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China Merchants: Trump's plan to impose tariffs should not cause excessive concern in the household appliance industry. The USA is more dependent on China.
Black electronics tcl electronics expanded their capacity to nearly 10 million units in the Vietnamese factory after 2019, enough to cover the demand in North America.
Guosen: In December, the production of white goods increased by over 20%, and the effectiveness of the home appliance replacement program is significant.
The production growth rate of white goods in December continues to improve, with both domestic and export markets remaining prosperous; significant results have been achieved in the exchange of old for new, and the policy is expected to continue in 2025.
Guolian Securities: Domestic air conditioner shipments in October saw a significant increase, while exports are also on the rise.
In October, the domestic sales of household air conditioners increased significantly, entering the peak season for deliveries in the new cooling year; the channel's inventory depletion has ended, sales are improving, and restocking flexibility is anticipated.
Guolian Securities: Policy catalyzes domestic sales prosperity, kitchen appliances and white goods deserve attention.
Guolian Securities has released research reports stating that this round of subsidies for replacing old with new is comparable to the rural appliances subsidy. Starting from September, the policy implementation has entered the fulfillment phase, with weekly retail growth picking up since late August. Demand has bottomed out and improved, with emerging markets and OBM contributing continued increments; policy bullish on structural upgrades, and domestic average prices are steadily rising.
Guotou Securities: Q3 home appliance subsidy policy promotes economic improvement, while exports continue to grow rapidly.
Since the end of August, the detailed subsidy rules for the "trade-in old for new" of household appliances have been successively implemented in various provinces and cities, effectively boosting the consumer sentiment for household appliances. With the continuous implementation of the subsidy policy, the domestic sales of household appliances are expected to bottom out and rebound.
Guolian Securities: Domestic appliance sales may be ushering in a turning point. The advantage of "price range + channel" is added.
Driven by the replacement of old for new, domestic appliance sales may be entering a key transition period, with substantial subsidy sales volume and remarkable elasticity in off-peak product categories.
