CITIC SEC Research Reports point out that on January 8, the National Development and Reform Commission and the Ministry of Finance issued the 'Notice on Strengthening the Implementation of Large-Scale Equipment Updates and Trade-in Policies for Consumer Goods in 2025.' Overall, compared to the 'Two New' policies of 2024, the 2025 policy has more subsidy funds, greater intensity, broader scope, and better mechanisms. It is expected that the policy will exert stronger effects, driving domestic demand to become a positive driving force for next year's macro economy. It is recommended to pay attention to the funding scale announced at the two sessions and the implementation details for various sub-sectors. By sector, the scrapping subsidy scope for passenger cars and Commercial Vehicles will be expanded to the National IV standard, exceeding market expectations. We are Bullish on the demand release in the Autos sector in 2025 under policy stimulus, focusing on recommending leading symbols in the Autos sub-sector. The home appliance industry is expected to continue benefiting from this policy, and it is suggested to pay attention to companies with a high proportion of domestic sales and component manufacturers.