聚焦"以旧换新"政策红利与新兴市场出口机遇：内需焕新增势，外需多元拓疆

Group 1: Market Trends - The "old-for-new" policy has significantly boosted domestic demand, with air conditioning sales reaching 10.445 million units in 2024, a year-on-year increase of 5%[5] - In Q1 2025, domestic air conditioning sales continued to grow, with a total of 4.011 million units sold, up 6% year-on-year[5] - The export of air conditioners in Q1 2025 reached 3.152 million units, reflecting a year-on-year increase of 24.5%[6] Group 2: Investment Recommendations - The white goods sector is recommended due to its low valuation, high dividends, and stable growth, with companies like Haier, Midea, Gree, and Hisense being highlighted[2] - Clean appliances are gaining market share, with companies like Ousheng Electric and Dechang Co. showing strong growth potential[2] - Core component manufacturers are diversifying into automotive parts, with companies like Dunan Environment and Sanhua Intelligent Control recommended for their growth prospects[2] Group 3: Risks and Challenges - Exchange rate fluctuations pose a risk to profitability, particularly for export-oriented companies[2] - Raw material price volatility could impact production costs and margins[2] - The white goods sector is experiencing valuation corrections due to external uncertainties, particularly related to U.S. tariff policies[34]