The CITIC Securities Research Report said that internally, white and black electricity sales data continues to improve with trade-in and national subsidies; externally, the overall export exposure of home appliance companies to the US is relatively limited, so there is no need to be overly pessimistic. Looking ahead, domestic demand stimulus policies are expected to be further strengthened. It is recommended to focus on white power companies benefiting from national subsidies; optional sectors (small household appliances, projection) where domestic demand expectations are expected to reverse.