HTSC(SH:601688) Mei Ri Jing Ji Xin Wen·2025-09-04 06:03Core Insights - The home appliance ETF (159996) has seen a net inflow of 26 million units, indicating strong capital interest in home appliance assets [1] - Huatai Securities projects that the "trade-in" policy will support domestic demand in the first half of 2025, with retail sales growth peaking at 53% during the May e-commerce festival, followed by a marginal decline due to fluctuations in national subsidies and high base effects [1] - Exports are expected to face pressure due to additional tariffs imposed by the U.S. starting February 2025, alongside weakened overseas replenishment demand after a high base in 2024, leading to a search for recovery within the sector [1] - Looking ahead to 2025, domestic subsidies are expected to continue, and stable tariff expectations may lead to valuation recovery in exports, making consumption a key investment theme for the year, with the home appliance ETF (159996) being a focal point [1]