家电行业周报：重磅会议再提消费，家电以旧换新或迎加码

Investment Rating - The report maintains a "Neutral" rating for the home appliance industry [5]. Core Insights - The home appliance sector has shown resilience, with the sector index rising by 1.07% from December 9 to December 13, outperforming the CSI 300 index, which fell by 1.01%. The cumulative annual return for the home appliance index stands at 27.85%, surpassing the CSI 300 by 11.70 percentage points [2][14]. - The central economic work conference emphasized the need for more proactive fiscal policies to boost consumption and domestic demand, which is expected to positively impact the home appliance market. The "trade-in" policy has significantly stimulated sales, with retail sales growing by 4.0% year-on-year from January to October 2024 [3][40]. - The report highlights that while the air conditioning market remains strong, other segments like refrigerators and washing machines are experiencing a decline in sales and volume. The small appliance market is also showing weakness, with several categories seeing a drop in sales [2][33]. Summary by Sections 1. Market Review - The home appliance sector index has outperformed the broader market, ranking 11th among primary industries. The white goods, black goods, small appliances, kitchen appliances, lighting equipment, and appliance components have shown varying returns, with lighting equipment seeing the most significant rebound [2][19]. 2. Industry Data Tracking and Latest Views - Retail data for the home appliance industry indicates a mixed performance, with air conditioners showing positive growth while refrigerators and washing machines face declines. The "trade-in" policy has had a notable impact, with significant sales increases reported in recent months [3][40]. 3. Investment Recommendations - The report suggests focusing on leading companies in the white goods sector, such as Midea Group and Haier Smart Home, as well as kitchen appliance leaders like Robam Appliances and Vatti Corporation, which are expected to benefit from improved domestic and international sales [4][54].