25W43周观点：直补趋势化，AI赋能商家降本增效，即时零售贡献新增量-20251102

Investment Rating - The report maintains a rating of "Outperform the Market" for the home appliance sector [7]. Core Insights - The Double Eleven shopping festival has seen an earlier start and extended duration this year, with major platforms like Kuaishou, JD, and Douyin initiating pre-sales as early as October 7, 2025 [14][16]. - Direct subsidy trends have become prominent, simplifying promotional strategies and focusing on direct price reductions across platforms [14][16]. - AI tools are increasingly empowering marketing operations, helping merchants reduce costs and improve conversion rates through precise customer targeting and efficient ad spending [3][16]. - The instant retail market is expected to contribute significantly to this year's Double Eleven sales, with platforms like Taobao and JD enhancing their local life services and promotional strategies [4][20]. Market Performance Data - The home appliance sector experienced a weekly increase of 1.2%, with specific segments showing varied performance: white goods up 1.6%, black goods down 0.3%, small appliances up 1.1%, and kitchen appliances up 2.7% [26]. - Key brands in the home appliance sector have shown significant sales growth, particularly in 3C digital and AI innovation products, with order volumes for major categories increasing over 70% year-on-year [20][21]. Segment Tracking - The report highlights the performance of various segments within the home appliance industry, noting that brands like Haier and Midea have faced challenges in sales, particularly in offline channels [37][40][41]. - The small appliance segment has shown resilience, with brands like Joyoung and Supor reporting positive sales growth in specific product categories [40]. - Kitchen appliances have also seen varied performance, with brands like Boss and Huadi experiencing significant fluctuations in sales figures [41].