CITIC Securities: Expectation improves for household appliances, with the proportion of funds heavily invested in household appliances increasing in the fourth quarter of 2025.

Citic Securities pointed out that it is expected that the proportion of active equity funds overweight in the household appliance sector will rise in the fourth quarter of 2025, but still remain at a historically low level. Among them, the proportion of overweight white goods has increased slightly; the holding ratio of black appliances remains stable; the attention to kitchen appliances, small home appliances, lighting, and parts sectors varies. Looking ahead, we expect the performance of leading household appliance companies to grow steadily, and we recommend paying close attention.