GF Securities has released a research report stating that white goods companies are delivering steady earnings growth, possess stable ROE and high dividend advantages, and are expected to benefit from trade-in policy stimulus.

The leading black goods players are enjoying a triple resonance of product iteration dividends, improving domestic competitive dynamics, and overseas market share expansion.

The logic of improving competitive dynamics in the cleaning appliance sector continues, and the firm is bullish on the elasticity of margin recovery in 2026.

Within the two-wheeler industry, domestic sales are improving while expansion into Southeast Asia is advancing rapidly. The main views of GF Securities are as follows:

Market Review

Since September 1 (September 1 to September 29), the home appliance sector underperformed the Shanghai Composite Index by 0.1 percentage points.

By sub-sector, kitchen and bathroom appliances (up 1.84%) performed best since the start of the month, followed by home appliance components II (down 1.01%) and small home appliances (down 2.58%).

White Goods

According to Aowei Cloud Network data, since September (August 31, 2026 to September 20, 2026), online retail sales for air conditioners, refrigerators, and washing machines declined by 27.8%, 15.9%, and 13.4% year-on-year respectively.

From September to date (August 31, 2026 to September 27, 2026), offline retail sales for air conditioners, refrigerators, and washing machines declined by 18.66%, 6.72%, and 5.04% year-on-year respectively.

Black Goods

Color TV prices are under pressure, with market share divergence among leading brands.

Based on the latest weekly data for September (weeks 36 to 39, August 31, 2026 to September 27, 2026), online MiniLED penetration stood at 29.81%, down 3.25 percentage points year-on-year and down 0.68 percentage points quarter-on-quarter.

Online retail volume shares for Redmi, Hisense, Vidda, TCL, Skyworth, FFALCON, and Changhong were 22.95%, 14.80%, 12.05%, 10.83%, 9.58%, 7.88%, and 3.14% respectively, with year-on-year changes of +4.51, +0.69, +2.40, -1.68, +1.49, +0.02, and -0.20 percentage points.

Small Home Appliances

Since Q3 (June 29, 2026 to September 20, 2026), online sales in the robot vacuum industry declined 19% year-on-year.

Ecovacs, Roborock, and Narwal declined 18%, 6%, and 57% year-on-year respectively, with market shares of 30%, 33%, 8%, and 8%, representing year-on-year changes of +0.3, +4.6, +0.9, and -7.2 percentage points.

During the same period, online sales in the wet-dry vacuum industry declined 12% year-on-year.

Tineco and Roborock declined 23% and grew 20% year-on-year respectively, with market shares of 31% and 32%, representing year-on-year changes of -4.4 and +8.5 percentage points.

China and the United States have reached a consensus on reciprocal tariff reductions on approximately $30 billion worth of non-sensitive goods from each side.

The categories on which the U.S. will reduce tariffs on Chinese goods include small home appliances, with the target rate to be lowered to most-favored-nation (MFN) levels or even lower.

Risk Warnings

Raw material price increases; significant exchange rate fluctuations; weakening industry demand; intensifying industry competition.