家电行业：头部品牌销售成绩亮眼，吸引力有望回升

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry, indicating a positive outlook for the sector [5]. Core Insights - The home appliance sector demonstrated resilience, with the home appliance index declining by 1.50%, outperforming the Shanghai and Shenzhen 300 index, which fell by 3.29%. The cumulative return of the home appliance index was 25.37%, surpassing the Shanghai and Shenzhen 300 index by 8.17 percentage points [2][15]. - Consumer demand in the home appliance market is stabilizing, with significant declines in online retail sales for major categories such as air conditioners, refrigerators, and washing machines during the recent shopping festival [34]. - The "Double Eleven" shopping festival saw a remarkable performance, with total sales across e-commerce platforms reaching 14,418 billion yuan, a year-on-year increase of 26.6%. Home appliance sales accounted for 1,930 billion yuan, representing 16.3% of total sales, also reflecting a 26.5% year-on-year growth [37]. Summary by Sections Market Review - The home appliance sector showed stronger performance compared to the broader market, ranking third among primary industries in terms of returns. The index's performance was supported by leading brands, despite a general decline in stock prices across the sector [2][15][21]. - Specific segments within the home appliance industry, such as white goods and small appliances, experienced varying degrees of decline, with notable resilience from leading companies [21][24]. Industry Data Tracking and Latest Views - Recent retail data indicates a significant drop in online sales for major appliances, with air conditioners, refrigerators, and washing machines seeing declines of 33.17%, 48.87%, and 41.53% in sales volume, respectively. However, average prices for these products have shown mixed trends [34]. - The "Double Eleven" shopping festival highlighted the effectiveness of promotional strategies, with major brands like Haier, Midea, and Xiaomi leading in sales [37]. Investment Recommendations - The report suggests focusing on leading white goods companies that are likely to benefit from domestic and international demand recovery. Recommended stocks include Midea Group (000333.SZ) and Haier Smart Home (600690.SH), as well as kitchen appliance leaders like Robam Appliances (002508.SZ) and Vatti Corporation (002035.SZ) [49].