金吾财讯 | 申万宏源表示，2024年7月25日，国家发展改革委和财政部两部门印发了《关于加力支持大规模设备更新和消费品以旧换新的若干措施》的通知，以旧换新政策落地后效果超预期；2024年中央经济工作会议中提及仍将大力提振消费、全方位扩大国内需求，实施提振消费专项行动，同时也对地产持续加码，家电25年内销景气度有望受益延续。白电板块兼具”低估值、高分红、稳增长”属性，股价安全边际高和弹性大兼顾，24Q4下游企业在以旧换新对终端零售拉动显着的背景下积极上修排产，该行持续看好白电产业链量价齐升，持续推荐白电板块美的、海尔、格力+海信家电的组合，及大厨电板块华帝股份、万和电气和老板电器。
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