中信证券：26年家电国补政策符合预期推算全年补贴规模700亿元

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智通财经APP获悉，中信证券发布研报称，2026年家电国补政策收缩品类，聚焦黑白电，只补贴一级能效/水效标准产品，市场此前有所预期。该行推算2026年家电补贴资金约为700亿元，有效托底内销需求。考虑到2026年以旧换新政策延续，品类聚焦黑白电和只补贴一级能效/水效标准产品，该行建议关注黑白电龙头：1）白电龙头：受益国补托底与全球化布局；2）黑电龙头：Mini LED全球领跑，格局持续优化。...

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href=http://www.zhitongcaijing.com/content/detail/1388006.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中信证券发布研报称，2026年家电国补政策收缩品类，聚焦黑白电，只补贴一级能效/水效标准产品，市场此前有所预期。该行推算2026年家电补贴资金约为700亿元，有效托底内销需求。考虑到2026年以旧换新政策延续，品类聚焦黑白电和只补贴一级能效/水效标准产品，该行建议关注黑白电龙头：1）白电龙头：受益国补托底与全球化布局；2）黑电龙头：Mini LED全球领跑，格局持续优化。...</p>\n\n<a 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LED全球领跑，格局持续优化。中信证券主要观点如下：两部门发布2026年以旧换新通知。2025年12月30日，国家发展改革委和财政部发布《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》(以下简称《通知》)，《通知》提及支持家电以旧换新。个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器等6类家电中1级能效或水效标准的产品，按产品销售价格的15%给予补贴，每位消费者每类产品可补贴1件，每件补贴不超过1500元。家电补贴品类收敛至6类，空调不再补3件。2026年家电国补品类从2025年的12类收敛至冰箱、洗衣机、电视、空调、电脑、热水器等6类(少了烟机、灶具、洗碗机、净水器、微波炉、电饭煲)，每位消费者每类产品可补贴1件(2025年每位消费者最多可补贴空调3件)。同时《通知》提及，支持智能家居产品(含适老化家居产品)购新补贴，具体补贴品类、补贴标准由地方结合实际自主合理制定。补贴比例统一为15%，上限降至1500元，只补1级能效/水效。2026年家电补贴统一为售价的15%且单件封顶1500元;对比2025年政策，彼时对2级/1级分别给予15%/20%补贴，且单件封顶2000元，此次补贴比例有所降低。 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中信证券：26年家电国补政策符合预期 推算全年补贴规模700亿元

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中信证券：26年家电国补政策符合预期推算全年补贴规模700亿元