家用电器行业：25年政策落地，有望继续提振家电内需

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The 2025 old-for-new policy is expected to boost household appliance demand, with an increase in the number of supported product categories and funding scale [6][15] - The central government has allocated 81 billion yuan for the 2025 old-for-new policy, which will support the replacement of eight major household appliances and expand the subsidy to additional products [6][15] - In 2024, over 36 million consumers purchased more than 56 million units of major appliances, generating sales of 240 billion yuan, indicating significant market activity [6][16] - The leading companies in the industry are expected to benefit more from the policy due to their better product positioning and wider distribution channels [6][33] - Investment recommendations include Midea Group, Gree Electric Appliances, Haier Smart Home, and Hisense Home Appliances for white goods, as well as Aima Technology and Ninebot for two-wheeled vehicles [6][44] Summary by Sections Policy Review and Outlook - The 2025 old-for-new policy will continue to support eight categories of household appliances, with subsidies remaining consistent with 2024 levels and additional support for air conditioning products [15] - The funding for the 2025 policy is significantly increased compared to the previous year, with 81 billion yuan allocated to support local implementation [15] Investment Recommendations - White goods are expected to see stable growth, with companies like Midea Group, Gree Electric Appliances, Haier Smart Home, and Hisense Home Appliances recommended for investment due to their stable ROE and high dividend advantages [44] - Recommendations also include leading companies in two-wheeled vehicles and black goods, such as TCL Electronics and Hisense Visual [44]