2024Q2家电板块基金持仓点评：白电仓位持续提升，外资流出较为显著

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [5] Core Insights - The home appliance sector's public fund heavy holding ratio increased to 4.52% in Q2 2024, up by 0.51 percentage points from the previous quarter, ranking 8th among CITIC's primary industries [2][8] - The white goods segment remains favored, with leading companies seeing increased holdings, particularly Midea Group, Haier Smart Home, and Gree Electric [3][10] - There was a significant outflow of northbound capital from the home appliance sector, totaling 9.889 billion yuan in Q2 2024, marking a record high for quarterly outflows [4][19] Summary by Sections Fund Holdings - The public fund heavy holding ratio for home appliances reached 4.52%, with a quarter-on-quarter increase of 0.51 percentage points, placing it in the 64th percentile since 2010 [2][8] - The white goods segment accounted for 3.23% of the holdings, with a notable increase of 0.56 percentage points, while small appliances saw a rise of 0.16 percentage points [3][10] Market Performance - The CITIC home appliance index experienced a slight decline of 0.02% in Q2 2024, but it outperformed the CSI 300 index by 2.12 percentage points and the Shanghai Composite Index by 2.40 percentage points [2][8] Capital Flows - Northbound capital saw a net outflow of 9.889 billion yuan in Q2 2024, with significant monthly outflows recorded in April, May, and June [4][19] - Companies like Haier Smart Home and Bull Group attracted net inflows, while Midea Group faced substantial outflows [19] Future Outlook - The report anticipates that the "old-for-new" policy will strengthen, leading to sustained domestic demand for appliance upgrades, with emerging markets presenting significant growth potential [5][21] - Recommended stocks include leading white goods manufacturers such as Midea, Haier, and Gree, as well as notable players in the small appliance sector like Roborock and Ecovacs [5][21]