家用电器业2024年W37周报：政策带动短期数据好转，龙头优先受益

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry, consistent with the previous rating [1]. Core Viewpoints - The introduction of trade-in policies is expected to drive a short-term improvement in data, with leading companies poised to benefit first [2]. - The home appliance retail sector is anticipated to see an upward turning point in domestic sales as substantial subsidies are rolled out in Q4 2024 [3]. Summary by Sections Industry Overview - The home appliance index saw a decline of 0.95% in the 36th week of 2024, outperforming the Shanghai Composite Index, which fell by 2.7%. This is attributed to the rollout of trade-in policy details by local governments, providing a floor for future appliance sales [3]. - Online sales of major appliances showed a month-on-month increase, particularly in air conditioners and refrigerators, which improved by 1.1 percentage points [3]. Sales Performance - For the first week of September, online sales growth for major appliances remained positive, with air conditioners and refrigerators showing the most significant improvements [3]. - Year-to-date online sales for air conditioners, refrigerators, and washing machines increased by 4.5%, 3.4%, and 6.9% respectively [3]. Key News - Midea Group's H-shares were listed on the Hong Kong Stock Exchange on September 17, 2024, at a price of HKD 54.80 per share [3]. - Upcoming focus areas include the impact of tariff policies on exports and the release of air conditioning production and sales data [3]. Investment Recommendations - The report emphasizes that leading white goods companies are well-positioned to benefit from the trade-in policies, with companies that have a comprehensive product lineup expected to gain more [3]. - Recommended stocks include Midea Group (2024 PE of 11.9X), Haier Smart Home (12.5X), Hisense Home Appliances (9.5X), and Gree Electric Appliances (7.4X) among others [3][10].