家电行业周报：出口稳健，内销改善

Investment Rating - The industry investment rating is maintained as "Overweight" [4][5]. Core Viewpoints - The household appliance industry shows robust export performance, with domestic sales gradually improving under policy support [4][27]. - In September, the overall export revenue for household appliances reached USD 8.56 billion, a year-on-year increase of 4.5%, with a cumulative revenue of USD 75.27 billion from January to September, reflecting an 11.8% year-on-year growth [2][9]. - The export growth of major white goods categories, such as air conditioners and refrigerators, remains strong, while washing machines experienced a slight decline in exports [2][9]. Summary by Sections 1. Market Tracking - The household appliance sector index rose by 0.51% in the week of October 14-20, ranking 24th among all sectors [8]. - The performance of sub-sectors varied, with white goods down by 1.88% and black goods up by 17.58% [8]. 2. Fundamental Tracking 2.1. September Export Growth - September exports of household appliances totaled USD 8.56 billion, with a year-on-year growth of 4.5% and a two-year compound growth rate of 8.4% [2][9]. - Cumulative exports from January to September reached USD 75.27 billion, up 11.8% year-on-year [2][9]. - Specific category performance includes: - Air conditioners: USD 450 million, up 27.4% year-on-year [2][9]. - Refrigerators: USD 840 million, up 11.5% year-on-year [2][9]. - Washing machines: USD 320 million, down 0.4% year-on-year [2][9]. 2.2. Export Growth Driving Overall Sales - In August, the total sales of air conditioners, refrigerators, and washing machines saw approximately 10% growth, primarily driven by exports [12]. - Air conditioner production in August was 11.77 million units, a 3.4% increase year-on-year, with total sales of 13.06 million units, up 7.3% [12][19]. - Refrigerator production was 8.42 million units, up 7.5%, with total sales of 8.44 million units, up 10% [12][23]. - Washing machine production reached 8.16 million units, a 13.4% increase, with total sales also at 8.13 million units, up 13.4% [12][23]. 3. Industry Data Tracking - The real estate market shows a decline, with a 23% year-on-year drop in transaction volume and a 12% drop in transaction area for major cities [22][24]. - Raw material prices have decreased, with LME copper and aluminum prices down by 1.29% and 3.48% respectively [24][25]. - The exchange rate of USD to RMB was reported at 7.1274, an increase of 0.77% [24][26].