家电行业周报：24年家用空调产销均超2亿台，广东扩大25年以旧换新补贴范围

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly in the context of the upcoming policies and market trends [1]. Core Insights - The home appliance sector is expected to see significant growth, with total production and sales of household air conditioners exceeding 200 million units in 2024, driven by favorable policies and market demand [4][12]. - The Guangdong province has expanded its subsidy program for the 2025 old-for-new appliance exchange, which is anticipated to further stimulate consumer spending in the home appliance market [13][14]. Summary by Sections Air Conditioning - In December, retail volume and value for air conditioners increased by 71.8% and 81.1% respectively, with an average retail price of 4,588 yuan, up 5.3% year-on-year [2][32]. - The market share of major players showed a slight decline for Midea and Gree, while Haier's market share increased [32]. Refrigerators - December saw a 38.3% increase in retail volume and a 50.0% increase in retail value for refrigerators, with an average price of 6,892 yuan, up 6.9% year-on-year [34]. Washing Machines - Retail volume and value for washing machines rose by 31.6% and 45.7% respectively in December, with an average price of 4,452 yuan, up 8.7% year-on-year [34]. Kitchen Appliances - Retail volume for range hoods increased by 73.8% and sales value by 92.9% in December, with an average price of 4,296 yuan, up 9.5% year-on-year [37]. - Retail volume for gas stoves rose by 61.0% and sales value by 93.0%, with an average price of 2,243 yuan, up 18.6% year-on-year [3][37]. Market Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with a 0.9% decline in the home appliance index while the CSI 300 rose by 0.5% [4][6]. - The overall market sentiment remains positive, with expectations of continued growth driven by government policies and consumer demand [5][61]. Export Performance - In December, China exported 38.36 million home appliances, a year-on-year increase of 16.1%, with significant growth in air conditioner and refrigerator exports [60]. Policy Impact - The old-for-new policy has significantly boosted retail sales, with the home appliance retail market reaching a historical high of 1,030.7 billion yuan in 2024, a 12.3% increase year-on-year [61][65]. - The policy is expected to continue driving demand and enhancing the competitiveness of the home appliance industry [64].