installment payments, allowing more consumers to benefit from the subsidies [11]. - The implementation period for these policies has been extended to December 31, 2026, with potential for further extensions based on effectiveness [17][19]. Group 2: Support for Small and Micro Enterprises - A new interest subsidy policy for small and micro enterprises will provide a 1.5% subsidy on loans, with a maximum loan amount of 50 million yuan and a subsidy period of up to two years [14][16]. - The policy targets key industries such as new energy vehicles, industrial robots, and medical equipment, aiming to alleviate financing difficulties for private enterprises [14][16]. - The equipment update loan subsidy policy has been expanded to include fixed asset loans related to equipment updates and technology innovation [15][16]. Group 3: Implementation and Efficiency - The government aims to streamline the process for accessing these subsidies, ensuring that consumers and businesses can benefit from the policies with minimal bureaucratic hurdles [18][19]. - There is a focus on making the subsidy process more efficient, with an emphasis on automatic recognition of eligible transactions to facilitate immediate benefits for consumers [18][19]. - The policies are designed to create a favorable consumption environment by reducing credit costs and enhancing consumer purchasing power [19].

在喀什东城万达广场某品牌店，不少消费者驻足挑选数码产品。喀什地区融媒体中心记者 石观 摄 城市消费市场热度攀升。喀什东城万达广场某品牌智能生活馆内，咨询数码产品的顾客络绎不绝。店长伍林介绍，活动启动 后客流量显著增长，手机、手表最高补500元，笔记本电脑、智慧屏最高补1500元，叠加门店优惠后性价比凸显，智能终端产品 销量稳步上扬。家电市场同样火爆，新疆广视通实业有限公司联合近50家一线品牌，推出厂家让利、商家增值服务，形成政策叠 加效应。总经理许飞表示，三重补贴叠加后最高优惠达50%，冰箱、空调等刚需家电销量增幅明显。 新春将至，年味渐浓。2026年消费品以旧换新"国补"政策落地生效，喀什地区同步启动"暖冬迎新·乐享喀什"新春消费季活 动，政策红利精准覆盖汽车、家电、数码智能等重点领域。政企联动释放多重优惠，12县市消费市场同步升温，从城市商圈到县 域门店，"焕新"热潮涌动，为喀什新春注入浓厚烟火气与经济活力。 喀什地区融媒体中心记者 王晓翠 摄 本次以旧换新政策在延续过往优惠力度的基础上提质增效，优化补贴品类与实施机制。家电领域补贴覆盖冰箱、洗衣机、空 调等六大类一级能效产品，按最终售价15%补贴，每人每 ...

Core Viewpoint - The implementation of the "old-for-new" national subsidy policy has sparked a surge in consumer demand across various sectors, including automobiles, home appliances, and digital products. Group 1: Automotive Sector - In Jiangsu, the new subsidy policy offers a 12% subsidy (up to 20,000 yuan) for purchasing new energy vehicles under scrapping scenarios, and a 10% subsidy (up to 15,000 yuan) for traditional fuel vehicles [2] - For replacement scenarios, the subsidy is 8% (up to 15,000 yuan) for new energy vehicles and 6% (up to 13,000 yuan) for fuel vehicles [2] Group 2: Home Appliances and Digital Products - The policy mandates that participating home appliances must meet "first-level energy efficiency" standards, covering six categories such as refrigerators and washing machines, with a subsidy of 15% of the final price, capped at 1,500 yuan per item [2][6] - Digital products, including smartphones and tablets priced under 6,000 yuan, are eligible for a 15% subsidy, with a maximum of 500 yuan per item [2][6] - The new subsidy policy has significantly increased consumer purchasing intentions in the home appliance sector [2] Group 3: Market Impact - The launch of the subsidy program has led to a notable increase in sales, with over 1.3 billion yuan in subsidies utilized in Hebei province alone from January 1 to 9, resulting in sales exceeding 9.2 billion yuan [7] - Retailers are enhancing consumer experience by offering "one-stop" services for old product recycling, which provides additional discounts on new purchases [4]

Core Insights - The new round of "national subsidies" has been launched at the beginning of the year, providing a significant boost to the consumer market for 2026 [1] - The "old-for-new" policy for consumer goods has shown remarkable effectiveness in expanding domestic demand, stabilizing growth, promoting transformation, and benefiting people's livelihoods since its implementation in 2024 [1] - The recent central economic work conference emphasized the need to optimize the "two new" policies to enhance the effectiveness of the "old-for-new" policy [1] Group 1 - The subsidy program in Shanxi Province officially started on January 9, 2026, leading to increased consumer engagement in both physical and online retail spaces [1] - The new subsidies focus on six categories of energy-efficient or water-efficient home appliances and include smart glasses for the first time in the digital product category [1] - The automotive subsidy has shifted from a fixed amount to a percentage of the vehicle price, aiming to create stable expectations for consumers through quarterly and balanced funding distribution [1] Group 2 - The "old-for-new" policy is a key strategy for expanding domestic demand and optimizing supply structure, emphasizing the importance of combining benefits for people's livelihoods with consumption promotion [2] - The implementation process must address issues such as fraudulent claims and price inflation prior to subsidies to ensure the integrity of the program [2] - The transformation of policy benefits into tangible welfare and consumption vitality is crucial for injecting strong momentum into the Shanxi consumer market [2]

Core Insights - The new "National Subsidy" policy for trade-in of old consumer goods has been implemented, leading to a surge in consumer activity in various regions [2][11] Group 1: Automotive Sector - In Jiangsu, the subsidy for purchasing new energy vehicles is 12% of the vehicle price, with a maximum of 20,000 yuan, while traditional fuel vehicles receive a 10% subsidy, capped at 15,000 yuan [6] - For trade-in scenarios, new energy vehicles receive an 8% subsidy, with a maximum of 15,000 yuan, and fuel vehicles receive a 6% subsidy, capped at 13,000 yuan [6] Group 2: Home Appliances - The policy mandates that participating home appliances must meet "first-level energy efficiency" standards, covering six categories including refrigerators and washing machines, with a subsidy of 15% of the final price, limited to 1,500 yuan per item [8][15] - Consumers are showing increased willingness to purchase due to the subsidies, as evidenced by positive feedback from customers who have benefited from the discounts [8] Group 3: Digital Products - Digital products such as smartphones and tablets priced under 6,000 yuan are eligible for a 15% subsidy, with a maximum of 500 yuan per item [8][15] - The introduction of subsidies has led to a noticeable increase in sales of digital products, as consumers are eager to take advantage of the financial incentives [13] Group 4: Market Impact - The implementation of the subsidy policy has significantly boosted consumer spending, with over 1.3 billion yuan in subsidies utilized in Hebei province alone, driving sales exceeding 9.2 billion yuan from January 1 to 9 [18] - Retailers are enhancing consumer experience by offering "new for old" services, where old appliances are collected upon the purchase of new ones, further incentivizing purchases [10]

Core Viewpoint - The implementation of the "old-for-new" national subsidy policy has sparked a surge in consumer spending across various sectors, including automobiles, home appliances, and digital products. Group 1: Automotive Sector - In Jiangsu Province, the subsidy for purchasing new vehicles is calculated based on a percentage of the vehicle price, with electric vehicles receiving a 12% subsidy (up to 20,000 yuan) and traditional fuel vehicles receiving a 10% subsidy (up to 15,000 yuan) under scrapping scenarios [3] - The "new national subsidy" has been in effect for nearly two weeks, leading to a "replacement" boom in the consumer market [4] Group 2: Home Appliances and Digital Products - The subsidy policy for home appliances requires participating products to meet "first-level energy efficiency" standards, covering six categories such as refrigerators and washing machines, with a subsidy of 15% of the final price, capped at 1,500 yuan per item [6][12] - Digital products like smartphones and tablets priced under 6,000 yuan are eligible for a 15% subsidy, with a maximum of 500 yuan per item [12] - The implementation of the "old-for-new" policy has significantly increased consumer purchasing intent, as evidenced by consumer feedback on discounts received [6][10] Group 3: Market Impact and Consumer Behavior - In Shanxi, the subsidy program for home appliances and digital products commenced on January 9, 2023, further boosting sales in these categories [10] - In Hebei Province, the new subsidy policy has led to over 130 million yuan in subsidies utilized from January 1 to 9, driving sales exceeding 920 million yuan [15]

Core Viewpoint - The new "National Subsidy" policy has been implemented for nearly two weeks, leading to a surge in the consumption market in Jiangsu, particularly in the automotive sector [1]. Group 1: Automotive Sector - The subsidy for automobiles is calculated based on the vehicle price, with consumers able to receive up to 20,000 yuan for purchasing new energy vehicles and 15,000 yuan for traditional fuel vehicles under specific conditions [2][5]. - In the context of scrapping and updating, new energy vehicles receive a subsidy of 12% of the vehicle price, while traditional fuel vehicles receive 10% [5]. Group 2: Home Appliances and Digital Products - The policy mandates that participating home appliances must meet "first-level energy efficiency" standards, covering six categories including refrigerators and washing machines, with a subsidy of 15% of the final price, capped at 1,500 yuan per item [7][11]. - Digital products such as smartphones and tablets priced under 6,000 yuan are eligible for a 15% subsidy, with a maximum of 500 yuan per item [11][12]. - The implementation of the "National Subsidy" has significantly increased consumer purchasing intent, as evidenced by consumer feedback on the benefits of the subsidies [7]. Group 3: Market Impact - The launch of the subsidy program has led to a notable increase in sales, with over 1.3 billion yuan in subsidies utilized in Hebei province alone, driving sales exceeding 9.2 billion yuan from January 1 to 9 [12]. - Retailers are enhancing consumer experience by offering "one-stop" services for old product recycling, which further incentivizes purchases [9].