According to China Securities Co.,Ltd. Research Reports, driven by national subsidies, large-scale electronics have performed steadily from December 2024 to the present, with rapid growth in the offline market. Sales volume and revenue for Refrigerators, Washing Machines, and Televisions all achieved double-digit growth, while Air Conditioner sales revenue rose by 100.27% year-on-year, and sales volume increased by 87.12%; online Air Conditioners also achieved double-digit growth, with sales revenue up by 34.27% and sales volume up by 28.08%. During the national subsidy period, the prosperity of cleaning appliances significantly improved. Both online and offline sales volume and revenue for robotic vacuums doubled, and floor washing machines achieved double-digit growth. Investment suggestions: 1) Recommend the Black Electronics Industry, which benefits from the significant structural improvement brought by the old-for-new policy; 2) Recommend white goods leaders with stable performance and benefiting from the old-for-new growth; 3) The two-wheeler Sector will see policy catalysis after new national standards are announced.