[Abstract] The policy is not a "universal system of preferences", only announcing and subsidizing the first few product models with the best energy-saving effects.

The energy efficiency leader system policy, which has been in place for a year, is expected to be officially promulgated around this year's National Day holiday. The website of the National Development and Reform Commission announced yesterday that the energy efficiency leader system will be implemented this year, and a catalog of the most energy-efficient terminal energy products in the market, such as air conditioners and refrigerators, will be released. After this news was announced, stocks of white power companies such as Qingdao Haier (600690), Midea Group (000333), and Gree Electric Appliances (000651) showed slight increases.

It is reported that unlike previous home appliance subsidy policies, the leader system is not a "universal system of preferences" and only publishes and subsidizes the first few product models with the best energy-saving effects. Therefore, large enterprises will benefit, while small enterprises will find it difficult to qualify.

Related home appliance companies have revealed that according to the preliminary plan, the leader system will provide subsidies to air conditioners and refrigerators with leading energy efficiency levels. For example, for every energy-efficient air conditioner sold, the production enterprise will receive subsidies ranging from 500 to 1000 yuan. The leader system will adopt an automatic exit system, and when more energy-efficient products appear in the second year, old products will automatically exit the subsidy list.

Previously, the National Development and Reform Commission has issued a notice on increasing efforts to ensure the achievement of the 2013 energy-saving and emission reduction targets, confirming the "leader" system. The Notice requires that the subsidy standards for promoting energy-saving products for the benefit of the people should be raised, and higher standards of subsidies should be given to the promotion of energy efficiency "leader" products. Sort out tax policies related to energy conservation and emission reduction, and promote the implementation of tax incentives for contract energy management projects and energy-saving, water-saving, and environmental protection products.

Industry insiders analyze that the energy efficiency leader system is equivalent to a disguised financial subsidy, which will be beneficial for home appliance enterprises that have been weaned for over a year, promote the upgrading of home appliance product structure, and promote the growth of energy-saving high-end products.

But some companies are also concerned that the three major stimulus policies of "bringing home appliances to the countryside, exchanging old for new, and providing energy-saving subsidies" implemented by the government for six years have already overdrawn the market. This has already been evident in the financial reports of major home appliance companies this year. Home appliance analyst Liu Buchen believes, "The home appliance industry is a fully competitive industry, and excessive intervention can be detrimental."

Some companies believe that subsidies interfere with normal market competition. Enterprises that are not shortlisted will feel unfair, and shortlisted companies will have to put extra effort into production scheduling and channel distribution