China has, in its own way, signaled it wants to support specific kinds of consumer purchases. Authorities on Thursday announced the equivalent of 300 billion yuan in special bonds would go towards trade-ins and equipment upgrades — a significant expansion of an existing program.
"The amount is beyond market expectations; we expect equipment stocks to react positively," Morgan Stanley analysts said in a report Friday. "300 billion yuan is the largest equipment upgrade subsidy from the central government historically," the analysts said. Among the stocks they cover, they expect Inovance is one of a few "to benefit most from higher trade-in subsidies for autos and/or home appliances.
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