家用电器行业：中央加力支持以旧换新，家电补贴力度超预期

Investment Rating - The industry investment rating is "Hold" [4] Core Viewpoints - The National Development and Reform Commission and the Ministry of Finance issued measures to support large-scale equipment updates and consumer goods replacement, with approximately 300 billion yuan allocated for this purpose [15][20] - The subsidy for replacing old home appliances covers eight categories, with subsidy rates between 15% and 20%, exceeding previous expectations [15][20] - The retail sales of the subsidized categories account for approximately 79% of the overall home appliance market, potentially driving an additional 50 to 200 billion yuan in sales [20][21] Summary by Relevant Sections Policy Support - The government will allocate around 300 billion yuan for supporting large-scale equipment updates and consumer goods replacement, with specific funds designated for home appliances [15][20] - Eight categories of home appliances are included in the subsidy program, with a maximum subsidy of 2,000 yuan per product [15][20] Market Impact - The retail sales of the eight subsidized categories are estimated to be about 6,478 billion yuan, representing 79% of the total home appliance market [20][21] - The expected impact of the subsidy policy could lead to an additional year-on-year growth of 1.2% to 9.8% in the home appliance industry [20][21] Investment Recommendations - Recommended companies include leading white goods manufacturers such as Midea Group, Gree Electric Appliances, Haier Smart Home, and Hisense Home Appliances, as well as black goods leaders like Hisense Visual and TCL Electronics [28]