家用电器行业投资策略周报：9月内销大幅改善，外销有所放缓

Investment Rating - The report maintains a "Hold" rating for the home appliance industry, consistent with the previous rating [2]. Core Insights - The report highlights significant improvements in domestic sales in September, with retail sales of consumer goods increasing by 3.2% year-on-year, and home appliances and audio-visual equipment seeing a remarkable growth of 20.5% [2][19]. - The report notes a slowdown in housing sales, with residential sales area down by 11.0% year-on-year in September, and new construction area down by 17.7% [2][19]. - Export data shows a mixed performance, with home appliance exports in September increasing by 4.3% year-on-year in RMB terms, but with a notable decrease in growth rate compared to previous months [2][20]. - The air conditioning sector experienced a strong performance, with production up by 26.0% and sales up by 21.4% year-on-year in September [2][23]. Summary by Sections Investment Recommendations - The report suggests that white goods are expected to see stable growth, benefiting from the "trade-in" policy, and recommends companies such as Gree Electric, Haier Smart Home, and Hisense Home Appliances [2][28]. Weekly Market Review (2024.10.14-2024.10.18) - The report indicates that the home appliance sector index rose by 0.5%, while the broader market (CSI 300) increased by 1.0% [31][32]. Industry Review Industry Dynamics - The "trade-in" policy has significantly boosted retail sales, contributing an estimated 1.2 percentage points to the growth of retail sales of consumer goods [42]. - The report emphasizes that the home appliance sector has been a major beneficiary of this policy, with retail sales growth exceeding 30% in September [42]. Company Dynamics - Longi and Meiling are noted for their innovative approach in the smart home appliance sector, launching the first vertical model for white goods at the IFA exhibition, showcasing their commitment to AI technology [43][44]. Key Data Points - In September, the retail sales of home appliances and audio-visual equipment grew by 20.5% year-on-year, indicating strong consumer demand [2][19]. - The report provides detailed sales data for major appliances, with air conditioning sales showing a year-on-year increase of 7.4% domestically and 39.8% internationally [23][24].