家电行业9月月报及10月投资策略：内销提速，双击正当时

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [1] Core Views - The domestic sales of home appliances are accelerating, with a significant increase in retail sales since late August, particularly in air conditioning [6][10] - The report highlights the positive impact of government policies, including the promotion of trade-in programs and easing of real estate regulations, which are expected to boost demand [6][8] - The performance of leading companies such as Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances is expected to remain strong, supported by robust export orders and solid financial performance [6][10] Summary by Sections October Investment Views - The report emphasizes the potential for a "double boost" in the home appliance sector due to increased domestic demand and favorable macroeconomic conditions [6] - Recommendations include Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances for their strong market positions and growth prospects [6] September Market Review - The home appliance index increased by 21.91% in September, outperforming the broader market indices [10] - The report notes a recovery in consumer demand driven by government incentives and improved economic conditions [10] Key Data Tracking - Air conditioning retail sales showed significant improvement, with online sales up by 105% year-on-year in late September [41] - The report tracks the performance of major brands, indicating a mixed performance in domestic and international sales, with some brands gaining market share [41] Investment Recommendations & Core Report - The report suggests focusing on companies with strong brand recognition and innovative product offerings, particularly in the air conditioning and small appliance segments [6] - It highlights the importance of monitoring macroeconomic indicators and consumer sentiment as key drivers of future performance in the home appliance sector [6][10]