Jinwu Financial News | BOC International said that on January 8, the National Development and Reform Commission and the Ministry of Finance issued the “Notice on Strengthening the Expansion and Implementation of Large-scale Equipment Renewal and Consumer Goods Trade-In Policies in 2025”, expanding the 8 categories of home appliances in the 2024 consumer goods market to 12 categories, and implementing a 15% subsidy for mobile phone digital products.
According to the press conference, considering consumer demand for the Spring Festival on New Year's Day, the bank has issued 81 billion yuan in consumer goods trade-in subsidy funds. The bank is expected to boost sales in categories such as digital home appliances by more than 150 billion yuan in the first quarter. It is estimated that the subsidy will drive digital sales of Tmall and JD home appliances by about 31.5/36 billion yuan respectively, or further drive the growth in the scale of platform transactions.
Looking ahead to 2025, the bank expects e-commerce platform revenue growth to be 8-14%. Alibaba Taotian's revenue is expected to accelerate growth driven by GMV's resumed growth and increased monetization rate. JD's cash out rate will remain stable. It is concerned that the trade-in policy continues to drive the charged category. Pinduoduo's 10 billion dollar relief policy will have a short-term impact on the monetization rate, and Kuaishou is still affected by industry competition.
