Market Overview - The other home appliance sector declined by 0.78% compared to the previous trading day, with Rongjie Health leading the decline [1] - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1] Stock Performance - Rongtai Health (603579) closed at 25.16, with a slight increase of 0.44% and a trading volume of 48,700 shares, totaling a transaction value of 123 million yuan [1] - Aojiahua (002614) closed at 7.48, down by 0.27% with a trading volume of 223,400 shares [1] - Rongjie Health (300247) closed at 5.10, down by 2.67% with a trading volume of 228,800 shares [1] Capital Flow - The other home appliance sector experienced a net outflow of 5.7009 million yuan from main funds, while retail funds saw a net outflow of 9.6552 million yuan [1] - Speculative funds had a net inflow of 15.3562 million yuan [1] Individual Stock Capital Flow - Aojiahua (002614) had a net outflow of 15.9958 million yuan, representing a decrease of 9.54% [1] - Rongtai Health (603579) experienced a net outflow of 6.1115 million yuan, a decrease of 4.98% [1] - Rongjie Health (300247) saw a net outflow of 9.0170 million yuan, a decrease of 7.69% [1]

Group 1 - The other home appliance sector experienced a decline of 1.85% compared to the previous trading day, with Rongjie Health leading the drop [1] - On the same day, the Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the other home appliance sector showed varied performance, with specific declines noted for companies such as Qijiahua (-1.70%), Rongtai Health (-1.76%), and Rongjie Health (-2.06%) [1] Group 2 - The net outflow of main funds in the other home appliance sector was 25.17 million yuan, while retail investors saw a net inflow of 26.18 million yuan [1] - Detailed fund flow data indicated that major stocks like Aojiahua and Rongjie Health experienced significant net outflows from main funds, while retail investors contributed positively to the net inflow for some stocks [1]

Group 1 - The other home appliance sector experienced a decline of 3.24% compared to the previous trading day, with Rongtai Health leading the drop [1] - On January 26, the Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Key stocks in the other home appliance sector showed varied performance, with Aojiahua closing at 7.63 (-1.55%), Rongjie Health at 5.35 (-2.37%), and Rongtai Health at 25.50 (-4.99%) [1] Group 2 - The net outflow of main funds in the other home appliance sector was 39.25 million yuan, while retail funds saw a net inflow of 24.74 million yuan [1] - Detailed fund flow for key stocks showed that Rongjie Health had a main net inflow of 6.50 million yuan, while Rongtai Health faced a significant main net outflow of 43.15 million yuan [1] - Retail investors contributed positively to Rongtai Health with a net inflow of 42.47 million yuan, despite the overall negative trend in main funds [1]

Investment Rating - The report assigns an "Overweight" rating to the home appliance industry [4]. Core Insights - The report highlights a slight decline in fund holdings in the home appliance sector, with a 2.6% allocation in actively managed equity funds for Q4 2025, down 0.2 percentage points from Q3 [2][4]. - December retail sales for home appliances showed a year-on-year decline of 18.7%, indicating ongoing pressure despite a high base in the previous year [2][4]. - The European Union has mandated registration for imports of robotic lawn mowers from China, with potential anti-dumping duties estimated between 21.4% and 57.4% [2][4]. Summary by Sections Investment Recommendations - The report suggests that national subsidies are expected to transition smoothly, and leading companies in both black and white appliances are recommended for their stable operations and high dividends, including Midea Group (13.1X PE), Haier Smart Home (11.4X), TCL Electronics (12.7X), and Hisense Visual (12.7X) [4]. - It emphasizes the core drivers of smart home appliances' overseas expansion, recommending leading robotic vacuum manufacturers Roborock (20.3X) and Ecovacs (22.5X) [4]. - Companies with stable performance and upward potential include Ninebot (19.9X), Anfu Technology (56.8X), Hailong Cold Chain (15.9X), and Beiding Co. (35.3X) [4]. - The report also notes that home appliance companies are diversifying into new areas, recommending Rongtai Health (21.3X) and Wanlong Magnetic Plastic (21.9X) [4]. Market Data - In December 2025, the production of home air conditioners was 14.782 million units, down 18.7% year-on-year, with domestic sales at 5.397 million units, down 26.7% [2][4]. - The total domestic sales for the year reached 10.521 million units, a slight increase of 0.7% year-on-year, while total exports were 9.318 million units, down 3.4% [2][4]. - The overall retail sales for home appliances in December 2025 amounted to 97.1 billion yuan, with a cumulative annual total of 1,169.5 billion yuan, reflecting an 11.0% year-on-year increase [2][4].

Investment Rating - The report assigns an "Accumulate" rating for the home appliance industry [4]. Core Insights - The report highlights a slight decline in fund holdings in the home appliance sector, with a 2.6% allocation in actively managed equity funds for Q4 2025, down 0.2 percentage points from Q3 [2][4]. - The report notes that the production of household air conditioners in December 2025 was 14.782 million units, a year-on-year decrease of 18.7%, with domestic sales down 26.7% and exports down 13.2% [2][4]. - The report mentions that the EU has mandated registration for imports of robotic lawn mowers from China, with potential anti-dumping duties estimated between 21.4% and 57.4% [2][4]. Summary by Sections Investment Recommendations - The report suggests that national subsidies are expected to transition smoothly, and recommends several companies for investment based on their stable operations and high dividends, including Midea Group (13.1X), Haier Smart Home (11.4X), TCL Electronics (12.7X), and Hisense Visual (12.7X) [4]. - It highlights the core drivers for smart home appliances' overseas expansion, recommending leading robotic vacuum companies Roborock (20.3X) and Ecovacs (22.5X) [4]. - The report also recommends companies with stable performance and upward potential, such as Ninebot (19.9X), Anfu Technology (56.8X), Hailong Cold Chain (15.9X), and Beiding Co. (35.3X) [4]. - Additionally, it points out companies expanding into new business lines, recommending Rongtai Health (21.3X) and Wanlong Magnetic Plastic (21.9X) [4]. Market Data - The report provides data on the top five holdings in the home appliance sector, with Midea Group valued at 19.9 billion, Haier Smart Home at 6 billion, and others showing varying changes in market value [4]. - It notes that the overall retail sales of home appliances in December 2025 were 97.1 billion, a year-on-year decrease of 18.7% [2][4]. - The report indicates that the total domestic sales volume for the air conditioning industry in 2025 was 10.521 million units, a slight increase of 0.7% year-on-year, while total exports were 9.318 million units, down 3.4% [2][4].

Group 1 - The other home appliance sector experienced a decline of 0.12% on January 23, with Aojiahua leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Key stocks in the other home appliance sector showed varied performance, with Rongjie Health increasing by 1.67% to 5.48, while Aojiahua decreased by 1.77% to 7.75 [1] Group 2 - The net outflow of main funds in the other home appliance sector was 56.27 million yuan, while retail investors saw a net inflow of 40.89 million yuan [1] - Detailed fund flow data indicated that Rongjie Health had a main fund net outflow of 23.57 million yuan, with retail investors contributing a net inflow of 21.29 million yuan [1] - Aojiahua also faced a significant main fund net outflow of 26.73 million yuan, while retail investors had a net inflow of 17.16 million yuan [1]

Group 1 - The other home appliance sector increased by 0.35% compared to the previous trading day, with Rongtai Health leading the gains [1] - On January 22, the Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - The closing prices and percentage changes for key stocks in the other home appliance sector are as follows: Rongtai Health at 26.97 (+1.20%), Rongjie Health at 5.39 (+0.19%), and Aojiahua at 7.89 (-0.75%) [1] Group 2 - The net outflow of main funds in the other home appliance sector was 14.845 million yuan, while retail funds saw a net outflow of 6.7832 million yuan, and speculative funds had a net inflow of 21.6282 million yuan [1] - The fund flow for key stocks shows that Rongtai Health had a main net inflow of 5.7408 million yuan (3.15% of total), while Aojiahua experienced a main net outflow of 5.8961 million yuan (-1.13% of total) [1] - Rongjie Health had a significant main net outflow of 14.6897 million yuan (-12.60% of total), with a retail net inflow of 8.6346 million yuan (7.40% of total) [1]

Group 1 - The other home appliance sector increased by 3.82% compared to the previous trading day, with Aojiahua leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the other home appliance sector showed significant price movements, with Qijiahua rising by 9.96% to a closing price of 7.95 [1] Group 2 - The net inflow of main funds in the other home appliance sector was 117 million yuan, while retail investors experienced a net outflow of 72.86 million yuan [1] - Aojiahua had a main fund net inflow of 113 million yuan, but saw net outflows from both retail and speculative funds [1] - The trading volume for Qijiahua was 614,500 shares, with a transaction value of 470 million yuan [1]

Group 1 - The other home appliance sector increased by 0.41% compared to the previous trading day, with Aojiahua leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - The trading volume and turnover for key stocks in the other home appliance sector were reported, with Aojiahua closing at 7.26, up 3.12%, and a turnover of 1.72 billion yuan [1] Group 2 - The net outflow of main funds in the other home appliance sector was 37.47 million yuan, while retail investors saw a net inflow of 41.33 million yuan [1] - Aojiahua experienced a net outflow of 851,700 yuan from main funds, while retail investors contributed a net inflow of 6.2171 million yuan [1] - Rongtai Health had a significant net outflow of 22.93 million yuan from main funds, but retail investors had a net inflow of 30.2459 million yuan [1]

Investment Rating - The industry investment rating is "Overweight" [4][11]. Core Insights - The report highlights favorable real estate policies and Meta's plan to increase smart glasses production to 20 million units by the end of 2026, indicating a strong market demand [2][3]. - Several home appliance companies have released their performance forecasts for 2025, showing a mix of growth and decline in net profits [2][3]. Summary by Sections Investment Recommendations - The report suggests that national subsidies are expected to transition smoothly, with leading black and white appliance companies demonstrating stable operations and high dividends, making them cost-effective investments. Recommended companies include: - Midea Group (2025 PE: 13.2X) - Haier Smart Home (2025 PE: 11.4X) - TCL Electronics (2025 PE: 10.8X) - Hisense Visual (2025 PE: 12.0X) [4][5]. - The core driver for smart home appliances is overseas expansion, with recommendations for leading robot vacuum companies: - Roborock (2025 PE: 20.8X) - Ecovacs (2025 PE: 22.7X) [4][5]. - Companies with stable performance and upward potential include: - Ninebot (2025 PE: 19.1X) - Anfu Technology (2025 PE: 53.2X) - Hailong Cold Chain (2025 PE: 15.2X) - Beiding Co. (2025 PE: 31.2X) [4][5]. - Appliance companies are diversifying into new areas, with recommendations for: - Rongtai Health (2025 PE: 21.1X) - Wanlong Magnetic Plastic (2025 PE: 21.9X) [4][5]. Performance Forecasts - Stone Technology expects a net profit of no less than 1.34 billion, a 31% decline year-on-year for 2025. - Beiding Co. anticipates a revenue of 950 million, a 26% increase year-on-year, with a net profit of 111 million, up 59.1% year-on-year. - Dechang Co. forecasts a net profit between 160 to 200 million, a decline of 51% to 61% year-on-year, with a non-recurring net profit forecasted between 145 to 185 million, down 53% to 63% year-on-year [2][4].