家用电器25W16周观点：国补政策持续拉动内销增长，关注内需板块基本面改善-20250420

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [8] Core Viewpoints - The national subsidy policy continues to drive domestic sales growth, with a focus on the improvement of the domestic demand sector [2][13] - As of April 10, consumers have purchased over 100 million old-for-new home appliances nationwide, with significant subsidy funds utilized [3][13] - The government plans to expand the subsidy categories from 8 to 12 by 2025, increasing the number of air conditioners eligible for subsidies [13] Summary by Sections Investment Suggestions - The report suggests focusing on the following areas due to policy support and expected recovery in domestic demand: 1. Major appliances benefiting from the old-for-new policy, recommending companies like Midea Group, Haier Smart Home, Gree Electric, Hisense Home Appliances, TCL Electronics, and Hisense Visual [5][19] 2. The pet industry, seen as resilient during economic cycles, with recommendations for companies like Guibao Pet, Zhongchong Co., and Petty Holdings [5][19] 3. Small appliances and branded apparel, which are expected to see demand recovery this year, with a focus on leading small appliance companies like Bear Electric, Feike Electric, Supor, and Newell [5][19] 4. Electric two-wheelers, with strong domestic sales improvement expected, recommending companies like Yadea Holdings, Aima Technology, and Ninebot [5][19] Market Data - The home appliance sector saw a weekly change of +0.2%, with specific segments like white goods, black goods, small appliances, and kitchen appliances showing respective changes of +0.3%, +1.2%, +1.4%, and +0.3% [4][21] - Raw material prices showed a mixed trend, with LME copper increasing by 1.40% and LME aluminum decreasing by 0.68% [4][21] Industry News - The report highlights the strong performance of the old-for-new policy in various provinces, with significant sales and subsidy utilization reported [14][40] - The government plans to allocate 300 billion yuan in long-term special bonds to support the old-for-new consumption policy, a significant increase from the previous year's 150 billion yuan [13][14]