每經AI快(kuai)訊(xun)，海通證券研報表(biao)示，以舊換(huan)新(xin)(xin)政(zheng)策效果顯(xian)著，在中央(yang)和地方的積(ji)極(ji)行動下(xia)，家(jia)(jia)(jia)電(dian)(dian)(dian)以舊換(huan)新(xin)(xin)政(zheng)策有望在2025年延續，我們判斷2025年家(jia)(jia)(jia)電(dian)(dian)(dian)終端(duan)零(ling)售有望實(shi)現量價齊升，龍(long)頭企(qi)業內銷(xiao)收(shou)入(ru)端(duan)有望實(shi)現穩健增長(chang)，以舊換(huan)新(xin)(xin)拉動下(xia)家(jia)(jia)(jia)電(dian)(dian)(dian)銷(xiao)售均價提升明顯(xian)，家(jia)(jia)(jia)電(dian)(dian)(dian)企(qi)業利(li)潤率(lv)提升可期。利(li)率(lv)下(xia)行趨勢(shi)下(xia)，家(jia)(jia)(jia)電(dian)(dian)(dian)龍(long)頭股息率(lv)仍具吸(xi)引(yin)力，推薦明顯(xian)受益于以舊換(huan)新(xin)(xin)政(zheng)策且具備全球競爭力的白電(dian)(dian)(dian)和黑電(dian)(dian)(dian)龍(long)頭。