Caitong Securities(SH:601108) 智通财经网·2025-12-12 02:04Group 1 - The current domestic policy environment is in a vacuum, affecting terminal retail growth due to last year's high base from trade-in programs, but the company remains optimistic about dividend assets represented by leading white goods manufacturers [1] - In terms of external sales, driven by better-than-expected US real estate data, there is potential for stable demand in the US consumer market, with expectations for further interest rate cuts, which may sustain the heat in export chain transactions, particularly in representative export sectors like black and white goods [1] - Domestic sales showed good growth in the first half of the year due to national subsidies, but growth is gradually under pressure due to high base effects since October 2025; overall external sales performance remains strong despite disruptions from US tariffs, with emerging markets performing relatively well [1] Group 2 - Emerging markets are experiencing rapid growth and have significant potential, with the company projecting that external sales in the first half of 2026 will likely outperform domestic sales; opportunities in external markets can be analyzed from both market and product dimensions [2] - The product structure is continuously upgrading, with an increasing proportion of high-end products contributing to profit levels; the launch of new Mini LED products is expected to enhance market share and improve gross margins due to higher average selling prices [3] - The company is actively exploring new categories, with consumer demand shifting from basic functionality to new lifestyle satisfaction; innovations in niche products such as smart glasses, action cameras, drones, and UV printers are anticipated to rapidly release demand and create new growth drivers for home appliance companies [4]