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<Research>Citi Expects Trade-in Policy to Be Positive for CN E-commerce Platforms, Offsetting High Base Impact in 1H26
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Citi Research issued a research report believing that the continuation of the trade-in policy is a favorable factor for most e-commerce platforms, helping to offset the high base impact in 1H26. Although the first batch of subsidies for the 2026 trade-in plan amounts to RMB62.5 billion, and the maximum subsidy per product is lower than that of the 2025 plan, with fewer eligible home appliance categories, the broker still believed that it can boost consumption sentiment. Due to the higher base and smaller subsidy scale, Citi Research believed that the new policy may have limited overall benefit to JD-SW (09618.HK) and other e-commerce platforms. While smart glasses products are included as eligible subsidy products, the adoption rate is expected to be limited. AASTOCKS Financial News Website: www.aastocks.com |
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