China International Capital Corporation's research report pointed out that, based on the calculation of the current round of replacing old appliances with new ones, it is believed that the retail sales of large appliances and kitchen appliances that are subsidized in the second half of this year will increase by 1%, 5.3%, and 12.6% year-on-year under cautious, neutral, and optimistic assumptions. CICC believes that the replacement of old appliances with new ones is expected to drive the recovery and growth of the retail sales of large appliances in the second half of 2024. Under the influence of consumption downgrading, the retail market for large appliances and kitchen appliances is not optimistic, and it is expected that the subsidy promotion period in various provinces and cities will be from August to December. The bank also pointed out that the replacement of old appliances with new ones has broad benefits, high subsidies for single units, and expects that the proportion of level one and level two efficacy products of color TV sets will significantly increase in the second half of the year, which is beneficial for the proportion of Mini LED products. Each person can apply for one subsidy per category of product, and the upper limit of subsidy per unit is 2,000 yuan, which is significantly higher than previous subsidy policies, and is believed to be conducive to the sales of high-end products. CICC recommends white appliances such as Hisense Ha and Haier Smarthome, while being bullish on black appliances such as TCL Electronics.