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Cinda Securities: Strengthening the certainty of white goods through trade-ins and embracing highly elastic Consumer options.
Under the promotion of the old-for-new subsidy policy, outdated home appliances in China may enter an accelerated scrapping phase, with the actual scrapping rate of Air Conditioners and Refrigerators expected to increase significantly.
Is Haier Smart Home (SHSE:600690) Using Too Much Debt?
Hong Kong stocks fluctuating | Home Appliances stocks declined during the session as market expectations may be overly optimistic. Morgan Stanley lowers the growth forecast for China's Home Appliances Industry.
The Home Appliances stocks fell during the session. As of the time of publication, HAIER SMARTHOME (06690) dropped 4.55%, priced at 25.15 Hong Kong dollars; HISENSE HA (00921) decreased by 2.26%, priced at 25.9 Hong Kong dollars; SKYWORTH GROUP (00751) fell 2.17%, priced at 2.71 Hong Kong dollars.
Hong Kong stock Concept tracking | The old-for-new policy is seamlessly connected, Institutions are Bullish on the Consumer potential of the home appliance Industry Chain (including Concept stocks)
Expanding the old-for-new program, the potential for Consumer spending on household appliances is expected to continue to be released.
BOCOM INTL: The old-for-new policy will seamlessly connect, and household appliances are expected to continue quality growth in 2025.
Benefiting from the support policy for exchanging old for new, the retail sales of categories with high energy efficiency ratings and Asia Vets have experienced more than double-digit year-on-year growth for four consecutive months, with the performance of smart products being exceptional.
[Brokerage Focus] Citigroup indicates that the 2025 policy of 'trade-in for new' in China's home appliances will continue beyond expectations, maintaining a 'Buy' rating for Midea (00300) and others.
Jinwu Finance | Citibank's Research Reports indicate that on January 8, the National Development and Reform Commission and the Ministry of Finance jointly announced that the "old-for-new" program for consumer goods will continue to be implemented in 2025. This greatly alleviated investors' concerns regarding the sustainability of central government subsidy support. Citibank stated that the updated subsidy policy exceeded expectations, expanding the coverage to four new categories: Microwave, water purifiers, dishwashers, and Rice Cooker, bringing the total number of subsidized household appliance categories to 12. Additionally, the subsidy cap for Air Conditioner was increased, and individuals who enjoyed subsidies in 2024 can continue to receive subsidies when purchasing similar appliances in 2025. It is understood that the cutoff.
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