家用电器行业周报：静待白马年报一季报行情

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The report continues to favor the black appliance sector, recommending Hisense Visual as a leading player with established operational and performance turning points in Q4 2024, and highlights TCL Electronics for its strong domestic demand driven by trade-in programs and long-term overseas market share growth [2][21] - The report also recommends leading white appliance companies such as Haier Smart Home, Gree Electric, Hisense Home Appliances, and Midea Group, which have solid fundamentals and attractive dividend attributes [2][21] - Attention is drawn to the sales performance of new robotic vacuum models from Stone Technology and Ecovacs in March 2025 [2][21] Summary by Sections Important Price Tracking - Copper prices increased by 0.89% to an average of 77,662 CNY/ton, while aluminum prices rose by 0.72% to 20,688 CNY/ton. ABS prices decreased by 0.95% to 11,450 CNY/ton, and hot-rolled coil prices fell by 0.58% to 3,639 CNY/ton [5][6] - Panel prices saw a rise, with global average prices for 65", 55", 43", and 32" panels at 177 USD, 127 USD, 66 USD, and 36 USD respectively, reflecting increases of 0.57%, 0.79%, 1.54%, and 1.41% [6] - The CCFI composite index, European index, and US West Coast index decreased by 3.16%, 5.42%, and 3.50% respectively [10][12] Investment Suggestions - The report suggests continuing to focus on domestic demand driven by national subsidies and high dividend stocks [21] - It emphasizes the importance of monitoring the sales performance of new products in the robotic vacuum segment [21]