家用电器行业周报：政策托底需求+高股息，继续增配家电

Investment Rating - The report maintains an "Overweight" rating for the home appliance sector, with specific recommendations for key companies [2][25]. Core Insights - The report highlights a new policy issued by the National Development and Reform Commission and the Ministry of Finance, which allocates approximately 300 billion yuan in special long-term bonds to support large-scale equipment updates and consumer goods replacement programs, with 150 billion yuan specifically for home appliances and vehicles [7][11]. - The new subsidy policy covers a broader range of home appliances compared to previous initiatives, with increased subsidy amounts and a higher central government funding ratio [9][10]. - Historical data indicates that similar policies from 2007 to 2013 significantly boosted domestic demand for home appliances, suggesting a potential recovery in demand for the current period [11][12]. Summary by Sections Policy Support - The new subsidy program includes eight categories of home appliances, offering a 15% subsidy for products meeting energy efficiency standards, with an additional 5% for higher-rated products, capped at 2,000 yuan per item [8][9]. - The funding structure has shifted to a 9:1 ratio of central to local government contributions, enhancing the financial backing for the program [9][10]. Market Outlook - The report anticipates that the policy will restore market confidence and accelerate demand for home appliance upgrades, particularly in the white goods and kitchen appliance segments [11][12]. - High-efficiency products are expected to gain market share, benefiting leading companies such as Haier, Gree, and Midea, which have strong domestic sales and market positions [16][25]. Investment Recommendations - The report recommends investing in high-dividend, low-valuation white goods leaders and strong alpha candidates in the home appliance sector, including Haier, Hisense, Gree, and Midea [25]. - It also suggests focusing on companies with strong growth potential and market share, such as TCL Electronics and Stone Technology [25].