HK Stock Market Move | Household appliance stocks rose across the board in early trading, as the household appliance market is expected to see a surge in consumption during the Double 11 shopping festival. The trade-in of old appliances for new ones is expected to drive a recovery in the fourth quarter.

Home appliance stocks rose across the board in early trading. As of the time of writing, Hisense Home Appliances Group (00921) rose by 4.82% to HK$26.1; Midea Group Co., Ltd (00300) rose by 3.83% to HK$74.5; HAIER SMARTHOME (00669) rose by 2.53% to HK$28.35; TCL ELECTRONICS (01070) rose by 2.52% to HK$5.29. On the news front, with subsidies from the national government and the Double 11 platform, the home appliance market was hot during the Double 11 period. According to multiple statistics, as of November 8, a total of 20.257 million consumers purchased 30.458 million units of 8 major categories of home appliance products, driving sales of 137.79 billion yuan. As of October 30, home appliances ranked first in the total sales of Double 11 in 2024 with a total sales of 132.4 billion yuan, accounting for a 15.7% market share. Guosen pointed out that the operating conditions of home appliance listed companies in Q3 2024 showed signs of bottoming out, with a year-on-year revenue growth of 0.4% and a slight slowdown on a month-on-month basis. However, the net profit margin increased by 0.2% year-on-year, continuing the trend of improvement. In Q4, with the policy of replacing old appliances driving domestic demand, domestic sales of home appliances are expected to improve positively; exports are expected to return to steady growth with overseas interest rate cuts and inflation easing.