家电行业动态分析：家电关注度持续提升，白电获明显增配

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook compared to the broader market [9]. Core Insights - The home appliance sector is experiencing increased attention, particularly in the white goods segment, driven by favorable policies such as the "old-for-new" subsidy program, which is expected to boost domestic consumption [1][4]. - The proportion of actively managed equity funds invested in the home appliance sector has risen, with a notable increase in the allocation to white goods, which reflects strong export performance and stable operations of leading companies [2][11]. Summary by Sections 1. Fund Holdings in Home Appliances - In Q3 2024, the proportion of actively managed equity funds holding home appliance stocks increased to 5.32%, up by 0.40 percentage points from the previous quarter [1][12]. - The allocation to home appliances exceeded the benchmark by 2.94%, marking a 0.33 percentage point increase [1][12]. 2. Sector Allocation - The white goods sector saw a fund allocation increase, with its market value representing 3.81% of total fund holdings, up by 0.50 percentage points [2][16]. - The number of funds holding white goods stocks increased by 454, indicating growing interest [2][16]. - Conversely, the black goods and small home appliances sectors experienced a decrease in fund allocations, with declines of 0.14 and 0.05 percentage points, respectively [3][20]. 3. Key Stocks - Major companies such as Midea Group, Gree Electric, and Haier Smart Home saw increases in fund holdings, with Midea's allocation rising by 0.37 percentage points and Gree's by 0.29 percentage points [4][28]. - Haier's holdings decreased by 0.17 percentage points, reflecting market concerns over its domestic sales performance [4][28]. - The report highlights the potential for continued growth in the white goods sector due to strong export demand and the positive impact of subsidy policies on domestic sales [4][28].