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Investment Rating - The industry rating is "Recommended" [4] Core Insights - The report highlights that 2023 marks the year of significant investment in the home appliance sector for Xiaomi, transitioning from a product-centric to an ecosystem-centric company under the "Human-Car-Home" strategy [2][29] - Xiaomi's home appliances, including air conditioners, refrigerators, and washing machines, are expected to drive user integration into the Xiaomi ecosystem, enhancing brand loyalty and sales growth [2][37] - The report emphasizes Xiaomi's focus on industrial design and innovation, which are key drivers for creating popular products and maintaining competitive advantages in the home appliance market [3][61] Summary by Sections 1. Xiaomi's Strategy in Home Appliances - Xiaomi's strategic evolution includes the establishment of a dedicated home appliance division in 2019, with a focus on air conditioners, refrigerators, and washing machines [22][28] - The "Human-Car-Home" strategy aims to create a seamless ecosystem that connects various devices, enhancing user experience and driving sales [29][33] 2. Growth Drivers for Xiaomi's Home Appliances - Industrial design is a core competency, with a focus on aesthetics and functionality, which enhances product appeal [3][61] - Xiaomi aims to create "explosive products" by reducing SKU counts and focusing on high-impact innovations, such as energy-efficient designs and AI-driven features [3][68] - The company has upgraded its distribution channels, with over 10,000 Xiaomi Home stores, improving service efficiency and customer reach [3][44] 3. Impact of Xiaomi's Entry into Home Appliances - Xiaomi's pricing strategy targets price-sensitive consumers while maintaining product quality, positioning itself against mid-tier brands rather than top-tier competitors [7][8] - The report suggests that Xiaomi's entry into the home appliance market may accelerate market consolidation, but it may not directly compete with leading brands like Gree and Midea [7][8] 4. Investment Recommendations - The report recommends monitoring companies related to home appliances, such as Midea Group, Gree Electric Appliances, Haier Smart Home, Hisense, and upstream component suppliers [8]