金吾财讯 | 中信证券表示，2025Q4主动偏股型基金重仓家电比例环比回升。其中重仓白电比例有所回升；黑电持仓比例持平；厨电、小家电、照明、零部件板块关注度分化。展望后续，在2026年国补政策延续的背景下，内销需求有望部分修复；而外销在新兴市场需求支撑下仍具韧性，龙头凭借全球化布局与成本优势仍具相对配置价值。该机构建议2026年关注以下投资标的：1）预计2026年国补政策继续托底消费，关注重点受益标的白电龙头；2）关注海外有制造和品牌优势的企业。面对万亿规模的海外市场，具备全球化产能布局和自主品牌能力的企业优势显著，通过“区域供区域”的本地化供应链建设，可有效规避贸易风险，提升盈利稳定性，并持续享受新兴市场增长红利；3）Mini LED处于全球快速普及期，格局优化有望加速；4）商用冷链龙头，冷冻柜业务见底企稳，冷藏展示柜、商超柜、智能零售柜等新兴业务在头部客户份额提升及新业态驱动下正高速增长。5）零部件转型升级，尤其是液冷技术在AI数据中心等新高景气赛道的应用机遇。
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