According to a research report by Galaxy Securities, with the gradual implementation of the policy of replacing old appliances with new ones, the domestic demand for home appliances is expected to be supported, and the overseas inventory is gradually being cleared, creating an improvement in the export situation. It is expected that the prosperity of the home appliance industry will continue to recover, and the current sector valuation still has a safety margin. Three investment themes are recommended: first, white goods leaders expected to benefit from the improvement of domestic and export sales, recommend Midea Group Co., Ltd. and Haier Smarthome; second, kitchen appliances leaders expected to benefit from the optimization of the industry structure and the bottoming-out of the real estate market, recommend Hangzhou Robam Appliances; third, clean appliances actively promoting channel expansion and accelerating new product launches, recommend Beijing Roborock Technology.