CITIC Construction Investment: The impact of copper prices and exchange rates on leading home appliance companies is controllable. The current white goods sector has prominent configuration value.

CITIC Securities released a research report stating that in 2026, it will face a double test of copper price centrum shift and RMB appreciation, and the impact on the profitability of the household appliance leader is overall controllable. Past experience shows that increasing prices is the most effective core measure to resolve cost pressures. The support from the landing of national subsidies and the consensus on price increases after New Year's Day. With strong terminal pricing power, mature cost transmission mechanisms, and a sound exchange rate risk management system, leading companies have the ability to withstand cyclical fluctuations and maintain a stable profit model. The current sector valuation is at a historical low, with both stable growth and high dividend characteristics, highlighting its allocation value.