中国耐用消费品：2026 年展望-以旧换新托底国内需求，海外扩张驱动增长；买入：美的；上调石头科技至买入-China Consumer Durables_ 2026 Outlook_ Trade-in to lend domestic support, growth driven by overseas expansion; Buy Midea, Roborock up to Buy

13 January 2026 | 6:06PM CST Equity Research CHINA CONSUMER DURABLES 2026 Outlook: Trade-in to lend domestic support, growth driven by overseas expansion; Buy Midea, Roborock up to Buy Into 2026, we continue to forecast weaker growth in domestic market while more resilient demand in the overseas market. That said, our key differences with market views lie in: 1) -1% consumer appliances growth vs likely more conservative market expectation. Our forecast is underpinned by Rmb75bn trade-in subsidy assumption i ...