Group 1: Core Views - The company maintains a "stronger than market" investment rating for the home appliance industry, emphasizing the need for upward expectations and the overall low exposure to the U.S. market [1] - Key recommendations include focusing on high-quality, high-dividend white goods leaders, leading TV brands with strong product capabilities, and small appliances with expected performance elasticity [1] Group 2: White Goods - Domestic sales of white goods are expected to see high single to double-digit growth by Q2 2025, driven by national subsidy policies, with terminal sales outpacing shipments [1] - The air conditioning leaders are actively adjusting product structures, showing significant market share elasticity and outperforming the overall industry [1] - The cost environment is improving, and stable average prices are expected to enhance profitability, with Q2 revenue performance likely to exceed expectations [1] Group 3: Color TVs - The demand for color TVs has shown slight fluctuations, but the penetration rate of MiniLED technology is increasing due to subsidy policies [2] - The average selling prices for online and offline channels have increased by 10.5% and 6.5% year-on-year, respectively, indicating a significant product structure optimization [2] - Leading Chinese TV brands are expected to maintain steady revenue growth, benefiting from their advantages in the panel supply chain [2] Group 4: Kitchen Appliances - The demand for kitchen appliances is supported by national subsidies, with retail growth expected to remain relatively stable in Q2 2025 despite a decline in construction area [3] - The integrated stove market may face pressure, while the demand for separate stoves is expected to remain steady [3] Group 5: Emerging Small Appliances - The market for robotic vacuum cleaners and washing machines is experiencing high growth, with domestic brands performing well in exports [4] - The domestic market is expected to continue growing, driven by high-end products and competitive pricing strategies [4] Group 6: Small Kitchen Appliances - The trend of recovering domestic demand for small kitchen appliances continues, supported by low base effects and national subsidies [5] - The competitive landscape in the small appliance sector has eased, with significant price increases during the "618" shopping festival [5] - However, external sales are under pressure due to tariffs affecting some OEM small appliance companies [5]