【券商聚焦】中信建投:本轮国补政策短期有助于稳定消费电子需求预期

金吾财讯
Jan 05

金吾财讯 | 中信建投表示,国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》对外发布,明确2026年“两新”政策的支持范围、补贴标准和工作要求。在消费电子领域,政策进一步向数码及智能终端拓展。具体来看,家电以旧换新继续聚焦冰箱、洗衣机、电视、空调、电脑、热水器等六大类,但补贴条件进一步收敛至1级能效或水效产品,补贴比例为售价的15%、单件上限1500元。数码产品方面,购新补贴由原有数码产品扩展至“数码和智能产品”,覆盖手机、平板、智能手表(手环)、智能眼镜及智能家居产品,补贴比例同为15%,单件补贴上限500元、销售价格不超过6000元。补贴价格带更贴近当前主流消费区间,预计对中端机型、可穿戴设备及AIoT终端的需求修复具有更强指向性。值得关注的是,智能眼镜首次被纳入国家层面的消费补贴支持范围。尽管单件补贴金额有限,但其政策意义在于明确将智能眼镜从“小众可选设备”正式纳入消费电子与智能终端体系,有助于提升消费者认知、加速渠道与应用生态的完善。中长期看,政策信号有望与AI功能迭代、硬件成本下行形成共振,推动智能眼镜由“概念验证”向“规模化渗透”过渡。整体来看,本轮国补政策短期有助于稳定消费电子需求预期,中长期则为AI驱动的新形态终端提供制度层面的支持基础,同时,将有助于结构优化与新型终端培育。

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