Summary of the Conference Call on China's "Dual Upgrade" Program Industry Overview - The conference call discusses the **consumer goods industry** in China, specifically focusing on the **2026 consumer goods trade-in and equipment upgrade program**, referred to as the "dual upgrade" program [1][2]. Key Points and Arguments 1. **Program Announcement**: On December 30th, the National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF) released guidelines for the 2026 "dual upgrade" program, adjusting subsidy categories and levels to support areas like livelihood, security, elderly care, green products, and AI [1][2]. 2. **Funding Details**: The initial funding for the program is set at **RMB 62.5 billion**, which is lower than the **RMB 81 billion** allocated in 2025. The total expected funding for 2026 is around **RMB 250 billion**, slightly below the **RMB 300 billion** from 2025 [1][2][6]. 3. **Impact on Retail Sales**: Although retail sales growth is expected to pick up in early 2026 due to the new subsidy quota, full-year nominal retail sales growth is projected to decelerate from **3.8% in 2025 to 2.7% in 2026** due to reduced subsidies and their diminishing impact [1][7]. 4. **Subsidy Adjustments**: The subsidy structure has been modified, with a shift from fixed subsidies per vehicle to a percentage-based subsidy tied to the vehicle's price. For home appliances, subsidies will now only apply to products meeting Level 1 energy-efficiency standards, with a subsidy rate of **15%** (down from **20%**) and a maximum subsidy of **RMB 1,500** per item (down from **RMB 2,000**) [9][2]. 5. **Eligible Products**: The program will focus on products with broad reach, narrowing the scope of qualified home appliances from **12 to 6 sub-categories** and expanding coverage to include digital products like smart glasses and smart home devices for elderly consumers [9][2]. 6. **Implementation Challenges**: The effectiveness of the trade-in program is contingent on both funding and implementation. The previous program's impact faded due to slower subsidy disbursement and tighter application processes, particularly affecting home appliance trade-in applications [2][10]. Additional Important Content - **Long-term Recovery Measures**: To achieve a sustainable recovery in consumption, it is suggested that measures should prioritize job creation and income improvement, such as subsidizing labor-intensive services and enhancing income distribution through mechanisms like raising the minimum wage [7][2]. - **Historical Context**: The initial boost from the trade-in program was noted in Q4 2024 and H1 2025, but its effects have diminished over time, indicating a need for ongoing adjustments to maintain consumer engagement [2][10]. This summary encapsulates the essential points from the conference call regarding the "dual upgrade" program and its implications for the consumer goods industry in China.

Innovatoren nehmen an der weltweit bedeutendsten Technologieveranstaltung teil, die vom 6. bis 9. Januar in Las Vegas stattfindet ARLINGTON, Va., 3. Januar 2026 /PRNewswire/ -- Die ® CES2026, die weltweit bedeutendste Technologieveranstaltung, kehrt vom 6. bis 9. Januar nach Las Vegas zurück und bringt globale Unternehmen, innovative Start-ups, Führungskräfte aus der Industrie, internationale Medien und Regierungsvertreter zusammen, um die nächste Generation von Technologien zu erleben, die globale Herausfo ...

Core Viewpoint - The 2026 Hainan Province subsidy policy for replacing old vehicles and electronic products will continue, providing financial incentives for consumers to upgrade their automobiles and household appliances, effective from January 1, 2026 [1][2][3]. Vehicle Replacement Subsidy - The subsidy for scrapping old vehicles can reach up to 20,000 yuan for gasoline vehicles and 15,000 yuan for diesel vehicles, with specific eligibility criteria based on the registration date of the old vehicle [1][2]. - For scrapping eligible old vehicles and purchasing new energy vehicles, a subsidy of 12% of the new vehicle's sales price (up to 20,000 yuan) will be provided, while for fuel vehicles with an engine size of 2.0 liters or less, a subsidy of 10% (up to 15,000 yuan) will be available [1][2]. - Consumers can only choose one type of subsidy (either scrapping or replacing) and can only apply for it once during the policy period [2]. Household Appliances and Digital Products Subsidy - The subsidy for household appliances and digital products will also be implemented, providing 15% of the final sales price as a subsidy, with specific limits on the amount per item [2][3]. - For household appliances, consumers can receive up to 1,500 yuan for each eligible product, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [2][3]. - For digital products like smartphones and tablets, a subsidy of up to 500 yuan per item will be available, with a maximum sales price of 6,000 yuan [3]. Application Process - Consumers can apply for subsidies through the Cloud Flash Payment platform, either online or offline, ensuring that they only pay the amount after the subsidy is deducted [4]. - The application process requires consumers to download the Cloud Flash APP, bind their bank accounts, and complete identity verification before making purchases [4].

Group 1: Core Points - The Zhejiang province will implement a vehicle trade-in program from January 1, 2026, to December 31, 2026 [1][25] - The program aims to encourage consumers to replace old vehicles with new ones, providing subsidies for eligible purchases [3][18] Group 2: Subsidy Details - For scrapping and updating vehicles, personal consumers can receive a subsidy of 12% of the vehicle price, with a maximum subsidy of 20,000 yuan for new energy vehicles and 15,000 yuan for fuel vehicles [7][9][19] - The eligibility for the subsidy requires that the old vehicle must be registered in the applicant's name before January 8, 2025, and the new vehicle must be purchased within the program period [13][21] Group 3: Application Process - Consumers can apply for subsidies through platforms like Alipay and WeChat by searching for the "Zhejiang Auto Trade-in" mini-program [17][22] - Required documents for application include the scrapping certificate, vehicle deregistration certificate, sales invoice, and vehicle registration certificate, all of which must be obtained after January 1, 2026 [13][21] Group 4: Additional Consumer Products - The program also includes subsidies for household appliances such as televisions, refrigerators, washing machines, air conditioners, computers, and water heaters, with a subsidy of 15% of the actual sales price and a maximum of 1,500 yuan per item [30][31] - Consumers can participate in both online and offline activities to claim these subsidies, with specific guidelines for each method [32][43]

（来源：荔枝新闻） 转自：荔枝新闻 好消息来啦！ 2026年江苏消费品以旧换新工作马上开启，不管是想换新车、新家电，还是入手数码智能产品，都能领 补贴，实打实帮你省钱，实惠又方便，快跟着小编一起划重点！ 从2026年1月1日起，政策正式实施！不管是换车还是买家电、数码产品，只要符合条件，都能申请补 贴，早换早享受优惠～ 哪些东西能领补贴？能省多少？ 01换汽车：最高补贴2万元！ 不管是报废旧车换新车，还是直接置换旧车买新车，都有补贴，新能源和燃油车都覆盖～ 报废旧车换新车： 报废2013年6月30日前登记的汽油乘用车、2015年6月30日前登记的柴油及其他燃料乘用车，或是2019年 12月31日前登记的新能源乘用车，再买符合要求的新能源乘用车，按新车售价12%补贴，最高能拿2万 元！报废燃油车并购买2.0升及以下排量燃油乘用车，按10%补贴，最高1.5万元～ 置换旧车换新车： 补贴什么时候能领？ 把自己名下的旧乘用车卖掉，再买符合要求的新能源乘用车，按新车售价8%补贴，最高1.5万元；买2.0 升及以下排量燃油乘用车，按6%补贴，最高1.3万元～ 划重点：每个人只能选一次汽车补贴（要么报废补贴，要么置换补贴） ...

Flash | 30 Dec 2025 11:17:16 ET │ 15 pages China Industrials CITI'S TAKE NDRC unveiled the renewal subsidy program for replacement with a budget of US$8.9bn for 2026 from ultra-long special treasury bonds but didn't specify the total size of the fund for the 2026 scheme. The 2026 initial budget seems to be far lower than the mega budget of Rmb300bn (approx. US$41.8bn) for 2025. Hence, we believe the positive impact to corporate earnings would be less for 2026 vs 2025. Major sectors to be covered are compara ...

Flash | 30 Dec 2025 08:38:23 ET │ 8 pages China Hardware Implications of Newly Announced 2026 Subsidies CITI'S TAKE NDRC announced details of consumption subsidy today. For digital products, it keeps handset, tablet and smart watch but newly added smart glasses with same caps of selling price at Rmb6,000, maximum subsidy amount at Rmb500 and subsidy at 15% of selling prices. For home appliances, it reduced the number of categories to 6 only (from 12), with maximum subsidy amount at Rmb1,500 (from Rmb2,000) ...

转自：北京日报客户端 记者从北京市商务局获悉，北京市将于2026年1月1日起，接续实施家电、数码等领域消费品以旧换新补 贴。2026年1月1日起，补贴资格每日上午8点开始发放，消费者可通过京通小程序"家电、数码以旧换新 专区"领取线上或线下补贴资格。 补贴资格 每日 8 时开放领取,补贴资格逐日发放,领 取后需在有效期内使用;若未使用,过期后 仍可重新领取。 线上资格领取 线下资格领取 提示:线上资格仅限在指定电商 提示:线下资格仅限在北京地区 平台使用,具体平台可查看【常 指定实体门店使用,门店名单可 查看【常见问题 >> 购买渠道】 见问题 >> 购买渠道] 电视机补贴资格 领取 电冰箱补贴资格 领取 l 洗衣机补贴资格 领取 IF 空调补贴资格 领取 电脑补贴资格 领取 le 热水器补贴资格 领取 点击收起 会 我的券码 > 补贴资格使用 线上消费 1 打开京通,首页点击【家电以旧换新专区】 2 【线上资格领取】模块选择对应家电品类, 完成资格领取。 3 点击当前页面【我的券码】,查看并复制 对应品类条码(资格)。 4 前往支持补贴的电商平台,完成兑换绑定 即可使用。 线下消费 1 打开京通,首页点击【 ...

12月30日，备受社会关注的2026年"两新"政策发布：国家发展改革委、财政部印发的《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》30日对外发布，明确2026年"两新"政策的支持范围、补 贴标准和工作要求。 2026年"两新"政策有哪些变化？新一轮"国补"有哪些看点？可以从三个"优化"来理解： 一是优化支持范围。 在消费品以旧换新方面，明年汽车置换、洗衣机和冰箱等家电换新还有没有补贴？购买智能手机、智能 手环还能申请补贴吗？ 答案是肯定的：继续支持。 明年"两新"政策，将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）。 透过这些规定看，消费品以旧换新进一步集中资源，着力提升覆盖人群广、带动效应强的重点消费 品"得补率"。 二是优化补贴标准。 为充分发挥超长期特别国债资金效益，进一步提高补贴质效，2026年"两新"政策对一些领域的补贴标准 作出了优化完善。 设备更新方面， ...

21世纪经济报道记者周潇枭北京报道 2026年的"国补"要来了！国家发改委和财政部联手，真金白银地砸钱。大家在买新车、换家电、买数码 产品时，国家会给报销一部分。 2025年12月30日，国家发展改革委和财政部联合对外《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》，明确了"两新"政策的适用范围和补贴金额。为满足元旦、春节的消费需求，625亿元 首批"国补"资金已下达。 数码党们听好了！手机、平板、智能手表手环，还有智能眼镜！数码产品的单价不能超过6000块，按 15%补贴，每人每类补一件，每件最高500块。如果要买最新款、顶配的旗舰产品，价格一旦超过6000 块钱，就得完全自掏腰包了。 可以看出，2026年"国补"三个关键词：高能效、绿色、智能。专补那些能耗低、够智能、大家用得上的 东西。让你消费升级，还能推动产业升级。 另外，设备更新的政策放宽了。老旧小区加装电梯、养老院更新设备、消防救援设施改造，甚至线下商 场更新设备，都能申请补助。项目申报的投资门槛还降低了，更多中小企业也能享受政策红利。 总之，2026年如果你想换大件、搞升级，可以好好关注"国补"政策，分分钟能省一大笔钱。该报废的报 ...