According to the Smart Finance app, JD.com-SW (09618) rose more than 4% in early trading, up 4.33% to HKD 103.6 with a turnover of HKD 0.155 billion at the time of publication.

On the news front, the National Development and Reform Commission and the Ministry of Finance released Several Measures to Support Large-Scale Equipment Updates and Consumer Goods Replacement yesterday, specifying that the National Development and Reform Commission will lead the arrangement of about RMB 300 billion in ultra-long-term special national debt funds to support equipment updates and consumer goods replacement. Analysis points out that this measure has a greater amount of funding, clear sources of funding, and a higher proportion of central government investment, and it is expected to have better and faster policy effects.

China Merchants Securities pointed out in May this year that JD.com is actively working with many local governments to promote subsidy landing for old-for-new initiatives, and has established the "JD Home Appliance and Home Furnishing Renewal Alliance" with more than 100 home appliance and home furnishing brands. The old-for-new subsidy activities have been launched successively in 20 provinces and cities across the country, and old-for-new business will account for a high single-digit percentage of JD's home appliance large-cap market share in 2023. With the company's first-mover advantage in one-stop old-for-new service, old-for-new business is expected to bring more incremental growth to JD's home appliance category in 2024.