Hong Kong stock concept tracking | Multiple places expand the scope of subsidy categories for the trade-in of old products, benefiting AI home appliance companies (concept stocks attached)

The Department of Commerce of Liaoning Province has issued the "Implementation Rules for the Replacement of Old Appliances with New Ones in Liaoning Province by 2025", adding 8 new categories to the 12 categories specified by the national government in subsidy product categories. Shandong Province has expanded its coverage from the original 8 major categories of home appliances to 12 major categories. In addition, during the Spring Festival, the sales volume of old-for-new home appliances, mobile phones, and other items exceeded 31 billion yuan. China Galaxy Securities released a research report stating that since October 2024, the category of home appliances has clearly benefited from national subsidy policies. Air conditioner shipments and production scheduling are both good, and during the Spring Festival, the vacation period for upstream compressor companies in the industrial chain has decreased. Currently, the market has a high level of attention on technology, with weakening investment interest in traditional home appliances and capital outflows. It is recommended to focus on stable leading home appliance companies with global competitiveness that benefit from domestic subsidies, as well as companies benefiting from AI+ technology applications. Huatai pointed out that home appliances are mainly located in the application layer and terminal product layer of the AI industry chain, serving Siasun Robot & Automation, intelligent security, audio and video, smart home, etc., which may be the main direction of future AI+. On February 10, 2025, the State Council will discuss boosting consumption and supporting the promotion of "AI + consumption", injecting momentum into the development of AI+ home appliances. Therefore, AI+ is expected to drive the growth of the home appliance sector in the future, and it is recommended to focus on leading brand enterprises with a layout in this area. Related Hong Kong stocks in the home appliance category: Hisense Home Appliances Group (00921), Midea Group Co., Ltd (00300), HAIER SMARTHOME (06690), TECHTRONIC IND (00669), TCL ELECTRONICS (01070), etc.