中金2026年展望 | 家电：左手红利，右手成长（要点版）

Group 1: Core Views - The article suggests adopting a "barbell strategy" for home appliance investments in 2026, focusing on dividend-paying assets for stable returns while exploring growth opportunities in emerging categories driven by technological innovation [2] - The recognition of the dividend attributes of white goods and the influx of incremental funds are key factors for the valuation uplift of leading home appliance companies [4][6] Group 2: Domestic Market Outlook - The home appliance industry is entering a post-subsidy era, with expectations of a low-to-high growth trajectory in domestic sales by 2026, regardless of whether national subsidies continue [3][6] - Leading companies are innovating their business models, enhancing retail and user engagement capabilities, which solidifies their competitive advantages [6] Group 3: International Market Dynamics - The overseas market is seen as the largest growth increment for home appliance companies, despite short-term disruptions from tariffs and inventory cycles [6] - Chinese home appliance brands are gaining global market share, with an increasing focus on localized operations to enhance competitiveness [6] Group 4: Emerging Product Categories - The penetration of AI, robotics, and IoT is creating new consumer categories, with Chinese brands leading in segments like robotic vacuum cleaners and action cameras [8][9] - The growth of robotic lawn mowers and smart imaging devices is driven by technological advancements and changing consumer preferences, with significant market potential projected for 2027 [10][11]