国投家电一周看图：2月上旬主要家电品类线上销售恢复快速增长

Investment Rating - The industry rating is "Outperform" with a target to exceed the market by 10% or more in the next six months [2][38]. Core Insights - Online sales of major home appliance categories have rapidly recovered post-Spring Festival, with significant year-on-year growth in sales for various products [2][6]. - The "old-for-new" policy is effectively driving home appliance sales, with over 397 million consumers participating and sales exceeding 20 billion yuan as of February 19, 2025 [3][5]. - The sales growth for specific categories during the weeks following the Spring Festival includes sweeping robots (+264%), air conditioners (+217%), range hoods (+135%), and color TVs (+83%) [2][6]. Summary by Sections Online Sales Performance - In January 2025, online sales of white goods and color TVs faced pressure due to the Spring Festival timing, but they rebounded strongly in February [2][6]. - Year-on-year sales growth for major appliances during the weeks of February 3 to February 16, 2025, shows significant recovery [7]. Policy Impact - The "old-for-new" policy has been smoothly implemented, with substantial consumer engagement leading to increased sales across 12 major appliance categories [3][5]. - The estimated sales driven by this policy have surpassed 20 billion yuan, with central subsidies exceeding 3 billion yuan [3][5]. Market Performance - The report includes a detailed analysis of the performance of domestic and international home appliance companies, highlighting recent stock price changes and projected revenue growth [34][35][36][37].