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. However, the average prices for these products have shown mixed trends [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 during this period amounted to 1,930 billion yuan, accounting for 16.3% of total sales, also reflecting a 26.5% year-on-year growth [37]. Summary by Sections Market Review - The home appliance sector's performance was stronger than the broader market, ranking third among primary industries in terms of returns. The index's performance was supported by leading brands showing resilience despite a general market downturn [2][15]. - Various segments within the home appliance industry experienced declines, with white goods, black goods, small appliances, and kitchen appliances all showing negative performance. However, leading companies like Haier and Midea demonstrated strong resilience [21][24]. Industry Data Tracking and Latest Views - Retail data for the week of November 4 to November 10, 2024, indicated significant year-on-year declines in online sales for major appliances, with air conditioners down 33.17% and refrigerators down 38.13%. In contrast, some small appliances like health pots and juicers saw sales growth [34]. - The "Double Eleven" shopping festival was particularly successful for home appliances, with substantial sales driven by promotional activities and government policies encouraging consumer spending [37]. Investment Recommendations - The report suggests that with the gradual implementation of policies to boost domestic demand and consumption, the home appliance sector is expected to see support. Additionally, the recovery of overseas demand is anticipated to sustain the upward trend in the industry. The report recommends focusing on leading white goods companies such as Midea Group and Haier Smart Home, as well as kitchen appliance leaders like Robam Appliances and Vatti [49].