Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The steel price of finished products showed a pattern of rising and then falling due to low demand. Given the current macro and fundamental situation, it is recommended to try short - selling at high prices after a rebound. For raw materials, there may still be a rebound in the near term, and short - selling can be attempted during the rebound [2] Group 3: Summary by Relevant Catalog Real Estate - From May 5th to May 11th, the total contracted area of newly built commercial housing in 10 key cities was 1.4548 million square meters, with a 13.2% month - on - month increase and a 17.7% year - on - year decrease [2] White Goods - According to the online market monitoring data of Aowei Cloud Network, in April, the year - on - year growth rates of the online retail sales of refrigerators, freezers, washing machines, independent dryers, and air conditioners were +1.0%, - 0.8%, +10.8%, +45.0%, and +34.8% respectively [2] Steel Industry - On May 13th, the average cost of 76 independent electric arc furnace construction steel mills was 3334 yuan/ton, with a daily increase of 8 yuan/ton. The average profit was - 87 yuan/ton, and the valley - electricity profit was 18 yuan/ton, with a daily increase of 12 yuan/ton. On May 13th, the ex - factory price of ordinary billet resources in Qian'an, Tangshan was reduced by 20 yuan to 2950 yuan. On May 12th, the release of the "Geneva Economic and Trade Joint Statement" between China and the United States was beneficial at the macro - level, leading to a rebound in many commodity varieties. However, there was still pressure on the domestic demand side. In the industry, due to the still - existing profits of steel mills, the hot - metal output and steel mill operating rates increased last week, but the downstream was gradually entering the off - season of demand, resulting in a situation of strong supply and weak demand, and the steel price was under pressure [2]

Investment Rating - The report suggests a strong growth outlook for the home appliance industry, particularly driven by government subsidies and the upcoming peak stocking season, indicating a positive investment sentiment [6][53]. Core Insights - In March 2025, the retail sales of home appliances reached 100.1 billion yuan, showing a year-on-year increase of 35.1%, significantly higher than the growth rates in January and February [2][13]. - The online and offline retail sales for the first quarter of 2025 (excluding 3C products) grew by 4.7% and 12.8% year-on-year, respectively [2][13]. - The "trade-in" policy and other consumption incentives have effectively boosted the consumer market, leading to a notable increase in domestic sales [2][13]. Market Performance - The white goods sector showed stable performance, with significant growth in online sales of standalone dryers and double-digit growth in offline sales of refrigerators and washing machines [2][16]. - The kitchen and bathroom appliances sector is showing signs of recovery, with notable increases in offline sales of range hoods and gas stoves [2][23]. - The cleaning appliances segment continues to perform strongly, with online sales of air purifiers and water purifiers increasing by 46.3% and 25.6% year-on-year, respectively [2][25]. Company Announcements - Hisense Vision reported a revenue of 58.53 billion yuan for 2024, a year-on-year increase of 9.17%, with a net profit of 2.246 billion yuan, up 7.17% [47]. - Supor achieved a revenue of 22.427 billion yuan in 2024, reflecting a growth of 5.27% year-on-year, with a net profit increase of 2.244 billion yuan [47]. Investment Recommendations - The report recommends focusing on domestic demand and subsidy-driven opportunities, suggesting companies like Gree Electric, Midea Group, and Hisense Home Appliances as potential investment targets [6][53]. - For companies with significant exports to the U.S., it is advised to select those with production facilities concentrated in the US-Mexico-Canada Agreement area [6][53].