金吾财讯 | 华泰证券表示，2026年5-8月家电（申万）板块下跌4%，在30个申万子行业中排名第8位。子板块中仅白电取得正收益，科技成长、零部件及部分黑电方向调整明显；核心公司中，美的、格力、海信家电、海信视像相对占优。期间红利占优，成长估值消化，市场定价进一步从远期科技叙事转向盈利兑现、现金流及股东回报，红利成为阶段性主导风格。该机构认为中期财报落地后，板块主线或由单一红利占优逐步转向“红利打底、成长看兑现”，若内销修复与成本改善同步确认，基本面拐点型科技出海公司有望接力成为超额收益来源。该机构认为全年配置主线仍是“红利底仓+基本面拐点成长”。红利并非单纯交易高股息，而应重点配置依托优势主业、持续自由现金流和稳定资本回报能力的公司。成长方向上，市场对远期预期有所淡化，更关注收入、利润和现金流的实际兑现。下半年若内销低基数修复确认、成本压力边际缓解，成长方向的盈利和估值弹性有望进一步释放。
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