家电行业周报：政策驱动，内销迎来加速改善

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [2] Core Viewpoints - The domestic sales of air conditioners and refrigerators showed improvement in September, with air conditioner production reaching 12.21 million units, a year-on-year increase of 26.0%, and total sales of 12.13 million units, up 21.4% [10][16] - The retail sales of home appliances significantly improved, with a year-on-year growth of 20.5% in September, driven by the "trade-in" policy [19] - The report suggests focusing on companies such as Haier Smart Home, Midea Group, Gree Electric Appliances, Boss Electric, Vatti Corporation, Roborock Technology, and Feike Electric [5][25] Summary by Sections 1. Market Tracking - The home appliance industry index rose by 2.19% in the week of October 21-25, ranking 20th among all industries [9] 2. Fundamental Tracking 2.1. Improvement in Domestic Sales of Air Conditioners and Refrigerators - In September, the domestic sales growth for air conditioners and refrigerators improved from negative growth in August to high single digits [10] - Air conditioner exports continued to grow rapidly, while refrigerator and washing machine exports slowed to single-digit growth [10] 2.2. Significant Improvement in Home Appliance Terminal Sales - Retail sales of home appliances and audio-visual equipment increased by 3.4% year-on-year in August, with a substantial rise to 20.5% in September [19] 3. Industry Data Tracking - The transaction volume of commercial housing in 30 major cities decreased by 18% year-on-year, and the transaction area fell by 19% [20] 4. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and resilience in exports, including Haier Smart Home, Midea Group, Gree Electric Appliances, Boss Electric, Vatti Corporation, Roborock Technology, and Feike Electric [5][25]