家电行业周报（24年第52周）：2月白电排产迎来开门红，11月美国家电及地产需求回暖

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [7][10]. Core Insights - The home appliance sector is expected to benefit from the "old-for-new" policy, with domestic demand showing positive improvement and external sales maintaining robust growth. The profitability is anticipated to improve due to ongoing cost reduction and efficiency enhancement initiatives [19][20]. - The white goods segment is projected to experience steady growth, while the kitchen appliance sector is expected to recover as the real estate market stabilizes. Small appliances are also showing slight growth driven by external sales [19][22]. Summary by Sections 1. Core Views and Investment Recommendations - The report highlights key recommendations for leading companies in the white goods sector, including Midea Group, Haier Smart Home, TCL, Gree Electric, and Hisense Home Appliances, which are expected to benefit from the "old-for-new" policy and have strong growth potential [19][20][22]. - In the kitchen appliance segment, the report recommends Boss Electric, which is expected to perform steadily due to its focus on product expansion [23]. 2. Weekly Research Tracking and Investment Thoughts - The production of white goods in January and February is reported to have increased by 7%, with air conditioning exports continuing to grow rapidly. The U.S. housing market showed signs of recovery, with retail sales of home appliances increasing by 1% in November [27][28][34]. - The report notes that the inventory levels in U.S. appliance stores have stabilized at a low point, indicating potential for growth in exports from China [34][37]. 3. Key Data Tracking - The report tracks market performance, noting a relative return of -0.43% for the home appliance sector this week. It also highlights the increase in raw material prices, with copper and aluminum prices rising by 0.6% and 0.8% respectively [46][60]. - The report provides insights into shipping and natural gas prices, indicating a slight decrease in natural gas prices and a mixed trend in shipping costs [70]. 4. Company Announcements and Industry Dynamics - The report mentions recent company announcements, including the retirement of a senior executive at Gree Electric, and discusses industry dynamics such as the expected growth in the air purifier market driven by new demand and government subsidies [72][73].