Investment Rating - The investment rating for the industry is "Strong Buy" for several key companies including Supor, Boss Electric, and Feike Electric, while "Buy" is recommended for Beiding and Ecovacs [2]. Core Insights - The report highlights a potential reversal in profit margins for small home appliances due to the combination of national subsidies and improved platform regulations aimed at reducing excessive competition [6]. - The national subsidy program has expanded its scope, now including additional appliance categories, which is expected to stimulate demand and improve profitability for small appliance brands [6]. - The report emphasizes the importance of focusing on revenue scale recovery in the small appliance sector, with specific recommendations for brands in various categories [6]. Industry Scale - The industry consists of 88 listed companies, with a total market capitalization of 1,894.9 billion and a circulating market capitalization of 1,796.0 billion [3]. Performance Metrics - The absolute performance of the industry over 1 month, 6 months, and 12 months is 6.3%, 42.0%, and 22.7% respectively, while the relative performance is 4.8%, 18.3%, and 12.9% [5]. Growth Rates - The report provides growth rates for various small appliance categories for January and February, indicating significant online and offline growth in products like floor cleaning machines and coffee machines [7]. - Notably, the online growth rate for floor cleaning machines reached 72%, while offline growth for water purifiers was 107% [7]. Brand Performance - The report details the performance of specific brands, with Feike showing a 27% cumulative growth rate in GMV for January and February, while Supor and Beiding also demonstrated strong growth [7]. - The report notes that Douyin's GMV for certain brands has seen substantial increases, with some brands experiencing growth rates exceeding 300% [7]. Investment Recommendations - The report suggests focusing on specific brands for investment opportunities, including Feike Electric for personal care, Supor and Beiding for kitchen appliances, and Ecovacs and Stone Technology for cleaning appliances [6].