Huaxi Securities: The tightening of the national supplement policy pushes the scope of subsidies to upgrade industry products and categories to be more focused

The Zhitong Finance App learned that Huaxi Securities released a research report saying that the current round of national subsidies is more focused than 2025, and at the same time is more strict in terms of energy efficiency standards, which will help promote the upgrading of the industry's product structure and benefit leading companies with a more complete product layout.

Huaxi Securities's main views are as follows:

Incidents

On December 29, 2025, the official website of the National Development and Reform Commission issued the “Notice on Implementing Large-scale Equipment Renewal and Consumer Goods Trade-In Policies in 2026", which clearly supports trade-in of home appliances.

On December 30, 2025, the official website of the National Development and Reform Commission announced that the first batch of 62.5 billion yuan of ultra-long-term special treasury bonds to support the trade-in of consumer goods in 2026 has been issued ahead of schedule.

The first batch of trade-in support funds of 62.5 billion yuan has been issued. Compared with 2025, the subsidy categories are more focused

According to the Development and Reform Commission, the National Development and Reform Commission and the Ministry of Finance have issued the first batch of 62.5 billion yuan of ultra-long-term special treasury bonds to the local authorities in 2026 to support the trade-in capital plan for consumer goods. Compared with the first batch of consumer goods trade-in capital of 81 billion yuan in January 2025, the scale has shrunk slightly. Referring to the full year of 2025, the total amount of funds arranged by the central government to support the trade-in of consumer goods was 300 billion yuan, distributed in four batches of 810, 810, 690, and 69 billion yuan, respectively. The first batch of funds accounted for about 27%. Based on this, it is estimated that the subsidy scale for the full year of 2026 will be around 230 billion yuan. At the same time, the subsidy categories for this round of trade-in funding are more focused than in 2025:

(1) From the 12 major categories to 6 categories in 2025: According to the Development and Reform Commission, in 2026, the trade-in of home appliances targets “individual consumers purchasing products with Class 1 energy efficiency or water efficiency standards in 6 categories of household appliances, such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters.” Compared to 2025, “we will continue to support the trade-in of 8 types of household appliances, including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, household stoves, and range hoods, and include 4 types of household appliances such as microwave ovens, water purifiers, dishwashers, and rice cookers in the scope of the subsidy.” In 2026, the subsidy categories will gather air conditioners, refrigerators, washing machines, televisions, etc. with stronger attributes.

(2) In 2026, only first-class energy efficiency products will be retained, and the subsidy ratio will be unified at 15%: According to the Development and Reform Commission, the 2026 home appliance trade-in subsidy ratio is limited to 15%. Each consumer can subsidize 1 item of each type of product, with a subsidy of no more than 1,500 yuan per item. Compared to 2025, when individual consumers buy products with level 2 energy efficiency, the subsidy standard is 15% of the sales price of the product; for grade 1 energy efficiency products, the subsidy standard is 20% of the sales price of the product, and the subsidy is no more than 2,000 yuan per item.

Investment advice: recommend white electric faucets, including Midea Group, Hisense Home Appliances, and Haier Smart Home; recommend black electric faucets, including Hisense Home Appliances and TCL Electronics.

Risk warning: the risk of large fluctuations in raw material prices, increased industry competition, falling short of expectations in terminal demand, and fluctuations in international trade policies.