家用电器行业24W51周观点：微信小店推出送礼功能，关注社交电商新机遇

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [3]. Core Insights - The introduction of the "gift-giving" feature by WeChat Mini Store simplifies the gifting process, potentially creating new opportunities in social e-commerce. This feature eliminates the need to ask for the recipient's address or preferred style, significantly reducing the complexity of the gifting process. The timing of the feature's gray testing aligns with the upcoming Spring Festival, which could leverage WeChat's extensive social resources to drive growth in social e-commerce, marking a transformation following community and live-streaming e-commerce [1][39]. - Companies with products that have strong gifting attributes are expected to benefit from this trend, with recommendations to focus on Feike Electric, Beike, Bear Electric, Edifier, XGIMI Technology, and Beiding Co. [39]. Summary by Sections Weekly Investment View - The home appliance sector experienced a weekly decline of 0.7%, with specific segments showing varied performance: white goods +0.0%, black goods +0.1%, small appliances -3.7%, and kitchen appliances -5.2%. In terms of raw material prices, LME copper and aluminum decreased by 2.18% and 3.29% respectively compared to the previous week [10][64]. Policy Support and Market Recovery - The report suggests that domestic demand is expected to recover due to policy support. Key areas to watch include: 1. Major appliances benefiting from trade-in programs, with a focus on Midea Group, Haier Smart Home, Gree Electric, Hisense Home Appliances, TCL Electronics, and Hisense Visual [11]. 2. The pet industry, seen as resilient during economic downturns, with recommendations for Guibao Pet, Zhongchong Co., and Petty Co. [11]. 3. Small appliances and branded apparel, which have been significantly impacted by weak consumer demand, are expected to see a rebound next year, with a focus on leading small appliance brands like Bear Electric, Feike Electric, Supor, and Xinbao [11]. 4. The electric two-wheeler market is anticipated to improve, with recommendations for leading companies like Yadi Holdings, Aima Technology, and Ninebot [11]. Global Manufacturing and Export Opportunities - The report highlights the ongoing theme of international expansion, suggesting that: 1. Leading brands in cleaning appliances are expected to benefit from global product strength and increasing penetration rates, with a focus on Stone Technology and Ecovacs [42]. 2. Major appliance leaders are pushing brand transformations and gaining market share globally, with recommendations for Haier Smart Home, Midea Group, Hisense Home Appliances, TCL Electronics, and Hisense Visual [42]. 3. Motorcycle brands are still in the early stages of international expansion, with significant growth potential, recommending Chuanfeng Power, Qianjiang Motorcycle, and Longxin General [42]. 4. Tool categories are expected to benefit from potential recovery in the real estate sector, with recommendations for Juxing Technology, Techtronic Industries, and Ousheng Electric [42]. Market Trends and Data - The report includes various market data and trends, indicating that the textile and apparel sector also faced a decline of 3.17% this week, with specific segments showing different performance metrics [24].