新年伊始，新疆博州的市井街巷间暖意涌动。升腾的烟火气里，门店商户的人声鼎沸、消费场景的热度攀升，勾勒出消费市场蓬勃向好的鲜活 轮廓。民生消费的火热与品质消费的升温双向发力，让这座城市的活力持续涌动，处处彰显着消费市场的旺盛生机。 1月7日上午，在博乐市"我家电器"门店里，不时有顾客驻足在冰箱、空调、洗衣机等展台前，向工作人员详细询问产品性能、价格以及以旧换 新相关事宜，工作人员手持产品手册，耐心细致地为每一位顾客讲解。 "自从国家发展改革委、财政部发布2026年'两新'政策通知后，来店里咨询家电以旧换新的人明显多了起来。"该门店经理郭振峰介绍，新政策 明确家电以旧换新支持冰箱、洗衣机、电视、空调等6类产品，且重点补贴一级能效或水效产品，当前，消费者的换新意愿十分强烈，都在提 前了解情况、对比产品，为后续购机做准备。 商场美食集聚效应持续释放，更带动周边店铺客流激增。不少食客吃完饭后会顺路逛逛周边的服装店、美食店、饮品店，整个商圈的烟火气越 来越浓，成为博州民生消费活力的生动写照。 据博州统计局消息，近年来，博州消费市场始终保持稳中有进的发展态势，社会消费品零售总额持续实现稳健增长，其中餐饮、住宿等民生相 关消 ...

据媒体报道，2024至2025年全国家电以旧换新总量达1.92亿台，其中一级能效（水效）占比达到90%以上，换新家电品类覆盖冰箱、洗衣机、空调等12大类 产品。作为每家每户基本的生活必需品，家电的日常使用频率较高，普及低能耗家电，更换老旧家电将为节能减排、居家用电安全带来长期积极影响。此 外，为惠及更多群体，2025年12月31日，商务部等五部门发布《关于做好2026年家电以旧换新、数码和智能产品购新补贴工作的通知》，其中提出完善废旧 家电回收体系，通过线上平台、商超等渠道落实乡村等地的补贴。 企查查数据显示，截至1月7日，国内现存家电回收相关企业6977家。从经营时间来看，现存家电回收相关企业多为老牌企业，成立年限在10年以上的相关企 业最多，占比超四成，达44.89%。从地区分布来看，家电回收相关企业多集中分布在华东地区，占比近四成，为39.29%。注册量方面，2025年全年注册家 电回收相关企业81家。 1.成立年限在10年以上的相关企业最多 企查查数据显示，截至1月7日，国内现存家电回收相关企业6977家。从经营时间来看，现存家电回收相关企业多为老牌企业，成立年限在10年以上的相关企 业最多，占比超四 ...

Core Insights - The 2026 home appliance national subsidy policy is expected to stimulate domestic demand and stabilize retail sales, particularly in the white goods sector [2][3][20] - The policy continues to support the replacement of old appliances with new ones, focusing on six major categories, including refrigerators, washing machines, and air conditioners, with a subsidy of 15% of the product price, capped at 1500 yuan per item [3][21][22] - The white goods production in January showed a positive trend, with a total output of 34.53 million units, representing a 6% year-on-year increase, driven by the national subsidy policy [4][24] Monthly Research Tracking and Investment Thoughts - The national subsidy policy for 2026 aims to boost the replacement demand for home appliances, which is expected to support domestic sales [20][21] - January's white goods production saw a recovery, with air conditioner production increasing by 11% year-on-year, indicating a potential stabilization in demand [4][24] - In November, the domestic sales of major appliances faced pressure due to high base effects from the previous year, but exports of refrigerators and washing machines showed good growth [5][32] Key Data Tracking - In December, the home appliance sector experienced a relative return of -1.06% compared to the Shanghai Composite Index, which rose by 2.28% [34] - The prices of raw materials such as copper and aluminum increased by 13.5% and 4.8% respectively in December, while cold-rolled steel prices decreased by 3.2% [36] - The shipping index for major routes showed a mixed performance, with the West America route down by 6.4% and the Europe route up by 4.8% [45] Key Company Announcements and Industry Dynamics - The report highlights key companies such as Midea Group, Haier Smart Home, TCL, and Gree Electric as strong performers in the white goods sector, with recommendations for investment based on their resilience and growth potential [14][15][54] - The home appliance industry is expected to face challenges due to high inflation in overseas markets and geopolitical tensions, but leading companies are adapting by enhancing local production capabilities [50][51]

2026年元旦假期，新一轮全国家电"以旧换新"补贴政策正式启动。家住经开区的郭先生夫妇听到消息后 就来到京东MALL合肥蜀山店，在顺利领取国补资格后，当场下单了一台美的3P新一级能效省电节能空 调，并迅速完成了送装同步。这不仅是他个人的"新年第一购"，也成为2026年度"国补"落地安徽后，全 省完成的首个送装"国补"订单。 据了解，郭先生夫妇正在为新房购置全屋家电，看到2026年"国补"出来后就先下单了一台客厅空 调，"过年吃团圆饭，屋里就暖和了"。他们直接看好了一台美的3P柜机空调，原价 6690元，京东 MALL直降890元，再减去15%"国补"870元，最终只要4930元，一起优惠了1760元。京东还给安排了空 调送装同步活动，货送到的同时，京东以旧换新工程师也上门将新机安装到位，为郭先生家里送去新年 第一份惊喜。 作为线上线下率先承接2026年国家补贴落地的渠道，消费者在京东购买活动指定的冰箱、洗衣机、电 视、空调、电脑、热水器产品，单件/单次至高补贴1500元；购买活动指定的手机、平板、智能手表手 环、智能眼镜产品，单件/单次至高补贴500元。单人累计至高可省11000元！ 在"国补"使用方式上，消 ...

根据wind数据，家电ETF（159996）盘中净流入1800万份，资金抢筹布局。 华西证券指出，2026年家电以旧换新政策明确了支持家电以旧换新，首批支持资金625亿元已下达，相 比2025年有所减少且更加聚焦，补贴品类从2025年的12类缩减至6类，主要为空调、冰箱、洗衣机、电 视等，补贴比例统一为15%，单件补贴上限1500元。这将有助于推动行业产品结构升级，利好中高端产 品布局完善的龙头企业。 家电ETF（159996）跟踪的是家用电器指数（930697），该指数从沪深市场中选取涉及空调、冰箱、洗 衣机等家电产品制造与销售的上市公司证券作为指数样本，以反映家用电器行业相关上市公司证券的整 体表现和市场趋势，能够较为全面地体现家电行业的整体发展状况。 （文章来源：每日经济新闻） ...

Group 1 - Home appliance stocks have risen across the board, with significant increases in companies such as Skyworth Group (up 10.45% to HKD 5.18), Midea Group (up 5% to HKD 89.2), Haier Smart Home (up 4.2% to HKD 25.3), and Hisense Home Appliances (up 2.33% to HKD 23.72) [1] - The National Development and Reform Commission and the Ministry of Finance announced a new policy on December 30, 2026, regarding large-scale equipment updates and the replacement of consumer goods [1] - Dongfang Securities anticipates that domestic sales pressure will improve in the first quarter of 2026 as national subsidy funds become available, and that the industry will gradually enter a post-subsidy era [1] - Guotou Securities forecasts that the continuation of the old-for-new policy will support domestic appliance consumption, benefiting companies with advantages in R&D, distribution, and branding [1] - The easing of the US-China trade conflict is expected to reduce tariff pressures, allowing home appliance companies to gradually release global production capacity and continue to gain incremental contributions from emerging markets [1]

Group 1 - Home appliance stocks experienced a significant increase, with Skyworth Group rising by 10.45% to HKD 5.18, Midea Group increasing by 5% to HKD 89.2, Haier Smart Home up by 4.2% to HKD 25.3, and Hisense Home Appliances gaining 2.33% to HKD 23.72 [1] - The National Development and Reform Commission and the Ministry of Finance jointly issued a notice on December 30 regarding the implementation of large-scale equipment updates and the replacement of consumer goods by 2026, which is expected to positively impact the home appliance sector [1] - Dongfang Securities anticipates that the domestic sales pressure will improve in the first quarter of 2026 as national subsidy funds become available, and the industry will gradually enter a post-subsidy era [1] - Guotou Securities forecasts that the home appliance replacement policy will continue into 2026, with optimized support scope, subsidy standards, and implementation mechanisms, benefiting companies with R&D, channel, and brand advantages [1] - The easing of the US-China trade conflict is expected to reduce tariff pressures, allowing home appliance companies to gradually release global production capacity, with emerging markets contributing to incremental growth [1]

Group 1 - Home appliance stocks experienced a significant rise, with Skyworth Group increasing by 10.45% to HKD 5.18, Midea Group rising by 5% to HKD 89.2, Haier Smart Home up by 4.2% to HKD 25.3, and Hisense Home Appliances gaining 2.33% to HKD 23.72 [1] - The National Development and Reform Commission and the Ministry of Finance jointly issued a notice on December 30 regarding the implementation of large-scale equipment updates and the old-for-new policy for consumer goods in 2026 [1] - Dongfang Securities anticipates that the domestic sales pressure will improve in the first quarter of 2026 with the arrival of national subsidy funds, and the industry will gradually enter a post-subsidy era [1] - Guotou Securities forecasts that the old-for-new policy for home appliances will continue in 2026, with optimized support scope, subsidy standards, and implementation mechanisms, leading to steady domestic home appliance consumption [1] - Companies with advantages in research and development, distribution, and branding in both white goods and black goods sectors are expected to benefit more from the new policy [1] - The easing of the China-U.S. trade conflict is expected to reduce tariff pressures, and home appliance companies are gradually releasing global production capacity, with emerging markets contributing incremental growth [1]

根据《国家发展改革委财政部关于2026年实施大规模设备更新和消费品以旧换新政策的通知》及《商务 部等5部门办公厅（室）关于做好2026年家电以旧换新、数码和智能产品购新补贴工作的通知》，按照 省商务厅相关工作部署，现将济南市2026年家电以旧换新、数码和智能产品购新补贴活动事项预公告如 下： 2025年12月31日晚，济南市商务局发布《济南市2026年家电以旧换新、数码和智能产品购新补贴活动预 公告》，明确新一轮家电数码补贴正式启动。 补贴品类、标准家电以旧换新：个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器6类家电中1 级能效或水效标准的产品，按产品销售价格的15%给予补贴，每位消费者每类产品可补贴1件，每件补 贴不超过1500元。数码和智能产品购新：个人消费者购买手机、平板、智能手表手环、智能眼镜4类产 品（单件销售价格不超过6000元），按产品销售价格的15%给予补贴，每位消费者每类产品可补贴1 件，每件补贴不超过500元。 济南市2026年家电以旧换新、数码和智能产品购新补贴活动的正式公告将于近期发布，届时消费者可按 照公告流程参与2026年的补贴活动。咨询电话：0531-51702058。（耿 ...

Group 1 - The 2026 appliance replacement policy will provide subsidies for consumers purchasing energy-efficient home appliances, with a subsidy of 15% of the product price, capped at 1,500 yuan per item [1] - The first batch of subsidies for the 2026 policy amounts to 62.5 billion yuan, which is lower than the 2025 plan, and the eligible appliance categories are fewer [1] - Citigroup believes the new policy will boost consumer sentiment despite the limited overall impact on e-commerce platforms due to high baseline effects and smaller subsidy scale [1] Group 2 - The 2026 policy is expected to stimulate domestic appliance sales and improve product structure, benefiting companies with R&D, channel, and brand advantages in the white and black goods sectors [2] - The easing of US-China trade tensions may reduce tariff pressures, allowing home appliance companies to gradually release global production capacity and gain incremental contributions from emerging markets [2] - The new policy is anticipated to drive the home appliance industry towards high-end, intelligent, and green upgrades, favoring large appliance companies with competitive advantages [2] Group 3 - Related Hong Kong-listed companies in the home appliance industry include Midea Group, Haier Smart Home, Hisense Home Appliances, TCL Electronics, Skyworth Group, and Xiaomi Group [3]