家用电器行业投资策略周报：12月内销同比高增，外销延续较好增长

Investment Rating - The report maintains a "Hold" rating for the home appliance industry, consistent with the previous rating [3]. Core Insights - The home appliance sector experienced a significant increase in domestic sales in December, with a year-on-year growth of 39.3% for home appliances and audio-visual equipment, while the overall retail sales of consumer goods rose by 3.7% [7][14]. - The report highlights the robust performance of white goods, which are expected to benefit from the "old-for-new" policy, with recommendations for companies such as Midea Group, Gree Electric Appliances, Haier Smart Home, and Hisense Home Appliances [24][50]. - The export of home appliances also showed strong growth, with a year-on-year increase of 14.3% in December, contributing to a cumulative annual growth of 15.4% [20]. Summary by Sections Investment Recommendations - The report suggests that white goods are experiencing stable growth, with a stable ROE and high dividend advantages, and recommends several leading companies in the sector [24][50]. Weekly Market Review (January 13-17, 2025) - The report notes that the home appliance index underperformed the market by 2.1 percentage points, with the overall index remaining flat at 0.0% [31]. Industry Review - The Ministry of Commerce reported that the "old-for-new" policy for home appliances generated sales of 260 billion yuan in 2024, with expectations for continued momentum in 2025 [50][51]. - The report indicates that the home appliance industry showed strong growth in 2024, with total revenue reaching 1.76 trillion yuan, a year-on-year increase of 5.11% [51][52].