家用电器行业投资策略周报：11月零售端保持较好增长，以旧换新突破2000亿元

Investment Rating - The industry rating is "Hold" [3] Core Insights - In November, retail sales maintained good growth, with the "old-for-new" program surpassing 200 billion yuan. Online retail sales for color TVs, air conditioners, refrigerators, washing machines, and range hoods increased by +20%, +19%, -11%, -6%, and -5% year-on-year, respectively. Offline channels saw year-on-year increases of +58%, +79%, +56%, +45%, and +100%, indicating rapid growth. The "old-for-new" program achieved over 100 billion yuan in sales within 79 days, and the next 100 billion yuan in just 40 days, highlighting accelerated consumer potential [1][23][24]. Summary by Sections Investment Recommendations - White goods are expected to show stable growth, with a stable ROE and high dividend advantages. Companies recommended include Haier Smart Home (A/H), Hisense Home Appliances (A/H), and those benefiting from the "old-for-new" policy and domestic demand recovery such as Hisense Visual, Aima Technology, Yadea Holdings, and XGIMI Technology [1][23][24]. Weekly Market Review (Dec 2 - Dec 6, 2024) - The CSI 300 index rose by 1.4%, while the home appliance sector index increased by 3.0%. The black appliance index rose by 1.8%, and the white appliance index fell by 2.9% [2][30][34]. Retail Data Overview (Week 48, Nov 25 - Dec 1, 2024) - Significant year-on-year increases in offline and online sales were observed across major appliance categories, including air conditioners (+193.8% offline, +59.5% online), refrigerators (+110.7% offline, +16.2% online), and washing machines (+105.3% offline, +45.0% online) [2][34]. Industry Dynamics - The home appliance industry is undergoing a transformation towards youthfulness, which is seen as a critical path for survival and development. However, many brands face challenges in effectively appealing to younger consumers, often resulting in low sales despite innovative marketing strategies [51][52][53].