Core Insights - The fourth batch of national subsidy funds has been allocated, coinciding with the full launch of the Double 11 shopping festival, leading to a surge in home appliance consumption, attracting significant attention from investment institutions [1][2] - Suning.com is enhancing its market position by implementing a combination of subsidy policies and upgraded service offerings, aiming to stimulate consumer demand and facilitate the upgrade of home appliances [2] Group 1: Investment Interest - From October 13 to 14, Suning.com hosted visits from eight investment institutions, including Huaxia Fund and CITIC Securities, focusing on store conditions, brand introduction, user profiles, and marketing strategies [1] - The investment institutions experienced various hot-selling new products, such as a 163-inch ultra-large screen TV and ultra-low temperature storage refrigerators, during their visit [1] Group 2: Marketing and Consumer Engagement - During the Double 11 period, Suning.com is increasing the launch of new products and implementing the "True Benefit Subsidy" plan to lower consumer barriers and stimulate demand for upgrades [1] - The "True Benefit Subsidy" section saw over 1 million units reserved within 72 hours during the National Day holiday, indicating strong market appeal [1] Group 3: Service Enhancements - The research team paid special attention to the value-added services offered in the Suning Friend area, such as free coffee and clothing care, and inquired about the home appliance concierge service [1] - The Suning Max store in Nanjing is equipped with over 40 dedicated home appliance concierges, providing comprehensive services from pre-sale consultation to after-sales maintenance, enhancing the overall consumer experience [1] Group 4: Strategic Positioning - Suning.com is reinforcing its position as a leader in home appliance consumption through product, scene, and service upgrades, supported by both policy and consumer demand [2] - The company aims to further unlock growth potential in the home appliance market, promoting healthy competition within the industry [2]

Group 1 - The core viewpoint is that the home appliance market in China is experiencing a significant boost due to the 618 shopping festival and the implementation of the trade-in policy, leading to a continuous increase in consumer demand [1][3] - In April, China's retail sales of consumer goods grew by 5.1% year-on-year, with a notable increase in sales of products related to the trade-in policy [1] - The home appliance ETF (159996) saw a substantial rise of over 1.5%, indicating strong market activity [2] Group 2 - The trade-in policy is expected to drive the purchase of nearly 90 million home appliances from August 2024 to the first quarter of 2025, with expectations for continued policy support to enhance consumer spending [3] - Recent reductions in tariffs between China and the U.S. are likely to alleviate cost pressures for Chinese exporters, while demand in emerging markets remains strong due to low penetration rates of home appliances [4] - Leading home appliance companies are showing strong cash flow and high dividend yields, with the sector's dividend rate nearing 3% as of April 2025, making it an attractive investment opportunity [5]