Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The report maintains the "Overweight" rating, indicating expectations for the industry to outperform the market benchmark by over 10% in the next 6-12 months [5][9] - The report highlights significant developments in the home appliance sector, including Midea Group's successful bid for a centralized procurement project with China Mobile, which is expected to enhance its market position [1] - Anker's UV printer shipments have accelerated, with a notable increase in output, reflecting strong demand in the consumer technology segment [3] Summary by Relevant Sections White Goods & Small Appliances - Midea Group has won a centralized procurement project from China Mobile for high-pressure centrifugal chillers, which will support data center cooling needs [1] - The company has previously provided cooling systems for a large-scale liquid-cooled intelligent data center in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Consumer Technology - Anker's E1 printer has seen a significant increase in shipments, with 4,950 units shipped as of January 15, 2026, compared to earlier figures of 100 units in December [3] - Stone Technology has announced a pre-sale for its flagship model G30S Pro, with a starting price of 5,499 yuan, and a new P20 Ultra model priced at 3,899 yuan [3] Company Performance Forecasts - Beiding Co. expects Q4 revenue and net profit to be 30 million and 3 million yuan, respectively, with a year-on-year increase of 20.9% in revenue but a decrease of 9.8% in net profit [2] - For the full year 2025, Beiding anticipates revenue of 95 million yuan and a net profit of 11 million yuan, representing increases of 26.0% and 59.1% year-on-year [2] Investment Recommendations - The report suggests focusing on three main investment lines: 1. White goods, recommending Haier Smart Home, Midea Group, and Gree Electric, with a particular emphasis on Haier due to its transformation success and benefits from the overseas interest rate cycle [7] 2. Selective consumer technology stocks, including Anker Innovation and Ecovacs, while also monitoring Stone Technology and others in the 3D printing supply chain [7] 3. Companies with good growth prospects in international markets, such as TCL Electronics and Chunfeng Power [7]

Core Viewpoint - The article discusses the emergence of Snapmaker as a potential competitor to the leading 3D printing company,拓竹, highlighting its innovative product Snapmaker U1 and the challenges it faces in scaling production and maintaining competitive advantage [6][10][24]. Group 1: Snapmaker's Market Position - Snapmaker has achieved significant crowdfunding success with its U1 model, raising over $10 million in less than three days, setting a global record for 3D printer crowdfunding [6][9]. - The company is recognized as a pioneer in the multi-tool head concept in 3D printing, addressing key industry pain points such as low color change efficiency and material waste [14][15]. - Snapmaker's innovative design allows for a significant reduction in printing time, completing tasks that would typically take 20-30 hours in just 5-6 hours [19]. Group 2: Industry Context and Competition - The 3D printing industry is characterized by a clear divide between leading players like拓竹 and others, with Snapmaker positioning itself as a strong contender [7][8]. - The article notes that Snapmaker's success is partly due to the market education provided by拓竹, which has clarified consumer demand for multi-color printing [24]. - Following Snapmaker's U1 launch,拓竹 quickly responded with new product releases, indicating the competitive pressure Snapmaker is creating in the market [24]. Group 3: Challenges and Future Outlook - Snapmaker faces challenges in scaling production and ensuring timely delivery, which are critical for maintaining its market position [36][40]. - The company has invested significant time in developing its supply chain and is preparing to establish its own manufacturing facility to meet production demands [41][42]. - The future success of Snapmaker will depend on its ability to leverage its initial market advantage and continue innovating while addressing potential competition from拓竹 and other players [45][46].