Core Viewpoint - The home appliance industry is experiencing significant differentiation, driven by the expansion of the trade-in policy, which stimulates consumption and promotes a shift towards smart and green technologies [1][2]. Industry Performance - The overall revenue of the home appliance industry has improved compared to last year, with notable differences across segments [1]. - The white goods sector shows strong resilience, benefiting from national subsidies and improved cost structures, leading to revenue and profit growth exceeding expectations for 2024 [2]. - The television sector has become a benchmark for policy benefits, with profit improvements driven by domestic subsidies and increased export shares, alongside technological upgrades like Mini LED [1][2]. Kitchen Appliances - The kitchen appliance sector faces significant pressure, with revenues expected to decline in the first half of 2025 due to a lack of recovery in the real estate market [2]. - Leading companies are gaining market share despite the downturn, indicating a trend towards increased industry concentration and enhanced risk resilience [2]. Technology-Driven Growth - The technology appliance sector continues to grow rapidly, with companies like Roborock and Ninebot leading the charge through robotics and international expansion [2]. - The online sales of robotic vacuum cleaners are projected to exceed 15 billion yuan in 2024, marking a nearly 50% year-on-year increase [2]. Policy Impact - Over 66 million consumers have participated in the trade-in policy, directly stimulating consumption by over 270 billion yuan, with retail sales of major appliances increasing by 30.7% year-on-year [2]. - The policy has not only activated the existing market but also pushed the industry towards smart and green upgrades, with significant sales growth in high-end products like energy-efficient air conditioners and built-in refrigerators [2]. Competitive Landscape - The competitive landscape is undergoing profound changes, with platforms like Douyin shifting from price-driven to value-driven models, benefiting leading companies [3]. - The implementation of e-commerce tax policies is squeezing the survival space for small enterprises, favoring larger companies with higher operational efficiency [3]. Transformation Strategies - The home appliance industry is in a transformation phase, requiring strategies focused on technology, supply chain optimization, and strategic balance to achieve sustainable development [3][4]. - AI technology is being integrated into product design, enhancing functionality and user interaction, particularly in cleaning appliances [3][4]. Future Trends - AI's role in the home appliance industry is expected to deepen, with vertical AI models becoming a key direction for product development [4]. - Supply chain efficiency and scenario-based capabilities are emerging as core competitive advantages, with digital supply chain systems enabling real-time data sharing and production adjustments [4]. Investment Opportunities - The growth momentum in the home appliance industry is shifting from traditional categories to technology-driven sectors, with emerging categories like robotic vacuums and lawn mowers showing explosive growth potential [6][7]. - Investment focus should be on technology appliance leaders with growth potential and high dividend yields, particularly in the white goods sector, which remains stable and supported by favorable policies [7].