Zheng Quan Shi Bao Wang·2025-11-17 01:41Group 1: Home Appliance Industry - The home appliance industry is entering a mature development phase, with leading companies showing stable operating performance, ample free cash flow, and low capital expenditure needs, allowing them to increase cash dividends and share buybacks in the medium to long term [1] - The recognition of the dividend attributes of white goods by medium to long-term funds and the influx of incremental capital are key factors for the valuation increase of leading home appliance companies [1] - As of September 30, the valuation percentiles of leading white goods companies are generally at or below 30% since 2010, while major indices in the A/H share market have seen continuous valuation increases since 2025 [1] Group 2: Consumer Electronics Industry - Chinese consumer electronics companies hold a significant position in the global supply chain, having optimized their technological foundation and established strong barriers through continuous innovation [2] - The consumer electronics industry in China has formed a healthy industrial cluster, with positive interactions among companies driving overall industry development, making it difficult to find substitutes in other countries in the short to medium term [2] - Chinese consumer electronics companies have deepened their global layout, enhancing their ability to meet diverse regional demands and resist geopolitical friction risks [2]