家用电器业2024年双十一系列报告：双十一叠加国补，大促销售有望超预期

Investment Rating - The report rates the home appliance industry as "Overweight" [3]. Core Insights - The upcoming Double Eleven sales event is expected to exceed expectations due to the combination of government subsidies for old-for-new appliance exchanges and significant discounts across platforms [5][8]. - Major brands are likely to benefit from improved subsidy qualifications, leading to a more favorable industry landscape as weaker brands are pushed out [6][8]. Summary by Sections E-commerce: Extended Rhythm and Increased Subsidies - E-commerce platforms have extended their promotional periods compared to 2023, with Tmall, JD, and Douyin starting their Double Eleven events earlier by 9, 10, and 12 days respectively [6][9]. - Discounts on platforms remain similar to 2023, with Tmall continuing its previous discount strategies and JD adding more platform subsidies [6][16]. Home Appliances: Unprecedented Discounts with Old-for-New Policy - The combination of the old-for-new government subsidy and Double Eleven promotions has led to historically low prices for many home appliances, with discounts reaching up to 30% for certain products [6][22]. - Eight core categories, including air conditioners and refrigerators, follow a subsidy structure that adds energy efficiency discounts on top of platform discounts [22][23]. Companies: Stronger Qualification for Leading Brands - Leading companies have better access to subsidies due to their established qualifications, while many smaller brands struggle to participate in regional subsidy programs [6][8]. - This disparity is expected to result in leading brands offering better quality products at lower prices compared to lesser-known brands, accelerating the exit of weaker competitors from the market [6][8]. Investment Recommendations - The report suggests focusing on white goods as a stable investment, with specific recommendations for companies like Midea Group, Haier Smart Home, and Hisense Home Appliances, which are expected to benefit directly from the subsidies [6][8]. - The black goods sector is also anticipated to gain from the dual subsidy effect, with recommendations for TCL Electronics and Hisense Visual [6][8].