Group 1 - The proportion of insurance capital entering the market is gradually increasing, significantly impacting the style of the A-share market in recent years due to regulatory support encouraging insurance funds to increase equity asset allocation [1] - It is expected that by 2026, the investment amount of insurance capital entering the market will reach between 0.53 trillion to 1.33 trillion yuan, becoming a major incremental capital source for the capital market in the year [1] Group 2 - The rapid expansion of OCI accounts under the new accounting standards (IFRS 9&17) allows insurance companies to effectively smooth fluctuations and maintain stable profit performance, leading to a significant increase in their proportion in recent years [2] - Core household appliance stocks, characterized by high dividends and low volatility, align well with the allocation logic of insurance capital in OCI accounts, which is expected to attract long-term incremental funds and steadily elevate valuation levels [2] Group 3 - The allocation ratio of household appliances remains significantly lower compared to sectors like banking, non-bank financials, and public utilities, indicating substantial room for increased allocation within the "high dividend" configuration theme [3] - It is estimated that by 2026, the household appliance industry is expected to receive approximately 96 billion yuan in insurance capital inflow, accounting for about 5.4% of the total market value of stocks with a market cap over 10 billion yuan [3]