中国工业 - 消费补贴方案带来小幅积极影响-China Industrials Slightly Positive Implication From Consumption Subsidy Scheme

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 ...