（以下内容从国金证券《家电行业2026年度策略：拥抱龙头，重视出海》研报附件原文摘录）板块复盘与展望内需方面，2025年家电在政策延续及消费旺季驱动下呈现“前高后稳”态势。分品类看，1)白电：量增为主，前三季度空调景气优于冰洗。据产业在线，25Q1-Q3空调、冰箱、洗衣机出货量同比分别+8.4%、+2.4%、+4.1%，季度节奏来看，Q1存在国补资金的短暂空窗，后续在补贴落地后增速维持在正常水平，...
Source Link（以下内容从国金证券《家电行业2026年度策略：拥抱龙头，重视出海》研报附件原文摘录）板块复盘与展望内需方面，2025年家电在政策延续及消费旺季驱动下呈现“前高后稳”态势。分品类看，1)白电：量增为主，前三季度空调景气优于冰洗。据产业在线，25Q1-Q3空调、冰箱、洗衣机出货量同比分别+8.4%、+2.4%、+4.1%，季度节奏来看，Q1存在国补资金的短暂空窗，后续在补贴落地后增速维持在正常水平，...
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