家用电器行业24W48周观点：促消费政策频出，新一轮以旧换新力度和范围值得期待

Investment Rating - The report maintains a rating of "Outperform" for the home appliance industry [4] Core Viewpoints - The report highlights the frequent introduction of consumption promotion policies and anticipates a new round of trade-in programs, which are expected to stimulate consumer demand [1][11] - The report emphasizes the effectiveness of consumption subsidies, which have significantly boosted industry growth, with retail sales of major appliance categories showing substantial year-on-year increases [12] - The report suggests that the home appliance sector is poised for recovery in the second half of the year, driven by trade-in policies and a resurgence in domestic demand [18] Summary by Sections Consumption Promotion Policies - The national market operation and consumption promotion work meeting held in Beijing discussed strategies to enhance consumer spending and promote trade-in programs for appliances [1][11] - Hubei province has initiated the registration process for merchants participating in the 2025 trade-in program, while Jiangsu province has expanded the range of appliances eligible for subsidies [15][18] Weekly Investment Insights - The report recommends focusing on several key areas within the home appliance sector, including major players like Haier, Midea, and Gree, as well as emerging brands in the global vacuum cleaner market [18] - It also highlights the potential of brands targeting high-income consumers, particularly those entering retirement, such as Supor and Joyoung [18] Market Data - The home appliance sector experienced a weekly decline of 2.3%, with specific segments showing varied performance: white goods down 0.1%, black goods down 7.0%, small appliances up 4.5%, and kitchen appliances up 14.9% [22] - Raw material prices for copper and aluminum increased by 0.57% and 0.66% respectively compared to the previous week [22]