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Industry Rating - The industry rating for the home appliance sector is Recommended (Maintained) [13] Core Views - The home appliance industry is expected to benefit from both domestic and export demand, with a solid fundamental outlook and high-quality dividend assets [2] - The white goods sector is highlighted for its strong configuration value, with recommendations for leading companies such as Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances [15] - The kitchen appliance sector is expected to see valuation and earnings recovery driven by policy support for home appliance replacement and real estate policies, with recommendations for Robam Appliances and Vatti Corporation [15] - The small home appliance sector is poised to benefit from the rise of social e-commerce, particularly through WeChat Mini Stores, with companies like Flyco, Buydeem, and Breo expected to gain market share [9][20] - The export market is expected to contribute incremental growth, with companies like Hisense Visual, TCL Electronics, Ecovacs, and Roborock recommended for their overseas competitiveness [51] Key Price Trends - Copper prices averaged 74,328 RMB/ton in week 24W51, down 1.35% week-on-week but up 7.59% year-on-year [11] - Aluminum prices averaged 19,842 RMB/ton in week 24W51, down 2.64% week-on-week but up 4.52% year-on-year [43] - ABS prices averaged 11,840 RMB/ton in week 24W51, down 0.08% week-on-week but up 12.02% year-on-year [23] - Hot-rolled coil prices averaged 3,745 RMB/ton in week 24W51, down 1.75% week-on-week and down 13.52% year-on-year [11] - Panel prices remained stable in late December 2024, with 65-inch panels priced at 172 USD/sheet, 55-inch at 124 USD/sheet, 43-inch at 63 USD/sheet, and 32-inch at 34 USD/sheet [46] - The USD to RMB exchange rate averaged 7.3014 in week 24W51, up 0.40% week-on-week and 2.22% year-on-year [25] - The CCFI composite index rose 0.35% week-on-week, the European index rose 1.59%, while the US West index fell 0.84% in week 24W51 [48] Investment Recommendations - Investment Theme 1: Focus on white goods leaders with strong fundamentals and high-quality dividend assets, such as Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances [15] - Investment Theme 2: Companies benefiting from domestic demand driven by replacement policies and export growth, such as Hisense Visual, TCL Electronics, Ecovacs, and Roborock [51] - Investment Theme 3: Kitchen appliance leaders expected to benefit from policy-driven demand, such as Robam Appliances and Vatti Corporation [15] - Investment Theme 4: Companies with potential for a fundamental turnaround, such as Flyco, XGIMI, and Bear [51] Social E-commerce Opportunity - WeChat Mini Stores have launched a "Gift" feature, creating new opportunities for social e-commerce, particularly for small home appliances with strong gifting attributes [20] - Companies like Flyco, Buydeem, and Breo are expected to benefit from this new channel due to their brand recognition and private traffic advantages [9][20]