Group 1 - The Chinese government has allocated 81 billion yuan for the second batch of ultra-long-term special bonds in 2025 to support the consumption of old-for-new policies [1] - The National Development and Reform Commission will enhance coordination and supervision to ensure that funds reach consumers effectively, reducing the financial burden on enterprises [1] - The old-for-new subsidy policy is expected to significantly boost consumer spending in appliances and automobiles [2] Group 2 - In Zhengzhou, there has been a noticeable increase in consumer purchases of air conditioners and refrigerators as the old-for-new subsidy policy expands [3][5] - Consumers can receive up to 20% subsidies on home appliances, with a maximum subsidy of 2,000 yuan per item, and additional online coupon discounts available [5] - The automotive sector has seen a surge in inquiries, with subsidies of 20,000 yuan for scrapping old cars and purchasing new energy vehicles, and 15,000 yuan for fuel vehicles [7] - In April, automotive sales in Zhengzhou increased by approximately 40% due to the impact of the subsidy policy [7] - As of April 27, Zhengzhou reported 18,900 units of home appliances sold under the old-for-new program, generating sales of 60.44 million yuan, and 40,993 vehicles replaced, driving consumption of 7.215 billion yuan [9]