家电行业周报：4月出口表现出较强韧性，暖通产业链Q1销售数据高增

Investment Rating - The industry is rated as "Buy" with expectations of an upward movement exceeding 15% in the next 3-6 months [38] Core Insights - April exports showed strong resilience with a year-on-year increase of 8.1%, driven primarily by robust demand from non-US regions [11][1] - The HVAC industry experienced significant sales growth in Q1 2025, with exports outperforming domestic sales due to preemptive stocking by overseas distributors amid tariff uncertainties [2][11] - The domestic appliance sector is expected to benefit from strong domestic demand and continued high demand from emerging markets, which is likely to sustain export growth [5][36] Summary by Sections Export Data - In April, China's exports (in USD) increased by 8.1% year-on-year, continuing a positive growth trend [11] - Major trading partners included ASEAN, Europe, and the US, with export values of 1.48 trillion, 1.21 trillion, and 1.07 trillion respectively, showing year-on-year changes of +12.6%, +6.1%, and -1.5% [11] HVAC Industry Performance - The HVAC industry saw a total sales volume of 58.873 million units in Q1 2025, a 15.3% increase year-on-year, with exports at 31.521 million units (+24.5%) outpacing domestic sales [12][15] - Central air conditioning sales reached 36.1 billion yuan, up 7.9% year-on-year, with both domestic and export markets showing growth [12][15] Market Trends - The Shanghai Composite Index rose by 2.00% and the home appliance index increased by 3.3% in the latest week [16] - Key stocks showed significant gains, with Springlight Technology up 46.41% and Greer up 16.79% [16] Raw Material Prices - Recent trends indicate a slight decline in copper and aluminum prices, with copper down 0.15% and aluminum down 0.12% in the last week [20][21] - Year-to-date, copper prices have increased by 9.21%, while aluminum has decreased by 5.32% [21] Real Estate Data - In March 2025, new residential construction area decreased by 24.3% year-on-year, indicating a slowdown in the real estate sector [27][30] - The total area under construction and completed also showed declines of 10.0% and 14.8% respectively [27][30] Investment Recommendations - Focus on domestic demand and subsidy-driven growth in the white goods sector, with specific attention to companies like Gree Electric, Midea Group, and Haier Smart Home [36] - Consider opportunities in the black goods sector, which continues to see structural upgrades, and small appliances that are recovering from previous challenges [36]