家电行业周报：双十一家电GMV双位数增长，家电以旧换新带动销售超1300亿元

Investment Rating - The report maintains a "Positive" outlook on the home appliance industry, highlighting strong sales growth during the Double Eleven shopping festival [1]. Core Insights - The home appliance sector outperformed the CSI 300 index, with a decline of 1.5% compared to a 3.3% drop in the index [1][8]. - The total sales during the Double Eleven event reached 14,418 billion yuan, a year-on-year increase of 26.6%, with home appliances accounting for 1,930 billion yuan, representing 16.3% of total sales [2][16]. - The nationwide appliance replacement program saw over 20 million consumers participating, purchasing over 30 million units, leading to sales of approximately 1,377.9 billion yuan [2][17]. Summary by Sections Sales Performance - In October, air conditioner sales volume and revenue increased by 108.2% and 125.0% respectively, with an average price of 4,730 yuan, up 7.82% year-on-year [3][31]. - Refrigerator sales volume and revenue rose by 64.4% and 83.7%, with an average price of 7,298 yuan, up 10.2% year-on-year [35]. - Washing machine sales volume and revenue increased by 54.8% and 71.9%, with an average price of 4,591 yuan, up 9.2% year-on-year [35]. Investment Highlights - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and the appliance replacement program, recommending companies like Hisense, Midea, Haier, and Gree [5]. 2. Export orders are recovering, with significant growth expected in revenue and performance for companies like Dechang and Stone Technology [5]. 3. Core component demand is exceeding expectations, with recommendations for companies like Huaxiang and Shun'an Environment [5]. Market Dynamics - The report notes that raw material prices for copper and aluminum have increased year-on-year, while stainless steel prices have decreased [20]. - The report emphasizes the importance of the appliance replacement program in boosting consumer confidence and stimulating demand during key shopping periods [64][65]. Macroeconomic Environment - As of November 15, 2024, the USD to RMB exchange rate has increased by 1.73% since the beginning of the year [42]. - The report also highlights a 15.52% year-on-year increase in residential property sales area for existing homes [44].