2025年《政府工作报告》家电相关内容点评：24年家电零售额双位数增长，3000亿超长期特别国债支持25年消费品以旧换新

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the home appliance sector [3][8]. Core Insights - The report highlights a projected 12.3% growth in retail sales of home appliances in 2024, reaching a historical high of 1,030.7 billion yuan, driven by government policies aimed at boosting consumption and expanding domestic demand [3]. - The continuation of the "old for new" appliance policy is expected to further stimulate sales, with over 62 million units sold in 2024, generating nearly 270 billion yuan in consumption [3]. - The report emphasizes three main investment themes: 1. White goods sector benefiting from favorable real estate policies and "old for new" initiatives, recommending companies like Midea, Gree, and Haier [3]. 2. Export-driven companies such as Ousheng Electric and Dechang Co., which are expected to see revenue growth from large customer orders [3]. 3. Core components suppliers like Huaxiang and Shun'an Environment, which are positioned to benefit from increased demand in the white goods sector [3]. Summary by Sections Retail Sales Growth - The retail sales of home appliances are projected to grow by 12.3% in 2024, reaching 1,030.7 billion yuan, marking a historical high [3]. - The government will implement special actions to boost consumption and improve the consumption environment [3]. "Old for New" Policy - The "old for new" policy will be expanded to cover 12 categories of appliances, with subsidies of up to 2,000 yuan per unit [3]. - In January 2025, sales of major appliances showed positive trends, with significant year-on-year growth in kitchen appliances [3]. Investment Recommendations - The report recommends a focus on the white goods sector, highlighting Midea, Gree, and Haier as key players [3]. - Export-oriented companies like Ousheng Electric and Dechang Co. are also recommended due to their stable profitability [3]. - Core component manufacturers such as Huaxiang and Shun'an Environment are expected to benefit from increased demand in the white goods market [3].