家用电器行业：政策效果显著，国庆家电整体销售额同比翻倍增长

Investment Rating - The industry rating is "Hold" [4] Core Insights - The home appliance retail sector experienced significant growth during the National Day holiday, with sales reaching 17.84 billion yuan, a year-on-year increase of 149% [2][13] - The "old-for-new" policy has effectively boosted home appliance consumption, with over 8.23 million consumers purchasing 11.78 million units since the policy's implementation in August, generating over 55.7 billion yuan in sales [2][15] - White goods are expected to see stable growth, benefiting from the "old-for-new" policy, with recommendations for Gree Electric, Haier Smart Home (A/H), and Hisense Home Appliances (A/H) [2][18] Summary by Sections Investment Recommendations - The report suggests that white goods will maintain steady growth, with stable ROE and high dividend advantages, and recommends Gree Electric, Haier Smart Home (A/H), and Hisense Home Appliances (A/H) as key investment opportunities [2][18] Weekly Market Review (2024.10.07-2024.10.11) - The Shanghai and Shenzhen 300 index fell by 3.3%, while the home appliance sector index decreased by 2.3% [3][21] - The black appliance index dropped by 7.2%, and the white appliance index saw a slight decline of 0.1% [3][22] Industry Performance Data - During the National Day holiday, 2.519 million consumers purchased over 3.74 million units of eight major appliance categories, with significant increases in sales across various channels [2][13] - The online and offline retail data for major categories showed substantial year-on-year growth, particularly in air conditioners, refrigerators, and washing machines [23][24] Industry Dynamics - The "Two New" policy has been a strong support for high-quality economic development, significantly impacting consumer behavior and market vitality [35][36] - The policy aims to enhance energy efficiency and reduce carbon emissions through the replacement of outdated appliances [35][36] Company Dynamics - Bosch Home Appliances has been recognized for its sustainable practices, winning the "Green Point Award" for three consecutive years, highlighting its commitment to environmental responsibility [37]