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 ...