家用电器行业24W47周观点：数据专题，10月家电内外销表现靓丽

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [4]. Core Insights - October saw a significant improvement in both domestic and export sales of home appliances, driven by the "trade-in" policy and the Double 11 shopping festival, with retail sales increasing by 39% year-on-year [1][16]. - Home appliance exports also performed well, with a total export value of $8.576 billion in October, representing a year-on-year increase of 23.2% [16]. - The report anticipates strong production growth in the white goods sector for November and December, with production of air conditioners, refrigerators, and washing machines expected to increase by 42%, 9%, and 2% year-on-year, respectively [16]. Summary by Sections Data Highlights - In October, the retail sales of consumer goods improved, with a year-on-year growth of 4.8%, and the home appliance sector leading with a 39% increase in retail sales [1][13]. - The export volume of home appliances reached 388 million units in October, marking a 24.9% increase year-on-year [16]. Weekly Investment Perspective - The report suggests focusing on several key players in the home appliance sector, including Haier, Midea, and Gree, due to the positive impact of the trade-in policy and expected recovery in domestic demand [3][28]. - It also highlights the global competitiveness of Chinese robotic vacuum brands, recommending attention to companies like Roborock and Ecovacs [3][28]. Market Data - The home appliance sector experienced a decline of 2.3% this week, with specific segments showing varied performance: white goods down 2.9%, black goods down 0.8%, small appliances down 1.3%, and kitchen appliances up 2.2% [2][32]. - Raw material prices for copper and aluminum decreased by 2.50% and 1.97%, respectively, compared to the previous week [2][32].