Core Viewpoint - Apple has officially participated in the national subsidy program for the first time through its direct channels in China, allowing consumers to enjoy subsidies of up to 2000 RMB for various products, which signifies a shift in the company's strategy to enhance consumer experience and competitiveness in the market [2][3]. Group 1: National Subsidy Program - The national subsidy program has expanded in 2025 to include 3C digital products, with Apple participating for the first time through its direct channels in Beijing and Shanghai [2]. - The program aims to allow consumers to spend less and obtain better products, reflecting a policy direction that treats both domestic and foreign brands equally [2][3]. - In some regions, the subsidy program has faced pauses or limitations due to rapid consumption of funds, but there remains a significant amount of 138 billion RMB allocated for the second half of the year [3]. Group 2: Market Impact and Consumer Experience - The participation of Apple in the subsidy program is expected to enhance service experience by allowing consumers to enjoy both the subsidy and official services directly from Apple, breaking the previous reliance on third-party platforms [3]. - The latest IDC report indicates that the PC monitor market in China saw a total shipment of 7.07 million units in Q1 2025, with a 14% year-on-year increase, driven by the subsidy policy [4]. - The consumer market's shipment reached 3.43 million units, reflecting a 17.4% year-on-year growth, although future market dynamics may shift towards deeper competition due to uncertainties in subsidy policies [4].

Group 1 - Apple has announced participation in the national subsidy program for trade-in products, offering up to 2000 RMB discount, applicable only in Apple Store online (Beijing delivery address) and retail stores (Shanghai) [2] - This marks the first time Apple’s direct channels in China are involved in the national subsidy program, which has expanded from home appliances to include mobile and digital products by 2025 [2] - The continuation of the subsidy program in Beijing and Shanghai is attributed to effective fund management, indicating a consistent approach towards both domestic and foreign brands [2] Group 2 - In the second quarter, the national subsidy funds were consumed quickly in some regions, leading to a pause or limitation in the program in mid to late June [3] - The central government has allocated 138 billion RMB for the second half of the year, with funds to be distributed in July and October [3] - Apple’s direct participation in the subsidy program is expected to enhance service experience, allowing consumers to enjoy both subsidies and official services directly, thus improving brand perception and increasing market competition [3]