我们对某些地区以旧换新补贴暂停的看法

M UpdateChina Home Appliances and Furnishing | Asia PacificOur Take on the Suspension of Trade-in Subsidy in Certain RegionsMorgan Stanley Asia Limited+Lillian LouEquity Analyst Lillian.Lou@morganstanley.com +852 2848-6502 Hildy LingEquity Analyst Hildy.Ling@morganstanley.com +852 2239-7834 Cindy GaoResearch Associate Cindy.XY.Gao@morganstanley.com +852 3963-0149 China/Hong Kong ConsumerAsia PacificIndustry ViewIn-LineExhibit 1:Home appliance trade-in sales progressNo. of consumersNo. of appliances and electronicsGMVCentral government subsidy used% subsidy of GMVAverage price per unitAverage spending per customerYearDatemn pplmn unitsRmb bnRmb bn%RmbRmb20248/10/2024 - 12/31/202436.0 56.0