家电行业：三季报披露完毕，龙头标的业绩靓丽

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry, indicating a positive outlook for the sector [5]. Core Views - The home appliance sector has shown resilience with strong performance from leading companies, benefiting from policies promoting consumption and the replacement of old appliances. The overall market sentiment is expected to continue improving as domestic demand is supported and export conditions are anticipated to improve [4][33]. - The report highlights significant growth in online retail sales for major appliances, with air conditioners, refrigerators, and washing machines seeing year-on-year increases in both sales volume and revenue [3][22]. - The performance of white goods manufacturers has been notably strong, with companies like Midea Group, Haier Smart Home, and Hisense Home Appliances reporting increases in revenue and net profit [25][30]. Summary by Sections Market Review - The home appliance index decreased by 2.89% in the week of October 28 to November 1, underperforming the CSI 300 index, which fell by 1.68%. However, the cumulative annual return for the home appliance index stands at 24.39%, outperforming the CSI 300 by 9.51 percentage points [2][12]. - Among sub-sectors, black appliances led the market with a return of 16.08%, while white appliances saw a decline of 4.53% [13]. Industry Data Tracking and Latest Insights - Retail data for the week of October 21 to October 27 shows substantial growth in online sales for major appliances, with air conditioners, refrigerators, and washing machines experiencing increases of 63.96%, 107.10%, and 99.31% in retail revenue, respectively [22]. - The report notes that the white goods sector has benefited from the "replace old for new" policy and a recovery in overseas demand, leading to positive growth in earnings for major manufacturers [25]. Investment Recommendations - The report suggests focusing on leading white goods manufacturers that are likely to benefit from improvements in both domestic and international sales, specifically recommending Midea Group and Haier Smart Home. Additionally, it highlights kitchen appliance leaders such as Robam Appliances and Vatti Corporation as potential beneficiaries of industry optimization [4][33].