家电行业周报：出口链，2024M11家电出口金额双位数提升，空调持续高增

Investment Rating - The industry investment rating is "Positive" with expectations of returns exceeding the CSI 300 index by more than 5% over the next six months [14]. Core Insights - The report highlights a double-digit year-on-year growth of 10% in the home appliance export sector for November 2024, with air conditioning units showing a significant increase of 40% [10][11]. - The report indicates that major segments such as white goods, kitchen appliances, and personal care small appliances are performing strongly, with specific categories like air conditioners, fans, and LCD TVs also experiencing substantial growth [10][11]. Summary by Sections Overall Performance - The home appliance industry saw a year-on-year export growth of 10% in November 2024, with strong performance across various segments [10][11]. Segment Analysis - White Goods: Air conditioner exports increased by 40%, while fans and refrigerators saw double-digit growth of 18% and 11% respectively [10][11]. - Black Goods and Smart Projection: LCD TVs experienced a double-digit growth of 18%, while audio equipment and projectors saw slight increases of 5% and 4% [10][11]. - Kitchen Appliances and Electrical Lighting: Steady growth in plugs and sockets at 5% [10][11]. - Cleaning Appliances: Vacuum cleaner demand was weak, declining by 4% [10][11]. - Kitchen Small Appliances: Notable growth in electric coffee machines (33%) and toasters (18%) [10][11]. - Personal Care Small Appliances: Hair dryers performed well with a growth of 19%, while electric shavers saw a modest increase of 6% [10][11].