中信建投：2025年家电跑输沪深300，2026有两投资主线

Core Viewpoint - In 2025, the home appliance sector is expected to underperform compared to the CSI 300 index due to factors such as increased tariffs, fluctuations from the old-for-new policy, and high baseline expectations in the second half of the year [1] Investment Perspective - The long-term focus for companies will return to product innovation and efficiency advantages [1] - Two main investment themes are identified: 1. Overseas expansion as a significant source of growth 2. Benefits from industry transformation [1]