Jinwu Financial News | According to the Huatai Securities Research Report, on January 8, 2025, the National Development and Reform Commission and the Ministry of Finance issued the “Notice on Strengthening Expansion and Implementing Large-scale Equipment Renewal and Consumer Goods Trade-In Policies in 2025” and also held a regular briefing on the State Council's policy to introduce the situation of strengthening the expansion and implementation of the “two new” policies. On the one hand, the scale of support for ultra-long-term special treasury bonds has been expanded, and the notice mentions that the subsidy categories for home appliances will be raised from 8 categories to 12 categories, the maximum subsidy for air conditioning products will be increased from 1 to 3, while also subsidizing digital products such as mobile phones, and increasing subsidies for partial renovation of old houses, kitchen and bathroom, etc., and home aging adaptation.

The bank believes that the implementation rules of the country's trade-in policy have been optimized and improved, and that product categories have also been expanded and improved. It continues to recommend the main trade-in investment line for the home appliance and household sector in 2025, and is optimistic about the fundamental improvements and valuation repair market of leading companies.

According to the bank, looking back at 2024, policies such as trade-in have actively boosted consumer demand for home appliances, home furnishings, etc. In 2025, the bank is still optimistic about domestic sales of home appliances and home furnishings. In particular, attention should be paid to the leading sectors where domestic sales account for a high proportion and benefit more from trade-in subsidies. At the same time, the renewal has promoted R&D innovation and product structure upgrading of home appliances and home furnishing companies, and has also contributed positively to the medium- to long-term development of the industry. Home appliances continue to recommend trade-in opportunities, and focus on relevant stocks with strong brand influence and a steady competitive pattern. As a bulk consumer product, home furnishing is expected to be an effective gripper to boost consumption, and leading home furnishing companies are expected to benefit first.