家用电器行业简评：持续关注以旧换新进展

Investment Rating - The report rates the home appliance industry as "Overweight" [4][13]. Core Insights - The home appliance industry is experiencing positive effects from the "old-for-new" policy, with over 33 million consumers purchasing more than 52.1 million appliances as of December 19, 2024 [7]. - The white goods sector, particularly leading companies like Gree Electric and Midea Group, is expected to maintain stable profitability amidst market competition [5]. - The implementation of new energy efficiency standards is driving transformation in the home appliance industry, with over 90% of sales in energy-efficient products [11]. Summary by Sections Investment Suggestions - Focus on leading companies in the white goods sector, which are expected to perform well despite market fluctuations [5]. - The "old-for-new" policy is showing significant results, with a notable increase in sales across major appliance categories [7]. Industry Trends - The sales structure of home air conditioners is changing, with an increase in the market share of inverter and wall-mounted units [11]. - The electric bicycle industry is undergoing upgrades due to new safety standards, which may lead to increased market concentration [6]. Market Performance - The home appliance industry is projected to outperform the broader market index (CSI 300) by at least 10% over the next six months [13].