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Air conditioning Subsidiary, the market is expected to participate in bidding Meiling, Meiling expected to participate in bidding, it will be disclosed in the relevant notice. Sichuan Changhong has the strongest performance, compression and Meiling's Huayi Electrical performance is good, one is stimulated by the event; the other hand, shares sharply higher early color TV, there is compensatory growth of Sichuan Changhong space. In addition, stock prices rose for resumption Chunlan appliance plate to attract the market's attention.

Konka And the rapidly growing enterprise Little Swan Washing Machine and Hefei Sanyo, see our report issued on 11 "October sales of home appliances to the countryside close to 7.5 billion." , Judging from the market, four companies rose two days, respectively, 16.2%, 5.9%, 4.9% and />
Variety; recent rise less, valuations were low in small household appliances, there is compensatory growth space.
Small appliances
We believe that a substantial rise in short-term appliance main sections are:
(1) 12 announced the October economic performance data, household appliances and audiovisual equipment class in October monthly retail sales growth up 35.4% over retail sales of social consumer goods grew 19.2 percent; the chain increased 23.0 percentage points; record the highest growth rate since 2008. Total retail sales growth also by 6.9% in September rose to 10.0%. This trend line with our strong fourth quarter, the expected consumer appliances, but such a large growth rate increased by more than the market expectations, we think mainly due to better pre-real estate turnover and the impact of appliance consumption stimulus. As a result, consumer appliances market is expected to significantly rise again, this is the key reason for the rising plate two days.
In addition to restoration of the two-day
rose 49%, the Sichuan Changhong , Hisense Electrical appliances, Vantage shares led the gainers with nine shares Yang, the two-day interval, respectively, 21.0% increase, 16.2%, 15.0% and />
Shares on the Vantage shares performed better with the 9 Yang analysis. We recently released Vantage Comments Share Report "strong management incentives," mentioned Vantage shares performed well mainly due to its recent upgrade of the expected higher profit margins, management's incentive to bring the power is expected to protect profit margin reached a high level, we believe that this is still the main reason for the recent good performance. The operation and performance of nine yang shares are relatively stable [link widoczny dla zalogowanych], we have been favored
ently appliances XNG, home appliances segment rose only 12-13 reached 4.39%, 4.0 percentage points beyond the broader market.

(4) the company factors in stimulating event. This is mainly Sichuan Changhong started up for sale 10

(2) 10 Bringing home appliances Significant recovery Sell The amount of nearly 75 million sequential increase in sales and sales all exceeded 20%. Among
(3) home appliances segment in 2009 the level of the overall PE of just over 20x [link widoczny dla zalogowanych], 09-than-expected annual results are still possible, valuations are still relatively low in many sectors. Meanwhile, the appliance business growth plate is more robust, rising profit margins in 2010 and business growth can be expected to look at the 2010 valuation level, many companies still have more upside.

TV Sales sequentially grew 50%, washing machines increased by 70% [link widoczny dla zalogowanych], features significantly warmer season. Appliances to the countryside theme we propose to focus on color TV Hisense Electric and deep