Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a favorable investment environment [2]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the Shenyin Wanguo home appliance index rising by 1.6% while the CSI 300 index fell by 0.4% [2][3]. - Key companies such as Sanhua Intelligent Controls (20.7%), Zhejiang Meida (11.3%), and Yitian Intelligent (10.5%) led the gains, while companies like Bear Electric (-6.2%) and Beiqing Song (-3.0%) faced declines [4][2]. - The report highlights the implementation of policies aimed at expanding service consumption, with 19 specific measures proposed by nine government departments [9]. - The Federal Reserve's decision to cut interest rates by 25 basis points to 4.00%-4.25% is expected to provide greater operational space for China's monetary policy [10]. Data Observations - In August, the offline average price of white goods increased year-on-year, with air conditioners seeing a retail volume increase of 2.2% and a retail value increase of 2.9% [30]. - The average price of air conditioners reached 4,138 yuan, up 0.32% year-on-year, while the market share of Haier increased by 2.6 percentage points to 22.8% [30][32]. - For refrigerators, retail volume decreased by 0.4% in August, but retail value increased by 3.8%, with the average price rising by 2.4% to 6,438 yuan [32]. - In the kitchen appliance segment, the retail volume of range hoods increased by 15.7% and retail value by 22.5%, with an average price increase of 5.2% to 4,246 yuan [36]. Investment Highlights - Three main investment themes are identified: 1. White Goods: The reversal of real estate policies is expected to benefit the white goods sector, characterized by low valuations, high dividends, and stable growth. The "trade-in" policy is anticipated to catalyze demand [2]. 2. Exports: Companies like Ousheng Electric and Dechang Co. are recommended due to their stable income growth from large customer orders and expanding automotive parts business [2]. 3. Core Components: The report suggests investing in companies like Huaxiang Co. and Shun'an Environment, which are positioned to benefit from the increased demand for core components in the white goods sector [2].
家电周报:九部门联合印发扩大消费政策措施,美联储宣布降息25个基点-20250920
Shenwan Hongyuan Securities·2025-09-20 14:57