Citibank: It is expected that the trade-in policy will have a positive impact on most mainland e-commerce businesses to offset the impact of the high base in the first half of next year

The Zhitong Finance App learned that Citi released a research report saying that the continuation of the trade-in policy is a favorable factor for most e-commerce platforms and will help offset the impact of the high base in the first half of 2026. Although the initial subsidy scale of the 2026 trade-in program was 62.5 billion yuan, and the maximum subsidy amount for each product was lower than the 2025 plan, and there are few eligible home appliance categories, Citi still believes it can boost consumer sentiment.

In response to the higher base and smaller subsidy scale, the bank believes that the overall effect of the new policy on e-commerce platforms may be limited. At the same time, it points out that although smart glasses products are included as eligible subsidized products, it is expected that their adoption rate may be limited.