家用电器行业投资策略周报：微信小店将推送礼功能，小家电有望受益

Investment Rating - The report recommends a "Buy" rating for major companies in the home appliance sector, including Midea Group, Haier Smart Home, and Hisense Home Appliances [5][46]. Core Insights - The home appliance industry is experiencing stable growth, with a focus on benefiting from the "old-for-new" policy, which is expected to stimulate demand [2][45]. - In November, the retail sales of consumer goods increased by 3.0% year-on-year, while the home appliance and audio-visual equipment category saw a significant rise of 22.2% [22][41]. - The report highlights strong export growth in the home appliance sector, with a notable increase in air conditioning production and sales [43][68]. Summary by Sections Industry Overview - The report indicates that the retail sales of consumer goods in November increased by 3.0% year-on-year, with home appliances and audio-visual equipment growing by 22.2% [22][41]. - The real estate data shows a mixed picture, with residential sales area increasing by 4.2% year-on-year in November, but new construction and completion areas declining significantly [42]. Sales Performance - In November, air conditioning production reached 16.71 million units, up 55.7% year-on-year, with sales of 15.38 million units, an increase of 44.2% [43][45]. - Domestic sales of air conditioners rose by 28.7%, while exports surged by 59.1% [43][45]. Investment Recommendations - The report recommends investing in companies with stable ROE and high dividend yields, specifically Midea Group, Haier Smart Home, Hisense Home Appliances, and leading two-wheeler companies like Aima Technology and Ninebot [2][45]. - The report also suggests that the black appliance leaders such as TCL Electronics and Hisense Visual, as well as XGIMI Technology, are worth considering for investment [2][45]. Market Performance - The report notes that during the week of December 16-20, 2024, the Shanghai Composite Index fell by 0.1%, while the home appliance sector index decreased by 0.8% [49]. - The black appliance index rose by 0.3%, and the white appliance index increased by 0.1% during the same period [49].