家用电器行业周度跟踪:关注11月海外边际修复及26年1月CES智能终端创新证券研究报告

西部证券
Dec 21, 2025

白电:经营整体稳健,强调配置价值白电:1)统计局:11 月统计局口径家电和音像器材类零售额同比-19%,客观反映国补退坡、双十一前置、以及高基数影响;产量上,11 月冰空彩洗分别944/1503/1745/1201 万台,同比+5.6%/-23.4%/-5.0%/+5.5%;2)海关数据:据海关总署,11 月冰空彩洗出口量分别672/270/915/316 万台,同比+5.6%/-28.0%/-...

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