Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12]. Core Views - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and stabilization of exports, suggesting a positive outlook for leading white goods companies [1][12][18]. - December retail performance for home appliances showed signs of bottoming out, with significant declines in major appliances but a relatively stable performance in small appliances [1][19]. - The report highlights the resilience of leading companies in the home appliance sector, with a focus on white goods, which are expected to maintain steady growth despite high base effects [12][13]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric Appliances, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [4][12][13]. 2. December Retail Performance - In December, the retail sales of major appliances saw declines exceeding 20%, while small appliances showed slightly better demand, with air fryers experiencing growth [1][19]. - The offline sales channels for major appliances faced declines of over 40%, while kitchen small appliances remained relatively stable [1][19]. 3. Export Performance - In December, China's home appliance exports decreased by 8.1% year-on-year, with air conditioners facing a significant decline of 20.7% [2][37]. - Other categories like refrigerators and washing machines showed modest growth, indicating a mixed performance across different product lines [2][37]. 4. U.S. Market Insights - U.S. retail sales for home appliances showed a slight increase of 0.8% in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][43]. - The inventory levels in U.S. appliance stores are returning to normal, suggesting improved market conditions [3][43]. 5. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating expected EPS growth for Midea Group, Gree Electric Appliances, and Haier Smart Home, among others, with all rated as "Outperform the Market" [5][76].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12] Core Insights - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and improvements in export performance. It is recommended to actively invest in leading white goods companies [1][12][18] - December retail performance for home appliances showed signs of bottoming out, with major appliances experiencing a decline of over 20% in domestic retail sales, while small appliances showed slightly better demand [1][19] - The report highlights that the U.S. home appliance retail sales saw a slight increase in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][12] Summary by Sections 1. Core Recommendations - Key recommendations include investing in leading companies in the white goods sector such as Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances. For small appliances, Stone Technology and Bear Electric are recommended [4][12][13] 2. Research Tracking and Investment Thoughts - December retail performance for home appliances continued to face pressure due to high base effects, with significant declines in major appliances. However, small appliances showed relative stability, particularly in air fryers [1][19] - December exports of home appliances decreased by 8.1% year-on-year, with air conditioners facing the most significant pressure, while refrigerators and washing machines showed modest growth [2][37] - U.S. home appliance retail sales increased by 0.8% year-on-year in November, with inventory levels returning to normal [3][12] 3. Key Data Tracking - The home appliance sector achieved a relative return of +0.23% this week compared to the broader market [49] - Raw material prices for copper and aluminum decreased by 0.5% and 0.7% respectively, while cold-rolled steel prices also saw a decline [51] - Shipping indices for routes to the U.S. West Coast, East Coast, and Europe showed slight increases, indicating a stabilization in shipping costs [64] 4. Company Announcements and Industry Dynamics - Notable company announcements include Midea Group's ongoing efforts in overseas markets and Gree Electric's dividend distribution plans [71][72] - The report discusses the structural adjustments in the air conditioning export market and the anticipated trends for 2026, highlighting the challenges and opportunities in the global supply chain [74]

Core Viewpoint - The white goods sector experienced a slight increase of 0.55% on January 19, with Xueqi Electric leading the gains, while the Shanghai Composite Index rose by 0.29% and the Shenzhen Component Index by 0.09% [1] Group 1: Market Performance - The closing price of Xueqi Electric was 14.99, reflecting a rise of 3.52% with a trading volume of 69,200 shares and a transaction value of 103 million yuan [1] - Aokema closed at 8.06, up by 2.68%, with a trading volume of 151,800 shares [1] - TCL Smart Home's closing price was 10.17, increasing by 1.70% with a trading volume of 126,300 shares [1] - Whirlpool closed at 10.59, up by 1.34%, with a transaction value of approximately 64.76 million yuan [1] - Haier Smart Home's closing price was 25.94, reflecting a 0.93% increase with a trading volume of 383,500 shares [1] - Gree Electric's closing price was 40.53, up by 0.45%, with a transaction value of approximately 1.68 billion yuan [1] - Midea Group closed at 77.62, increasing by 0.40%, with a transaction value of approximately 2.61 billion yuan [1] Group 2: Fund Flow Analysis - The white goods sector saw a net inflow of 307 million yuan from institutional investors, while retail investors contributed a net inflow of 211 million yuan [1] - The net outflow from speculative funds was 518 million yuan [1] - Midea Group had a net inflow of 149 million yuan from institutional investors, while it experienced a net outflow of 372 million yuan from speculative funds [2] - Gree Electric saw a net inflow of 121 million yuan from institutional investors, with a net outflow of 117 million yuan from speculative funds [2] - Haier Smart Home had a net inflow of approximately 67.83 million yuan from institutional investors, while it faced a net outflow of 16.48 million yuan from speculative funds [2]

Core Viewpoint - The white goods sector experienced a slight decline of 0.08% on January 15, with Aucma leading the drop, while the Shanghai Composite Index fell by 0.33% and the Shenzhen Component Index rose by 0.41% [1] Group 1: Market Performance - The closing price of Whirlpool was 10.69, with an increase of 3.69% and a trading volume of 135,700 shares, amounting to 144 million yuan [1] - Midea Group closed at 77.22, with a marginal increase of 0.09%, trading 360,300 shares for a total of 2.794 billion yuan [1] - Gree Electric Appliances closed at 40.12, down by 0.20%, with a trading volume of 324,800 shares and a transaction value of 1.305 billion yuan [1] - Haier Smart Home closed at 25.82, down by 0.42%, with a trading volume of 355,500 shares and a transaction value of 920 million yuan [1] - Aucma closed at 7.86, down by 2.00%, with a trading volume of 216,200 shares and a transaction value of 170 million yuan [1] Group 2: Capital Flow - The white goods sector saw a net inflow of 401 million yuan from institutional investors, while retail investors experienced a net outflow of 12.22 million yuan [1] - Midea Group had a net inflow of 24.4 million yuan from institutional investors, but a net outflow of 35.4 million yuan from retail investors [2] - Haier Smart Home recorded a net inflow of 11.9 million yuan from institutional investors, with a significant net outflow of 122 million yuan from retail investors [2] - Gree Electric Appliances had a net inflow of 61.64 million yuan from institutional investors, while retail investors saw a net outflow of 14.52 million yuan [2] - Aucma experienced a net outflow of 18.75 million yuan from institutional investors, but a net inflow of 13.98 million yuan from retail investors [2]

Core Viewpoint - The white goods sector experienced a slight increase of 0.59% on January 14, with Xueqi Electric leading the gains, while the overall Shanghai Composite Index fell by 0.31% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4126.09, down 0.31% [1] - The Shenzhen Component Index closed at 14248.6, up 0.56% [1] - The white goods sector's individual stock performance varied, with Xueqi Electric rising by 2.29% to a closing price of 14.77 [1] Group 2: Stock Details - Midea Group closed at 77.15, up 1.25%, with a trading volume of 539,700 shares and a transaction value of 4.152 billion yuan [1] - Gree Electric closed at 40.20, down 0.32%, with a trading volume of 454,400 shares and a transaction value of 1.830 billion yuan [1] - Haier Smart Home closed at 25.93, up 0.12%, with a trading volume of 497,100 shares and a transaction value of 1.289 billion yuan [1] Group 3: Capital Flow - The white goods sector saw a net inflow of 241 million yuan from main funds, while retail funds experienced a net outflow of 277 million yuan [1] - Retail investors contributed a net inflow of 35.78 million yuan to the sector [1] Group 4: Individual Stock Capital Flow - Midea Group had a net inflow of 25.17 million yuan from main funds, while retail funds saw a net outflow of 13.28 million yuan [2] - Xueqi Electric experienced a net inflow of 23.11 million yuan from main funds, but retail funds had a significant net outflow of 22.26 million yuan [2] - TCL Smart Home had a net inflow of 17.91 million yuan from main funds, while retail funds saw a net outflow of 22.50 million yuan [2]

Core Viewpoint - TCL Smart Home has experienced a slight decline in stock price, with a market capitalization of 11.047 billion yuan and a trading volume of 154 million yuan on January 13 [1] Group 1: Company Overview - The main business of the company includes the research, development, production, and sales of household refrigerators, freezers, and washing machines [3] - As of September 30, the company reported a revenue of 14.346 billion yuan for the period from January to September 2025, representing a year-on-year growth of 2.87%, and a net profit attributable to shareholders of 977 million yuan, up 18.45% year-on-year [8] - The company has a significant international presence, with 73.50% of its revenue coming from overseas markets, benefiting from the depreciation of the yuan [4] Group 2: Market Position and Strategy - TCL Smart Home has maintained its position as the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those involved in the Belt and Road Initiative [2] - The company has made advancements in artificial intelligence, including AI voice control and dual inverter technology, to enhance product intelligence and meet customer demands [4] Group 3: Financial and Trading Analysis - The stock has seen a net outflow of 2.9632 million yuan from major investors, with a current unclear trend in major holdings [5] - The average trading cost of the stock is 10.55 yuan, with recent trading activity indicating a reduction in holdings, although the pace of reduction has slowed [7] - The stock price is currently fluctuating between a resistance level of 10.28 yuan and a support level of 10.04 yuan, suggesting potential for range trading [7]

Core Viewpoint - TCL Smart Home has shown a slight increase in stock price and has a market capitalization of 11.145 billion yuan, indicating stable market performance [1] Group 1: Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines [3] - As of the 2024 annual report, overseas revenue accounts for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] - The revenue composition of TCL Smart Home is as follows: refrigerators and freezers 84.92%, washing machines 14.37%, and others 0.72% [8] Group 2: Market Position and Performance - TCL Smart Home has maintained the position of the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those involved in the Belt and Road Initiative [2] - The company achieved a revenue of 14.346 billion yuan in the first nine months of 2025, representing a year-on-year growth of 2.87%, while net profit attributable to shareholders increased by 18.45% to 977 million yuan [8] Group 3: Technological Advancements - The company has made advancements in AI voice control and AI intelligent dual-inverter technology, enhancing the smart capabilities of its products to meet customer demands [4] Group 4: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders is 36,200, a decrease of 2.23% from the previous period, with an average of 29,971 circulating shares per person, an increase of 2.28% [8] - The stock has seen a net inflow of 1.471 million yuan today, with a lack of significant trends in major shareholder activity [5][6]

Group 1 - The white goods sector increased by 0.5% on January 9, with Midea Group leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Midea Group's closing price was 79.77, reflecting a 0.94% increase, with a trading volume of 341,100 shares [1] Group 2 - The net inflow of main funds in the white goods sector was 158 million yuan, while retail funds saw a net inflow of 943,930 yuan [1] - Midea Group had a main fund net inflow of 1.27 billion yuan, but retail funds experienced a net outflow of 32.82 million yuan [2] - Haier Smart Home had a main fund net inflow of 7.12 million yuan, but retail funds saw a net outflow of 60.98 million yuan [2]

Market Overview - The white goods sector experienced a decline of 0.33% on January 8, with Hisense Appliances leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Stock Performance - Aokema (600336) saw a closing price of 8.35, with an increase of 2.71% and a trading volume of 237,100 shares, totaling a transaction value of 196 million yuan [1] - Snow Qi Electric (001387) closed at 14.16, up 1.72%, with a trading volume of 44,400 shares [1] - Whirlpool (600983) closed at 10.25, up 1.08%, with a trading volume of 135,700 shares, totaling 139 million yuan [1] - Gree Electric (000651) remained unchanged at 40.44, with a trading volume of 270,900 shares, totaling 1.094 billion yuan [1] - Hisense Appliances (000921) closed at 24.68, down 0.72%, with a trading volume of 89,600 shares, totaling 221 million yuan [1] Capital Flow - The white goods sector saw a net inflow of 297 million yuan from institutional investors, while retail investors experienced a net outflow of 4.7875 million yuan [1] - Midea Group (000333) had a net inflow of 3.27 billion yuan from institutional investors, but a net outflow of 2.40 billion yuan from speculative funds [2] - Haier Smart Home (600690) recorded a net inflow of 3.55 million yuan from retail investors, despite a net outflow of 30.6562 million yuan from speculative funds [2] - Hisense Appliances (000921) experienced a net outflow of 215,580 yuan from institutional investors [2]

Group 1 - The white goods sector increased by 0.32% on January 6, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] - Whirlpool's stock price rose by 9.81% to 10.75, with a trading volume of 342,600 shares and a transaction value of 365 million [1] Group 2 - The net outflow of main funds in the white goods sector was 201 million, while retail investors saw a net inflow of 140 million [1] - Haier Smart Home experienced a net outflow of 42.65 million from main funds, with a retail net inflow of 30.19 million [2] - Midea Group had a significant net outflow of 258 million from main funds, while retail investors had a net inflow of 129 million [2]