【国泰海通家电 | 行业】格局重塑构建龙头新优势——家电行业2025年中期策略

小蔡看家电
Jun 03, 2025

摘要:内销:龙头复苏引领行业再集中。从年初至Q2旺季,白电各品牌呈现季节性降价的趋势。龙头相较前两年稳健提结构、弱化份额的战略方向做出改变,在2025年白电销售旺季,主导本轮价格竞争,收复失地。整体依旧体现是行业集中度提升。外销:品牌出海+产能碎片化布局的良机。2025年对美贸易政策的变动对全球供应链布局提出了更高的要求。大家电产能出海较早,全球产能布局完善,供应链韧性强,可根据税率实时变化,相应...

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