家用电器行业专题研究：换挡时刻，再读以旧换新

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the home appliance industry [9]. Core Viewpoints - The new round of "trade-in for new" policies initiated by the central government has transitioned from central guidance to local implementation, with over two-thirds of provincial plans expanding product categories beyond the central eight categories [3][10]. - The estimated total sales from the trade-in subsidies for home appliances could reach approximately 32% of the 2023 retail sales if 30% of the central subsidy funds are allocated to seven categories of home appliances and computers [10][11]. - Leading white goods companies are expected to benefit significantly due to their advantages in pricing structure and channel distribution, especially in the mid-to-high-end market segments [12][13]. Summary by Sections 1. Policy Elements Worth Noting - The new round of trade-in policies has been significantly enhanced since the beginning of the year, with various provinces launching their plans, often supported by local fiscal measures [16]. - The central government has outlined specific categories and funding sources, with 30 provincial plans already published, many of which include additional product categories such as vacuum cleaners and dishwashers [16][17]. 2. Quantifying the Impact of the Trade-in Program - As of late September, the trade-in program has shown promising results, with retail monitoring indicating double-digit growth in sales and customer traffic, particularly in the mid-to-high-end segments [10][11]. - The average sales price for subsidized products is estimated to be over 4,000 yuan, reflecting a significant increase compared to the average market price for major appliances [10][11]. 3. Insights on Pricing Structure and Market Dynamics - The current subsidy structure favors high-efficiency products, with the average subsidy reaching approximately 18.5% to 19.5%, closely aligned with policy limits [11][12]. - The leading brands in the white goods sector dominate the high-end price segments, with significant market shares in offline channels, indicating a trend towards increased market concentration [12][13].