Henan Adds Smart Devices to 2026 Consumer Trade-In Subsidy Program

This is a demand-side stimulus measure aimed squarely at consumer electronics and smart-home categories, not at crypto or tokenized assets, so its relevance to RWA markets is indirect at best. The design — a percentage subsidy on the post-discount price, with a per-item cap and one unit per category — favors mid-priced appliances and cameras over premium models, which shapes which SKUs benefit most. Whether the program lifts volumes enough to move manufacturer and retailer revenue expectations, and whether other provinces follow Henan's category expansion, is the open question worth watching.