Core Insights - The report emphasizes the importance of governance improvement and overseas expansion for leading companies in the home appliance industry, particularly in the white goods sector [2][11]. Group 1: White Goods - The governance improvements in leading white goods companies are expected to enhance market confidence in sustainable growth, which can lead to a higher valuation [16]. - Midea Group has experienced a significant valuation increase from a PE of 8x to over 20x due to governance reforms and market conditions, despite recent performance challenges [17]. - Haier Smart Home's privatization has led to a notable stock price increase, with a 59% rise following the announcement of its restructuring plan [22][23]. Group 2: Black Goods - Japanese brands like Sony and Samsung are facing significant challenges, with Sony's ET&S department reporting an 8.2% decline in revenue and a 22.6% drop in operating profit [47][49]. - Chinese brands are expected to continue gaining market share globally, with TCL Electronics forming a joint venture with Sony to enhance their market presence [48]. - The Mini LED segment is seeing increased penetration, with a 32.25% online market share, indicating a positive trend for domestic competition [50][56]. Group 3: Small Appliances - The robotic vacuum cleaner market has shown a 10% year-on-year increase in online sales, driven by a low base effect from the previous year and seasonal factors [7]. - The competitive landscape in the small appliance sector is improving, with leading brands like Ecovacs and Roborock increasing their market shares [7]. Group 4: Investment Recommendations - The report recommends investing in white goods companies like Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances due to their stable growth and high dividend yields [7]. - For black goods, TCL Electronics and Hisense Visual are highlighted as beneficiaries of product iteration and improved domestic competition [7]. - In the cleaning appliance sector, Ecovacs and Roborock are expected to see profit margin recovery in 2026, making them attractive investment options [7].

要说今年春节最值得入手的百吋大屏，海信2026年首款RGB-Mini LED电视100吋E8S，称得上是高端机 型里"闭眼冲"的首选。春节假期少不了休闲娱乐，而不管是全家追春晚、补大片，还是约好友打游戏、 看赛事，这台电视都能给你"相见恨晚"的绝佳体验。 前所未有的画质冲击，点亮新年的"五光十色" 马年的脚步越来越近，街头巷尾的年味也越来越浓。过年，从来都是中国人最隆重的人生大事，全家围 坐看春晚、聊家常、话未来，每一个温馨瞬间都值得好好珍藏。而一台画质顶尖、观感舒适的100吋巨 幕电视，堪称拉高团圆幸福感的"神来之笔"，让家里的年味瞬间热火起来。 前所未有的舒适畅快，适配全家才够"夯" 不少人对大屏还存有顾虑，尤其是家里有孩子的，最怕屏大伤眼，也担心自己长时间看大屏更容易视觉 疲劳。再就是屏幕虽然大，难免有不佳视角，在家庭聚会这种人多的场合，坐在角落的人反而体验不 好。针对这些痛点，海信100吋E8S逐一击破，真正让全家都满意。 先说护眼问题。E8S的三原色背光直出技术，不仅比QD-OLED电视节能40%，还能从源头有效过滤有害 蓝光，降幅达42%。这就不是那种调暗画面的"伪护眼"，而是真正的硬件级保护。老 ...

不断推出有关家庭娱乐与生活方面的创新产品。闺蜜机的AI美颜、虚拟试妆等功能，备受年轻用户欢 迎；AI眼镜则让沉浸式观影、AR互动成为现实，拓展了大屏显示边界。从语音识别到视觉感知，从单 一观影到全场景服务，计算机视觉让家电更懂用户，让家庭娱乐生活更流畅、更便捷、更具人文关怀。 海信以星海大模型为抓手，推动显示技术从"屏联万物"迈向"智联生态"。AI电视实现能效优化与场景化 智慧服务；商用大屏成为办公、医疗、教育等领域的节能中枢；工业AI视觉质检系统将检测效率提升 10倍，不仅提升了产品性能，更助力节能降碳。海信集团将人工智能技术融入产品研发体系，将绿色理 念深度融入研发、生产、供应链与产品全生命周期，走出一条"智能+绿色"双轨并进的高质量发展之 路。 随着人工智能技术与显示技术深度融合，海信积极转变自身定位，凭借技术积淀与自主创新，推动产品 从"呈现世界"到"洞察世界"的升级。 显示技术加速迭代，RGB—Mini LED正成为产业界关注的焦点。如何让画面更真实？海信以"芯"破 局，7年内发布了5颗画质芯片。针对RGB—Mini LED，海信推出RGB光色同控AI画质芯片信芯H7，通 过内置算法实时分析显示场景 ...

Group 1 - JD has signed a strategic cooperation agreement with Midea, Haier, Hisense, and TCL, aiming for a total sales target of 180 billion yuan across online and offline channels by 2026 [1][2] - The agreement emphasizes a customer-first approach, focusing on service experience upgrades, product co-creation, channel expansion, and marketing collaboration [1][2] - The partnership aims to drive sales growth in various categories, including televisions, air conditioners, refrigerators, washing machines, range hoods, water heaters, and small home appliances [1][2]

Core Insights - JD.com has signed a strategic cooperation agreement with Midea, Haier, Hisense, and TCL for the year 2026, aiming to achieve a total sales target of 180 billion yuan through JD's online and offline channels [1] Group 1 - The strategic partnership involves multiple leading home appliance companies, indicating a collaborative approach to enhance market presence [1] - The sales target of 180 billion yuan reflects a significant commitment to expanding the reach and effectiveness of the involved brands within JD.com's ecosystem [1]

Group 1 - The core viewpoint of the report indicates that the home appliance sector is expected to experience a stable performance in 2026, with domestic demand stabilizing and external demand showing signs of improvement, despite the transitional year of national subsidy policies [1][2] - The report highlights that the home appliance sector's performance in 2026 may be promising due to upward expectations in fundamentals, easing trade tensions, and anticipated overseas interest rate cuts, which could lead to surprising performances from home appliance companies venturing abroad [1] - The report notes that the home appliance sector's relative valuation remains at historically low levels, with expectations for gradual improvement in fundamentals and upward potential in valuations as the value style warms up at the end of the year [2] Group 2 - The report recommends several leading companies in the home appliance sector, including Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric for their cost-performance advantages in white goods [2] - It also suggests focusing on Hisense Visual Technology for its comprehensive strength and steady improvement in market share and profitability in the color TV segment, while keeping an eye on TCL Electronics [2] - Additionally, the report recommends leading companies in the cleaning appliance sector, such as Roborock and Ecovacs, and kitchen appliance leaders like Boss Electric, Supor, and Bear Electric for their international expansion and product innovation strategies [2]

春节将至，很多人的购物车里又塞满了按摩仪、羊绒衫或是昂贵的补品。但你有没有想过，这些礼物最 后是不是都变成了储物间里的积灰大户？ 其实，观察一下父母的日常生活你会发现，他们真正的高频刚需只有一个——电视。 但矛盾的是，现在的除夕夜，往往是电视开着当背景音，全家人却各自低头刷短视频。为什么？因为家 里那是台"老古董"，画面灰暗、声音单薄，完全撑不起一家人的注意力。 今年春节，如果想送一份真正能让全家"哇"出来的礼物，海信百吋电视绝对是当之无愧的C位。但在下 单之前，你可能还有几个顾虑。今天，我们就来一场"百吋电视真相局"，帮你彻底扫清选购障碍。 QA1：也没住别墅，百吋巨幕真能装得下吗？ 【真相】：只要客厅开间有3米，你就大胆入。 这是最大的误区。很多人觉得百吋是豪宅标配，但根据视听协会的标准，4K/8K时代的最佳观看距离大 大缩短了。只要沙发到墙面的距离达到3米，百吋电视带来的不是压迫感，而是"进入感"。那种被画面 包裹的沉浸视界，会让父母看新闻联播都有一种身处演播厅的错觉。相信我，电视这种东西，只有买小 了会后悔，从来没有买大了会后悔的。 QA2：屏幕越大越伤眼？白天反光看不清？ 【真相】：选对面板技术，大 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

Investment Rating - The report does not explicitly provide an investment rating for the smart home appliance industry. Core Insights - The Chinese home appliance market is transitioning from scale expansion to quality upgrades, with a focus on deep competition driven by changing demand structures [3] - Generation Z is becoming the new consumer driving force, shifting the consumption logic towards emotional value, personalization, and aesthetic appeal [4] - Consumers are moving from external display to internal experience, emphasizing the need for brands to innovate based on local user demands [5] - Companies need to build a forward-looking insight system to identify future opportunities amidst market changes [5] - The focus on sustainable growth and core competitiveness is essential, guiding product innovation and brand communication [6] Summary by Sections Market Trends - The market is experiencing a "micro-segmentation" wave, moving away from universal big-ticket items to innovative product categories that match the evolving lifestyle and spatial needs of Chinese consumers [9][19] - The demand for personalized appliances is increasing, with a significant portion of consumers willing to invest in products that cater to individual preferences [26] Design and Aesthetics - Home appliance design is undergoing a revolution towards "de-industrialization," aiming for seamless integration with home environments and visual subtlety [11][35] - Aesthetic appeal is becoming a key factor in purchasing decisions, with 84% of consumers considering appearance and 69% willing to pay more for aesthetically pleasing products [36] Functionality and User Experience - Functionality remains a critical consideration for consumers, but its definition is evolving to include emotional and experiential aspects [12][86] - The demand for "zero-maintenance" solutions is rising, with consumers seeking appliances that require minimal user intervention [99][101] Health and Wellness - Health has become a core value in home appliances, with consumers increasingly focused on products that enhance both physical and mental well-being [111][113] - There is a growing expectation for appliances to provide proactive health management solutions, moving beyond basic functionality [113] Smart Home Integration - The shift from isolated smart devices to interconnected home ecosystems is a significant trend, with consumers desiring seamless, intuitive interactions [135][138] - AI is expected to play a crucial role in enhancing user experience by predicting needs and providing personalized services [140]

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by over 5% [4]. Core Insights - The report highlights that while the domestic subsidy effect is slowing, the "Two New" policy is expected to stimulate greater consumer potential in the home appliance sector. Leading white goods companies with higher energy efficiency product ratios and mature trade-in management processes are likely to benefit more significantly [3]. - The long-term strategy of expanding overseas production capacity remains a key focus, with companies that diversify their production locations expected to outperform. The report anticipates a valuation shift in 2026, particularly for companies like Roborock Technology and Lek Electric [3]. - The report emphasizes the importance of stable performance in core businesses and the potential for developing secondary growth avenues, with companies like Anfu Technology being highlighted for their strong cash flow and manufacturing capabilities [3]. Summary by Sections Domestic Market Insights - The report notes that the domestic market is experiencing a marginal slowdown in subsidy effects, but ongoing policy optimizations are expected to unlock more consumer potential [3]. Overseas Expansion - Companies are increasingly focusing on overseas production as a long-term strategy, with expectations of accelerated price increases starting in Q1 2026 due to tariff impacts and rising raw material costs [3]. Investment Recommendations - Key investment themes include: - Leading companies with higher operational efficiency and stable dividend yields are recommended for conservative allocation, with Haier Smart Home and Hisense Visual Technology as notable mentions [3]. - Companies with a focus on international expansion are expected to see valuation shifts, with Roborock Technology and Lek Electric recommended for buying [3]. - Companies with stable core business performance and potential for secondary growth avenues, such as Anfu Technology, are also highlighted [3].