国金证券：家电消费情绪大幅升温 关注三条主线

Core Viewpoint - The report from Guojin Securities indicates that the "trade-in" policy has significantly boosted consumer sentiment in the home appliance sector, with exports recovering in the European and American markets, and strong demand from emerging markets expected to maintain high prosperity throughout the year [1][2]. Group 1: Domestic Sales Outlook - The "trade-in" policy is expected to continue and possibly intensify, leading to further recovery in domestic home appliance sales [2]. - The real estate sector is anticipated to enhance the demand for home appliances as the U.S. enters a rate-cutting cycle, with healthy inventory levels in the U.S. and a gradual recovery in European retail [2]. Group 2: Export Market Insights - The demand in mature markets for home appliances is expected to improve, driven by rising penetration rates and demographic advantages in emerging markets [2]. - The report suggests focusing on three investment themes, with the first being brands with strong competitive advantages and an upward industry cycle [2]. Group 3: Investment Themes - Investment Theme 1: Focus on high-growth potential domestic brands rapidly expanding their global market share, particularly in the robotic vacuum cleaner sector, with Stone Technology as a key player [2]. - Investment Theme 2: Companies benefiting from the North American rate cuts in the OPE sector, with a focus on companies like Quan Feng Holdings and Greebo [3]. - Investment Theme 3: The black and white electrical assets benefiting from the "trade-in" policy, with major appliances showing significant demand recovery and concentration of market share among leading companies like Midea Group and Hisense [4]. - Investment Theme 4: The kitchen appliance sector is showing signs of recovery due to policy stimulation and real estate support, with companies like Robam Appliances and Vatti Corporation as key focuses [5].