最高可享2万元政府补贴 2026年，对个人消费者报废2013年6月30日（含当日，下同）前注册登记的汽油乘用车、2015年6月30日前注册登记的柴油及其他燃料乘用车、2019年12月31 日前注册登记的新能源乘用车，并购买纳入工业和信息化部《减免车辆购置税的新能源汽车车型目录》的新能源乘用车或2.0升及以下排量的燃油乘用车， 给予一次性补贴。 对报废上述符合条件旧车并购买新能源乘用车的，按新车销售价格（价税合计，下同）的12%给予补贴，补贴金额（向上取整至整元，下同）最高2万元； 对报废上述符合条件燃油乘用车并购买2.0升及以下排量燃油乘用车的，按新车销售价格的10%给予补贴，补贴金额最高1.5万元。 值得注意的是，个人消费者申请汽车报废更新补贴，其所提交的《报废机动车回收证明》《机动车注销证明》《机动车销售统一发票》《机动车登记证 书》，均应自2026年1月1日起取得。参与申请补贴的报废汽车所有人和新购置乘用车所有人应为同一个人消费者；其所报废的符合条件的旧车，应当于2025 年1月8日前登记在申请人名下。 汽车置换更新 市民选购汽车 2026年1月1日起，重庆市全面启动汽车报废更新、汽车置换更新、家电以旧 ...

（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 ...

Core Viewpoint - The 2026 "Two New" policy aims to enhance equipment updates and consumer goods replacement, addressing public concerns and promoting high-quality development through targeted subsidies and support measures [1][2]. Group 1: Policy Changes - The 2026 "Two New" policy expands support to include the installation of elevators in old residential areas, equipment updates in elderly care institutions, and updates for commercial facilities like shopping centers and supermarkets [2][4]. - The policy continues to support the replacement of old vehicles and household appliances, including cars, washing machines, and refrigerators, while also expanding subsidies for digital and smart products [2][3]. Group 2: Subsidy Standards - The subsidy standards for equipment updates have been optimized, with differentiated subsidies based on the number of floors for old elevators, potentially easing financial burdens for high-rise residential buildings [4][5]. - For automotive subsidies, the policy shifts from fixed amounts to percentage-based subsidies, with support for new energy vehicles at 12% of the vehicle price (up to 20,000 yuan) and for fuel vehicles at 10% (up to 15,000 yuan) [5][6]. Group 3: Implementation Mechanism - The policy introduces an optimized project application and review process, lowering investment thresholds and increasing support for small and medium-sized enterprises [7]. - A unified subsidy standard will be implemented nationwide for vehicle replacements and household appliances, addressing regional disparities in subsidy amounts [7].

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 ...

Summary of Key Points from the Conference Call Industry Overview: China Consumer - **China's Consumption Status**: Contrary to the belief that China is under-consuming, the country is one of the fastest-growing major economies. Per capita volume consumption is comparable to global peers, exceeding the US, Japan, and South Korea in certain food categories such as proteins, eggs, seafood, and vegetables [1][10][21]. - **Pricing Dynamics**: The perception of under-consumption is largely due to low pricing, which can be less than 40% of US prices in many categories, especially services [1][10][21]. Macro View - **Household Consumption to GDP Ratio**: China's household consumption accounts for approximately 40% of GDP, which is lower than the US (68%), Japan (54%), and South Korea (48%). However, when adjusted for social transfers in kind, this ratio increases by about 7%, bringing China closer to South Korea and Japan [2][66][71]. - **Potential for Upside**: There is potential for growth in higher-quality and experience-based services, including preventive healthcare, leisure, and entertainment [2][72]. Corporate China: E2SG Opportunities - **E2SG Definition**: E2SG stands for Efficiency, Experience, Service, and Global. Companies can leverage these themes for growth, focusing on cost efficiency, enhancing customer experience, and exploring global markets [3][4]. - **Stock Picks**: The report identifies several companies that fit into the E2SG framework, including Pop Mart, Midea, Geely, H World, Trip.com, Tencent, and Damai, which are expected to be long-term winners despite some facing near-term challenges [4]. Consumption Patterns - **High Volume Consumption**: China exhibits high volume consumption in staples, particularly food, while discretionary categories may see growth potential. For example, China's per capita protein consumption exceeds that of the US [26][27]. - **Service Consumption**: China's consumption of core services like housing, healthcare, and education is comparable to global peers, but there is still room for improvement in higher-quality services [27][30]. Pricing Analysis - **Low Prices**: China's nominal consumption value is suppressed by low prices, which are influenced by structural factors such as being the world's factory, intense competition, and government price regulations [32][35][52]. - **Comparison with Developed Markets**: Consumer goods and services in China are generally cheaper than in the US, Japan, and South Korea, with significant price differences in various categories [33][34]. Urbanization and Future Growth - **Urbanization Impact**: Urbanization is expected to continue, with projections suggesting that the urbanization rate could surpass 70% during the 15th Five-Year Plan. This shift is anticipated to boost household consumption significantly [60][73]. - **Discretionary Spending Potential**: There is significant upside potential in discretionary healthcare and education, as well as leisure and entertainment services, which are currently underdeveloped [72][76]. Conclusion - **Investment Opportunities**: The analysis suggests that while China faces challenges in consumption patterns, there are substantial opportunities for growth in various sectors, particularly in higher-quality and experience-based services. The E2SG framework provides a strategic lens for identifying potential investment opportunities in the Chinese consumer market [3][4][72].

Core Insights - Panasonic India has appointed Tadashi Chiba as the new head, replacing Manish Sharma, who has resigned after a 17-year tenure [1][6] - The company is shifting back to Japanese management after previously being led by an Indian executive, marking a significant change in its leadership strategy [2][6] - Panasonic has exited the refrigerators and washing machine business due to losses and is now focusing on televisions and air-conditioners, with India becoming the second-largest market for ACs [2][5] Company Performance - Panasonic India reported a revenue of approximately Rs 11,100 crore and a net profit of Rs 1,100 crore for the fiscal year 2024-25 [5] - In the previous fiscal year 2023-24, the group revenue was Rs 9,700 crore with a net profit of Rs 830 crore, indicating a growth trajectory [5] Strategic Shift - The company has transitioned from a consumer electronics focus to a technology-oriented approach, emphasizing B2B solutions, including EV batteries and smart factory solutions [2][6] - Panasonic's industrial devices and smart factory solutions segments have surpassed Rs 1,000 crore, driven by initiatives like "Make in India" and electrification [6]

Core Insights - LG Electronics Inc. successfully launched a $1.3 billion initial public offering (IPO) for its Indian unit, which was five times subscribed, indicating strong demand from institutional and wealthy investors [1][2]. Investor Demand - Subscriptions from wealthy individuals reached 13 times the allocated shares, while qualified institutional investors subscribed at 2.7 times, retail investors at 2.5 times, and employees at 5.3 times [2]. IPO Details - The IPO involves the sale of 71.3 million shares priced between 1,080 rupees and 1,140 rupees each, potentially valuing LG Electronics India Ltd. at up to 774 billion rupees ($8.7 billion), making it a contender for India's largest listed home-appliance maker [3]. Market Context - The IPO reflects a strong and sustainable consumption story in India, as noted by LG's chief sales officer, highlighting 28 years of trust from Indian consumers and partners [4]. - This offering marks the fourth billion-dollar IPO in India for the year, contributing to the country becoming the world's fourth-largest IPO market in 2025, with proceeds exceeding $13 billion [4]. Investor Participation - LG attracted significant interest from sovereign wealth funds from Abu Dhabi, Norway, and Singapore, as well as global asset managers like BlackRock Inc. and Fidelity International Ltd. [5]. Valuation Insights - The IPO is priced at approximately 35 times earnings for the year ended March 31, which is considered reasonable compared to peers trading at higher valuations, reflecting the company's strong market position and brand equity [6]. Product Leadership - LG Electronics India holds leading market positions in various product categories, including washing machines, refrigerators, televisions, air conditioners, and microwave ovens, based on offline market share [7]. Underwriters - The share sale was managed by Axis Bank Ltd. and the Indian units of major financial institutions including Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp., and Citigroup Inc. [8].

Core Insights - LG Electronics is positioning India as its global manufacturing hub, reviving its IPO plans with a target valuation of $8.73 billion [1][2] Group 1: IPO Details - LG Electronics India plans to open its initial public offering (IPO) on October 7, with a price band set between 1,080 to 1,140 rupees per share, aiming to raise approximately $1.3 billion [2][4] - The IPO involves an offer-for-sale where the parent company is offloading a 15% stake [2] - The company had initially filed for an IPO in December but delayed the listing due to market volatility [4] Group 2: Manufacturing Strategy - The new factory in Andhra Pradesh, which represents a $600 million investment, will be LG's third in India and is expected to facilitate entry into new markets, including Europe [2][3] - India is favored for its competitive labor costs and strong domestic demand, with LG currently exporting goods worth $160 million, accounting for 6% of its overall revenue [3] Group 3: Market Context - The domestic appliance market in India is valued at $38.2 billion as of 2024, with LG competing against Whirlpool and Samsung [4] - The IPO comes at a time when India has reduced consumption taxes on electronics from 28% to 18%, aiming to boost demand during the festive season [5] - The IPO activity is part of a broader trend, with companies in India raising approximately 909.8 billion rupees through IPOs as of September 30, marking an 18% increase from the previous year [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **durable goods consumption** in **China**, focusing on the **home appliances** and **automobile** sectors, highlighting a shift from growth to decline in sales due to various economic factors [1][2][3]. Core Insights and Arguments - **Durable Goods Sales Growth**: - China's durable goods sales growth has significantly slowed, with home appliance retail sales expected to drop to **-20.0% year-on-year** in Q4 2025 from an anticipated **14.2%** in Q3 2025 [1][3]. - The automobile sector is projected to experience a more modest slowdown, with sales revenue growth impacted by the reinstatement of purchase tax on electric vehicles starting in 2026 [1]. - **Impact of Trade-in Program**: - The home appliance sector benefited from a government trade-in program, which provided **15-20% discounts** and a subsidy cap of **RMB2,000** per item. This program has led to a surge in sales growth, but the momentum is now reversing [2][3]. - Home appliance sales growth surged from **3.4%** in August 2024 to **33.6%** in Q4 2024, but slowed to **14.3%** in August 2025, indicating a significant decline [2]. - **Production Plans as Leading Indicators**: - Factory production plans from China Industry Online (CIO) indicate a downward trend in production for major appliances, with air conditioner production plans showing a decline of **-11.9% year-on-year** in August 2025 [5][12]. - The overall planned production volume for home appliances has decreased from **10.1%** in July to **-7.5%** in August, reflecting a broader slowdown in consumer demand [12]. Additional Important Insights - **Historical Context**: - Previous trade-in programs have shown a payback effect, where sales growth sharply declined after the program ended. For instance, after the 2009-2011 program, home appliance sales growth fell from **12.3%** in 2009 to **7.2%** in 2012 [13]. - **Market Share of Home Appliances**: - Home appliances account for **7%** of merchandise sales and **16%** of durable goods sales among larger retail enterprises in China, making it a significant sector within the consumer goods market [4]. - **Automobile Sector Dynamics**: - The automobile sector, which accounts for **26%** of China's merchandise sales, has also seen a rebound in sales volume but is beginning to show signs of slowing growth due to the payback effect of the trade-in program [21][22]. - The growth in passenger car sales is expected to slow to **0.0% year-on-year** in Q4 2025, with value terms declining from **0.8%** in H1 to an estimated **-2.0%** in Q4 [22]. This summary encapsulates the critical insights from the conference call, focusing on the challenges facing the durable goods sector in China, particularly in home appliances and automobiles, as well as the implications of government subsidy programs and historical trends.