Hong Kong Stock Concept Tracking | The policy of replacing old home appliances with new ones will be introduced in 2026, and the consumer electronics consumption is expected to be boosted (with related concept stocks).

On December 30th, the National Development and Reform Commission and the Ministry of Finance issued a notice on the implementation of the large-scale equipment renewal and consumer goods replacement policy in 2026. The policy supports the exchange of old appliances for new ones. Individual consumers who purchase refrigerators, washing machines, televisions, air conditioners, computers, water heaters, and other 6 categories of appliances that meet the first-class energy efficiency or water efficiency standards will receive a subsidy of 15% of the product sales price, with a maximum subsidy of 1500 yuan per consumer per category. In addition, the National Development and Reform Commission, together with the Ministry of Finance, has allocated the first batch of 62.5 billion yuan in ultra-long-term special national bonds to support the consumer goods replacement program in 2026. According to a report released by Citigroup, the replacement policy is a favorable factor for most e-commerce platforms, which will help offset the high base effect impact in the first half of 2026. Although the initial subsidy scale for the 2026 replacement plan is 62.5 billion yuan, and the maximum subsidy amount per product is lower than the 2025 plan, and the number of eligible appliance categories is also fewer, Citigroup still believes that the policy can boost consumer sentiment. Due to the high base effect and smaller subsidy scale, the bank believes that the overall effectiveness of the new policy may be limited for e-commerce platforms. It also points out that although smart glasses have been included as eligible subsidized products, their adoption rate is expected to be limited. Guotou Securities released a research report stating that the implementation of the 2026 household appliance replacement policy, compared to 2025, will have a narrower subsidy scope, a lower subsidy rate, and a focus on high-energy efficient products. The overall content basically meets market expectations and is expected to stimulate marginal improvement in domestic sales of household appliances and promote industry product structure optimization. It is predicted that domestic household appliance consumption will remain steady, with white goods and black goods enterprises that have advantages in research and development, channels, and brands benefiting more from the new policy. In terms of exports, the easing of tensions in Sino-US trade conflicts and the gradual release of global production capacity by household appliance companies will lead to continued incremental contributions from emerging markets. The new policy is expected to drive the household appliance industry towards high-end, smart, and green upgrades, promoting product structure optimization. Large household appliance companies with advantages in research and development, channels, and brands will benefit more from the subsidy policy.