Home Appliance Stocks Surge on European Heatwave and Anticipated Government Subsidies

Stock News06-29 15:14

Shares of home appliance companies have extended their gains.

At the time of writing, HISENSE HA (00921) is up 8.14% to HK$26.58, MIDEA GROUP (00300) has risen 4.6% to HK$84.05, HAIER SMARTHOME (06690) has gained 3.45% to HK$20.38, and JS GLOBAL LIFE (01691) is up 2.31% to HK$1.33.

On the news front, data from the EU's climate monitoring agency shows that maximum temperatures in countries like Spain, France, and Germany have exceeded 40°C, with some areas approaching the historical extreme of 45°C.

According to the International Energy Agency, the overall ownership rate of air conditioning equipment in Europe is only about 20%.

The extreme heatwave has led to a surge in demand for air conditioners, with some channels for Midea's PortaSplit air conditioners already sold out, and related reports trending online.

Furthermore, recently, the National Development and Reform Commission, in conjunction with the Ministry of Finance, has allocated 62.5 billion yuan in ultra-long-term special treasury bonds to local governments to support the consumer goods trade-in program.

Analysts at Soochow Securities note that this policy is expected to provide demand support for home appliances, automobiles, consumer electronics, smart wearables, and related component companies.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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