According to the General Administration of Customs data, the year-on-year growth rate of household appliances exports in May boosted, and the export of air conditioners and black appliances rebounded significantly, while refrigeration remained at a relatively high level of growth. Looking at the second quarter, it is expected that air conditioners, refrigerators, and black appliances will still enjoy the low base dividend, and the export growth rate will remain basically guaranteed. Garden tools benefited from the replenishment of American retailers, with explosive growth in exports in April and May. It is recommended to pay attention to high prosperity investment opportunities. In terms of structure, emerging market countries contributed higher increments, and the impact of the US interest rate hike has gradually dissipated, and the export growth rate of the sector is expected to maintain a moderate growth rate in the future.