Zheng Quan Shi Bao Wang·2025-11-12 00:57Core Viewpoint - The report from Huatai Securities indicates that by Q3 2025, the home appliance sector will experience weakened domestic demand and structural differentiation, with valuation and growth being dual drivers for investment strategies [1] Group 1: Defensive Strategy - Leading white goods companies possess strong profitability stability and anti-cyclical attributes due to their brand strength, distribution channels, and local adaptation capabilities, making them attractive for defensive investments [1] - These companies also offer stable dividends and have low valuations, highlighting their value attributes [1] Group 2: AI and Growth Trends - Companies with first-mover advantages in smart home appliances, service robots, and AI content ecosystems are positioned well for growth in the evolving market [1] Group 3: Flexible Second Curve - Companies leveraging technological advantages in automotive thermal management, robot components, and AI computing infrastructure are expected to expand successfully, indicating significant growth potential [1]