家电行业W43周报：家电公募基金持仓比例再提升，集中白电龙头

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry, consistent with the previous rating [2]. Core Insights - The report highlights a significant increase in the holdings of home appliance public funds, particularly concentrated in leading white goods companies [2]. - The production guidance for the home appliance sector has been substantially revised upwards for Q4, driven by strong domestic sales and positive feedback from the "trade-in" policy [6][7]. - The report emphasizes the resilience of domestic sales, particularly in air conditioning, which is expected to see a year-on-year production increase of 19% in November and 21% in December [6][7]. Summary by Sections Market Review - In the 42nd week of 2024, the Shenyin Wanguo home appliance index increased by 2.19%, outperforming the CSI 300 index, which rose by 1.40% [6]. - Notable stock performances include a 39.83% increase for Deep Kangjia A and a 38.72% increase for Sichuan Changhong [6]. Important Data - The report indicates that the production of white goods has been significantly revised upwards, with air conditioning production expected to rise by 24% in October and 42% in November [6][7]. - The cost side has improved, with prices for key raw materials like copper and aluminum showing slight decreases, while shipping costs have dropped by 16.6% since the beginning of Q4 [6][7]. Fund Holdings - The report notes an increase in the fund allocation for the home appliance sector, with a 5.5% allocation in A-shares for Q3 2024, up by 0.6% from the previous quarter [6][8]. - The allocation is primarily concentrated in white goods, with significant increases in holdings for Midea Group, Gree Electric, and Haier Smart Home [6][11]. Investment Recommendations - The report recommends specific stocks, including Midea Group (15.4X), Gree Electric (8.9X), and Haier Smart Home (15.2X), among others [6][11].