5月家电内销出货增长良好，资金积极布局，家电ETF（159996）连续3日资金净流入

Group 1 - The core viewpoint is that domestic sales of home appliances showed strong growth in May, while exports faced challenges, with a notable exception for central air conditioning [1] - In May, the year-on-year growth rates for domestic sales of home appliances were as follows: air conditioners 13.4%, refrigerators 13.7%, washing machines 15.2%, televisions -0.9%, range hoods 14.7%, and gas stoves 2.4%. However, central air conditioning saw a 3.0% decline in domestic sales [1] - For external sales, the year-on-year changes were: air conditioners -12.8%, refrigerators -6.4%, washing machines 5.9%, televisions -3.4%, range hoods 3.9%, and gas stoves -12.4%. Central air conditioning experienced a significant 29.0% increase in external sales [1] Group 2 - The report indicates that while domestic sales are robust, external sales are under pressure, with most categories showing weakness except for central air conditioning, which benefits from a low overseas base and proactive market expansion [1] - The outlook for 2025 suggests that domestic subsidies will continue, and external sales may see valuation recovery as tariff expectations stabilize, making consumer spending a key investment theme for the year [1] - The home appliance ETF (159996) is highlighted as a potential area of interest for investors [1]