家用电器行业投资策略周报：政策效果显著，明年有望继续发力

Investment Rating - The industry investment rating is "Hold" [3] Core Viewpoints - The fiscal policy is expected to continue its support next year, with measures such as utilizing deficit space, expanding special bond issuance, and increasing transfer payments to local governments [2][11] - The "old-for-new" policy has significantly driven growth in the home appliance market, with online sales revenue and volume increasing by 48.0% and 70.3% respectively, while offline sales revenue and volume rose by 45.1% and 63.1% [2][12] - The white goods sector is expected to maintain stable growth, benefiting from the "old-for-new" policy, with recommendations for companies like Haier Smart Home, Hisense Home Appliances, and Gree Electric [2][17] Summary by Sections Investment Recommendations - The report suggests that the white goods sector will see steady growth, with stable ROE and high dividend advantages, benefiting from the "old-for-new" policy [2][17] - Recommended stocks include Haier Smart Home, Hisense Home Appliances, Gree Electric, Hisense Visual, Boss Electric, and Roborock [2][17] Weekly Market Review (2024.11.04-2024.11.08) - The Shanghai and Shenzhen 300 index increased by 5.5%, while the home appliance sector index rose by 2.3% [2][18] - The black appliance index decreased by 2.3%, and the white appliance index increased by 0.6% [2][18] Industry Overview - The home appliance market is experiencing improvement in domestic sales, driven by both new and existing demand [2][19] - Major categories such as air conditioners and kitchen appliances have shown significant growth in offline sales, while online sales have seen declines in some categories [2][19][21]