家电行业周报：多地扩大家电以旧换新品类范围，光峰、极米均公告获车载产品定点

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating a "look good" investment sentiment [4]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with the sector index rising by 0.5% while the CSI 300 increased by 1.0% [5][7]. - Key companies such as Boss Electric, XGIMI, and Ecovacs saw significant gains, while companies like Beike and Hisense Visual experienced notable declines [5][9]. - Recent government initiatives to expand the scope of appliance recycling and replacement programs are expected to stimulate demand [12][63]. - The report highlights a significant increase in sales volume and average prices across various appliance categories, indicating a positive market trend [24][29][33]. Summary by Sections Industry Dynamics - Multiple regions have expanded the categories eligible for appliance recycling and replacement subsidies, including seven new smart appliance categories in Jiangsu and six in Foshan, totaling 18 categories [12][63]. - Companies like Guangfeng and XGIMI have recently received notifications for vehicle-mounted product supply, indicating diversification into automotive applications [13][48]. Sales Data Observations - Air conditioning sales volume and revenue increased by 57.3% and 65.2% year-on-year in September, with an average price of 4,551 yuan, up 4.93% [24][27]. - Refrigerator sales volume and revenue rose by 21.9% and 34.1% respectively, with an average price of 7,079 yuan, up 8.1% [29]. - Washing machines saw a 17.0% increase in sales volume and a 29.1% increase in revenue, with an average price of 4,527 yuan, up 8.4% [29]. - Kitchen appliances like range hoods and gas stoves also reported significant sales increases, with range hoods up 35.6% in volume and 52.7% in revenue [33]. Investment Highlights - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and the potential for price and volume growth due to recycling incentives [5]. 2. Export orders are recovering, with expected improvements in revenue and performance for companies like Supor and Stone Technology [5]. 3. Core component manufacturers are seeing increased demand driven by the robust performance of the white goods sector, with recommendations for companies like Huaxiang and Shun'an [5].