家电行业周报：问界M9累计大定破8万辆利好光峰，极米、碧云泉等相继推新

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [39]. Core Insights - The home appliance sector has seen a slight decline of 3.66% this week, but it has increased by 20.37% year-to-date, ranking second among the primary industries in the Shenwan classification [4][8]. - TCL Electronics, Changhong Meiling, and Hisense Home Appliances have led the sector with significant year-to-date gains, with TCL Electronics achieving a remarkable increase of 120.39% [4][8]. - The report highlights a positive trend in capital inflow, with northbound funds net inflow of 8.762 billion and southbound funds net inflow of 16.939 billion, indicating increased investor interest [4][8]. Market Overview - The real estate market is under pressure, with April 2024 data showing a 36.66% decline in transaction area and a 35.72% drop in transaction volume across 30 major cities [4][16]. - The report anticipates a recovery in the real estate sector, which could positively impact the demand for major appliances such as air conditioners, refrigerators, washing machines, and televisions [4][16]. Raw Material Price Tracking - Prices for plastics, copper, and aluminum have shown year-on-year increases, with copper prices rising by 27.18% and aluminum by 12.12% [20][24]. - The report notes that steel prices have decreased by 11.43% year-on-year, while the overall trend for raw materials indicates a mixed outlook [20][24]. News Highlights - The report mentions significant product launches, including the AITO M9, which has surpassed 80,000 pre-orders, benefiting companies like Guangfeng Technology [31]. - Other notable product releases include new models from XGIMI and Biyunquan, indicating a competitive landscape in the home appliance sector [31][33]. Investment Recommendations - The report suggests focusing on white goods, kitchen appliances, and electrical lighting, which are currently undervalued and expected to benefit from a recovery in real estate and consumer confidence [37]. - The white goods sector is projected to maintain high demand, while kitchen small appliances are expected to see revenue growth due to promotional activities [37].