According to the CITIC Construction Investment Research Report, profits in the 2026H1 white power industry are under pressure, mainly due to short-term disturbances such as exchange, copper prices, and depreciation. The leaders are relatively resistant to decline and second-tier differentiation, and profits are concentrated on the front line. The fundamentals of the industry are improving: overseas is still the main increase, exports are superior to domestic sales. The industry's online production schedule shows that air conditioning was corrected in October, the pressure on exchange costs compounded by the low 25Q4 base has eased, and 26H2 profits are expected to recover quarterly. The organizational transformation of leading enterprises and their own brands are advancing in depth, and the growth logic is clear. The sector is expected to usher in fundamental restoration in stabilizing profits and optimizing the pattern.

According to the CITIC Construction Investment Research Report, profits in the 2026H1 white power industry are under pressure, mainly due to short-term disturbances such as exchange, copper prices, and depreciation. The leaders are relatively resistant to decline and second-tier differentiation, and profits are concentrated on the front line. The fundamentals of the industry are improving: overseas is still the main increase, exports are superior to domestic sales. The industry's online production schedule shows that air conditioning was corrected in October, the pressure on exchange costs compounded by the low 25Q4 base has eased, and 26H2 profits are expected to recover quarterly. The organizational transformation of leading enterprises and their own brands are advancing in depth, and the growth logic is clear. The sector is expected to usher in fundamental restoration in stabilizing profits and optimizing the pattern.