家电行业周报（2024W48）：10月对欧美空调出口同比高增，沃尔玛官宣完成收购Vizio

Investment Rating - The industry rating is "Recommended" [4][69]. Core Viewpoints - The home appliance sector has shown a significant increase, with a weekly growth of 2.76% and a cumulative growth of 31.18% year-to-date [2][26]. - The air conditioning export market has experienced substantial growth, with a 51.9% increase in volume and a 57.8% increase in sales revenue year-on-year for October 2024 [3][63]. - The report highlights the effectiveness of the "trade-in" policy in boosting domestic sales, while external factors such as tariff uncertainties have led to increased orders from European and American distributors [3][60]. Summary by Sections Investment Recommendations - Focus on three main areas: 1. Domestic trade-in policies benefiting stable growth in leading white goods companies like Midea Group, Haier Smart Home, and Hisense Home Appliances [4][25]. 2. Export chains with high demand for robotic vacuum cleaners and companies like Roborock and TCL Electronics benefiting from global market expansion [4][25]. 3. Tool sector companies such as Juxing Technology and Quanfeng Holdings expected to benefit from a recovery in demand due to inventory replenishment cycles [4][7]. Market Data - The home appliance sector's weekly performance from December 2 to December 6, 2024, shows a growth of 2.76%, with white goods and black goods growing by 2.87% and 1.61% respectively [2][26]. - Year-to-date performance indicates white goods and black goods have increased by 40.04% and 40.19% respectively [2][26]. Key Dynamics - The overall market for the heating and cooling industry is experiencing a significant upturn, particularly in the home appliance market, with substantial growth in air conditioners, refrigerators, and washing machines [3][60]. - The export of home air conditioners reached 4.521 million units in October 2024, with a notable increase in various regions, including a 218.1% rise in Europe [3][63]. Upstream and Downstream Data Tracking - Raw material prices show fluctuations, with LME copper prices increasing by 1.8% and LME aluminum prices decreasing by 0.7% as of December 6, 2024 [50][51]. - Shipping rates have seen a slight decrease, with the CCFI composite index down by 0.60% [57].