2025年家电行业春季投资策略：国内换新潮涌动，海外新市场领航

Investment Rating - The report maintains a positive investment rating for the home appliance industry, particularly focusing on the white goods sector due to favorable policies and market conditions [4][7]. Core Insights - The report identifies three main investment themes: domestic sales driven by the "old-for-new" policy, strong export growth, and increased demand for core components in the white goods sector [5][6]. - The "old-for-new" policy has shown significant effects, with domestic sales expected to benefit from government initiatives aimed at boosting consumption [5][19]. - The report highlights the resilience of the white goods sector, with companies like Midea, Haier, Gree, and Hisense recommended for investment due to their strong market positions and growth potential [5][6]. Summary by Sections 1. Sector Review - Demand has significantly improved, and valuations have rebounded from their lows, indicating a recovery in the home appliance sector [7][36]. 2. Trend Analysis - The combination of domestic policy support and opportunities in emerging markets is expected to create a favorable environment for the industry in 2025 [7][44]. 3. Sector Recommendations - The white goods sector is highlighted as a key area for investment, with a focus on companies that are well-positioned to capitalize on both domestic and international demand [7][44]. 4. Stock Recommendations - Specific stocks recommended include Midea, Haier, Gree, and Hisense in the white goods segment, as well as companies like Ousheng Electric and Dechang Co. in the export market [5][6][22]. 5. Market Dynamics - The report notes that the white goods sector is experiencing a resurgence in both domestic and export markets, with significant growth in air conditioning and washing machine sales [22][23].