HK Stock Market Move | Hisense Home Appliances Group (00921) rose more than 3% in early trading. The financial subsidy multiplier is high in the current period, and the number of household appliance products that can be traded in for new ones in 2025 is expected to increase to 12 categories.

Hisense Home Appliances Group (00921) rose more than 3% in the morning session, rising 3.47% to HK$26.85 as of press time, with a turnover of HK$29.097 million. On the news front, on January 8, the National Development and Reform Commission and the Ministry of Finance issued a notice on the implementation of a large-scale equipment renewal and old-for-new policy by 2025. It was pointed out that support will be increased for the exchange of old home appliances. Support will continue for the exchange of old refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, and range hoods, and microwaves, water purifiers, dishwashers, and rice cookers will be included in the subsidy range. CICC released a research report stating that by reviewing the historical four rounds of consumer goods subsidy policies in mainland China, estimating the fiscal scale of each policy round, and designing a framework for calculating the fiscal multiplier, the current multiplier and the cumulative multiplier within 2 years after the policy is introduced for each subsidy policy round were estimated. Calculation showed that the fiscal subsidy multiplier is relatively high, which exerts strong consumption driving force. The bank estimates that the old-for-new subsidy in the fourth quarter of last year may exceed RMB 110 billion, with a fiscal multiplier of around 2.8. This year's expansion of the old-for-new policy may exceed 2010 to become the year with the strongest intensity of consumer goods subsidies, potentially providing a more significant boost to social retail sales.