家用电器行业周报：国补接力叠加高股息，看好板块估值业绩共振，同时关注CES扫地机电视新品

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [2] Core Viewpoints - The acceleration of the "old-for-new" policy in 2025 is expected to boost domestic demand for home appliances, with 27 provincial-level regions in China already implementing related work as of January 4, 2025 [2][15] - The continuation of the "old-for-new" policy is anticipated to enhance the valuation and fundamentals of the home appliance sector [15] Summary by Sections 1. Policy and Market Dynamics - The "old-for-new" subsidy program commenced on January 1, 2025, and will cover the entire year, with no policy gaps observed [3][15] - The subsidy will apply to eight categories of home appliances, with a subsidy rate of 15%-20% based on energy efficiency levels [4][15] 2. Price Tracking - Prices for copper, aluminum, hot-rolled sheets, and ABS have shown a slight decline, with copper averaging 73,725 CNY/ton (-0.81% MoM), aluminum at 19,800 CNY/ton (-0.04% MoM), ABS at 11,825 CNY/ton (-0.13% MoM), and hot-rolled sheets at 3,725 CNY/ton (-0.17% MoM) [5][18] - The exchange rate of the RMB has increased, with the USD/CNY average at 7.3370, up 0.45% week-on-week [21] 3. Investment Recommendations - The report suggests focusing on leading home appliance companies with strong financial capabilities and comprehensive channel coverage, particularly in the white goods sector, recommending Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances [6][26] - It also highlights the potential for growth in emerging markets and the resilience of home appliance exports, recommending Hisense Visual, TCL Electronics, Ecovacs, and Roborock for their export potential [6][26] - The kitchen appliance sector is expected to benefit from the "old-for-new" policy and favorable real estate policies, with recommendations for Boss Electric and Vatti [6][26]