Central China Securities has released a research report proposing investment strategies for the home appliance industry based on the stage of industrial evolution and corporate competitive advantages across three key dimensions: 1) Dividend-friendly strategy; 2) High-growth strategy; and 3) Overseas expansion strategy. Currently, white goods stocks generally feature low valuations and high dividends, offering both a margin of safety and dividend value. The firm recommends Haier Smart Home Co.,Ltd., Midea Group, and Gree Electric Appliances as a portfolio for high-dividend, low-valuation allocation. Considering the development prospects of the high-end kitchen appliance and robotic vacuum cleaner sub-sectors, along with the technological leadership and valuations of relevant listed companies, the report recommends robotic vacuum cleaner maker Roborock and high-end kitchen appliance representative Fotile. Furthermore, Haier Smart Home Co.,Ltd., Roborock, and Ecovacs are recommended as quality allocations for overseas expansion assets. The main viewpoints of Central China Securities are as follows: Based on cross-referenced calculations of Statista and IDC data, the global smart home appliance market size is projected to reach approximately $147.5 billion by 2025. Between 2016 and 2026, the global smart appliance market maintained a compound annual growth rate of 22%. With the adoption of the Matter protocol and the application of generative AI on devices, the global smart appliance market size is expected to reach $180 billion by 2026, continuing strong double-digit growth. According to data from the Ministry of Industry and Information Technology, China's smart home appliance market grew from 200 billion yuan in 2016 to 500 billion yuan in 2022, doubling in size over six years. In the robotic vacuum cleaner, smart kitchen appliance, and dishwasher markets, China's penetration rate still has room for growth compared to the United States, indicating significant blue-ocean opportunities. China's consumer market holds substantial global importance. As the world's largest producer and consumer market for smart home appliances, China's retail sales of smart appliances are projected to be about 450 billion yuan, or $64.286 billion, in 2025, accounting for 43.58% of the global market. The global smart appliance supply landscape is characterized by a tripartite structure of Chinese giants, South Korean leaders, and established Western players. By country, according to a GFK 2025 annual report, Chinese home appliance brands account for 38% to 40% of global smart appliance shipments, ranking first in the world. Companies can be categorized into three tiers based on gross margin levels: technology leaders with high gross margins, scale leaders with medium-high gross margins, and mid-tier companies under pressure with medium-low gross margins. Common factors affecting gross margins in the home appliance industry include technological barriers and product differentiation, brand premium capability, degree of vertical integration in the supply chain, and globalized costs. Risk warnings include macroeconomic and policy risks, industrial competition risks, corporate operational risks, and market valuation risks.