Flash | 30 Dec 2025 10:35:50 ET │ 9 pages China Internet Likely Modest Support from 2026 National Trade-In Program CITI'S TAKE As we noted in our earlier note, we view the latest policy support for the extension of the trade-in program as a potential positive read-through for the majority of e-commerce platforms to help cushion the high-base effect in 1H26. Despite the initial-batch subsidy amount of RMB 62.5bn and the maximum subsidy amount per unit being smaller for the 2026 trade-in program than for the ...