金吾财讯 | 家电股盘初上行，截至发稿，泉峰控股(02285)涨4.88%，海尔智家(06690)涨4.67%，海信家电(00921)涨2.08%，美的集团(00300)涨1.89%。
消息面上，中信建投发布研报称，美联储新一轮降息周期即将拉开序幕，美国地产链顺势受益。历史复盘来看，150-200bp的房贷利率降幅即可带动大级别行情，节奏上看受益标的通常估值先行。大而美法案的推出使得美国财政缺口显著提升，降息空间可期。受高利率环境压制，当前美国房地产景气底部亟待反弹，降息有望显著激发市场活力，建议把握降息周期下家电与电动工具出口公司的投资机遇期。国联民生证券发布研报称，2025Q2家电板块营收同比+4.78%至4315亿元，归母净利润同比+3.38%至381亿元，稳健增长。当季，白电内销景气向上，外销关税影响显现，但龙头韧性突出；清洁龙头高增，可选品类费用投放加大，盈利能力下行。展望后续，以旧换新支撑内需，龙头自主品牌与新兴品类出海贡献增量，龙头报表质量有望支撑业绩不弱于收入增长，稳中有进，投资价值值得重视。
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