家电国补落地，CES展出多款轮足扫地机器人

Investment Rating - The industry investment rating is "Synchronize with the market" and the rating has been maintained [3][7]. Core Viewpoints - The 2026 national subsidy program for home appliances has been launched, with a focus on promoting low-carbon smart products and upgrading product structures. The subsidy scope has been optimized from 12 categories to 6, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters. The subsidy standard has been adjusted to provide a 15% subsidy for level 1 energy efficiency products, with a maximum subsidy of 1,500 yuan per product [7]. - The home appliance industry is increasing investment in aluminum application technology for air conditioning to address rising raw material costs, particularly copper prices, which have increased by 39.18% year-on-year [7]. - The robotic vacuum cleaner industry continues to innovate around embodied intelligence, with a focus on deep cleaning capabilities. Sales of roller brush models have increased by over 300% year-on-year, capturing 41.20% of the market share, as they effectively address consumer demands for deep cleaning [7]. - The continuation of national subsidies is expected to bolster consumer confidence in domestic demand. Major players in the industry are better positioned to pass on cost increases to consumers, and advancements in aluminum application technology are anticipated to alleviate cost pressures on companies [7]. Summary by Sections - Investment Rating: The industry is rated as "Synchronize with the market" [3]. - National Subsidy Program: The 2026 national subsidy program has been detailed, focusing on fewer product categories and specific subsidy standards [7]. - Raw Material Costs: The industry is responding to rising copper prices by investing in alternative materials like aluminum for air conditioning [7]. - Robotic Vacuum Cleaners: Innovations in the robotic vacuum cleaner sector are driven by the need for deep cleaning, with significant sales growth in roller brush models [7]. - Consumer Confidence: The national subsidy program is expected to enhance consumer confidence, with leading companies likely to manage cost pressures effectively [7].