金吾财讯 | 交银国际发研报指，以旧换新政策延续并扩围。对于家电产品，除了传统八大件，将微波炉、净水器、洗碗机、电饭煲等四类纳入补贴范围。同时，空调产品的补贴件数限制由1件拓展为3件。2024年补贴记录不影响2025年的补贴资格。该行指，以旧换新支持家电更换需求加速释放。以旧换新政策对家电消费起明显拉动作用。据商务部统计，2024年家电以旧换新政策带动超过3600万名消费者购买了八大类家电产品共5600万台，销售额超2400亿元人民币。更新换代需求引发消费潜力加速释放。该行持续看好家电龙头企业。以旧换新政策的延续将持续支持春节期间的更换需求。同时，空调品类之增速值得关注。持续看好品类布局多样、渠道完善且具备成熟空调市场竞争力的家电龙头企业。
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