CITIC Securities: The white goods sector still has strong growth potential and value for allocation in the future.

CITIC Construction Investment Research Report indicates that in the first half of 2025, the revenue and profit of the white goods industry achieved double growth. The domestic "trade-in old for new" policy effectively boosted demand, while overseas emerging markets showed strong performance, jointly driving the industry's prosperity. Despite facing external pressures such as tariffs, white goods companies continue to improve their profitability and risk resistance through cost reduction, efficiency improvement, and deepening localization. The leading white goods companies are performing steadily, while the growth rates of second-tier companies are somewhat diverging. In the future, with continued efforts in domestic policies and increasing expectations of overseas rate cuts, the white goods sector still retains strong growth potential and investment value.