HAITONG INT'L Research Reports indicate that the effects of the trade-in policy for Consumer appliances will be significant in 2024. The policy will continue into 2025, gradually expanding from major appliances to kitchen appliances and Small Appliances, with the potential for Consumer spending expected to keep increasing, optimizing the product structure. In 2025, the retail sector for Consumer appliances is expected to see growth in both volume and price. Leading companies are likely to achieve steady growth in domestic sales, with a noticeable increase in the average sales price of Consumer appliances driven by the trade-in program, and an expectation of improved profit margins for appliance companies. With the downward trend in interest rates, the dividend yield of leading Consumer appliance stocks remains attractive, focusing on benefiting from the trade-in policy and possessing Global competitiveness among major white goods and black goods companies. Recommended focus: Midea Group Co., Ltd, HAIER SMARTHOME, Gree Electric Appliances, Inc. of Zhuhai, etc.