Core Insights - The "trade-in for new" policy has significantly boosted consumer market growth, with sales reaching 1.1 trillion yuan and approximately 175 million subsidies issued by May 31, 2025 [1] - The policy has effectively stimulated consumption recovery, with sales exceeding 1.3 trillion yuan in 2024 and further deepening in 2025 through various detailed measures [1] Group 1: Market Activation - The existing stock of household appliances exceeds 3 billion units, and over 300 billion yuan in long-term special bonds support the trade-in policy, activating demand for updates [1] - The cost of purchasing vehicles has significantly decreased, igniting consumer enthusiasm for replacements, leading to a retail penetration rate of over 50% for new energy vehicles in April [1] Group 2: Industry and Consumption Upgrade - The trade-in policy promotes a shift towards high-end products, with a surge in sales of energy-efficient appliances and smart home devices, fostering a green consumption mindset [2] - The "economic incentive - cognitive upgrade - behavioral transformation" closed-loop system is being successfully established among consumers [2] Group 3: Urban-Rural Coordination - The central government's focus on promoting trade-in for rural consumers is evident, with retail sales in rural areas growing by 4.8% from January to April 2025 [2] - The policy's inclusivity is reflected in the retail sales growth of urban and rural areas, indicating its broad impact [2] Group 4: Long-term Policy Effectiveness - The trade-in policy has shown significant results in boosting consumption, promoting industrial upgrades, and enhancing market vitality [3] - Challenges remain, such as cumbersome subsidy application processes and an incomplete recycling system, particularly in rural areas [3] - Optimizing the implementation of the trade-in policy could transform short-term stimulus effects into long-term consumer habits, providing sustained growth momentum for the trillion-yuan market [3]