家用电器：25年以旧换新政策通知要点：加力扩围，聚焦重点！

Investment Rating - Industry rating: Outperform the market (maintained rating) [5] Core Viewpoints - The 2025 policy for replacing old appliances has expanded from 8 categories to 12 categories, with a maximum subsidy of 20% of the price for each item [1][3] - In 2024, over 36 million consumers purchased more than 56 million units of major household appliances, generating sales of approximately 240 billion [1] - The central government has allocated 150 billion for the old-for-new appliance program, with local governments also increasing their funding [2][3] - The average interest rate for equipment update loans is 3%, with an effective financing cost of 1.5% after subsidies, significantly lower than the 1-year loan market quoted rate [2] Summary by Sections Policy Support - The government will continue to support the replacement of 12 categories of household appliances, with specific subsidies for energy-efficient products [3][4] - There will be increased support for home renovation and smart home consumption, along with measures to promote the recycling of electronic waste [4] Recommended Stocks - Top recommendations include air conditioning chains such as Gree Electric, Midea Group, Haier Smart Home, and Hisense Home Appliances [4] - Other stocks with profit elasticity include Ecovacs, TCL Electronics, and Hisense Visual [4] - Real estate-related stocks recommended are Vatti Corporation and Robam Appliances [4]