2024Q3家电板块基金持仓点评：重仓比例持续提升，白电龙头加仓显著

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [4][8]. Core Insights - The public fund heavy holding ratio in the home appliance sector reached 5.20% in Q3 2024, an increase of 0.61 percentage points from the previous quarter, ranking 7th among all sectors [5][12]. - The white goods segment, benefiting from the old-for-new policy and stable operational advantages, saw the largest increase in holdings, indicating strong future performance potential for leading companies in the sector [6][8]. - The overall performance of the home appliance index increased by 19.90% in Q3 2024, outperforming the CSI 300 index by 3.83 percentage points [5][12]. Summary by Sections 1. Heavy Holding Ratio in Home Appliance Industry - The heavy holding ratio for public funds in the home appliance industry is 5.20%, up 0.61 percentage points, placing it in the 78th percentile since 2010 [5][12]. - The home appliance sector ranked 7th in fund allocation among all sectors, with the largest increases seen in electric power equipment and new energy, non-bank financials, automotive, and real estate [5][12]. 2. Continuous Increase in White Goods Holdings - The heavy holding ratios for various segments in the home appliance sector are as follows: white goods (3.81%), upstream (0.67%), small appliances (0.57%), black goods (0.22%), lighting (0.12%), and kitchen appliances (0.02%) [6][15]. - The largest increase in holdings was in white goods (+0.52 percentage points), followed by upstream (+0.20 percentage points) [6][15]. 3. Northbound Holdings Decline with Some Companies Gaining Favor - The overall northbound holdings in the home appliance sector saw a decline, with significant decreases in companies like Roborock (-4.21 percentage points) and Midea Group (-2.26 percentage points) [7][29]. - Companies such as Boss Electric (+0.79 percentage points) and XGIMI (+0.66 percentage points) experienced increases in northbound holdings [7][29]. 4. Future Outlook - The home appliance sector is expected to benefit from the old-for-new policy, with domestic sales entering a renewal cycle, and the potential for significant subsidies [8][31]. - The report recommends leading white goods companies such as Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances due to their strong market positions and high dividend yields [8][31].