Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The report emphasizes the recovery of terminal sales and suggests a bottom-up approach for investment in the home appliance sector, particularly focusing on the black and white goods segments [1][2] - It highlights the expected performance of leading companies in the black goods sector, such as Hisense Visual, and the white goods sector, including Haier Smart Home, Gree Electric, and Midea Group, due to solid fundamentals and dividend attributes [2][20] - The report anticipates a catalyst for stock price increases in March and April, driven by terminal data or performance exceeding expectations [3] Summary by Sections Important Price Tracking - Copper price averaged 77,662 CNY/ton, up 0.89% month-on-month and 10.13% year-on-year [5] - Aluminum price averaged 20,688 CNY/ton, up 0.72% month-on-month and 8.04% year-on-year [5] - ABS price averaged 11,450 CNY/ton, down 0.95% month-on-month and up 6.02% year-on-year [5] - Hot-rolled coil price averaged 3,639 CNY/ton, down 0.58% month-on-month and down 11.74% year-on-year [5] - Panel prices for various sizes increased month-on-month, with 65" panels at 177 USD/piece, up 0.57% [6] Investment Recommendations - The report continues to recommend the black goods sector, particularly Hisense Visual, and suggests monitoring TCL Electronics for its potential growth driven by domestic demand and export opportunities [20] - It also recommends leading white goods companies such as Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances due to their solid fundamentals and dividend characteristics [20] - Attention is drawn to the sales performance of new robotic vacuum models from companies like Roborock and Ecovacs in March 2025 [20]