国投家电一周看图：Q4白电板块获基金持续增配

Investment Rating - The report indicates a positive investment rating for the home appliance sector, particularly highlighting the white goods segment as having high allocation value [3][8]. Core Insights - In Q4 2024, the proportion of fund holdings in the home appliance sector decreased by 0.12 percentage points to 5.19%, while the white goods segment saw an increase in fund allocation, with its market value rising to 3.84% of total fund holdings, up by 0.04 percentage points [3][4]. - The report emphasizes that the "old-for-new" policy in 2025 is expected to boost domestic home appliance consumption, alongside the ongoing globalization efforts of appliance companies targeting emerging markets like the Middle East and Latin America [3][8]. - Fund holdings in major companies such as Midea Group and Gree Electric Appliances increased, with Midea's holdings rising by 0.22 percentage points and Gree's by 0.06 percentage points in Q4 2024 [3][22]. Summary by Sections Fund Allocation Trends - The report notes a decrease in the overall fund allocation to the home appliance sector, with a specific decline in the black goods and small appliances segments due to concerns over U.S. tariff risks [4][12]. - The white goods segment, however, experienced a positive trend, with a 2.60% overweight in fund holdings, reflecting a 0.12 percentage point increase [8][10]. Company Performance - Midea Group and Gree Electric Appliances are highlighted as key beneficiaries of the "old-for-new" policy, with Midea's domestic sales benefiting significantly from this initiative [22]. - The report provides a comparative analysis of domestic and international appliance companies, detailing their recent performance metrics, including revenue growth and price-to-earnings ratios [49][50][51][52].