家用电器行业24W35周观点：多地以旧换新政策落地，7月白电出口延续高增

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [5]. Core Insights - The implementation of the old-for-new policy across multiple regions is expected to boost domestic demand for home appliances [10][11]. - In July, the export of white goods continued to show high growth, driven by overseas replenishment and demand from emerging markets, while domestic sales faced a decline due to various factors [14][16]. Summary by Sections Old-for-New Policy Impact - The Ministry of Commerce and other departments released guidelines to enhance the old-for-new appliance program, with several provinces actively participating and increasing subsidy amounts [10]. - The policy covers a wide range of products, including air conditioners, televisions, refrigerators, washing machines, and more, with subsidies potentially reaching up to 30% in some areas [10][11]. White Goods Export Data - In July, air conditioner sales totaled 16.18 million units, a year-on-year decline of 2.6%, with domestic sales down 21.3% but exports up 42.7% [14]. - Refrigerator sales showed mixed results, with total sales at 7.48 million units, a 1% increase, but domestic sales fell by 14.5% [16][17]. - Washing machine sales increased by 10.7% year-on-year, with exports growing by 13.6% [20]. Weekly Investment Perspective - The report suggests focusing on companies like Haier, Midea, Gree, and Hisense, as the old-for-new policy is expected to drive recovery in domestic demand [24]. - It also highlights the potential of Chinese robotic vacuum brands in the global market, recommending companies like Roborock and Ecovacs [24]. - The report emphasizes the importance of targeting high-income consumers, particularly those entering retirement, suggesting brands like Supor and Joyoung [24]. Market Performance Data - The home appliance sector experienced a slight decline of 0.1% this week, with specific segments like white goods and kitchen appliances seeing larger drops [30]. - Raw material prices showed mixed trends, with LME copper increasing by 1.58% and LME aluminum decreasing by 1.42% [30].