Core Insights - The new round of "old-for-new" policies in China aims to stimulate consumer spending, particularly in the automotive and electronics sectors, by providing substantial subsidies for replacing old vehicles and electronic devices [1][2][3]. Automotive Sector - The new policy allows for subsidies based on a percentage of the vehicle price, ranging from 6% to 12%, which enhances the attractiveness of purchasing new vehicles [1]. - In Shandong province, specific subsidies for scrapping old cars and purchasing new energy vehicles are set at 12% of the new car price, with a maximum of 20,000 yuan, and 8% for other new energy vehicles, capped at 15,000 yuan [2]. - The "old-for-new" program has led to a significant increase in consumer interest, with a reported 40% of car sales being trade-ins, indicating a shift in consumer behavior towards upgrading vehicles [2]. - The demand for new energy vehicles, particularly plug-in hybrids and extended-range models, is expected to surge in the first quarter due to these policies [2]. Electronics Sector - The new policies also extend to digital smart products, including smartphones, tablets, and smart glasses, with an emphasis on increasing the subsidy rates and simplifying the application process [3]. - The introduction of a "Internet + second-hand" model is encouraged, which aims to improve the management and evaluation of used goods, enhancing consumer confidence in trade-in values [3]. - Consumers are increasingly valuing the transparency and fairness of old device evaluations, prompting retailers to adopt third-party assessments to meet these expectations [4]. Market Outlook - There is strong confidence in the market's trajectory due to increased policy support at both national and local levels, which is expected to drive consumer spending and upgrade trends [5].

"政策有效地撬动了存量市场。不少主流新能源车型的最终落地价，进入了普通家庭更易接受的区 间。"汪志伟认为，对于很多家庭而言，旧车残值不高，用车成本上升，而高额补贴直接激发了他们的 换车意愿，加快了汽车消费的升级步伐。 目前，这股由"报废更新"政策推动的购车热，仍在持续。多家品牌经销商表示，近期到店量和成交 量显著提升，新能源车型尤其是插电混动和增程式车型，成为置换的主流选择。预计第一季度车市将迎 来一波以旧换新的小高潮。 山东各地新一轮以旧换新政策落地，高"得补率"激活新年消费市场 精准补贴加码，百姓换新更踊跃 1月10日，青岛市民李茉用一辆旧款捷达，置换了一辆官方指导价19.98万元的红旗HS6 PHEV插电 混动SUV。"算下来合适，相当于把大尺寸混动SUV的价格，拉到了原来合资品牌紧凑型SUV的水 平。"李茉说，她享受到厂家8000元专项优惠、2万元"顶格"旧车置换补贴，叠加多项优惠政策，购车压 力大幅减轻。 李茉购车的李沧区虎山路街道，是青岛汽车消费核心区域之一。沿黑龙江中路延伸的3公里内，聚 集了保时捷、雷克萨斯、奥迪等众多品牌4S店，形成年销售额超30亿元的汽车产业带。今年以来，该 区域通过组织汽 ...

2026年云南省 数码和智能产品购新补贴活动 近日 云南省商务厅公告了 的消费者领券方式和 （二）领券次数 入网参加活动的商户名单（第一批） 关于2026年云南省数码和智能产品 购新补贴活动领券方式及商户名单（第一批）的公告 为贯彻落实《国家发展改革委 财政部关于2026年实施大规模设备更新和消费品以旧换新政策的通知》 《商务部等7部门关于提质增效实施2026年消费品以旧换新政策的通知》《商务部等5部门办公厅（室） 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》文件要求，现就消费者领券方式 和入网参加数码和智能产品购新补贴活动商户名单（第一批）相关事项公告如下： 一、领券方式及规则 （一）领券方式 为方便农村地区消费者，特增设农村地区专属券，本次活动电子抵用券分门店券、农村地区专属券、电 商平台券三种。其中，门店券：消费者前往参与活动的线下实体门店（包含农村地区的门店）扫描门店 码领券，在线下门店（包含农村地区的门店）核销；农村地区专属券：消费者登录云闪付App农村地区 专区领券，领券后仅限在省内农村地区的线下实体门店（名单以官方公示为准）核销；电商平台券：消 费者登录云闪付App电商平台 ...

Core Viewpoint - The National Development and Reform Commission and the Ministry of Finance have issued a notice regarding the implementation of large-scale equipment updates and the old-for-new policy for consumer goods in 2026, emphasizing the importance of domestic demand and optimizing the "two new" policies for better effectiveness [1]. Group 1: Large-Scale Equipment Updates - The 2026 equipment update policy expands its support to include the installation of elevators in old residential areas, equipment updates in elderly care institutions, and fire rescue facilities, while maintaining the overall support scope from 2025 [2]. - The 2026 policy increases support for small and medium-sized enterprises (SMEs) by lowering the investment threshold for project applications, aiming to enhance the effectiveness of investment and ensure that policy benefits reach those who need them [2]. - The policy is expected to stimulate domestic consumption by improving the quality and efficiency of the supply system, thereby creating a positive cycle of investment and consumption [3]. Group 2: Old-for-New Policy for Consumer Goods - The 2026 old-for-new policy will cover a broader range of products, including six major categories of home appliances, and aims to ensure precise allocation of funds to maximize the policy's impact [4]. - The policy will also expand support for digital and smart products, including smart glasses, to meet consumer demand for new technologies and products [4]. - A unified subsidy standard will be implemented nationwide for specified products, which will help prevent market segmentation and promote the free flow of goods and resources across the country [6].

2、家电：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，调整为补贴1级能效 或水效产品， 补贴产品售价的15%，单件补贴上限为1500元 ；去年为"对个人消费者购买2级及以上 能效或水效标准的冰箱、洗衣机、电视、空调、电脑、热水器、家用灶具、吸油烟机、净水器、洗碗 机、电饭煲、微波炉12类家电产品给予补贴。补贴标准为上述产品最终销售价格的15%， 对其中 购 买1级及以上能效或水效标准的产品，额外再给予产品最终销售价格5%的补贴… … 每件补贴不超过 2000元 "。 3、数码：补贴扩围 。"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，包括含适老化家居产品"。 4、汽车：由直接补贴金额转为按比例报销。①报废更新： 据《2026年汽车以旧换新补贴实施细 则》，对于新能源车，"按新车销售价格的12%给予补贴，补贴金额最高2万元"，对于燃油车，"按新 车销售价格的10%给予补贴，补贴金额最高1.5万元"，去年为"对报废上述符合条件旧车并购买新能源 乘用车的，补贴2万元；对报废上述符合条件燃油乘用车并购买2.0升及以下排量燃油乘 ...

Consumption Policy Changes - The first batch of funds for the "Two New" subsidy program has been set at 62.5 billion yuan for this year, with a planned 81 billion yuan for 2025[2] - Subsidies for home appliances will focus on six product categories, with a 15% subsidy on the selling price for energy-efficient products, capped at 1,500 yuan per item[2] - The digital product subsidy has been expanded to include smartphones, tablets, smartwatches, smart glasses, and smart home products[3] Automotive Subsidy Adjustments - For scrapping and replacing vehicles, subsidies for new energy vehicles will be 12% of the sales price, with a maximum of 20,000 yuan, while for fuel vehicles, it will be 10% with a cap of 15,000 yuan[3] - The replacement subsidy for new energy vehicles will be 8% of the sales price, capped at 15,000 yuan, and for fuel vehicles, it will be 6% with a cap of 13,000 yuan[3] Investment Initiatives - The National Development and Reform Commission has announced an early release of investment plans totaling approximately 295 billion yuan, aimed at accelerating fund allocation and usage[4] - Major infrastructure projects approved or authorized have a total investment exceeding 400 billion yuan, including transportation and water resource projects[4] Risk Considerations - There are risks associated with the timely update of policies, which could affect the implementation of the subsidy programs[5]

Group 1 - The 2026 Anhui Province consumer goods trade-in program officially started on January 1, 2026, focusing on vehicle scrappage and replacement subsidies [1] - For scrapping gasoline passenger cars registered before June 30, 2013, and diesel or other fuel passenger cars registered before June 30, 2015, a one-time subsidy of up to 20,000 yuan is available when purchasing qualifying new energy or fuel vehicles [1] - The subsidy for scrapping eligible fuel passenger cars and purchasing vehicles with an engine size of 2.0 liters or less is set at 10% of the new vehicle sales price, with a maximum of 15,000 yuan [2] Group 2 - Each individual consumer can only receive either a scrappage subsidy or a replacement subsidy once during the program [2][3] - The new vehicle must be registered in the applicant's name during the subsidy application review period, and the old vehicle must have been held until January 8, 2025 [2][3] - The household appliance and digital product trade-in program will follow national standards, providing a 15% subsidy on the final sales price for eligible products, with specific caps on the subsidy amounts for each category [3]

"新年零点一过就成功下单了！"吴女士兴奋地说，她购买的手机，原价5999元，在享受企业优惠及品牌 补贴后，通过银联云闪付领取资格并支付，又额外享受国家补贴500元，实际支付仅4849元。此外，她 还可以参加抽奖活动。"非常划算！"吴女士说。 2026年"国补"新政不仅延续了对汽车、家电的补贴，还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）。在京东MALL的新年车展现场，一辆崭新的广汽埃安i60新能源SUV完成了补贴核销手续，标志 着全国首单汽车"国补"也在广州诞生。"前不久，因为错过了2025年以旧换新补贴，感到很'蚀底'，没想 到赶上了2026年的最新政策。"埃安i60车主郑先生开心地说。 全城联动 政策引领带动节庆消费 当人们喜迎新年到来的时候，2026年全国首单线下"国补"在广州落地。2026年1月1日0时，在广州京东 Mall，不少消费者早早来到店内，计划抢饮2026年"国补"头啖汤。市民吴女士成功下单一台手机，成为 2026年全国首位享受国家以旧换新线下家电数码补贴的幸运消费者。 借"国补"政策东风，广州商贸 ...

三是优化实施机制 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）。 二是优化补贴标准 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 能效或水效产品，补贴产品售价的15%，单件补贴上限为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。 国家发展改革委、财政部印发的 ...

在支持范围上，消费品以旧换新进一步集中资源，着力提升重点消费品的"得补率"。补贴覆盖汽车、家电、数码和智能产品三大领域。汽车方面，继续实施 报废更新和置换更新。家电支持范围聚焦于冰箱、洗衣机、电视、空调、电脑、热水器等6类产品。数码和智能产品补贴在延续手机、平板、智能手表（手 环）的基础上，新增了智能眼镜这一品类，并支持智能家居产品（含适老化家居产品），其具体补贴品类与标准由地方结合实际制定。 国家发展改革委、财政部于2025年12月30日发布《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》，标志着2026年新一轮"国补"政策正式落 地。为满足元旦、春节等消费旺季需求，国家发展改革委会同财政部已提前下达2026年第一批625亿元超长期特别国债，专项用于支持消费品以旧换新资金 计划。该政策自2026年1月1日起正式实施。 补贴标准方面，汽车补贴由定额调整为按新车销售价格比例计算。报废旧车并购买新能源乘用车，补贴车价的12%，最高2万元；购买符合条件的燃油乘用 车，补贴车价的10%，最高1.5万元。置换更新购买新能源乘用车，补贴车价的8%，最高1.5万元；购买燃油乘用车，补贴车价的6%，最高1.3万 ...