Galaxy Securities believes that with the gradual implementation of the policy of exchanging old appliances for new, domestic demand for household appliances is expected to be supported, coupled with the gradual clearance of overseas inventory and the continued improvement of the export situation, the prosperity of the household appliances industry is expected to continue to recover. The current sector valuation still has a safety margin. It is recommended to pay attention to three investment themes: (1) Leading white goods manufacturers that are expected to benefit from improvements in both domestic and overseas sales, such as Midea Group Co., Ltd. and Haier Smarthome; (2) leading kitchen appliance manufacturers that are expected to benefit from industry structure optimization and improvements in the real estate market, such as Hangzhou Robam Appliances; (3) Roborock Technology, a clean appliance manufacturer that is actively expanding channels and accelerating the introduction of new products.
银河证券：以旧换新拉动需求释放 白电景气显著改善
Galaxy Securities: Boosting demand by exchanging old for new appliances significantly improves the white goods market.
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