家用电器行业简评：以旧换新与智能制造“双轮驱动”，把握结构性机遇

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - In 2024, the retail sales of household appliances and audio-visual equipment in China are projected to grow by 12.3% year-on-year, with a "front low and back high" trend in the domestic market. The sales growth in the last quarter of 2024 is expected to achieve double-digit increases, with monthly growth rates of 20.5%, 39.2%, 22.2%, and 39.3% from September to December [5]. - The "trade-in for new" policy is driving product innovation, with significant sales increases in energy-efficient products during major shopping events. For instance, sales of energy-efficient gas water heaters and washing machines saw growth rates of 96% and 261%, respectively [5]. - The industry paradigm is shifting from price competition to value competition, with leading appliance companies focusing on technological upgrades and scenario-based services. This includes comprehensive air solutions that integrate various home climate control systems [5]. - The government plans to continue promoting the "trade-in for new" initiative in 2025, with a budget of 300 billion yuan for consumer subsidies, expanding the range of subsidized products from 8 to 12 categories [5]. - The upcoming China Household Appliances and Consumer Electronics Expo in March 2025 will focus on AI technology and its integration into household appliances, showcasing innovations and industry ecosystem collaborations [5]. - The rise of the silver economy and single-person economy presents structural opportunities for smart home applications, with traditional appliance companies enhancing their smart product offerings [5]. - Some appliance manufacturers are diversifying into new business areas, such as automotive and robotics components, leveraging stable cash flows from their core operations [5]. - Investment recommendations include focusing on traditional appliance groups and companies specializing in smart products, such as Haier, Midea, Gree, and companies involved in smart manufacturing and new technology development [5].