中信证券：关注具备规模与技术实力的头部家电企业

Core Viewpoint - The report from CITIC Securities indicates that the home appliance sector's stock performance will lag behind the market in 2025, with fund holdings dropping to historical lows, but recovery opportunities are emerging [1] Group 1: Domestic Demand - Domestic demand remains resilient supported by the "trade-in" policy, with expectations that the national subsidy policy will continue to underpin demand in 2026 [1] - The focus should be on the advancement of domestic demand policies [1] Group 2: External Demand - The impact of tariffs is gradually diminishing, allowing companies to accelerate local operations overseas [1] - There is significant growth potential in emerging markets [1] Group 3: Investment Recommendations - It is recommended to pay close attention to areas such as the promotion of domestic demand policies, expansion into emerging markets, and the structural upgrade of black appliances [1] - Preference should be given to leading home appliance companies with scale and technological strength [1]