Core Viewpoint - Haier Pakistan is accelerating its high-end transformation with the launch of new washing machines, including the three-tub washing machine and L+ washing machine, aimed at enhancing the local market experience and meeting high-end washing needs [1][8]. Product Launch - The three-tub washing machine features a unique "one machine, three tubs" design, allowing for separate washing of different types of clothing, which helps prevent cross-contamination and saves approximately 50% of washing time [1][3]. - The L+ washing machine is designed for large capacity and efficient washing, equipped with a 607mm drum diameter and AI technology to automatically identify fabric types and humidity, addressing challenges during rainy seasons [3][8]. Market Strategy - The introduction of these high-end products is part of Haier Pakistan's "one line, two ends" strategy, which includes adjusting product structure and expanding the full-automatic product series while upgrading semi-automatic products [7][8]. - Haier aims to increase its market share, with a target of 44% growth by 2025, and has maintained the top position in the local white goods market for ten consecutive years [8]. Customer Engagement - The event featured interactive experiences, including a cricket-themed game that allowed attendees to experience the advantages of the three-tub washing machine, which garnered significant attention and recognition from participants [5][8].

Core Insights - As of January 9, a total of 184 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest streak of net financing inflows is Haier Smart Home, which has seen net inflows for 13 consecutive trading days [1] - Other notable stocks with significant net financing inflow days include AVIC Optoelectronics, Aerospace Science and Technology, BlueFocus Communication Group, Shenwan Hongyuan, Shanghai University of Electric Power, Yintong Intelligent Control, and Beimo High-tech [1]

Core Viewpoint - The market is expected to gradually refocus on the consumer sector due to the recovery of high-end consumption and certain mass-market products, along with the implementation of national subsidy policies and funding demands for "high-cut low" strategies [1] Group 1: Market Trends - High-end consumption, including luxury goods and gambling, shows improvement in demand, while some mass consumer goods like beer and dairy products are experiencing governance and structural enhancements [3] - The long-term policy encouragement and low interest rate environment are expected to boost equity allocation dynamics, particularly in high-dividend, stable performance stocks with valuation advantages [1][2] Group 2: Investment Opportunities - Companies with strong global competitive power, particularly in the white goods sector, are enhancing their operational models and supply chains, which is expected to positively impact overall performance [2] - The selected consumer sector stocks have an average dividend yield of over 5% and a projected PE ratio of 13X for 2026, indicating potential for long-term investment [4]

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for undervalued leading companies with high dividends and stable growth attributes [6]. Core Insights - The home appliance sector is experiencing a mixed performance, with air conditioning sales declining significantly while washing machines show growth in exports. The report emphasizes the importance of leading brands like Midea, Gree, and Haier in navigating market challenges and capitalizing on emerging opportunities [6][36][43]. Summary by Sections Air Conditioning - In November 2025, the air conditioning industry produced 10.577 million units, a year-on-year decrease of 36.70%. Total sales reached 10.492 million units, down 31.80%, with domestic sales at 4.052 million units (down 39.80%) and exports at 6.44 million units (down 25.60%). Midea led the market with a 36.20% share, followed by Gree at 19.50% [2][36][38]. Refrigerators - The refrigerator sector saw a slight overall decline, with production at 8.257 million units (down 3.9%) and sales at 8.0531 million units (down 2.99%). Domestic sales fell to 3.5611 million units (down 15.59%), while exports increased to 4.492 million units (up 10.04%) [2][40][41]. Washing Machines - The washing machine industry reported production of 8.605 million units (up 8.2%) and sales of 8.4619 million units (up 7.61%). Domestic sales were 4.0565 million units (down 5.47%), while exports rose to 4.4054 million units (up 23.31%) [3][43]. Market Performance - The home appliance sector underperformed compared to the broader market, with the sector index rising 2.3% against a 2.8% increase in the CSI 300 index. Key performers included Rongtai Health (up 15.7%) and Yitian Intelligent (up 11.2%), while companies like Lek Electric and Feike Electric faced declines [5][9]. Industry Dynamics - Notable developments include Stone Technology's CES debut of the G-Rover robot vacuum, showcasing advanced cleaning capabilities, and Kaineng Health's acquisition of subsidiaries from Yuaneng Group for 204 million yuan [5][12][13]. Investment Themes - The report identifies three main investment themes: 1. Leading white and black appliance companies with low valuations and high dividends. 2. Upstream core component manufacturers diversifying into robotics and new tech sectors. 3. Strong demand in emerging markets for home appliances, driven by favorable trade conditions [6].

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth in leading companies due to their low valuations, high dividends, and stable growth attributes [6]. Core Insights - The home appliance sector has shown mixed performance, with air conditioning sales declining significantly while washing machine exports continue to grow. The report emphasizes the resilience of leading brands in navigating market challenges and capitalizing on emerging opportunities [5][6]. - The report identifies three main investment themes: the undervaluation and growth potential of leading white and black appliance companies, the technological advancements in core component manufacturers, and the strong demand for small appliances in international markets [6]. Summary by Sections Air Conditioning - In November 2025, the air conditioning industry produced 10.577 million units, a year-on-year decrease of 36.7%. Total sales reached 10.492 million units, down 31.8%, with domestic sales falling by 39.8% and exports declining by 25.6%. Midea led the market with a 36.2% share, followed by Gree at 19.5% [2][41]. Refrigerators - The refrigerator sector saw a slight overall decline, with production at 8.257 million units, down 3.9% year-on-year. Sales totaled 8.0531 million units, a decrease of 2.99%. Domestic sales dropped by 15.59%, while exports increased by 10.04% [2][43]. Washing Machines - The washing machine industry experienced growth, with production reaching 8.605 million units, up 8.2% year-on-year. Sales were 8.4619 million units, an increase of 7.61%. Domestic sales fell by 5.47%, but exports surged by 23.31% [3][47]. Industry Dynamics - Notable developments include the CES debut of the G-Rover robot vacuum by Stone Technology, showcasing innovative cleaning technology, and the acquisition of subsidiaries by Kaineng Health, indicating strategic expansion efforts [5][12][13]. Component Data - In November 2025, the sales of rotary compressors decreased by 13.6%, while the sales of refrigerator compressors increased by 7.2%. The report highlights the contrasting performance of different components within the appliance sector [23][32].

Investment Rating - The industry investment rating is "Overweight" [5][9] Core Insights - The report highlights Midea's acquisition of Carestream Health's global business, which is expected to create synergies with Midea's existing medical business in terms of channels and equipment resources [5][6] - The consumer robotics sector is advancing towards embodied intelligence, with a notable decline in domestic supply chain substitution expected [2][4] - The report emphasizes the performance of major brands in the vacuum cleaner market, noting a significant sales decline for some brands while others, like Roborock, have shown growth [2][3] Summary by Sections White Goods - Midea's acquisition of Carestream Medical's global business is expected to enhance its existing medical operations through effective resource synergy [5][6] Consumer Robotics - December sales data shows a year-on-year decline of 29% for the overall market, with leading brands like Ecovacs and Roborock experiencing varying sales changes [2] - New product launches at CES include Roborock's G-Rover, which is the world's first stair-climbing vacuum robot, and Ecovacs' T90 pro omni, which features upgraded roller lengths and new pre-spray functions [3] Laser Technology in Robotics - Hesai Technology announced that it will lead the market in 3D LiDAR shipments for lawn mowing robots by 2025, showcasing its new models at CES 2026 [4] - The integration of digital all-solid-state LiDAR in new lawn mowing robots was highlighted by Ninebot and other companies [4] Investment Recommendations - The report recommends focusing on white goods, particularly Haier, Midea, and Gree, due to their strong market positions and potential benefits from the current economic environment [7] - It also suggests selecting consumer technology stocks like Ecovacs and others, while keeping an eye on companies like TCL Electronics for overseas growth opportunities [7]

Core Viewpoint - Haier Smart Home emphasizes that its stock price fluctuations in the secondary market are influenced by multiple complex factors, including macroeconomic conditions, industry cycles, market sentiment, and capital preferences [1] Group 1: Company Strategy and Performance - The company is committed to strengthening its fundamentals and long-term competitiveness [1] - The company's stable operations indicate the effectiveness of its strategic path and operational resilience [1] - The financial condition of the company is healthy, with abundant cash flow, laying a solid foundation for long-term development and shareholder returns [1] Group 2: Shareholder Returns - The company places significant importance on sharing development results with investors through cash dividends [1] - Future dividend plans will be carefully formulated, considering the company's development stage, profitability, strategic funding needs, and long-term sustainable development [1] - The company will adhere to its articles of association and relevant regulations to balance current returns with long-term value creation [1]

Core Viewpoint - Haier Smart Home values and appreciates every investor, including retail investors, and emphasizes the importance of shareholder rights [1] Group 1: Company Commitment - The company is dedicated to enhancing its intrinsic value through solid management, continuous technological innovation, and healthy financial status [1] - Haier Smart Home has established a diversified return mechanism, including ongoing cash dividends and share buybacks, to actively share development results with all shareholders [1] Group 2: Long-term Focus - The company understands short-term market fluctuations but focuses more on long-term healthy development [1] - Haier Smart Home aims to reward investors' support with stable performance and growth prospects [1]

Group 1 - Haier Smart Home Co., Ltd. has obtained a patent for a "control method, control device, and heat exchange system for heat exchange systems," with authorization announcement number CN118816373B, applied on July 2023 [1] - Qingdao Haier Air Conditioning Co., Ltd., established in 1996, has a registered capital of 9,363.8162532 million RMB and has invested in 20 companies, participated in 4,888 bidding projects, and holds 259 trademark records and 5,000 patent records [1] - Qingdao Haier Air Conditioning Electronics Co., Ltd., established in 1999, has a registered capital of 9,670.9088914 million RMB, invested in 14 companies, participated in 4,723 bidding projects, and holds 124 trademark records and 5,000 patent records [1] Group 2 - Qingdao Haier Intelligent Technology Research and Development Co., Ltd., established in 2014, has a registered capital of 1,300 million RMB, invested in 9 companies, participated in 7 bidding projects, and holds 22 trademark records and 5,000 patent records [2] - Haier Smart Home Co., Ltd., established in 1994, has a registered capital of 94,381.14893 million RMB, invested in 59 companies, participated in 1,894 bidding projects, and holds 289 trademark records and 5,000 patent records [2]

Core Viewpoint - Haier Smart Home (06690) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Buyback Details - The company will spend RMB 4.1759 million to repurchase 160,000 A-shares [1] - The buyback price is set between RMB 26.06 and RMB 26.19 per share [1]