UBS: The Mainland will implement new subsidies for the purchase of digital products such as mobile phones, expected to stimulate sales of mid-range phones.

UBS released a research report stating that the National Development and Reform Commission and the Ministry of Finance have issued a notice about the implementation of a large-scale equipment renewal and old-for-new policy for consumer goods by 2025, mentioning that subsidies will be provided for purchasing new digital products such as mobile phones. Specifically, for individual consumers purchasing digital products such as mobile phones, tablets, smartwatches, and smart bracelets, with a single retail price not exceeding 6,000 RMB, a subsidy of 15% of the product's retail price will be given. Each consumer can receive a subsidy for one item of each product category, with each subsidy not exceeding 500 RMB. The report states that each domestic resident can apply for a subsidy for each category (smartphones, tablets, and smart bracelets/watches), with price and subsidy limits encouraging the purchase of mid-range smartphones, high-end tablets, and watches. However, most new iPhone models do not qualify for the subsidy.