Core Viewpoint - The report from Huatai Securities indicates that the home appliance sector is experiencing weakened domestic demand and structural differentiation, with valuation and growth being dual drivers for investment strategies [1] Group 1: Defensive Strategy - Leading white goods companies possess strong profitability stability and anti-cyclical attributes due to their brand, distribution channels, and local adaptation capabilities, making them attractive for defensive investments [1] - These companies also offer stable dividends and have low valuations, highlighting their value attributes [1] Group 2: AI and Growth Trends - Companies with first-mover advantages in smart home appliances, service robots, and AI content ecosystems are positioned well for growth in the evolving market [1] Group 3: Flexible Second Curve - Companies leveraging technological advantages in automotive thermal management, robot components, and AI computing infrastructure are successfully expanding, indicating significant growth potential [1]