HK Stock Market Move | Household appliance stocks outperformed, with most provinces and cities already implementing detailed rules for trading in old appliances for new ones. The growth in household appliance exports is relatively stable.

Household appliance stocks led the gains in the morning session, as of the time of writing, Hisense Home Appliances Group (00921) rose 7.4% to 21.2 Hong Kong dollars; HAIER SMARTHOME (06690) rose 4.49% to 24.45 Hong Kong dollars; Midea Group Co., Ltd (00300) rose 3.3% to 61.05 Hong Kong dollars; VESYNC (02148) rose 1.99% to 4.11 Hong Kong dollars. On the news front, most provinces and cities nationwide have already introduced policies for replacing old appliances with new ones. As of September 17th, about 30 provinces and autonomous regions have issued detailed rules for the old-for-new appliance subsidy program, specifying subsidies for specific categories and amounts, as well as implementation methods, with the majority already being implemented. Guosen pointed out that household appliance retail sales rebounded in August, with the performance of white goods retailers improving, and the effects of the old-for-new policy are expected to gradually stimulate domestic demand for appliances. In August, appliance exports increased by 12%, continuing a good growth trend in overseas sales. EB SECURITIES stated that the performance of white goods is stable, with high dividend yields and clear value in allocation. The performance growth of white goods leaders is determined by various factors (such as replacement demand, profit retention, overseas business, and product upgrades), with limited impact from real estate completion on performance. The dynamic dividend yield of white goods leaders is above 5%, significantly higher than the 10-year US Treasury/Chinese bond yield, currently attractive to both domestic and foreign investors, and the valuation of white goods leaders is expected to continue to recover.