Zhi Tong Cai Jing·2026-02-03 01:32Group 1 - The core viewpoint is that China's consumer market is expected to be active in 2025, driven by the "trade-in" policy, leading to significant sales growth in various retail sectors, including home appliances and communication devices [1] - Retail sales for home appliances are projected to grow by 17.4%, kitchen appliances by 12.9%, and communication devices by 18.6% year-on-year in 2025, indicating a rapid release of consumer demand [1] - A new round of trade-in activities is gaining momentum across various regions, with local governments providing subsidies to encourage participation, resulting in high turnout from residents [1] Group 2 - Current valuations in the home appliance sector are at historical lows, presenting a compelling investment opportunity due to their stable growth and high dividend characteristics [2] - There is an expected recovery in the proportion of actively managed equity funds holding home appliance stocks by Q4 2025, although it remains at a historically low level [2] - The performance of leading home appliance companies is anticipated to remain robust, suggesting a positive outlook for the sector [2] Group 3 - Relevant Hong Kong stocks in the home appliance industry include Midea Group (00300), Haier Smart Home (06690), Hisense Home Appliances (00921), TCL Electronics (01070), Skyworth Group (00751), and Xiaomi Group-W (01810) [3]