According to the CITIC Securities Research Report, the stock price performance of the home appliance sector in 2025 was lower than that of the market, and fund holdings fell to a record low, but opportunities for subsequent restoration have already emerged. Domestic demand remains resilient with the support of the “trade-in” policy, and we expect the national supplement policy to continue supporting demand in 2026. On the external demand side, the impact of tariffs is gradually weakening, and enterprises are speeding up overseas localization operations, while there is still plenty of room for growth in emerging markets. The proposal focuses on areas such as promotion of domestic demand policies, expansion of emerging markets, and upgrading the black power structure, and selects leading home appliance companies with scale and technical strength.

According to the CITIC Securities Research Report, the stock price performance of the home appliance sector in 2025 was lower than that of the market, and fund holdings fell to a record low, but opportunities for subsequent restoration have already emerged. Domestic demand remains resilient with the support of the “trade-in” policy, and we expect the national supplement policy to continue supporting demand in 2026. On the external demand side, the impact of tariffs is gradually weakening, and enterprises are speeding up overseas localization operations, while there is still plenty of room for growth in emerging markets. The proposal focuses on areas such as promotion of domestic demand policies, expansion of emerging markets, and upgrading the black power structure, and selects leading home appliance companies with scale and technical strength.