家电行业10月月报及11月投资策略：政策催化内销景气，厨电&白电值得重视

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [1] Core Viewpoints - The demand for home appliances is expected to rebound, driven by government policies and a favorable economic environment, particularly in the kitchen and white goods segments [3][4] - The report highlights the positive impact of the "old-for-new" subsidy policy, which is comparable to the previous "home appliance to the countryside" initiative, leading to increased retail sales growth since September [3] - The report recommends key players such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances due to their strong export orders and solid financial performance [3] Summary by Sections November Investment Viewpoints - The report emphasizes the upward trend in demand and the elasticity of domestic sales, particularly in the white goods sector, supported by government policies [3] - The report notes that the home appliance index increased by 5.98% in October, outperforming the broader market indices [10] October Market Review - The home appliance index showed a significant recovery, with a notable increase in retail sales for air conditioners and other major appliances [10][24] - The report indicates that the overall market sentiment is improving, with a focus on structural upgrades and increased average selling prices [3] Key Data Tracking - The report provides detailed financial performance data for major companies in the sector, highlighting revenue growth and profit margins [7] - For instance, Midea Group reported a revenue of 318.97 billion with a growth rate of 9.6%, while Haier Smart Home's revenue was 202.97 billion with a growth rate of 2.2% [7] Investment Recommendations & Core Reports - The report recommends focusing on leading companies in the kitchen and small appliance segments, such as Roborock Technology and Ecovacs, which are expected to benefit from new product launches and market expansion [4] - The report also highlights the potential for growth in the home appliance sector due to favorable macroeconomic policies and consumer demand recovery [3][4]