家用电器行业：2025年家电以旧换新政策落地，有望拉动家电内需增长

Investment Rating - The industry rating is "Overweight" (maintained) [4] Core Insights - The implementation of the "old-for-new" policy for home appliances in 2025 is expected to stimulate domestic demand for home appliances, with the subsidy range expanded from 8 categories to 12 categories, including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, kitchen stoves, and range hoods [4][5] - The subsidy standard for energy-efficient products is set at 15% of the sales price for level 2 efficiency and 20% for level 1 efficiency, with a maximum subsidy of 2000 yuan per item [4] - The policy is anticipated to enhance collaboration across the home appliance supply chain, benefiting manufacturers, retailers, and recycling companies [5] Summary by Sections Recent Industry Performance - In the past 12 months, the absolute return of the industry was 29.5%, with a relative return of 14.19% compared to the CSI 300 index [2] Policy Impact - The central government has allocated 810 billion yuan for the "old-for-new" policy in 2025, following the successful implementation in 2024, which saw over 36 million consumers purchase more than 56 million home appliances, generating sales of 240 billion yuan [6][4] Investment Recommendations - The report suggests focusing on listed companies in the white goods sector such as Midea Group, Gree Electric Appliances, Hisense Home Appliances, Haier Smart Home, and Changhong Meiling, as well as black goods companies like TCL Electronics and Hisense Visual [5]