金吾财讯 | 花旗发研报指，1月8日，发改委和财政部联合宣布2025年消费品“以旧换新”计划继续实施，这极大地缓解了投资者对中央政府补贴支持可持续性的担忧。花旗对此表示，此次更新的补贴政策超出预期，不仅将补贴覆盖范围扩大到微波炉、净水器、洗碗机和电饭煲这4个新类别，使受补贴家电品类达到12种，还提高了空调的补贴上限，且2024年已享受补贴的个人在2025年购买类似家电时仍可继续获得补贴。据了解，截至2024年底约1500亿元的中央政府补贴已用完，2025年全年中央政府预算为810亿元。该行表示，在这一政策背景下，维持对海尔、美的和格力的“买入”评级。格力(000651)目标价为64.5元人民币；海尔智家(06690)港股目标价50.6港元，海尔智家(600690)A股目标价46.0元人民币；美的集团(00300)港股目标价119.3港元，美的集团(000333)A股目标价108.5元人民币
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