Core Viewpoint - The home appliance industry is experiencing good domestic sales growth while facing a slowdown in exports as of Q3 2025, with significant variations in performance across different product categories [1]. Domestic Sales Performance - Domestic sales of home appliances have shown strong growth, with a year-on-year increase of 27% in retail sales during July and August, driven by low base effects and the "trade-in" policy [1]. - Air conditioners have performed the best in terms of domestic sales, although intense price competition has led to a decline in average prices [1]. - Small appliances have seen a significant increase in average selling prices, with online price increases for products like electric steamers and health pots ranging from 13% to 20% year-on-year [1]. Export Sales Performance - Export sales have slowed down, with a year-on-year decline of 6.7% in July and August, primarily due to fluctuating U.S. tariff policies and high base effects [1]. - Despite the overall export slowdown, categories like washing machines and refrigerators have still managed to achieve positive growth, while air conditioners have seen a year-on-year decline [1]. Industry Overview - The home appliance ETF (159996) tracks the home appliance index (930697), which includes listed companies involved in the manufacturing and sales of products like air conditioners, refrigerators, and washing machines [1]. - The index reflects the overall performance of listed companies in the home appliance sector, showcasing strong consumer attributes and cyclical characteristics that represent the development status of China's home appliance industry [1].