4月国补效应延续，拉动家电、通讯器材等大幅增长

Group 1 - The demand for good housing is continuously expanding, and efforts are needed to stabilize the real estate market [1] - In April, the total retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1% and a month-on-month increase of 0.24% [1] - The sales of home appliances and audio-visual equipment, cultural office supplies, furniture, and communication equipment all saw double-digit growth, with increases of 38.8%, 33.5%, 26.9%, and 19.9% respectively [1] Group 2 - The "old for new" policy for home appliances will expand in 2025, increasing the types of subsidized appliances from "8+N" to "12+N" and allowing each person to receive subsidies for up to three air conditioners [2] - As of April 10, consumers have purchased over 100.35 million units of appliances under the "old for new" program, marking a significant milestone [2] - The national subsidy policy has significantly stimulated the consumption of high-ticket home appliances, leading to a deeper understanding of the concept that "appliances have a lifespan" among consumers [2] Group 3 - In the first quarter of 2025, JD's revenue from electronic products and home appliances grew by 17.1% year-on-year, contributing over 59% to JD's net product revenue [3] - The national subsidy policy has made promotional events more frequent, allowing consumers to purchase at discounted prices without waiting for major sales events [3] - As of mid-May 2025, the growth trend in home appliance consumption driven by national subsidies continues to persist [3]