The home appliance industry is entering a pivotal phase driven by the powerful combination of policy support, technological innovation, and global expansion. On Monday, September 14th, following the success of its existing ETF product, leading fund house Huabao Fund will officially launch the Huabao CSI All-Share Home Appliance ETF Feeder Fund (Class A: 028376; Class C: 028377). Both the feeder fund and its underlying ETF track the CSI All-Share Home Appliance Index, which covers four key categories: white goods, black goods, kitchen appliances, and small appliances. This creates a convenient tool for both on-exchange and off-exchange investors to gain exposure to the full spectrum of China's home appliance A-share core assets and capture the sector's growth potential. Notably, as of August 31, 2026, the index's dividend yield stood at a robust 3.81%, placing it in the high range of the past decade.

Industry catalysts converge, as appliances embrace a dual 'Smart + Green' engine

Currently, there's a pronounced shift towards smarter, greener home appliances. On one hand, AI technology is rapidly moving from 'passive response' to 'proactive intelligence', with whole-home AI coordination and large model empowerment pushing the industry from single-product intelligence to spatial intelligence. On the other hand, high energy efficiency and low consumption have become industry standards, with a marked increase in the adoption of green and intelligent appliances. On the international stage, Chinese appliance brands are transitioning from simply exporting products to exporting their capabilities. At this year's premier international consumer electronics show, Chinese manufacturers showcased full-category suites, comprehensive scenario-based solutions, and AI decision-making engines, demonstrating a full upgrade from competing on specifications to competing on user experience. This is particularly evident among leading companies with strong global supply chains, whose order stability stands out. According to analysis from Euromonitor International, taking air conditioners as an example, over the past decade, companies like Midea have consistently gained around 1 percentage point or more in market share annually in significant markets such as Indonesia, Thailand, and Vietnam. Looking ahead to the 15th Five-Year Plan period, zero-carbon and smart appliances are expected to become new growth drivers for exports.

Appliance sector dividend yields are at a decade high

Currently, the home appliance sector's dividend yield, valuation, and growth indicators all point to strong competitiveness. The Huabao CSI All-Share Home Appliance ETF Feeder Fund (Class A: 028376; Class C: 028377), now open for subscription, tracks the CSI All-Share Home Appliance Index. As of August 31, 2026, this index had a dividend yield of 3.81%, placing it in the high range of the last ten years. The index's constituents include four major categories—white goods, black goods, kitchen appliances, and small appliances—providing a single-click solution to bundle the core assets of the entire home appliance sector. As of August 31, 2026, the top ten constituents accounted for over 72% of the index's weight. Furthermore, from 2020 to the end of August 2026, the CSI All-Share Home Appliance Index has accumulated a gain of 44.01%, outperforming indices like the CSI Home Appliance Leaders, Home Furnishing & Appliances, Guozheng Home Appliance Leaders, and the CSI 300 over the long term. (Data source: CSI Index Company, Wind)

On Monday, September 14th, the Huabao CSI All-Share Home Appliance ETF Feeder Fund (Class A: 028376; Class C: 028377) will be officially launched. Together with its on-exchange counterpart, it will offer investors both in and out of the market a convenient tool to invest in leading appliance companies and capture the industry's growth dividends. Its long-term performance warrants close attention. Please be reminded that recent market fluctuations can be significant, and short-term gains or losses do not predict future performance. Investors are advised to invest rationally based on their own financial situation and risk tolerance, and to pay close attention to position and risk management.

Fund fee overview: For Class A shares of the Huabao CSI All-Share Home Appliance ETF Feeder Fund: 1) Subscription rate: 0.3% for amounts under 2 million yuan; a flat fee of 1,000 yuan for amounts at or above 2 million yuan. 2) Purchase rate: 0.3% for amounts under 2 million yuan; a flat fee of 1,000 yuan for amounts at or above 2 million yuan. 3) Redemption rate: For holdings less than 7 days, 1.5% for both individual and institutional investors. For holdings of 7 days or more, individual investors incur no redemption fee. For institutional investors holding between 7 and 30 days, the fee is 1%; between 30 and 180 days, it is 0.5%; and for holdings of 180 days or more, there is no redemption fee. For Class C shares: 4) A sales service fee of 0.2% per annum applies. The redemption fee structure is the same for both Class A and Class C shares. When subscribing or redeeming ETF shares, agents may charge a commission of up to 0.5% per standard. On-exchange trading fees are subject to the actual charges by securities firms, and no sales service fee is levied. Data sources: CSI Index Company, Shanghai and Shenzhen Stock Exchanges, Wind. The CSI All-Share Home Appliance Index's returns for the last five full calendar years were: 2021: -10.70%; 2022: -22.02%; 2023: 2.99%; 2024: 22.26%; and 2025: 13.47%. The index's constituent stocks are adjusted periodically according to its compilation rules, and its historical performance does not guarantee future results.

Risk warning: The target ETF of the Huabao CSI All-Share Home Appliance ETF Feeder Fund is the Home Appliance ETF. The ETF and its feeder fund passively track the CSI All-Share Home Appliance Index, whose base date is December 31, 2004, and release date is July 7, 2015. The index constituents are adjusted per its rules, and historical performance does not indicate future performance. The above products are issued and managed by Huabao Fund; sales institutions do not bear responsibility for the product's investment, redemption, or risk management. Investors should carefully read the fund contract, prospectus, and fund product summary to understand the risk-return characteristics and select a product that matches their own risk tolerance. The risk rating assigned by the fund manager for these products is R3-Medium Risk, suitable for investors with a balanced (C3) profile or above. The product risk rating and suitable investor profile are subject to the assessment of the sales institution. Performance of other funds managed by the fund manager does not guarantee the performance of this fund. Past performance is not indicative of future returns. Investing involves risk; please invest cautiously. Sales institutions (including direct sales and other channels) will conduct risk assessments on this fund according to relevant laws and regulations. Investors should pay attention to the suitability opinions provided by the fund manager, as opinions from different sales institutions may not be consistent, and their risk ratings cannot be lower than the fund manager's rating. Differences exist between the fund contract's description of risk-return characteristics and its risk rating due to differing considerations. Investors should understand the fund's risk and return profile, choose products carefully based on their own objectives, horizon, experience, and risk tolerance, and bear the risks themselves. Registration with the China Securities Regulatory Commission does not imply a substantial judgment or guarantee on the fund's investment value, market prospects, or returns. Investing involves risk; please invest cautiously.