Shenwan Hongyuan Securities·2025-08-10 08:14Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for the industry [3]. Core Insights - The home appliance sector has shown resilience with significant growth in domestic sales, particularly in air conditioning and refrigeration, while exports have faced challenges [4][34]. - The report highlights three main investment themes: white goods, export opportunities, and core components, emphasizing the potential for growth driven by policy support and market demand [6]. Summary by Sections 1. Industry Performance - In June 2025, the air conditioning sector produced 18.78 million units, a year-on-year increase of 2.20%, with domestic sales rising by 16.50% to 12.31 million units, while exports fell by 12.70% [27]. - The refrigerator sector saw production of 8.17 million units, up 7.1% year-on-year, with domestic sales increasing by 12.09% to 3.59 million units, but exports decreased by 5.45% [34]. - The washing machine sector reported production of 7.12 million units, a 7.7% increase, with domestic sales growing by 1.46% to 2.94 million units and exports rising by 5.07% [36]. 2. Key Company Developments - Ecovacs established a new embodied intelligence technology company in Zhejiang with a registered capital of 50 million RMB, focusing on service robots and AI applications [12]. - XGIMI Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international presence and brand recognition [13]. 3. Market Trends - The home appliance sector outperformed the CSI 300 index, with the Shenyin Wanguo home appliance index rising by 2.4% compared to a 1.2% increase in the CSI 300 index [5]. - The report notes a significant increase in the sales of kitchen appliances, driven by the "trade-in" policy, which is expected to stimulate further growth in the sector [6]. 4. Economic Environment - As of August 8, 2025, the USD to RMB exchange rate has decreased by 0.70% since the beginning of the year, impacting import costs for raw materials [42]. - The report indicates that the sales area of residential properties increased by 11.84% year-on-year, suggesting a positive trend in the housing market that could benefit home appliance sales [44].