中信证券：建议重点关注内需政策推进、新兴市场拓展、黑电结构升级等领域

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 report emphasizes the importance of monitoring 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, which remains a focus for companies in the sector [1] Group 3: Investment Recommendations - The report suggests focusing on areas such as the promotion of domestic demand policies, expansion into emerging markets, and the structural upgrade of black appliances [1] - It recommends prioritizing leading home appliance companies that possess scale and technological strength [1]