According to a research report by Macquarie, China's announcement of subsidies to consumers for replacing household appliances has received a positive response in regional policies. The bank believes that the policy has begun to show its effects in the retail sales of white appliances, and it is estimated that sales of appliances with higher first or second-level energy efficiency and market leaders will benefit more. The bank pointed out that Haier (06690.HK) is the preferred choice in the industry, followed by Midea (000333.SZ), and JD.com (09618.HK) will also benefit from the policy.

Macquarie mentioned that data shows that retail sales in some areas where the policy has been implemented have increased. Since the implementation of the policy, Haier's retail sales in Hubei Province have grown at an annual rate of 30%. The bank believes that it will take time for retail sales to translate into brand revenue, and companies also need to reach agreements with local governments on subsidy amounts. Currently, the bank expects the overall sales of the industry in the fourth quarter to benefit the most.