家用电器行业两部门印发《关于2025年加力扩围实施大规模设备更新和消费品以旧换新政策的通知》点评：2025年消费品以旧换新方案落地，家电新增4类补贴品类

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][8]. Core Insights - The 2025 consumption upgrade and replacement policy is set to enhance the home appliance market, with new subsidies for four additional product categories, including microwave ovens and dishwashers [2][3]. - The white goods sector is characterized by "low valuation, high dividends, and stable growth," with significant production adjustments anticipated in response to the old-for-new policy, leading to a bullish outlook for the white goods supply chain [2][3]. - Export orders remain robust, with expectations for substantial revenue and performance improvements for companies like Ousheng Electric and Dechang Shares, driven by large customer orders and recovering overseas demand [2][3]. Summary by Sections Policy Changes - The 2025 policy expands the scope of old-for-new subsidies to include eight existing categories and four new ones, with each consumer eligible for a subsidy of up to 2,000 yuan per item [2][3]. - The policy aims to optimize funding distribution based on regional demographics and economic factors, ensuring effective support for the home appliance sector [2][3]. Market Performance - As of December 19, 2024, the old-for-new program has facilitated the sale of 52.1 million units, generating approximately 239.09 billion yuan in sales, with over 90% of sales attributed to first-level energy efficiency products [2][3]. - Multiple provinces have confirmed the seamless continuation of the old-for-new policy into 2025, which is expected to sustain consumer demand for home appliances [2][3]. Investment Recommendations - The report identifies three main investment themes within the home appliance sector, focusing on companies with strong fundamentals and growth potential, such as Midea, Gree, Haier, and others in the major and small appliance segments [2][3].