CITIC Securities Household Appliances 2026 Investment Strategy Outlook: Overseas Dividends and Transformation Cycle

CICC Household Appliances 2026 Investment Strategy Outlook: In 2025, the household appliances sector was plagued by disruptions from tariff increases, fluctuations in the policy of trading in old products for new ones, and high expectations for the second half of the year, leading to overall underperformance compared to the Shanghai and Shenzhen 300 indexes. Taking a long-term view, the competitiveness of enterprises will ultimately return to the essence of product innovation and efficiency advantages. Therefore, from an investment perspective, we believe there are two main themes: the first is that going global will continue to be the most important source of growth, and the second is the dividend of transformation.