2025家电“国补”焕新 社媒研究

Investment Rating - The report indicates a strong investment outlook for the home appliance industry, driven by the continuation and enhancement of the "National Subsidy" policy in 2025 [4][5]. Core Insights - The "National Subsidy" policy is expected to significantly boost consumer confidence and spending in the home appliance sector, with a seamless transition of subsidy policies from 2024 to 2025 [5]. - The subsidy program will expand from 8 to 12 categories, including new items like microwaves and dishwashers, enhancing the attractiveness of the program [7]. - The report highlights a notable increase in retail sales, with December 2024 seeing a total of 111.3 billion yuan in sales, marking a year-on-year growth of 39.3% [19]. Part 1: Macro Performance of the Home Appliance Industry - The home appliance industry experienced robust growth in Q4 2024, driven by the "National Subsidy" [5]. - The 2025 subsidy policy will maintain the 2024 standards and optimize certain aspects, with a total of 810 billion yuan allocated for local execution [10]. - The report notes that the subsidy has significantly boosted sales in key categories such as vacuum cleaners, range hoods, and air conditioners [21]. Part 2: Consumer Social Media Observations on "National Subsidy" - The "National Subsidy" policy has generated substantial discussion on social media, with a 50% increase in related topic volume and a 92% increase in interactions during the subsidy period [27]. - Douyin (TikTok) and Xiaohongshu (Little Red Book) are identified as the primary platforms for consumer discussions regarding the subsidy [29]. - The report indicates that the demand for air conditioners is particularly high, with brands like Midea actively promoting their participation in the subsidy program [32]. Part 3: Social Media Marketing Analysis - The report outlines that Douyin's marketing efforts are primarily focused on top and beginner influencers, with a significant amount of interaction generated from lifestyle and home content [51]. - Xiaohongshu's marketing strategy emphasizes collaboration with mid-tier and beginner influencers, showcasing strong engagement in home and lifestyle content [54]. - Midea's marketing on Douyin has seen a remarkable increase in brand voice and interaction, with a 517% increase in related content during the subsidy period [66].