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家电周报:中美协议达成部分关税暂缓,美的海信达成全面战略合作-20250518

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth driven by favorable policies and market dynamics [6][7]. Core Insights - The report emphasizes three main investment themes: the white goods sector, export opportunities, and core components, suggesting a robust growth trajectory for these areas [7]. - Recent developments include a strategic cooperation agreement between Midea Group and Hisense Group, focusing on AI applications and advanced manufacturing [6][14]. - The report notes a significant increase in sales and prices for air conditioners and kitchen appliances, indicating a strong market demand [4][5][33][35]. Summary by Sections 1. Market Performance - The home appliance sector underperformed compared to the CSI 300 index, with a slight increase of 0.1% in the sector index while the CSI 300 rose by 3.3% [6][8]. - Key companies such as Huaxiang Co. and Rongtai Health showed significant gains, while others like Hisense Vision and XGIMI faced declines [10]. 2. Industry Dynamics - The US-China trade agreement resulted in a temporary suspension of 24% tariffs for 90 days, which is expected to benefit the home appliance sector [6][13][59]. - The report highlights the importance of the real estate market's recovery for the white goods sector, with a projected increase in production [7][42]. 3. Sales Data - In April 2025, online sales of air conditioners reached 3.36 million units, a year-on-year increase of 39.2%, while offline sales were 537,000 units, up 9.6% [4][33]. - For kitchen appliances, online sales of range hoods increased by 15.6% to 430,000 units, and offline sales rose by 31.0% to 99,000 units [5][35]. 4. Component Sales - The report indicates a 9.7% year-on-year increase in the sales of rotary compressors, with a total of 31.4 million units sold in March 2025 [23][27]. - The sales of electronic expansion valves also saw a significant increase of 18.4% year-on-year [25]. 5. Macroeconomic Environment - As of May 16, 2025, the USD to CNY exchange rate was reported at 7.1938, reflecting a slight increase of 0.08% since the beginning of the year [41]. - The report notes a 20.21% year-on-year increase in the sales area of residential properties, indicating a positive trend in the real estate market [42].