消息方面，近期家电以旧换新政策在中央与地方政策的协同联动以及“真金白银”的补贴支持下，叠加“金九银十”消费旺季和“双11”等重要消费节点，政策效应加快显现。① How does the trade-in policy stimulate the home appliance industry? ② How do institutions view subsequent home appliance stock performance
CIFA, November 12 (Editor: Hu Jiarong) Most home appliance stocks strengthened today. As of press release, Hisense Home Appliances (00921.HK), TCL Electronics (01070.HK), and Haier Smart Home (06690.HK) rose 4.42%, 2.91%, and 2.35% respectively.
Note: The performance of home appliance stocks
In terms of news, the recent home appliance trade-in policy, with the coordination and linkage of central and local policies and “real money” subsidy support, superimposed the peak consumption season of “gold, nine, silver, ten” and important consumption nodes such as “double 11,” and the effects of the policy became apparent at an accelerated pace.
According to the Ministry of Commerce's National Appliance Trade-In Data Platform, as of 24:00 on November 8, 20.257 million consumers had purchased 30.458 million units of 8 categories of household appliances, driving sales of 137.79 billion yuan.
In terms of policy support, Minister of Finance Lan Foan said at the press conference of the 12th session of the 14th National People's Congress Standing Committee held on November 8 that a stronger fiscal policy will be implemented in line with next year's economic and social development goals. Strengthen support for large-scale equipment upgrades and expand the variety and scale of consumer goods trade-in.
Earlier, 4 departments including the Ministry of Commerce issued the “Notice on Further Accomplishing the Trade-In Work of Home Appliances”, which clarified the types of subsidies and subsidy standards, and optimized the subsidy methods and review process. In the process of promoting trade-in of home appliances, various regions are seizing favorable opportunities such as the “Double 11" campaign, and increasing the promotion and subsidy of trade-in through e-commerce platforms.
Agencies say the trade-in policy is expected to benefit the performance of home appliance stocks
Pacific Securities pointed out that with the help of the trade-in policy, “Double 11" growth may be stronger than in previous years, which is expected to benefit the performance of home appliance companies in the fourth quarter of 2024. China Galaxy Securities also believes that with the gradual strengthening of domestic demand expansion and consumption promotion policies in the future, domestic demand for home appliances is expected to be supported. Combined with the recovery in overseas demand, export growth is expected to continue in the short term, and the boom in the home appliance industry is expected to continue to rise.
China Galaxy Securities also mentioned that with the acceleration of policy effects, mass consumption of automobiles, home appliances, etc. is clearly improving. In September, retail sales of household appliances per unit above the limit increased by 20.5% year-on-year, and the growth rate hit a new high in more than three years.
