This refers to the expansion of the small household appliance category by the state, and suggests paying attention to companies like Zhejiang Supor (002032.SZ).

Zheshang released a research report stating that industry data shows that most categories of small household appliances have resumed growth in the past 25 years, with essential categories experiencing price increases and long-tail categories such as health pots seeing increases in both quantity and price. The national subsidy policy mainly benefits three types of companies: 1) companies with a high proportion of essential categories positioned in the mid-to-high-end market; 2) companies with a high proportion of health pots and power products; 3) companies with a high proportion of sales through JD.com and with a wide layout of subsidiaries. With the expansion of small household appliance categories under the national subsidy policy, domestic sales of each company are expected to accelerate. It is recommended to pay attention to Zhejiang Supor (002032.SZ) and Bear Electric Appliance (002959.SZ). Zheshang's main points are as follows: Expansion of small household appliance categories under the national subsidy policy By 2025, JD.com will subsidize a wider range of small household appliances, with nationwide shipping for JD.com's own products. In addition to conventional categories like microwave ovens and rice cookers, as of April 22, 36 new small household appliance categories have been included in the subsidy program (incomplete statistics). Tmall and Taobao have implemented region-specific policies, with 16 regions covered under the small household appliance subsidy policy as of April 22. In some regions such as Zhejiang, Guangdong, Hubei, Hunan, and Shaanxi, the range of small household appliance categories eligible for subsidies has significantly expanded. Third-party data shows that most categories in the small household appliance industry have seen growth over the past 25 years, with price increases in essential categories and simultaneous increases in quantity and price in long-tail categories such as health pots and electric products. The bank expects that with the expansion of small household appliance categories under the national subsidy policy, domestic sales of each company are expected to accelerate. Expansion of national subsidy coverage, the bank believes will mainly benefit three types of companies: 1) Companies with a high proportion of essential categories positioned in the mid-to-high-end price range (essential categories such as rice cookers and microwave ovens are included in the national subsidy program, with significant subsidy support, indicating the possibility of sustained or improved national subsidies). 2) Companies with a high proportion of long-tail categories such as health pots and power products (health pots and power products are expected to benefit significantly from this round of national subsidies). 3) Companies with a high proportion of sales through JD.com, significant subsidies from the headquarters, and a wide layout of subsidiaries (with nationwide shipping for JD.com's own products, significant subsidies from the headquarters, and a wide layout of subsidiaries, companies can benefit to a greater extent from region-specific subsidies).