On September 18th, Guolonghui released a research report stating that China's earlier announcement of subsidies for consumers to replace household appliances has received positive responses from regional policies. The bank believes that the policy has begun to show its effectiveness in the retail sales of white appliances, and it is estimated that sales of higher-level or second-level energy-efficient appliances will contribute and benefit the market leaders. The bank pointed out that Haier Smart Home is the preferred choice in the industry, followed by Midea, and JD.com will also benefit from the policy. Guolonghui mentioned that data shows that retail sales in some regions where the policy has been implemented have shown growth. Since the implementation of the policy, Haier's retail sales in the Hubei region have grown at an annual growth rate of 30%. The bank believes that it will take time for retail sales to translate into brand income, and that 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.