Guoxin Securities·2026-03-02 14:42Core Insights - The home appliance industry is expected to outperform the market due to a recovery in demand for major appliances since 2026, supported by reduced tariffs in the US which favor appliance exports [1][2] - The retail demand for major appliances in China has shown significant improvement, with a notable narrowing of the decline in retail sales [1][17] - The production of white goods in March 2026 has also seen a reduction in decline, indicating a positive trend in manufacturing [1][37] Market Performance - In February 2026, the home appliance sector achieved a relative return of +0.92%, outperforming the broader market [3][49] - The retail sales of major appliances in the US continued to grow, with a year-on-year increase of 2.6% in December 2025, indicating a steady recovery in consumer demand [2][43] Production and Sales Data - In March 2026, the total production of white goods in China reached 39.11 million units, with a year-on-year decline of 4%, showing improvement compared to previous quarters [1][37] - Specific categories such as refrigerators and washing machines have shown varied performance, with refrigerators experiencing a slight increase in production while washing machines faced some pressure due to high inventory levels [1][37] Recommendations for Key Companies - The report recommends several companies for investment, including Midea Group, Haier Smart Home, and TCL Smart Home in the white goods sector, and Stone Technology and Roborock in the small appliance sector, highlighting their strong growth potential and market positioning [3][12][66] - The report emphasizes the resilience of leading companies in the home appliance sector, suggesting that they are well-positioned to benefit from both domestic and international market improvements [11][12]