家用电器行业研究:如何看新兴市场白电景气度与格局?

长江证券
Dec 07, 2025

新兴市场家电景气度如何?国内出口表现与上市公司财报的交叉验证均表明近两年新兴市场家电行业景气度较高。出口表现来看,2017-2024 年,国内空调、冰箱与洗衣机出口量CAGR 分别约为7%、8%和7%;分品类,空调出口增长主要受欧洲与新兴市场拉动,冰箱各区域均实现较好增长,其中拉美与东南亚增速相对更高,洗衣机则由欧美成熟市场贡献较大增量。但节奏上,2023 年以来拉美、非洲与东南亚等地区出口增长...

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