2026 National Subsidy Policy Takes Effect: Auto Rebates by Price, Smart Glasses Added, Appliances Target Tier-1 Efficiency

At the start of 2026, a new round of national subsidy policies officially took effect, injecting RMB 62.5 billion in ultra-long-term special treasury bonds into the market. The funds primarily support trade-in programs for automobiles, home appliances, and digital smart products, while newly adding民生 projects such as elevator installations in old residential communities and equipment upgrades for elderly care facilities. Automobile subsidies are disbursed based on a percentage of the vehicle’s purchase price. For home appliances, only six categories of products meeting Grade-1 energy or water efficiency standards qualify for subsidies—covering 15% of the retail price, with a cap of RMB 1,500 per item. Notably, smart glasses have been included in the subsidy program for the first time, accelerating their transition from niche novelty to full-scenario applications. The refined policy aligns with evolving consumption trends, stimulating market vitality, expediting green transformation and industrial upgrading, and reinforcing the recycling and circular economy system to promote sustainable consumption. Capital markets widely view this policy round as precisely unlocking the potential of emerging consumption sectors and bolstering efforts to achieve stable economic growth.