家用电器行业周报：24M12家电社零提速增长，继续看好家电板块配置价值

Investment Rating - Industry rating: Recommended (Maintain) [2] Core Views - The home appliance sector continues to show strong growth, with retail sales in December 2024 increasing by 39.3% year-on-year, significantly outperforming the overall retail sales growth of 4.2% [4][6] - The report emphasizes the positive impact of government subsidies and the "old-for-new" appliance replacement policy, which is expected to drive demand in 2025 [4] - The report highlights the resilience of major players in the industry, particularly in the context of both domestic and international sales [4] Summary by Sections Important Price Tracking - In January 2025, the average price of copper was 75,924 RMB/ton, up 1.58% month-on-month and 11.71% year-on-year [6] - The average price of aluminum was 20,200 RMB/ton, up 2.36% month-on-month and 6.74% year-on-year [6] - The average price of ABS remained stable at 11,800 RMB/ton, with a year-on-year increase of 10.90% [6] - The average price of hot-rolled steel was 3,678 RMB/ton, up 0.99% month-on-month but down 15.80% year-on-year [6] Investment Recommendations - The report continues to recommend leading black appliance manufacturer Hisense Visual as a top pick due to established operational and performance turning points [4] - It also recommends white appliance leaders such as Gree Electric, Haier Smart Home, Midea Group, Hisense Home Appliances, and small appliance leader Supor, citing solid fundamentals and attractive dividend attributes [4] - TCL Electronics is highlighted for its potential growth driven by domestic demand and increasing overseas market share [4] - The report suggests monitoring new product launches from Roborock Technology and Ecovacs in March 2025 [4]