Guoyuan Securities·2025-08-06 09:39Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The home appliance industry in Anhui has developed into a significant industrial cluster with a total output value of approximately 300 billion, expected to reach 500 billion by 2027, marking it as a crucial base for the global home appliance industry [2][14] - The report highlights the evolution of the home appliance industry in Anhui over 40 years, transitioning through three main phases: brand creation, capital introduction, and industrial transfer, culminating in an ecological aggregation phase [14][20] - The province's strategic location and resource advantages, along with supportive policies, have fostered a conducive environment for the home appliance industry, leading to significant market opportunities [3][4] Summary by Sections 1. Overview of the Home Appliance Industry - The home appliance industry is a traditional advantage for Anhui, with a total output value of around 300 billion, and a projected growth to 500 billion by 2027 [2][14] - In 2024, the production of the "four major appliances" in Anhui is expected to reach 102.06 million units, a year-on-year increase of 6.85%, ranking second in the country [2][22] 2. Regional Advantages and Policy Support - Anhui's geographical position at the intersection of the Yangtze River Delta and central-western China provides a vast market for the home appliance industry [3] - The province has established a comprehensive logistics foundation with a robust container transport system and regular operation of China-Europe freight trains [3] - The establishment of a 3 billion yuan smart home appliance fund in 2023 aims to attract quality projects and enhance industrial clustering [3][4] 3. Industrial Structure and Cluster Development - The industry features a "13+1000" structure, comprising 13 leading enterprises and over 1000 supporting manufacturers, with a high local supply chain integration rate [4][24] - Major cities like Hefei, Wuhu, and Chuzhou play pivotal roles in the regional industrial layout, with Hefei being the largest home appliance production base in the country [4][23] 4. Technological Advancements and Market Trends - The integration of new technologies such as AI and high-end manufacturing is driving the smart home appliance sector, with a focus on personalized and multi-scenario products [7][30] - The report notes a significant shift towards smart appliances, with the market for smart home devices projected to grow substantially, indicating a strong demand for innovative products [31][35] 5. Investment Opportunities - The report suggests that investors should focus on local leading manufacturers benefiting from policies promoting product upgrades and international expansion [8] - There is an emphasis on the potential for capitalizing on the deep industrial accumulation in Anhui, particularly in the smart appliance sector [8]