家用电器24W46周观点：双11专题（3），大促收官，家电、运动增长领跑

Investment Rating - The report maintains an "Outperform" rating for the home appliance sector [5]. Core Insights - The extended promotional period has led to a sales recovery, achieving double-digit growth with total sales across e-commerce platforms reaching 1.44 trillion yuan, a year-on-year increase of 26.6% [2][12]. - Major platforms like Tmall, JD, and Douyin have shown significant sales growth, particularly in home appliances and apparel categories [15][21][25]. Summary by Sections Promotional Insights - The promotional period from October 14 to November 11 saw Tmall's sales reach 1.11 trillion yuan, up 20.1% year-on-year, while live-streaming e-commerce sales hit 332.5 billion yuan, marking a 54.6% increase [2][12]. - Tmall's "old-for-new" initiative significantly boosted sales in small appliances and smart home categories, with over 1,200 brands experiencing sales growth exceeding 100% [17]. Weekly Market Data - The home appliance sector experienced a decline of 2.0% this week, with specific segments like white goods and small appliances seeing declines of 1.0% and 2.7%, respectively [3][33]. - Raw material prices showed a mixed trend, with LME copper down 2.87% and LME aluminum up 1.56% [3][33]. Investment Recommendations - The report suggests focusing on several key areas: 1. The impact of the "old-for-new" policy on home appliance sales, recommending companies like Haier, Midea, and Gree [4][29]. 2. The global market potential for Chinese robotic vacuum brands, highlighting Stone Technology and Ecovacs [4][29]. 3. Targeting high-income consumers entering retirement, with a focus on brands like Supor and Joyoung [4][29]. 4. Opportunities in durable consumer goods post-inventory adjustments, recommending companies like Giant Technology and KUKA [4][29]. Apparel and Other Sectors - The apparel sector is advised to focus on recovery in manufacturing exports and the growing trend of sports apparel, with recommendations for brands like 361 Degrees and Anta Sports [4][29]. - In the pet sector, the report highlights the growth of domestic brands and the recovery of export businesses, suggesting companies like Petty and Zhongchong [30].