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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.
[Special Contributor] Deng Shengxing: The old-for-new policy continues to expand and is expected to support the increase in home appliance demand.
Kingwo Financial News | On Wednesday (8th), the Hang Seng Index closed at 19,279, down 167 points or 0.9%. The total market turnover for the day was 168.3 billion yuan. The National Index closed at 6,990, down 0.8%; the Science and Technology Index fell by 1.1%, reporting 4,307. The mainland has launched a mobile subsidy, but analysts indicate that most models sold by Apple in the mainland may not benefit, leading to a sell-off in Apple-related stocks. Sunny Optical (2382) fell by 7.6%, being the worst-performing blue chip; officials from the National Development and Reform Commission stated that the number of household appliance products eligible for the old-for-new subsidy has increased from 8 categories last year to 12 categories, with a maximum subsidy of 20% of the selling price per item. The news has affected HAIER SMARTHOME.
Hong Kong stock Concept tracking | The number of home appliance products eligible for trade-in subsidies has increased to 12 categories, with a significant boost in home appliance demand (including related stocks).
The number of home appliances eligible for the trade-in subsidy has increased to 12 categories.
Hong Kong stocks are experiencing unusual activity | Home Appliances stocks are performing strongly against the market trend. The National Development and Reform Commission is increasing support for the replacement of old home appliance products, which is
Home Appliances stocks are performing strongly against the market; as of the time of this report, HISENSE HA (00921) is up 3.28%, priced at 26.8 Hong Kong dollars; HAIER SMARTHOME (06690) is up 2.09%, priced at 26.85 Hong Kong dollars; TCL ELECTRONICS (01070) is up 1.13%, priced at 6.28 Hong Kong dollars; Midea Group Co., Ltd (00300) is up 0.26%, priced at 76.85 Hong Kong dollars.
Southwest Securities: Policies support the growth of domestic appliance sales, with a focus on Emerging Markets for exports.
Looking ahead to 2025, the home appliance Industry will be a year to refocus on domestic demand investment opportunities, benefiting high-value individual products, and the market may return to the Consumption Upgrade track, leading to healthier competition; at the same time, it will also be a year full of adjustments and uncertainties for exports.
