【券商聚焦】中信建投:出海继续成为家电板块增长的最重要来源

金吾财讯
Nov 10, 2025

金吾财讯 | 中信建投发研报指,截止2025年11月5日,家电板块全年涨幅6.80%,跑输沪深300指数10.79pct,表现一般,主要受困于关税加征扰动、以旧换新政策波动以及下半年高基数预期,并且市场在年初也预判了这些风险,基本面则按照此前市场的预期在落地。从个股角度看,2025年摩托车、小家电标的涨幅居前,主要包括涛涛车业荣泰健康云米科技科沃斯春风动力等。该机构表示,两条主线看2026年的机会。立足长期视角,企业的竞争力终将回归产品创新与效率优势的本质,因此从投资视角来看,主要有两条主线。一是出海继续成为增长的最重要来源,无论是白电和黑电等成熟品类,还是摩托车,以及扫地机/割草机/泳池清洁、运动相机/无人机、3D打印等新兴品类,依然拥有广阔的增量空间和中国品牌出海持续提升的潜力,并且已有成功经验表明中国拥有更快的产品迭代、更优秀的产品经理支持以及新一代年轻企业家更广阔的视野。二是变革红利,当前国内需求趋于饱和,传统渠道体系重构,各因素压缩了企业盈利空间,并且行业内部也在孕育战略升级,各大企业通过海外产能布局开拓新兴市场红利,在内外部的挑战与诉求之下,中国家电企业采用组织架构整合、数字化变革、渠道变革“三步走”战略迈向深层次变革。

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