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]

Core Viewpoint - The Jinan Municipal Bureau of Commerce has announced the launch of a new subsidy program for the replacement of household appliances and the purchase of digital and smart products in 2026, aimed at promoting consumer spending and upgrading equipment [1][2]. Group 1: Subsidy Details - The subsidy program includes two main categories: household appliances and digital/smart products [1]. - For household appliances, consumers can receive a subsidy of 15% of the purchase price for energy-efficient products, with a maximum subsidy of 1,500 yuan per item, applicable to one item per category [1]. - The eligible household appliances include refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [1]. - For digital and smart products, consumers can receive a subsidy of 15% of the purchase price, with a maximum subsidy of 500 yuan per item, applicable to one item per category [1]. - Eligible digital and smart products include mobile phones, tablets, smartwatches, and smart glasses, with a price limit of 6,000 yuan per item [1]. Group 2: Program Timeline - The subsidy program will officially start on a date to be announced on the Jinan Municipal Bureau of Commerce's official website, with an end date set for December 31, 2026 [2]. - A formal announcement regarding the details of the subsidy program will be released soon, providing consumers with the necessary information to participate [2].

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]

Group 1 - The Chinese government has announced a new policy for 2026 to support the replacement of old appliances and consumer goods, providing a subsidy of 15% of the product price for eligible energy-efficient appliances, with a maximum subsidy of 1,500 yuan per item [1][2] - The first batch of funding for this policy amounts to 62.5 billion yuan, aimed at stimulating consumer sentiment despite a smaller subsidy scale compared to 2025 [1][2] - The policy is expected to benefit e-commerce platforms, although the overall impact may be limited due to high baseline effects and reduced subsidy amounts [1][2] Group 2 - The 2026 policy focuses on high-efficiency products, with a narrower scope and lower subsidy rates compared to 2025, which aligns with market expectations and is anticipated to improve domestic appliance sales [2] - Companies with advantages in research, distribution, and branding in the white and black goods sectors are expected to benefit more from the new policy [2] - The policy is likely to drive the home appliance industry towards higher-end, smart, and green upgrades, optimizing product structures [2] Group 3 - Relevant Hong Kong-listed companies in the home appliance supply chain include Midea Group, Haier Smart Home, Hisense Home Appliances, TCL Electronics, Skyworth Group, and Xiaomi Group [3]

Core Viewpoint - The Jinan Municipal Bureau of Commerce has announced the initiation of a new round of subsidies for the replacement of old home appliances and the purchase of new digital and smart products in 2026, following national guidelines [1][2]. Group 1: Subsidy Details - The subsidy program includes two main categories: home appliances and digital/smart products [1]. - For home appliances, consumers purchasing energy-efficient refrigerators, washing machines, televisions, air conditioners, computers, or water heaters will receive a subsidy of 15% of the product's sales price, capped at 1,500 yuan per item, with a limit of one item per category per consumer [1]. - For digital and smart products, consumers purchasing mobile phones, tablets, smartwatches, or smart glasses (with a sales price not exceeding 6,000 yuan) will also receive a subsidy of 15% of the product's sales price, capped at 500 yuan per item, with a limit of one item per category per consumer [1]. Group 2: Program Timeline - The start date for the subsidy program will be announced on the Jinan Municipal Bureau of Commerce's official website, while the program will conclude on December 31, 2026 [1].