家用电器行业24W41周观点：双11专题（1），各平台玩法公布，以旧换新+大促优惠，有望提振家电内需

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6]. Core Insights - The upcoming Double 11 shopping festival is expected to boost domestic demand for home appliances, with new policies allowing for trade-in subsidies to be combined with promotional discounts [3][11]. - Major platforms like Tmall and JD.com are extending their promotional periods and enhancing customer service, which is anticipated to further stimulate consumer spending [3][14]. Summary by Sections Double 11 Special - The Double 11 sales period has been extended, with platforms like Douyin and Pinduoduo starting promotions early on October 8, while Tmall and JD.com will begin on October 14, approximately 10 days earlier than last year [3][11]. - Tmall is offering over 30,000 home appliance products at a 40% discount, with government trade-in subsidies applicable, potentially improving domestic demand [11][14]. Market Data - The home appliance sector experienced a decline of 1.9% this week, with specific segments showing varied performance: white goods remained stable at 0.0%, while black goods, small appliances, and kitchen appliances fell by 7.5%, 6.2%, and 7.8% respectively [4][23]. - Raw material prices for copper and aluminum decreased by 1.92% and 0.34% respectively compared to the previous week [4][23]. Investment Recommendations - The report suggests focusing on companies benefiting from the trade-in policy and expected recovery in domestic demand, including Haier Smart Home, Midea Group, Gree Electric Appliances, and Hisense Home Appliances [5][22]. - It also highlights the potential of Chinese robotic vacuum brands like Roborock and Ecovacs, which are gaining market share globally [5][22]. - The report emphasizes the importance of targeting high-income consumers, particularly those entering retirement, recommending brands like Supor and Joyoung [5][22].