According to a research report from Citi, the extension of the trade-in policy is viewed as a positive factor for most e-commerce platforms, as it is expected to help offset the impact of the high base effect anticipated in the first half of 2026. Although the initial subsidy amount for the 2026 trade-in program is set at 62.5 billion yuan, with a lower maximum subsidy per item compared to the 2025 plan and fewer eligible home appliance categories, Citi maintains that the policy will still help boost consumer sentiment. Due to the higher base period and the smaller scale of subsidies, the bank believes the overall utility of the new policy for e-commerce platforms may be limited. Additionally, while smart glasses have been included as an eligible product for subsidies, Citi notes that their adoption rate is likely to remain constrained.