CITIC Securities: Suggest paying attention to the fulfillment of commercial orders from overseas HVAC companies and the recovery of demand for residential units in North America.

CITIC Securities' research report indicates that in Q2 2026, overseas home appliance companies experienced stable revenue growth, while profitability fluctuated due to tariffs and raw material costs. Regionally, the commercial HVAC market in North America remains strong, particularly with a significant increase in data center orders; demand for white goods and residential HVAC in North America has rebounded sequentially but still faces year-over-year pressure; demand for HVAC in Europe has improved, and the white goods demand remains stable; the Asia-Pacific and Latin America regions continue to see steady growth, while demand in the Middle East is affected by geopolitical factors. Looking ahead, it is recommended to pay attention to the fulfillment of commercial orders from overseas HVAC companies and the recovery of residential demand in North America.