家电行业周报：10月空调内销排产恢复增长，家电以旧换新已带动销额超200亿元

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating a favorable investment rating [2]. Core Insights - The home appliance sector is experiencing a recovery in air conditioning production, with sales driven by the "old-for-new" policy, resulting in sales exceeding 200 billion yuan [2]. - The report highlights a significant increase in production and sales across major appliances, with a notable rise in air conditioning production for October and November 2024 [6][7]. - The "old-for-new" policy has led to substantial consumer engagement, with over 386 million consumers purchasing more than 520 million appliances, generating sales exceeding 243 billion yuan [7]. Summary by Sections Industry Performance - The home appliance sector underperformed compared to the CSI 300 index, with the sector index rising by 10.4% while the CSI 300 increased by 15.7% [3]. - Key companies such as XGIMI Technology (27.3%), Hisense Visual (23.1%), and Opple Lighting (23.0%) led the gains, while Stone Technology saw a decline of 2.0% [5]. Production Data - The total production of air conditioning, refrigerators, and washing machines for October 2024 is projected to be 28.63 million units, reflecting a year-on-year increase of 13.4% [6]. - Specifically, air conditioning production is expected to reach 11.77 million units, up 23.9% from the previous year [6]. Sales Trends - In August, air conditioning retail volume and value increased by 21.5% and 20.8% respectively, while the average price decreased by 0.27% to 4,125 yuan [18]. - Refrigerator retail volume and value fell by 3.6% and 0.2%, with the average price rising by 3.0% to 6,288 yuan [21]. Policy Impact - The "old-for-new" policy has been instrumental in boosting sales, with significant government support leading to increased consumer purchases and engagement [39][40]. - The report notes that the policy has not only stimulated sales but also encouraged the purchase of energy-efficient appliances, enhancing the overall market quality [43][44]. Component Market - The report indicates a strong demand for core components in the white goods sector, driven by the overall industry growth [2]. - Companies like Huaxiang Co. and Sanhua Intelligent Control are highlighted as key players benefiting from this demand [2].