家电行业周报：春节家电等以旧换新销售额超310亿，多地扩大以旧换新补贴品类

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating a "Buy" rating for key players in the sector [3][4]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with a 0.2% increase in the sector index while the CSI 300 rose by 1.2% [4][5]. - The report highlights significant growth in sales during the Spring Festival, with over 310 billion RMB in sales from old-for-new exchanges across various categories, including home appliances and mobile phones, reflecting a year-on-year increase of approximately 166% for home appliances [11][65]. - The expansion of the old-for-new subsidy program in multiple regions is expected to stimulate demand, with new categories added to the subsidy list, including smart home devices and health care products [9][10][64]. Summary by Sections Industry Dynamics - The report notes that several regions, including Liaoning and Shandong, have expanded the categories eligible for old-for-new subsidies, increasing the total to 20 categories [9][10][64]. - During the Spring Festival period, the total sales volume reached 860 million units, with significant increases in sales revenue for home appliances and mobile phones [11][65]. Sales Data Observations - In January 2025, sales of cleaning appliances like robotic vacuums and floor washers saw a year-on-year increase of 37.16% and 23.89%, respectively, although their average prices decreased significantly [28][30]. - Conversely, personal care appliances such as hair dryers and electric shavers experienced a decline in sales volume, with hair dryers down 4.64% and shavers down 7.12%, while their average prices increased [32][38]. Investment Highlights - The report identifies three main investment themes: 1. White goods, benefiting from favorable real estate policies and the old-for-new program, with recommended stocks including Hisense, Midea, and Gree [4]. 2. Export-oriented companies like Ousheng Electric and Dechang Shares, which are expected to see revenue growth from large customer orders [4]. 3. Core components suppliers such as Huaxiang and Shun'an Environment, which are positioned to benefit from increased demand in the white goods sector [4].