家电行业行业周报：以旧换新政策催化下，双十一大促销售火热

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [4]. Core Insights - The home appliance sector has shown strong performance, with the home appliance index rising by 2.19% from October 21 to October 25, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.79%. The cumulative annual return of the home appliance index is 28.08%, surpassing the Shanghai and Shenzhen 300 index by 11.25 percentage points [10][12]. - The "Trade-in for New" policy has significantly boosted sales during the Double Eleven shopping festival, with online retail sales and volumes for air conditioners, refrigerators, and washing machines showing substantial year-on-year growth [20]. - The third-quarter reports from major white goods manufacturers indicate strong revenue and profit growth, with companies like Shunwei Co., Ltd. reporting a 40% increase in net profit [23][30]. Summary by Sections Market Review - The home appliance sector has outperformed the market, ranking 20th among primary industries in terms of returns. The black appliance segment led the gains, with notable increases in stocks like Sichuan Changhong [10][12]. - The performance of various sub-sectors includes white goods at 0.04%, black goods at 17.92%, small appliances at 2.35%, kitchen and bathroom appliances at 2.94%, lighting equipment at 5.38%, and appliance components at 4.39% [12][16]. Industry Data Tracking and Latest Views - Retail data for the 42nd week of 2024 shows significant year-on-year increases in online sales for major appliances, with air conditioners, refrigerators, and washing machines seeing growth rates of 296.27%, 289.58%, and 548.03% respectively [20]. - The third-quarter earnings reports reveal that companies like Changhong Meiling and Huaxiang Co. have achieved growth in revenue and net profit, indicating a positive trend in the white goods sector [23][30]. Investment Recommendations - The report suggests focusing on three investment themes: 1. White goods leaders benefiting from domestic and international sales improvements, recommending Midea Group and Haier Smart Home. 2. Kitchen appliance leaders benefiting from industry restructuring, recommending Boss Electric. 3. Clean appliance companies actively expanding channels and launching new products, recommending Stone Technology [30].