A research report from CITIC Securities indicates that in the third quarter of 2026, the home appliance industry's profitability came under temporary pressure due to factors including weak domestic demand, rising raw material costs, and exchange rate fluctuations. By segment, white goods revenue faced pressure but profitability remained resilient; black goods benefited from gains in global market share and the advancement of premiumization, with both revenue growth and gross margin improvement; small home appliances saw revenue growth but profit divergence; kitchen appliances continued to be weighed down by the lagging effects of the real estate cycle; and upstream revenue grew steadily. Looking ahead, with the emergence of a low base effect in domestic sales, the arrival of the overseas peak season, and leading companies' continued efforts in globalization and product structure upgrading, industry operations are expected to improve marginally. Investors are advised to focus on leading players with stable operations, continuously rising global market share, and room for profitability improvement.