家用电器行业投资策略周报：以旧换新政策驱动，国庆家电消费实现良好增长

Investment Rating - The report maintains a "Hold" rating for the home appliance industry [5] Core Insights - The home appliance market is experiencing significant growth driven by the "old-for-new" policy during the National Day holiday, with notable increases in sales and customer traffic across various regions [3][14] - The report highlights a robust performance in white goods, with stable ROE and high dividend advantages, suggesting potential benefits from the "old-for-new" policy in the second half of the year [4][16] Summary by Sections Investment Recommendations - White goods are expected to see steady growth, with recommendations for Gree Electric, Haier Smart Home (A/H), and Hisense Home Appliances (A/H). Companies benefiting from overseas brand expansion include Roborock Technology and TCL Electronics [4][16] Weekly Market Review (2024.09.23-2024.09.27) - The Shanghai Composite Index rose by 15.7%, while the home appliance sector index increased by 10.4%. The black appliance index rose by 13.6%, and the white appliance index increased by 10.0% [20] Industry Dynamics - The "old-for-new" policy is driving new consumption momentum, with significant sales increases reported during the National Day holiday. For instance, in Chongqing, home appliance sales exceeded 230 million yuan due to government subsidies [3][15][33] - The report notes that the retail sales of home appliances and audio-visual equipment turned from decline to growth in August, indicating a recovery trend in the market [33] Sales Data Overview - For the week of 2024W39 (September 16-22, 2024), offline sales of air conditioners increased by 123.5% year-on-year, while online sales rose by 64.5%. Other categories like refrigerators and washing machines also saw significant growth [22][23] Regional Performance - Various regions reported substantial increases in home appliance sales during the National Day holiday, with notable figures such as a 415% increase in sales in Hunan and a 30% increase in Sichuan [15][34]