9月白电行业数据点评：终端销售向好，出货端迎来改善

Investment Rating - The industry investment rating is maintained at "Overweight" [3][4]. Core Viewpoints - The domestic sales of air conditioners and refrigerators improved in September, with air conditioner shipments reaching 12.13 million units, a year-on-year increase of 21.4%, and refrigerator shipments at 8.33 million units, a year-on-year increase of 6.8% [4][6]. - The production of major home appliances is expected to be favorable in November, with a total production of 31.35 million units, a year-on-year increase of 20.7% [5][6]. - The recent "trade-in" policy has driven improvements in terminal demand for home appliances, with retail sales in August showing a year-on-year growth of 3.4%, which significantly improved to 20.5% in September [6][7]. Summary by Sections Air Conditioner Market - In September, the domestic sales of air conditioners showed a positive trend, with a year-on-year growth of 7.4% in domestic sales and a 39.8% increase in exports [4][10]. - The production of air conditioners in September reached 12.21 million units, marking a year-on-year increase of 26.0% [4][11]. Refrigerator Market - The refrigerator market also saw improvements, with domestic sales increasing by 7.4% and exports growing by 6.2% in September [4][11]. - The total production of refrigerators in September was 8.76 million units, reflecting a year-on-year growth of 11.7% [4][11]. Overall Market Trends - The overall market for home appliances is expected to continue improving, driven by favorable policies and increasing consumer demand [6][7]. - Key companies to watch include Haier Smart Home, Midea Group, Gree Electric Appliances, and others [6].