家用电器行业投资策略周报：重磅会议强调提振消费，11月家电出口增长较好

Investment Rating - The industry rating is "Hold" [4] Core Insights - The report emphasizes the need to boost consumption, highlighting that the Politburo meeting proposed more proactive fiscal policies and moderate monetary policies to enhance domestic demand [22][21] - In November, home appliance exports showed good growth, with a year-on-year increase of 9.1% in RMB terms and 10.1% in USD terms [2][22] - The report recommends several companies, including Midea Group, Haier Smart Home, and Hisense Home Appliances, which are expected to benefit from the "old-for-new" policy and the recovery of domestic demand [28][22] Summary by Sections Investment Recommendations - White goods are expected to see stable growth, with a recommendation for Midea Group, Haier Smart Home, and Hisense Home Appliances due to their stable ROE and high dividend advantages [28][22] - Additional recommendations include Hisense Visual, Aima Technology, Yadea Holdings, and XGIMI Technology, which are anticipated to benefit from the "old-for-new" policy and the recovery of domestic demand [28][22] Weekly Market Review (2024.12.09-2024.12.13) - The report notes that the Shanghai and Shenzhen 300 Index fell by 1.0%, while the home appliance sector index rose by 1.1% [2][32] - The black appliance index increased by 0.1%, and the white appliance index rose by 0.9% during the same period [2][32] Industry Dynamics - The report discusses the implementation of a real-name system for home appliance consumption invoices and the cancellation of delayed shipments, reflecting new policy directions [47][48] - It highlights that the home appliance "old-for-new" sales exceeded 200 billion RMB since the national subsidy policy was launched, significantly stimulating consumer replacement intentions [48][47]