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家电行业周报：以旧换新带动春节家电消费，美国对华10%关税落地影响有限
Tai Ping Yang·2025-02-06 05:36

Investment Rating - The industry investment rating is "Positive" with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [11]. Core Viewpoints - The "old-for-new" policy is expected to drive home appliance consumption during the Spring Festival, with leading companies likely to perform better due to stronger brand power and high-quality products that meet energy efficiency standards [4][7]. - The impact of the 10% tariff imposed by the U.S. on imports from China is anticipated to be limited, as many companies have already established overseas production capacities to mitigate risks [7]. Summary by Sections Sales Performance - Sales of home appliances and communication equipment increased by over 10% year-on-year during the first four days before the Spring Festival, according to the Ministry of Commerce [4]. - Data from JD.com indicates that over 50% of consumers purchased home appliances for their hometowns during the Spring Festival, with "old-for-new" orders increasing by over 100% year-on-year [5]. - Suning reported an 80% increase in foot traffic and a 92% rise in "old-for-new" orders during the Spring Festival, with significant growth in categories like air conditioners and large-screen TVs [5]. Regional Sales Performance - In Beijing, home appliance sales reached 23,000 units during the first seven days of the Spring Festival, with a year-on-year sales increase of 60.3% reported by Suning [6]. - Hebei issued 17.92 million yuan in subsidies for "old-for-new" programs, leading to 34,100 home appliance sales [6]. - Guangdong and Yunnan also reported significant sales increases during the Spring Festival, with Yunnan seeing an 82.3% year-on-year growth in sales of home appliances and audio equipment [6]. Recommended Companies and Ratings - The report recommends the following companies with a "Buy" rating: - Midea Group - Haier Smart Home - Gree Electric Appliances - Hisense Home Appliances - TCL Smart Home - TCL Electronics - Hisense Visual - Ninebot [3][9].