Shenwan Hongyuan Securities·2025-10-18 09:50Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting potential investment opportunities in leading companies such as Haier, Midea, and Gree [2][8]. Core Insights - The home appliance sector underperformed compared to the CSI 300 index, with a decline of 1.5% in the Shenwan household appliance index [2][3]. - Haier Group and Alibaba signed a comprehensive strategic cooperation agreement focusing on AI and cloud technologies, advanced manufacturing, e-commerce, and globalization [8][55]. - JD.com's 11.11 sales event showed significant growth in home appliances, with new product sales increasing over four times year-on-year [9][55]. Industry Dynamics - Haier and Alibaba's partnership aims to create a new digital industrial ecosystem, leveraging AI capabilities and enhancing manufacturing innovation [8][55]. - JD.com's early sales data indicated that high-end products like large TVs and multi-tub washing machines saw sales growth exceeding ten times year-on-year [9][55]. Data Observations - In September, sales of cleaning appliances like robotic vacuums and washing machines increased significantly, with robotic vacuum sales up 56.56% and washing machines up 61.29% year-on-year [27][30]. - Personal care products also showed varied performance, with hairdryer sales increasing by 4.94% but with a decline in average price, while electric shaver sales surged by 45.46% with a significant increase in sales revenue [33][34]. Investment Highlights - The report identifies three main investment themes: 1. White goods, benefiting from favorable real estate policies and high dividend yields. 2. Export opportunities driven by large customer orders and stable profitability. 3. Core components, with demand exceeding expectations due to the robust performance of white goods [2][8].