Shenwan Hongyuan Securities·2025-12-07 08:12Investment Rating - The report maintains a positive outlook on the home appliance sector, with the sector index outperforming the CSI 300 index, increasing by 1.8% compared to the 1.3% rise of the CSI 300 [4][5]. Core Insights - The report highlights significant sales growth for Stone Technology during the Black Friday period, with a 41% increase in vacuum cleaner sales and a 361% increase in floor washing machines in Europe [4][13]. - Luck Electric announced its participation in a private equity fund, investing 20 million yuan, which represents 62.40% of the total subscription amount, focusing on equity investment in Shenzhen Cloud Leopard Intelligent Co., a semiconductor company [4][14]. - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and low valuations, recommending companies like Hisense, Midea, and Gree [4]. 2. Export-driven companies like Ousheng Electric and Dechang Co. are expected to see revenue growth due to large customer orders [4]. 3. Core components in the white goods sector are expected to see increased demand, with recommendations for companies like Huaxiang and Shun'an [4]. Data Observations - In October 2025, the air conditioning sector saw a total production of 10.13 million units, a year-on-year decrease of 27.90%, with domestic sales down 21.30% [4][36]. - The refrigerator sector reported a production of 8.27 million units, down 9.8% year-on-year, with domestic sales decreasing by 10.76% [4][42]. - The washing machine sector experienced a slight production decrease of 0.2%, but exports increased by 6.41% [4][46]. - The report notes that raw material prices for copper and aluminum have risen, with copper prices up 22.52% year-on-year [4][16].