家用电器24W39周观点：10月空冰洗排产亮眼：内销受益以旧换新，外销增长韧性超预期

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [3]. Core Insights - The home appliance sector is benefiting from the "old-for-new" policy, leading to a recovery in domestic demand and unexpected resilience in export growth [2][8]. - In October, production of air conditioners, refrigerators, and washing machines showed significant year-on-year growth of +23.9%, +8.6%, and +5.6% respectively, indicating a positive trend [8][10][12][15]. Summary by Sections Production Data - October production data for air conditioners, refrigerators, and washing machines indicates strong performance, with year-on-year increases of +23.9%, +8.6%, and +5.6% respectively, driven by domestic policy and export demand [8][10][12][15]. Market Performance - The home appliance sector saw an overall increase of +11.0% this week, with specific segments like white goods, black goods, small appliances, and kitchen appliances rising by +9.9%, +14.4%, +9.4%, and +13.7% respectively [21]. - Raw material prices have also increased, with LME copper and aluminum rising by +4.95% and +5.35% respectively [21]. Investment Recommendations - The report suggests focusing on companies benefiting from the "old-for-new" policy, including Haier, Midea, Gree, Hisense, and others [19]. - It highlights the potential of domestic brands in the global market, particularly in the vacuum cleaner segment, recommending companies like Roborock and Ecovacs [19]. - The report also emphasizes the importance of targeting high-income consumers, particularly those entering retirement, suggesting brands like Supor and Joyoung [19]. - For the textile and apparel sector, it recommends focusing on companies with strong export recovery and improved order visibility, such as Shenzhou International and 361 Degrees [19]. Sector Trends - The report notes a recovery in the textile and apparel sector, with improved export data and a return to profitability for major manufacturers [19]. - In the pet food segment, it highlights the growth potential of domestic brands and the increasing consumer demand for high-quality products [19].