Tianfeng released a Research Report stating that multiple policies are jointly issued to promote the 2025 "old-for-new" policy. On January 8, the State Council's regular policy briefing announced the expansion to support 25 years of old-for-new for consumer goods, increasing the types of home appliances eligible for subsidies from 8 last year to 12 this year, with each item enjoying a subsidy of up to 20% of the selling price. At the same time, the National Development and Reform Commission and the Ministry of Finance released a notice on "implementing large-scale equipment updates and the old-for-new policy for consumer goods in 2025" to increase support and optimize fund allocation and participation thresholds. It is recommended to pay attention to the demand pull in the home appliance Sector, with a focus on relevant symbols in the Air Conditioner Industry Chain.