Hisense V.T.(SH:600060) Guan Cha Zhe Wang·2026-01-31 12:35Core Insights - The new "National Subsidy" policy for home appliances has significantly boosted the market, with major appliances seeing a nearly 30% year-on-year increase in consumption and a nearly 90% month-on-month surge [1][4] - The policy has led to a structural shift in consumer preferences towards high-end products, such as 100-inch televisions and energy-efficient refrigerators, indicating a trend of consumption upgrading [1][6] Group 1: Market Trends - The implementation of the new subsidy policy has resulted in a clear structural change in the home appliance market, with a focus on larger and higher-quality products [5][6] - High-end products, including smart and energy-efficient appliances, are driving innovation and sales, reflecting a shift in consumer demand towards quality and experience [6][7] - The market is experiencing a polarization effect, where leading brands with core technologies and comprehensive high-end product lines are gaining market share, while low-cost competitors may struggle [7][9] Group 2: Delivery and Service Challenges - The rise of 100-inch televisions has highlighted significant delivery and installation challenges, as only about 5% of elevators can accommodate these large products without removing packaging [9][10] - To address these challenges, logistics companies have developed integrated delivery and installation services, improving the success rate of home delivery for large appliances to over 95% [10][13] - The integration of delivery, installation, and old appliance recycling services is becoming a key competitive advantage for brands and platforms, enhancing customer satisfaction [13][14] Group 3: Future Outlook - The home appliance market is expected to see the emergence of new product categories that cater to specific consumer needs, driven by ongoing consumption upgrades and technological innovations [14] - The focus is shifting from merely selling products to providing comprehensive service experiences, which will shape the future landscape of the home appliance industry [14]