Orient Securities·2025-12-15 01:46Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns that outperform the market benchmark by over 5% [5][13]. Core Insights - The optimization and continuation of the "Two New" policies are expected to activate greater consumer potential in the home appliance sector. The policies aim to stimulate demand through measures such as large-scale equipment updates and trade-in programs [8]. - The domestic sales driven by government subsidies are showing marginal slowdown, but the ongoing policies are anticipated to provide sustained demand stimulation in both product and service consumption [8]. - The report highlights that the impact of Mexico's proposed tariffs on Chinese home appliance companies is limited, as the revenue contribution from this market is relatively small [8]. - The market share of Miniled TVs is on the rise, with RGB-Miniled technology expected to lead the next generation of display technology upgrades, enhancing the competitive edge of Chinese brands in the global market [8]. Summary by Sections Investment Recommendations and Targets - Domestic sales are expected to benefit from the "Two New" policy, with leading white goods companies likely to gain more from trade-in programs due to their higher efficiency and mature management processes [3]. - Key investment themes include: - Leading companies with higher operational efficiency and mature overseas production layouts, such as Midea Group, Haier Smart Home, and Hisense Visual, are recommended for stable allocation [3]. - The long-term focus on overseas expansion is emphasized, with Stone Technology highlighted as a potential beneficiary [3]. - Companies with stable core business performance and potential for a second growth curve, such as Anfu Technology, are also noted [3].