家用电器行业24W50周观点：以旧换新效果持续显现，四川发布遴选2025年以旧换新参与企业通知

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [5]. Core Insights - The "trade-in for new" effect continues to show significant results, with the Ministry of Commerce reporting that the overall sales driven by trade-in programs have exceeded 1 trillion yuan, with home appliances contributing to over 49 million units sold [12][19]. - The Sichuan Provincial Commerce Department has initiated the selection process for companies to participate in the 2025 trade-in program, indicating a positive outlook for continued support of home appliance demand [12][19]. - The report highlights a robust recovery in consumer demand, particularly in the home appliance sector, driven by the trade-in policy and the upcoming holiday season [20]. Summary by Sections Trade-in Program Impact - The trade-in program has led to significant sales increases across various categories, with home appliances alone seeing over 49 million units sold as of December 6, 2024 [12][19]. - The program has also positively impacted other sectors, such as automotive and home improvement, with substantial sales figures reported [12]. Weekly Investment Perspective - The report suggests focusing on several key players in the home appliance sector, including Haier, Midea, and Gree, due to the expected recovery in domestic demand [20]. - It also emphasizes the potential of Chinese robotic vacuum brands, such as Roborock and Ecovacs, as they continue to gain market share globally [20]. Market Data - The home appliance sector experienced a weekly increase of 1.1%, with specific segments like small appliances seeing a rise of 4.3% [24]. - Raw material prices showed mixed trends, with LME copper decreasing by 0.56% and LME aluminum increasing by 0.49% [24].