家电零部件行业延续领涨，智能厨电行业快速发展

Investment Rating - The report maintains an "Overweight" rating for the home appliance industry [1][8]. Core Views - The home appliance industry has experienced a decline of 0.34% this week, with the home appliance components sub-industry leading the gains [3][10]. - The valuation of the home appliance industry is at a historical low, indicating potential for upward movement, with a current PE ratio of 15.63, ranking 25th among 31 industries [4][26]. - The smart kitchen appliance sector is rapidly developing, highlighted by Boss Electric's investment of 100 million RMB in Youte Smart Kitchen, focusing on the cooking robot market, which is projected to grow significantly [5][47]. Summary by Sections Industry Performance - The home appliance industry has shown a relative performance of -0.2% over the past month, +2.7% over three months, and -13.0% over the past year compared to the CSI 300 index [2][3]. Valuation Insights - The home appliance industry's PE ratio of 15.63 is higher than the CSI 300's 13.50, with a valuation percentile of 39.2%, indicating a more attractive investment opportunity compared to the broader market [4][26]. Smart Kitchen Appliances - The cooking robot market in China is expected to reach 3.7 billion RMB by 2025 and exceed 11.7 billion RMB by 2030, reflecting a significant growth trajectory [5][47]. Investment Recommendations - The report suggests focusing on three main lines for investment in 2026: 1. Companies with stable market positions and high dividend yields in the white goods sector [6][54]. 2. Companies innovating with new products and technologies in niche markets such as cleaning robots and smart home devices [6][54]. 3. Opportunities arising from the "trade-in" policy and advancements in AI and smart home technologies [6][54].