Xinhua News Agency, June 20, Huatai Securities pointed out that in the long run, there is still much room for improvement in the per capita possession of air conditioners in Japan and China, and the demand is resilient. The logic of increasing ownership remains unchanged. In the short term, from 2009 to 2013, household appliances shipped by consumer stimulus activities such as "trade-in for old appliances" and "home appliances going to the countryside" have entered a "replacement period" of concentrated scrapping or renewal, coupled with the high temperature expectations this summer and the promotion of industry policies on household appliance consumption. Air conditioning sales are expected to be optimistic in the second half of the year. White electricity demand stability, strong valuation attractiveness, we are still optimistic about the industry leader long-term fundamentals and business governance optimization. At the same time, no matter from the perspective of dividend or asset allocation, the investment value of undervalued leaders should be paid attention to.