家用电器行业24W44周观点：双11专题（2），第一阶段战报出炉，扫地机表现靓丽

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [5]. Core Insights - The home appliance sector is leading in growth during the Double 11 sales event, with a 19% increase in sales compared to the previous year, outperforming other categories [11][12]. - The overall sales performance across major platforms shows significant growth, with over 1.6 million brands experiencing a sales increase of more than three times year-on-year [13][14]. - The report highlights the strong performance of vacuum cleaners, which saw a 47% increase in sales volume and a 39% increase in sales value compared to the previous year [16]. Summary by Sections Double 11 Sales Performance - The first phase of the Double 11 sales event saw the home appliance market expand rapidly to 28 billion yuan, with major appliances contributing 17 billion yuan, reflecting a 19% year-on-year growth [11][12]. - The overall sales across beauty, home appliances, digital 3C, and apparel categories increased by 8% year-on-year, with home appliances leading the growth [11]. Weekly Investment Perspective - The report suggests focusing on the recovery of consumer demand in the second half of the year, particularly through the "trade-in" policy, and recommends companies like Haier, Midea, and Gree [21]. - It emphasizes the global competitive advantage of Chinese vacuum cleaner brands, suggesting a focus on companies like Roborock and Ecovacs [21]. Market Data - The home appliance sector experienced a decline of 2.4% this week, with specific segments showing varied performance: white goods down 5.1%, black goods up 20.8%, and small kitchen appliances down 1.1% [23]. - Raw material prices for copper and aluminum increased by 0.43% and 0.50% respectively compared to the previous week [23].