家用电器行业周报：建议关注AI赋能家电产品的功能提升

Investment Rating - The report assigns an investment rating of "Recommended" for the home appliance industry [3][26]. Core Insights - The report emphasizes the importance of AI-enabled enhancements in home appliance products, highlighting a recent meeting led by Li Qiang that focused on boosting consumption and supporting new types of consumption, including "AI + consumption" [3][7]. - It suggests paying attention to companies in the home appliance sector that are integrating AI into their products, such as Hisense and Ecovacs, which are making strides in smart technology and service robots [4][7]. Industry Performance Overview - The home appliance sector (SW) saw a weekly increase of 0.2%, ranking 24th among 31 first-level industries in the Shenwan classification, underperforming the CSI 300 index by 1.03 percentage points [3][8]. - Sub-sector performance varied, with white goods down by 0.82%, while black appliances, small appliances, kitchen and bathroom appliances, and cleaning equipment saw increases of 8.81%, 4.23%, 4.84%, and 4.23% respectively [3][8]. - The price-to-earnings ratio (TTM) for the home appliance sector was 15.6x as of February 14, 2025, placing it at a relatively low valuation compared to other industries [3][8]. Company Dynamics - The report tracks individual company movements, noting that XGIMI Technology is planning to transfer 197.85 million shares, representing 2.83% of its total shares, to institutional investors due to shareholder funding needs [8]. Industry Data Tracking 1. Air Conditioner Sales: In December 2024, total air conditioner sales reached 17.46 million units, a year-on-year increase of 30.0%, with domestic sales at 7.36 million units (+20.5%) and exports at 10.10 million units (+37.9%) [9]. 2. Refrigerator Sales: Total refrigerator sales in December 2024 were 8.36 million units, up 12.5% year-on-year, with domestic sales at 4.17 million units (+11.9%) and exports at 4.19 million units (+13.0%) [10]. 3. Washing Machine Sales: Total washing machine sales reached 8.06 million units in December 2024, a 16.9% increase year-on-year, with domestic sales at 4.21 million units (+12.6%) and exports at 3.84 million units (+22.0%) [12]. 4. Range Hood Sales: In November 2024, total range hood sales were 2.94 million units, a year-on-year increase of 12.4%, with domestic sales at 1.79 million units (+16.8%) and exports at 1.15 million units (+6.2%) [13]. 5. Cleaning Appliance Retail: In January 2025, online and offline retail sales of robotic vacuum cleaners were 26.7 thousand and 1.2 thousand units, respectively, with year-on-year increases of 14.7% and 7.7% [14].