Core Viewpoint - The report from Zheshang Securities indicates that the small home appliance industry is expected to see a recovery in growth for most categories by 2025, driven by national subsidies and an increase in demand for essential and long-tail products like health pots [1][2] Group 1: National Subsidy Expansion - The national subsidy for small home appliances is expanding, with JD.com increasing its subsidy coverage to include a wider range of products, adding 36 new categories as of April 22 [1] - Tmall and Taobao are implementing region-specific policies, with 16 regions covered by the subsidy, particularly in provinces like Zhejiang, Guangdong, Hubei, Hunan, and Shaanxi [1] Group 2: Beneficiary Companies - Three types of companies are expected to benefit from the expanded national subsidies: 1. Companies with a high proportion of essential products positioned in the mid-to-high price range [2] 2. Companies with a significant share of long-tail products like health pots and power appliances, which have shown noticeable stimulation effects from the subsidies [2] 3. Companies with a high proportion of sales through JD.com, benefiting from substantial headquarters subsidies and extensive subsidiary layouts [2] Group 3: Market Outlook - The overall expectation is that domestic sales for various companies will accelerate due to the expansion of national subsidies in the small home appliance category [1]