家电周报：各品牌陆续发布双十一战报，九阳豆业“哈基米豆浆”引领热潮-20251116

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting a "Buy" recommendation for key players in the white goods segment due to their low valuation, high dividends, and stable growth potential [4]. Core Insights - The home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with the sector index rising by 1.1% while the broader index fell by 1.1%. Key companies like Joyoung (26.6%), Lek Electric (12.2%), and Hisense (7.1%) led the gains, while companies like Sanhua Intelligent Control (-12.3%) and Roborock (-1.5%) faced declines [5][7]. - Stone Technology achieved significant sales growth during the Double Eleven shopping festival, becoming the top brand in the cleaning appliance category with a market share of 34.75% in the sweeping robot segment and a 25.02% share in the washing machine segment, with net sales increasing by 408.52% year-on-year [11]. - Joyoung's new plant-based beverage, "Haqimi Green Bean Soy Milk," has gained popularity in the market, indicating strong consumer interest and potential for growth [12]. Sales Data Summary - Air Conditioners: In October 2025, online retail sales volume was 1.99 million units, a year-on-year decrease of 22.2%, while offline sales were 378,000 units, down 42.3%. The average online retail price decreased by 1.9% to 3,073 yuan per unit, and the offline average price fell by 12.2% to 4,330 yuan per unit [30]. - Kitchen Appliances: - Range Hoods: Online sales volume was 1.166 million units, down 8.6% year-on-year, while offline sales were 128,000 units, down 34.3%. The online average price increased by 8.5% to 2,005 yuan per unit, while the offline average price decreased by 5.5% to 4,422 yuan per unit [35]. - Dishwashers: Online sales volume was 187,000 units, down 29.1%, and offline sales were 34,000 units, down 26%. The online average price rose by 3.6% to 4,790 yuan per unit, while the offline average price fell by 1.6% to 8,195 yuan per unit [39]. Industry Dynamics - The report identifies three main investment themes: 1. White Goods: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by low valuations and high dividends. The "trade-in" policy may catalyze growth, and rising copper prices are generating positive sentiment in the channel [4]. 2. Exports: Companies like Ousheng Electric and Dechang Co. are recommended due to their stable income growth driven by large customer orders and recovery in overseas demand [4]. 3. Core Components: The report highlights the increased demand for core components driven by the white goods sector's unexpected growth, recommending companies like Huaxiang Co. and Shun'an Environment for their competitive advantages and growth potential [4].