Group 1 - The core viewpoint is that the white goods sector is benefiting from national subsidy policies, showing strong demand and resilience, with leading companies having significant market influence, leading to steady growth in domestic sales in the second half of the year [1] - The overseas market has achieved a global production layout with controllable tariff risks, and breakthroughs in overseas channels and marketing are expected to drive continuous growth for OBM (Original Brand Manufacturer) [1] - The valuation of white goods is currently at a low level, with notable dividend yields, indicating potential investment value [1] Group 2 - In the black goods sector, Mini LED TVs continue to see a doubling growth trend, with a penetration rate of 29% in the first half of the year, benefiting from structural upgrades and declining panel prices, which improve corporate profitability [1] - The kitchen appliance sector is experiencing improved retail demand driven by national subsidies, and a stabilization in the housing market is expected to provide a foundation for comprehensive demand improvement [1] - Small kitchen appliances are benefiting from new categories under national subsidies, with a significant demand recovery in the first half of the year and an average price increase of 10.6% year-on-year; emerging categories like robotic vacuums are seeing a retail sales growth of 41.1% year-on-year [1] Group 3 - Home appliance companies are actively expanding into emerging fields such as AI + smart home technology, AI glasses, and server liquid cooling, opening up long-term development opportunities [1] - Overall, the home appliance industry valuation is at a relatively low level since 2020, with the white goods sector's valuation percentile at only 17%, indicating configuration value [1]

Group 1 - The core viewpoint is that the white goods sector is expected to benefit significantly from national subsidy policies, with strong demand and resilience, leading to steady growth in domestic sales in the second half of the year [1] - The white goods sector has achieved a global production layout, with controllable tariff risks, and breakthroughs in overseas channels and marketing are expected to drive continuous growth for OBM [1] - The overall valuation of the home appliance industry is at a relatively low level since 2020, with the white goods sector's percentile at only 17% [1] Group 2 - In the black goods sector, global sales demand remains stable, with Mini LED upgrades driving structural optimization and panel cost reductions benefiting corporate profitability [1] - The kitchen appliance sector is seeing improved retail demand driven by national subsidies, with future replacement demand likely to become dominant [1] - Small appliances, particularly kitchen small appliances, are benefiting from new categories under national subsidies, with significant demand recovery and increasing penetration of emerging categories like robotic vacuum cleaners in overseas markets [1] Group 3 - Home appliance companies are actively expanding into emerging fields such as AI + smart home, innovative categories, and computing power support, opening up space for long-term development [1] - The home appliance ETF (159996) tracks the home appliance index (930697), which reflects the overall performance of listed companies involved in the manufacturing and sales of home appliances [1]