This week's special topic: 1. Recently, the bank's two sessions have made a sound superposition of the central bank's RRR reduction, the marginal easing of real estate policy, and the real estate industry chain is expected to be marginal better in the future, promoting the home appliance sector β End recovery. At present, the valuation of furniture and household appliances has dropped to a low level, and the leaders of subdivided tracks are in the medium and long-term configuration window. 2. On December 8, the State Council Information Office held a regular policy briefing of the State Council. Wu Xiao, director of the rural economy Department of the national development and Reform Commission, said to promote the upgrading of rural residents' consumption echelon, encourage qualified areas to carry out rural household appliance renewal, and implement furniture and home decoration subsidies and a new round of automobile to the countryside. It is expected that the implementation of the policy will be beneficial to the release of household appliance renewal demand, household appliance replacement demand > new demand, and refrigerator > washing machine > air conditioner in rural replacement demand; In the new demand for rural household appliances, range hood and stove > air conditioner.
Current view: the valuation is at a low level, and the investment value of subdivided leading enterprises is prominent. We believe that the continuous improvement of real estate delivery data next year is expected to promote the prosperity of the household appliance industry, release the demand for population structure and product renewal, and support the strong medium and long-term demand of the industry; The short-term rise in raw material prices accelerates the industry reshuffle, superimposes new opportunities brought by product innovation and channel reform, the industry concentration is expected to continue to rise, and the advantages of leading enterprises are expected to expand. (1) White electricity: it is recommended to pay attention to Haier Smart Home Co.Ltd(600690) of Casati's high-end leadership, "three winged bird" flow front and globalization strategy to enhance competitiveness and Midea Group Co.Ltd(000333) of diversified and global development; (2) kitchen electricity: it is recommended to pay attention to Hangzhou Robam Appliances Co.Ltd(002508) of the steady development of traditional business, the rapid development of dishwasher and other businesses, as well as Marssenger Kitchenware Co.Ltd(300894) and Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) benefiting from the high prosperity of the industry and the accelerated expansion of channels Etc; (3) Small household appliances: the demand for clean appliances such as floor washer and sweeping Siasun Robot&Automation Co.Ltd(300024) is expected to grow steadily due to consumption upgrading, but the short-term chip and shipping problems suppress the valuation of the sector to a certain extent. It is recommended to pay attention to Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) , Kingclean Electric Co.Ltd(603355) . (4) electrical lighting: pay attention to Gongniu Group Co.Ltd(603195) intensive cultivation of channels and products and Opple Lighting Co.Ltd(603515) rapid development of business license business.
This week's market: this week, the Shanghai Composite Index rose 1.63%, and the home appliance industry rose 5.06%, outperforming the market. Among them, white electricity rose 6.08%, black electricity rose 1.74%, kitchen electricity rose 9.59%, small household appliances rose 4.18%, lighting electricians and other sectors rose 1.2%. As for the shareholding ratio of Shanghai (Shenzhen) stock connect, as of Friday, Midea Group Co.Ltd(000333) Shanghai and Shenzhen Stock connect accounted for 17.64%, down 0.07pct from last week; Gongniu Group Co.Ltd(603195) Shanghai and Shenzhen Stock connect accounted for 19.11%, up 0.94pct from last week; Gree Electric Appliances Inc.Of Zhuhai(000651) Shanghai and Shenzhen Stock connect accounted for 11.62%, up 0.36pct from last week; Joyoung Co.Ltd(002242) Shanghai and Shenzhen Stock connect accounted for 11.89%, down 0.11pct from last week; Hangzhou Robam Appliances Co.Ltd(002508) Shanghai and Shenzhen Stock connect accounted for 11.07%, an increase of 0.55 PCT over last week; Haier Smart Home Co.Ltd(600690) Shanghai and Shenzhen Stock connect accounted for 10.17%, an increase of 0.45pct over last week. In terms of individual stocks, the top five gainers of the household appliance industry this week were Zhejiang Entive Smart Kitchen Appliance Co.Ltd(300911) (22.85%), Xiamen R&T Plumbing Technology Co.Ltd(002790) (21.2%), Hisense Home Appliances Group Co.Ltd(000921) (17.01%), Hangzhou Robam Appliances Co.Ltd(002508) (12.69%), Bear Electric Appliance Co.Ltd(002959) (11.5%); the top five gainers were Aucma Co.Ltd(600336) (- 16.96%), Changshu Tianyin Electromechanical Co.Ltd(300342) (- 7.4%), Shenzhen Longtech Smart Control Co.Ltd(300916) (- 6.27%), Jiangsu Yinhe Electronics Co.Ltd(002519) (- 6.17%) and Xiamen Guang Pu Electronics Co.Ltd(300632) (- 5.8%).
One week key data tracking: the price of galvanized sheet coil (0.5mm) this week is 5986 yuan / ton, up 24 yuan / ton compared with last week; the price of galvanized sheet coil (1.0mm) this week is 5826 yuan / ton, up 2 yuan / ton compared with last week; the price of copper (1#) this week is 69920 yuan / ton, up 20 yuan / ton compared with last week; aluminum (A00) the price this week was 18760 yuan / ton, an increase of 90 yuan / ton over last week; the price of China's plastic price index this week was 1043.1, an increase of 0.1 over last week.
Risk warning: the price of raw materials fluctuates greatly; Risk of terminal demand slump; Exchange rate fluctuation risk.
