According to the CITIC Securities Research Report, the home appliance industry was affected by fluctuations in demand and raw material prices in the third quarter of 2026, and operations were under pressure. By sector, CITIC Securities believes that the performance of white electricity in the third quarter of 2026 may be under pressure; that the performance of black electric appliances may be good; and that the overall performance of the small household appliances and kitchen appliance industry is still awaiting restoration. Considering current valuation and dividend rate levels, we are optimistic about the future market performance of leading home appliances.

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