家电行业周报：家电11月社零高增，关注微信“送礼物”功能带来的潜在红利

Investment Rating - The report maintains a "Buy" rating for the home appliance industry [15]. Core Insights - The home appliance retail sales in November experienced a year-on-year growth of 22.2%, driven by the "old-for-new" policy and strong consumer enthusiasm during the Double Eleven shopping festival [15][39]. - The introduction of the "gift-giving" feature by WeChat Shop is expected to open new consumption channels, particularly benefiting small household appliances, which have low average prices and high gifting attributes [19][45]. - The report suggests focusing on two main investment lines: 1) white goods leaders with stable performance and high dividend returns, and 2) quality export chain leaders with strong competitive advantages [25]. Summary by Sections Market Overview - The Shanghai and Shenzhen 300 Index decreased by 0.13%, while the Shenwan home appliance index fell by 0.82% during the week [71]. - The top three gainers in individual stocks were Biyu Co. (+11.18%), Oma Electric (+9.47%), and Deep Kangjia A (+7.5%), while the top three losers were Shuaifeng Electric (-28.31%), Aishida (-25.54%), and Beiyikang (-13.46%) [71]. Retail Sales Data - The retail sales scale for home appliances in November reached 120 billion yuan, with a year-on-year increase of 22.2%, although the growth rate slowed compared to October [15][39]. - The cumulative sales amount driven by the national subsidy program reached approximately 224 billion yuan, with over 52 million units sold across eight major product categories [39]. Small Household Appliances - The online sales proportion of small household appliances has been increasing, reaching nearly 80% in 2023, driven by the rapid development of e-commerce channels [43][64]. - The "gift-giving" feature on WeChat Shop is expected to stimulate consumption in small household appliances, which are well-suited for online sales due to their low price and gifting nature [45][63]. Raw Material Price Tracking - The copper price index decreased by 1.56%, and the aluminum price index fell by 2.36% during the week of December 16-20 [94]. - Year-to-date, the copper price index has increased by 4.31%, while the aluminum price index has risen by 6.27% [94]. Exchange Rate and Shipping Price Tracking - As of December 20, 2024, the USD to CNY exchange rate was 7.19, with a year-to-date increase of 1.60% [98]. - The container shipping market saw a slight increase, with the export container shipping price index rising by 0.35% [98]. Industry Dynamics - TCL launched a new Mini LED technology called "Wonders of Light" aimed at enhancing brightness, color, and contrast in television products [46][68]. - The new technology includes a comprehensive system solution that significantly improves the performance of Mini LED displays [68][49].