Core Viewpoint - The Ministry of Commerce and four other departments have announced a subsidy program for the replacement of old home appliances and the purchase of new digital and smart products starting January 1, 2026, aimed at promoting energy efficiency and consumer spending [1] Group 1: Subsidy Details - The subsidy will apply to six categories of home appliances: refrigerators, washing machines, televisions, air conditioners, water heaters, and computers, as well as four categories of digital and smart products: smartphones, tablets, smartwatches (bands), and smart glasses [1] - The subsidy standard is set at 15% of the final selling price after discounts for the aforementioned products, with a cap of 1,500 yuan for home appliances and 500 yuan for digital and smart products per item [1] - Each individual consumer is eligible for one subsidy per category of product, with a maximum of 1,500 yuan for home appliances and 500 yuan for digital and smart products [1]

Investment Rating - The report assigns an "A" rating for the investment in major appliance companies such as Midea Group, Haier Smart Home, and Gree Electric Appliances, indicating a "Buy" recommendation with target prices of 94.68, 31.81, and 50.60 CNY respectively [4]. Core Insights - The 2026 appliance replacement policy is expected to boost consumer demand for home appliances, focusing on energy-efficient products and providing subsidies of 15% of the product price, capped at 1500 CNY per item [1][2]. - The 2026 policy has optimized the subsidy scope, reducing the number of supported appliance categories from eight to six, and lowering the subsidy rate from 20% to 15% for high-efficiency products [2][11]. - The first batch of funding for the 2026 policy amounts to 625 billion CNY, a 23% decrease from the previous year's 810 billion CNY, indicating a potential decline in total subsidy funds for the year [2][12]. Summary by Sections Policy Changes - The 2026 policy focuses on six categories: refrigerators, washing machines, televisions, air conditioners, computers, and water heaters, excluding other appliances like stoves and microwaves [2][11]. - The subsidy for high-efficiency products is now set at 15% of the sales price, with a cap of 1500 CNY per item, and consumers can only receive one subsidy per product category [2][11]. Market Impact - The 2025 replacement policy effectively stimulated appliance consumption, with retail sales of home appliances increasing by 14.8% year-on-year from January to November 2025, and over 12.84 million units replaced [3]. - The introduction of the 2026 policy is expected to improve domestic appliance sales, despite some pressure on consumption due to earlier demand release and high base effects [3][9]. Investment Recommendations - The report suggests focusing on three investment themes: 1. High-quality white goods companies with strong cash flow and high dividend yields, such as Midea Group and Haier Smart Home [9]. 2. Companies with strong global capabilities, particularly in emerging markets where appliance penetration is low [9]. 3. Technology-driven appliance companies that are expanding into new business areas, leveraging AI and robotics to enhance product offerings [9].

支持家电以旧换新。个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器等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。 转自：北京日报客户端 国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新政策的通知。 来源：国家发改委网站 ...

经济观察网12月26日，市场监管总局举行"两新"标准提升行动工作成效专题新闻发布会。中国轻工业联 合会副会长刘江毅介绍，截至2024年底，我国冰箱、洗衣机、空调等家电保有量超过30亿台，家用电器 性能品质、创新品类等标准，有效支撑以旧换新政策落地。今年1至11月，家电以旧换新超1.28亿台， 带动相关商品销售额超2.5万亿元。家具智能等级评定等标准，助推行业智能升级，龙头企业加速推出 中高端智能家具产品，市场规模达100亿元以上，成为家具消费升级的新增长点。 ...

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The Central Economic Work Conference emphasized the implementation of consumption-boosting actions and the optimization of the "Two New" policy, which is expected to support domestic demand growth in the household appliance sector [6] - In November 2025, China's household air conditioner production reached 10.577 million units, a year-on-year decline of 36.7%, with sales at 10.492 million units, down 31.8% year-on-year [6] - The "old-for-new" policy has significantly boosted sales, with related product sales exceeding 2.5 trillion yuan from January to November 2025, benefiting over 360 million consumers [6] - The household air conditioner market is currently experiencing a downturn due to multiple factors, including weak terminal demand following the reduction of national subsidies and high inventory levels in overseas markets [6] Summary by Sections Industry Performance - The relative performance over the last 12 months shows a decline of 9.87% compared to the CSI 300 index, while absolute returns were positive at 7.54% [3] Market Dynamics - The report highlights that the household appliance industry is under pressure, particularly in the air conditioning segment, which is facing a phase of adjustment [6] - The future competition in the vacuum cleaner market is expected to shift towards ecosystem building and service capabilities, moving beyond just product offerings [6] Investment Recommendations - The report suggests focusing on leading white goods companies such as Midea Group, Gree Electric Appliances, and Hisense Home Appliances, as well as black goods exporters like TCL Electronics and Hisense Visual [6]

Core Insights - The "old-for-new" policy is expected to drive the replacement of over 128 million home appliances by November 2025, with over 90% being energy-efficient appliances [1] - The home appliance industry is transitioning from scale expansion to quality and efficiency, showing significant trends towards pre-emptive, intelligent, and green upgrades [1] - The central economic work conference confirmed the continuation of the "old-for-new" policy for consumer goods in 2026, which will further stimulate the consumption potential of green and smart home appliances [1] Industry Developments - As of December 12, 2025, the appliance operating area of Red Star Macalline in Shanghai will exceed 100,000 square meters, accounting for 11.4% of its total area, with 150 cooperative appliance brands [1] - By November 30, 2025, Red Star Macalline's platform facilitated 476,000 appliance sales, generating a sales amount of 3.81 billion yuan, with Shanghai showing particularly strong performance [1] - The sales in Shanghai reached 257,000 orders and a total sales amount of 2.31 billion yuan, making it a model region for policy-driven consumption [1] Market Trends - Despite current market pressures, the home appliance sector remains optimistic about the future, with companies like Red Star Macalline leveraging platform advantages to empower partners and explore new growth opportunities [2] - The market is characterized by a strong supply and weak demand, prompting appliance brands and distributors to accurately grasp consumer trends and adapt supply to meet diverse market needs [2] - The focus is on enhancing quality and efficiency in the industry to drive high-quality development [2]

年末寒潮频繁来袭，家庭采暖成了南北方家庭的大事。不少消费者会选择在年末集中采购空气能这样的采暖设备，既赶得上冬季使用，还能搭上年终促销和 政策补贴的末班车。那么空气能应该怎么选呢?今天就为大家整理一份超实用的年末空气能抢购攻略，帮你少走弯路，精准选到适配的优质产品。 为什么建议年末买空气能 当下正是购置空气能的好时期。一方面，全国各地延续的家电以旧换新政策，购买一级能效产品，可享受20%的补贴;另一方面，是像纽恩泰这样的空气能 头部品牌，旗下多款一级能效产品均符合补贴标准，年末选购可享受"政企双重补贴"，叠加企业自身让利，买空气能比平时划算多了。 而且纽恩泰旗下产品拥有四项国家一级能效认证，确保在地暖、暖气片等不同末端系统中均能达到顶级节能标准，从源头上保障长期使用的低费用。 第二点是线下看店，实地体验。品牌宣传可以天花乱坠，但线下门店和产品骗不了人。年末选购建议优先前往品牌官方门店，比如纽恩泰在全国布局 3000+服务网点，覆盖千县万镇，消费者可在家门口直观感受产品性能。 空气能设备有很多优势，比如成本仅为电采暖的1/4、燃气采暖的1/3，使用费用更省;采用水系统，体验舒适温润，没有空调病;不怕极端天气，严 ...

供稿：流通业发展处 12月3日，由省商务厅和省标准化研究院共同主办的"家电以旧换新标准宣贯公益培训"活动在济南举行，各市商务主管部门以及家电流通、回收等领域的 企业代表300余人通过线上线下相结合的方式参加培训。 近年来，全省商务系统认真贯彻落实国家消费品以旧换新决策部署，推动全省家电以旧换新资格核验系统与中国物品编码中心完成条码数据对接，提升家 电以旧换新工作效率和准确性，并借助省标准化院、省家电协会、省再生资源协会等相关单位资源，开展山东省家电流通标准体系研究和重点标准研制工 作，为家电以旧换新工作提供有力支撑。 活动中，首先对《山东省2025年家电以旧换新实施方案》等政策进行了解读，省家用电器行业协会、省再生资源协会和省标准化研究院专家分别就《家用 电器以旧换新信息管理要求》等2项团体标准、《山东省家用电器流通标准体系》以及作业要求等进行了宣贯讲解。此次培训旨在进一步提升商务主管部 门对标准化在家电以旧换新工作中重要作用的认识，深化行业企业对家电以旧换新工作有关政策和标准的理解，切实加强我省家电以旧换新工作的规范性 和科学性，提升家电流通相关单位的管理水平。 ...

Core Insights - The event held on December 6, 2025, in Qingyun, Shandong Province, is part of the "Five Advances" initiative for the old-for-new appliance replacement policy, aimed at enhancing consumer experience and promoting consumption upgrades in county areas [1][5] - The event gathered various stakeholders including government departments, industry associations, and local appliance retailers to discuss the development of the appliance industry and consumer promotion measures [1][3] Group 1 - The Shandong Provincial Department of Commerce emphasized that the appliance industry is a crucial link between industrial upgrades and consumer needs, aiming to improve product quality and service [1] - Local officials highlighted the progress of consumer promotion efforts in Qingyun, focusing on making the old-for-new policy accessible to more families [1][5] Group 2 - The event featured a launch ceremony followed by cultural performances and interactive experiences, enhancing the atmosphere and engagement of attendees [3] - A showcase of smart home appliances was conducted, featuring innovative products such as refrigerators with nitrogen-oxygen control technology and air conditioners with minimal temperature differences, aimed at improving household convenience and comfort [3] Group 3 - The Qingyun event serves as a platform for promoting smart appliances and enhancing the quality of the consumer market, with expectations of stimulating consumption potential in county areas [5]

金融服务实体经济，助力民众消费。作为一家国有银行，建设银行认真学习贯彻党的二十大 及二十届四中全会精神，全面践行金融工作的政治性、人民性。建设银行深圳市分行积极落 实深圳市委、市政府工作部署，围绕促进市民消费增长等重点工作，以优质的金融服务更好 满足深圳企业和市民需求，并作出了建行深圳市分行的服务特色。 便民消费 " 五项措施 " ，为深圳经济贡献建行力量 据介绍，建设银行深圳市分行在促进便民消费方面，采取了促进分期消费、强化银政联动的 " 以旧换新 " 活动、个人消费贷让利、落实贴息政策、打造消费场景等五大举措，为促进深圳 消费市场和经济发展做出了建行力量。 一是促进分期消费，在家装购车等领域发挥引擎作用。建行积极响应国家 " 双碳 " 战略，助 力汽车消费绿色转型。今年 1至10 月，建行已为深圳市民提供信用卡专项分期服务超 50 亿 元，其中新能源汽车领域发放近 20 亿元，在深圳同业中服务范围最广、客户最多、金额最 大，为深圳汽车消费市场注入金融动能。 二是强化银政联动， " 以旧换新 " 活动扩面升级。在政府 " 以旧换新 " 消费券活动基础 上，建行额外为深圳市民配置信用卡支付优惠活动，从今年 3 ...