家用电器行业点评：政策推动家电产品以旧换新，补贴比例最高达20%

Investment Rating - The report assigns an investment rating of "Recommended" for the home appliance industry, indicating a positive outlook for the sector over the next six months [6]. Core Insights - The government has launched a new policy to promote the replacement of old home appliances, offering subsidies of up to 20% for consumers purchasing energy-efficient appliances [2]. - The subsidy program covers eight categories of home appliances, including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, kitchen stoves, and range hoods, specifically targeting products with energy efficiency ratings of level 2 and above [2]. - The total funding for this initiative amounts to 150 billion yuan, sourced from central long-term special government bonds, aimed at supporting the replacement and upgrade of home appliances [2]. - The increased subsidy rate, which has doubled from the previous 10% to 20%, is expected to significantly boost consumer demand, covering approximately 40% of the demand for white goods and kitchen appliances in the second half of the year [2]. - The report highlights that the home appliance sector has been underperforming since May, but the introduction of the replacement policy is anticipated to improve market sentiment, particularly benefiting leading companies such as Midea Group, Haier Smart Home, Hisense Home Appliances, and Robam Appliances [2]. Summary by Sections - Policy Impact: The new policy provides substantial financial incentives for consumers to upgrade their appliances, which is expected to stimulate demand in the home appliance sector [2]. - Subsidy Details: The subsidy structure includes a base of 15% for eligible products, with an additional 5% for the highest efficiency ratings, capped at 2000 yuan per item [2]. - Market Outlook: The report suggests a favorable market outlook for leading home appliance manufacturers due to the expected increase in consumer spending driven by the new subsidy program [2].