中泰证券发布研报称，展望2025年家电，内销以家电补贴为核心变量。国补有望带来更新需求的释放，结构上行的均价提升，及保有量的加速提升。该行指出，外销出海仍是中长期逻辑、关税仅是短期扰动。Home Appliances stocks rose against the trend in the early session. As of the time of writing, HISENSE HA (00921) is up 5.3% at 25.85 HKD; QIDIAN GUOFENG (01280) is up 2.79% at 2.58 HKD; Midea Group Co., Ltd (00300) is up 1.26% at 76.5 HKD;泉峰控股 (02285) is up 0.46% at 17.52 HKD.
IntelliNews APP learned that Home Appliances stocks rose against the market trend in the morning session. As of the time of writing, HISENSE HA (00921) increased by 5.3% to 25.85 HKD; QIDIAN GUOFENG (01280) rose by 2.79% to 2.58 HKD; Midea Group Co., Ltd (00300) went up by 1.26% to 76.5 HKD; and QuanFeng Holdings (02285) edged up by 0.46% to 17.52 HKD.
In terms of news, the Hunan Provincial Department of Commerce announced a notice regarding the 2025 Consumer product trade-in activities, stating that subsidies for trade-in of consumer products such as Autos and Home Appliances will temporarily follow the existing standards. The Shanghai Municipal Commission of Commerce announced that in 2025 it will continue to conduct trade-in activities for Autos, Home Appliances, home furnishings, and electric bicycles. Meanwhile, the Hebei Consumer trade-in policy will continue to be implemented across years.
Zhongtai released a Research Report stating that looking ahead to 2025 for Home Appliances, domestic sales will focus on appliance subsidies as a core variable. National subsidies are expected to release update demands, structurally raising average prices, and accelerating the growth of stock volumes. The report points out that exports remain a medium to long-term logic, with tariffs being merely a short-term disturbance.
