According to the Guotai Junan Research Report, 1) Retrading 2024: Domestic sales categories in the home appliance industry are divided, and overall export sales are steady. 2) Looking ahead to 2025: Expect domestic demand policies and continue to be optimistic about overseas leaders. The subsidy policy is still the key to determining the level of domestic demand, and going overseas continues to be optimistic about leading companies with leading layouts. 3) Develop multiple themes and focus on the growth of mergers and acquisitions. The impact of AI+ on product definition, the reliance on mergers and acquisitions to achieve growth goals under conditions of sufficient cash, and the vision of avoiding the risk of going overseas and broadening the racetrack have all become reasons for the home appliance industry to usher in a wave of mergers and acquisitions. 4) Optimistic about the leaders in the home appliance industry, it is recommended to focus on three main investment lines: 1) continue to be optimistic about leading enterprises supported by trade-in + overseas logic; 2) pure domestic demand industries, focusing on the inflection point of enterprises; 3) paying moderate attention to the development of potential themes, such as AI+ intelligence, and the growth of state-owned enterprises, and mergers and acquisitions.