China International Capital Corporation's Research Reports indicate that as the current round of trade-ins approaches its end, the market is generally concerned about the stimulating effects of trade-ins on the home category and the outlook for next year. We have sorted the progress and effects of trade-in activities in various provinces for 2024. Since September, a package of policies has effectively driven the recovery of terminal sales in the home and home decoration sectors. We estimate that the multiplier effect of the current trade-in subsidy policy for home and home decoration is significant, with the subsidy amount expected to amplify terminal consumption by 1.17-1.75 times. Looking ahead to 2025, with the scale and scope of the subsidy policy further expanding, it is expected to continue driving the release of consumption elasticity in the home category and further boost home retail sales.