Core data interpretation: First, implementation of national subsidy projects, in 2026, the central government allocated 21.6 billion yuan of subsidy funds for old elevator renewal, supporting old elevator renewal projects in 28 provinces and cities nationwide. As of the end of March 2026, the project start rate reached 98.2%, the completion rate reached 76.5%, benefiting more than 12,000 old communities; Second, regional distribution, East China accounts for 34%, North China 22%, South China 18%, Central China 12%, Southwest China 8%, Northwest and Northeast China 6%. Provinces and cities with high ownership of old elevators have the most vigorous renewal demand; Third, renewal demand structure, elevators 15-20 years old account for 62%, elevators over 20 years old account for 38%. Safety hazard rectification and energy-saving intelligent upgrading are the core reasons for renewal. More than 90% of the renewed elevators are equipped with IoT monitoring, energy feedback and barrier-free facilities; Fourth, fund source structure, central financial subsidy accounts for 42%, local financial matching 28%, special residential maintenance funds 18%, owner self-raised 10%, social capital 2%. Financial subsidies have become the core source of funds; Fifth, market scale forecast, the national market scale of old elevator renewal and transformation is expected to exceed 60 billion yuan in 2026, a year-on-year increase of more than 35%. In the next 5 years, the national demand for old elevator renewal will exceed 4 million units, and the market scale will exceed 300 billion yuan.