According to the CITIC Construction Investment Research Report, the home appliance and smart hardware sector is shifting from “domestic stock competition” to “global expansion+new technology category growth,” and the main investment line takes into account steady value and emerging growth. Among traditional home appliances, white electricity has strengthened its dividend-like attributes with a stable pattern, improved operating efficiency, overseas expansion and high dividends; black electricity relies on structural upgrades such as large size, mini LEDs, etc., and an increase in global share, and the profit center is expected to move upward; the peak of capital expenditure and depreciation in the panel industry has gradually passed and entered a period of profit and cash flow release. The growth direction focuses on clean appliances, smart imaging, consumer-grade 3D printing and AI NAS. Low penetration rates, technology iteration, and expansion of overseas demand are expected to drive industry growth, and the share of leaders with R&D, supply chain and global channel advantages is expected to increase.

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