Tianfeng Securities believes that the domestic policy of trading in old for new is driving the corresponding product terminal retail: Looking at the data, on one hand, the terminal retail data of Aoweiyun Network has shown significant improvement in online/offline retail data for categories such as white goods, brown goods, and split cookers since September, with an obvious increase compared to August. On the other hand, the production data growth rate in the white goods industry has started to rise. Aoweiyun Network's domestic air conditioner production data in October shows an 8% increase in domestic sales, and the expected online production growth rate has also been continuously improving, turning positive in November. Therefore, with the gradual integration of online channels for trading in old for new, and the arrival of the Singles' Day sales peak, domestic household appliance retail data is expected to continue to maintain a prosperous trend, bringing elasticity to the shipments of household appliance brands and upstream component companies in the fourth quarter. Bullish on continuing the investment line of trading in old for new, recommend focusing on relevant companies in white goods, brown goods, and kitchen appliances.