中国硬件 - 2026 年新补贴政策的影响-China Hardware Implications of Newly Announced 2026 Subsidies

Summary of Conference Call Notes on China Hardware Industry Industry Overview - The conference call discusses the implications of newly announced subsidies for the China hardware industry, particularly focusing on digital products, home appliances, and new energy vehicles (NEVs) [1][2]. Key Points and Arguments Digital Products - The National Development and Reform Commission (NDRC) has maintained subsidies for handsets, tablets, and smartwatches, while adding smart glasses to the list. - The maximum selling price cap for these products is set at Rmb6,000, with a maximum subsidy amount of Rmb500, which is 15% of the selling price [1][2]. Home Appliances - The number of eligible home appliance categories has been reduced from 12 to 6. - The maximum subsidy amount for home appliances is now Rmb1,500, down from Rmb2,000, with the subsidy percentage remaining at 15% of the selling price [1][2]. New Energy Vehicles (NEVs) - For NEVs, the maximum subsidy amount remains at Rmb20,000. - New caps have been introduced: 12% of the selling price for scrapping old vehicles and Rmb15,000 or 8% for vehicle replacements [1][2]. Market Sentiment - The inclusion of handset subsidies is viewed positively, alleviating investor concerns about their potential removal in 2026. - The reduction in home appliance subsidies is expected to have a limited impact on the smartphone supply chain, but overall market sentiment may improve due to the reaffirmation of subsidies and the upcoming CES 2026 event [1][2]. Additional Important Information - The report emphasizes that the changes in subsidies could influence consumer behavior and market dynamics in the hardware sector. - The analysts express a cautious optimism regarding the potential for market sentiment to bottom out, driven by the subsidy announcements and upcoming industry events [1][2].