Investment Rating - The report suggests a positive outlook for the home appliance industry, indicating strong growth potential in both domestic and emerging markets [4][54]. Core Insights - In April, home appliance exports showed a mixed performance, with a slight increase in quantity (+1.5%) but a decrease in value (-1.7%). Notably, air conditioner exports rose significantly by 14.5% [11][13]. - Emerging markets, particularly Southeast Asia and Africa, demonstrated robust growth in appliance exports, with increases of 70% and 43% respectively [13][16]. - The domestic air conditioner production is expected to increase by 35% in June 2025, driven by improved consumer confidence and government policies [21][23]. Summary by Sections 1. Export Performance - In April, air conditioner exports reached 10.68 million units, a year-on-year increase of 14.5%, while refrigerator exports slightly declined by 0.7% [11][12]. - Southeast Asia and Africa led the growth in appliance exports, with significant increases in export values [13][14]. 2. Production Insights - Air conditioner production in June 2025 is projected at 20.75 million units, a 17% increase year-on-year, with domestic production up by 35.4% [21][23]. - Factors contributing to this growth include enhanced retail market dynamics and government incentives [23]. 3. Market Trends - The home appliance retail sector has maintained high growth, supported by domestic demand and favorable government policies [4][54]. - The report emphasizes the importance of focusing on domestic demand and subsidy-driven growth opportunities in the white goods sector [4][54]. 4. Investment Recommendations - The report recommends focusing on three main lines: domestic demand and subsidies, structural upgrades in the black goods sector, and opportunities in small appliances [4][54].

Investment Rating - The report suggests a positive outlook for the home appliance industry, particularly focusing on domestic demand and emerging market exports [4][54]. Core Insights - In April, home appliance exports showed a mixed performance with a slight increase in quantity (+1.5%) but a decrease in value (-1.7%). Air conditioner exports rose significantly by 14.5% [11][13]. - The report highlights strong growth in emerging markets, particularly Southeast Asia and Africa, with export values increasing by 70% and 43% respectively [13][16]. - The air conditioning production for June is projected to increase by 35%, driven by domestic demand and favorable market conditions [21][23]. Summary by Sections 1. April Home Appliance Export Performance - Home appliance exports in April showed a quantity increase of 1.5% but a value decrease of 1.7%. Air conditioners, refrigerators, washing machines, and LCD TVs had varied performances with air conditioners and washing machines showing notable growth [11][12][14]. 2. Regional Export Trends - Southeast Asia and Africa led the growth in exports, while North America and Europe experienced significant declines. For instance, air conditioner exports to South America and the Middle East grew by 37% and 31% respectively [16][18]. 3. Production Insights - The report indicates that air conditioning production in June is expected to reach 20.75 million units, a 17% increase year-on-year, with domestic production rising by 35.4% [21][23]. 4. Market and Sector Tracking - The report tracks market performance, noting a slight decline in the Shanghai Composite Index but a 0.4% increase in the home appliance sector index. Key stocks showed varied performance, with notable gains in companies like Stone Technology and Aishida [24][27]. 5. Investment Recommendations - The report recommends focusing on domestic demand and subsidy-driven growth in the white goods sector, as well as opportunities in the black goods sector and small appliances [4][54].

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of industry prosperity and suggesting that related companies are likely to see significant profit increases [6][72]. Core Insights - In March 2025, refrigerant prices continued to rise, with R32, R125, and R134a prices reaching 47,000 CNY/ton, 45,000 CNY/ton, and 46,500 CNY/ton respectively, marking increases of 5.62%, 2.27%, and 3.33% compared to the end of February [6][14]. - The production of household air conditioners is expected to maintain a year-on-year growth trend, with production volumes projected at 24 million units in April, 23.9 million in May, and 21.3 million in June, reflecting year-on-year growth rates of 9.10%, 13.00%, and 15.90% respectively [6][38]. - The long-term contract prices for refrigerants R32 and R410a have significantly increased, with R32 rising to 46,600 CNY/ton and R410a to 47,600 CNY/ton, both reflecting increases of 6,000 CNY/ton from the first quarter [6][68]. Refrigerant Tracking - The production of R32, R134a, and R125 in March 2025 saw significant month-on-month increases, with R32 production up 38.09% and R134a up 46.39% [15]. - The total inventory of R32, R134a, and R125 has shown a month-on-month increase, indicating a recovery in supply levels [18]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry, such as Juhua Co. and Sanmei Co., which are expected to benefit from the ongoing high demand and rising prices [6][72].