家用电器行业：终端销售加速向好，关注扫地机黑电等品类补贴弹性

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry [1][24]. Core Insights - The home appliance retail sales in September 2024 reached 84.1 billion yuan, showing a year-on-year increase of 20.5%, significantly higher than the overall retail sales growth of 3.2% [6][24]. - The "trade-in" policy is expected to further stimulate demand, with a strong acceleration in sales anticipated for October due to expanded subsidy coverage and the upcoming Double Eleven shopping festival [6][24]. - The report highlights the significant growth in sales of various appliance categories, particularly vacuum cleaners and black appliances, which have shown remarkable elasticity in response to subsidies [6][24]. Summary by Sections 1. Terminal Sales Performance - The home appliance retail sales in September 2024 were 84.1 billion yuan, with a year-on-year growth of 20.5% and a month-on-month increase of 17.1 percentage points [6][24]. - The cumulative retail sales for the first nine months of 2024 reached 683.9 billion yuan, with a year-on-year increase of 4.4% [6][24]. - The report notes that the sales growth for various categories, including air conditioners, refrigerators, and vacuum cleaners, has accelerated significantly in the last week [6][24]. 2. Price Tracking - The average price of copper in the week 42 of 2024 was 77,066 yuan per ton, down 0.88% month-on-month but up 15.69% year-on-year [12]. - The average price of aluminum was 20,700 yuan per ton, up 0.57% month-on-month and 8.64% year-on-year [12]. - The average price of ABS remained stable at 12,000 yuan per ton, with a year-on-year increase of 15.27% [12]. 3. Investment Recommendations - The report recommends continued investment in leading white goods companies such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances [24]. - It also expresses optimism for companies like Ecovacs and Roborock, which are expected to benefit from subsidy elasticity [24]. - Attention is drawn to kitchen appliance leaders such as Boss Electric and Vatti [24].