Group 1 - The core viewpoint indicates that the home appliance sector is experiencing strong retail demand despite the traditional off-season in July, with significant growth in categories like air conditioners and robotic vacuum cleaners [1] - Data from Aowei Cloud Network shows that in July, the retail sales of air conditioners increased by 39.4% online and 36.5% offline year-on-year, while washing machines saw a growth of 21.6% online and 15.7% offline [1] - The retail demand for kitchen small appliances is also recovering, with rice cookers showing a year-on-year increase of 17.6% online and 12.0% offline, and robotic vacuum cleaners experiencing over 50% growth in both online and offline sales [1] Group 2 - Looking ahead to 2025, domestic subsidies are expected to continue, and external sales may see valuation recovery due to stable tariff expectations, making consumption a key investment theme for the year [1] - The home appliance ETF (159996) is highlighted as a noteworthy investment opportunity given the positive market trends and consumer demand [1]