Investment Rating - The report maintains a "Positive" outlook for the furniture and home appliance retail industry [4] Core Insights - In October 2024, retail sales of furniture and home appliances showed year-on-year growth, with furniture retail sales reaching 15.2 billion yuan, a 7.4% increase, and home appliances and audio-visual equipment retail sales totaling 99.3 billion yuan, a 39.2% increase [51][58] - The report highlights a divergence in the price trends of upstream raw materials for furniture and home appliances, with TDI prices down 1.5% and MDI prices stable [16][21] - Domestic real estate demand is under pressure, with new residential sales area in October 2024 down 0.5% year-on-year, and cumulative sales area down 17.7% for the first ten months [43][47] Summary by Sections 1. Market Review - The report notes that all sectors in the post-real estate cycle, except for white goods and service robots, outperformed the market, with the kitchen appliance sector rising 2.21% [16][24] 2. Domestic Sales Data Tracking - Retail sales of furniture and home appliances in October 2024 showed positive growth, with furniture sales at 15.2 billion yuan (up 7.4%) and home appliances at 99.3 billion yuan (up 39.2%) [51][58] - Upstream raw material prices for furniture and home appliances exhibited mixed trends, with TDI prices down 1.5% and MDI prices stable [21][22] - The report indicates a decline in real estate transactions, with new home sales area down 0.5% year-on-year in October 2024 [43][47] 3. Export Data Tracking - Exports of home appliances and furniture also saw year-on-year growth in October 2024, with furniture exports at $5.388 billion (up 2.5%) and home appliance exports at $8.576 billion (up 22.8%) [58][59] - The report mentions that U.S. existing home sales increased by 2.9% year-on-year in October 2024, while new private housing starts decreased by 4.0% [57][58]
造纸轻工行业地产后周期产业链数据每周速递：2024年10月家具、家电零售额同比均有增长
Orient Securities·2024-11-25 00:39