2025.05. 20 本文字数：2097，阅读时长大约4分钟 作者、封面 | 第一财经 王珍 5月20日，海信集团有关人士向第一财经记者确认，原美的集团副总裁、空调事业部总裁殷必彤5月 19日晚正式出任海信空气产业（筹）总裁。目前，海信空气产业在海信家电（000921.SZ、 00921.HK）下，负责海信集团与空调相关的产业和品牌。 从竞争层面看，小米集团（01810.HK）在国内空调市场的份额上升较快，去年已经跃升至国内线上 空调市场销售额的第四名。此前，美的、格力、海尔、海信在国内整体空调市场居前四位。此次请 来"外援"，折射出海信不甘心被挤出国内家用空调市场的前四。 海信欲进一步做强空调业务 "（邀请殷总加盟）目的就是把空调产业做好"，海信家电一位相关人士向第一财经记者说，海信的 商用空调、家用空调业务"都要更强"。 有意思的是，海信集团董事长贾少谦两周前率队到广东省佛山市，与美的集团董事长兼总裁方洪波及 其团队，签订战略合作协议，双方将在智慧物流、全球制造、AI应用等方面合作。 殷必彤1999年加入美的，曾任美的空调国内营销公司总经理助理和市场总监、小天鹅（美的洗衣机 业务）董事兼总经理，以及美的 ...

研究报告 Research Report 18 May 2025 中国可选消费 China (A-share) Discretionary 可选消费周度趋势解析：本周宠物和美国消费板块股市表现最优，大多板块估值仍低于过去 5 年平均 Analysis of weekly discretionary trends： Pet and U.S. consumer sector stocks are the top performers this week, and valuations in most sectors are still below the average of the past five years [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 美的集团 | Outperform 海信视像 | Outperform | | 格力电器 | Outperform 安克创新 | Outperform | | 海尔智家 | Outperform ...

证 券 研 究 报 告 家电行业 2025Q1 基金重仓分析 25Q1 重仓家电比例下降，两轮车黑电获增配 风险提示：公募基金仅披露前十大重仓股，与实际全部持仓统计可能存在偏差。 行业研究 家电 2025 年 05 月 18 日 推荐（维持） 华创证券研究所 证券分析师：牛俣航 邮箱：niuyuhang@hcyjs.com 执业编号：S0360525040003 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 19,301.36 | 1.93 | | 流通市值(亿元) | 17,306.51 | 2.18 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 7.9% | 1.7% | 9.1% | | 相对表现 | 4.0% | 6.9% | 2.8% | -17% -6% 5% 16% 24/05 24/07 24/10 24/12 25/02 25/05 2024-05-16~2025-05-16 家电 沪深300 相关研究报 ...

另外值得注意的是装修会造成"视觉欺骗"。某书上一搜一堆"电视上墙显小"，实际情况确实如此，所 以"买大不买小"进一步成主流。实际上墙后，100吋确实比98吋显大气，多了一圈的可看区域也意味着 能让你更快更清楚的看到画面边角隐藏的"彩蛋"。 其二：屏幕产线代差，8.6代线成就画质"隐形王牌" 抛开尺寸这个数据差距，100吋屏幕素质比起98吋，的的确确有质的提升，而这也是成就100吋屏幕更好 画质表现的关键因素。 今年的618比往年都早，想给家里升级大屏电视的朋友们已经摩拳擦掌，不过真要下单的时候可有点懵 了：有人狂吹98吋才靠得住，有人力挺100吋不买后悔，越看越拿不准。 作为混迹电视圈多年的老司机，今天就带大家抛开营销话术，从真实体验、技术原理、市场趋势三个维 度客观拆解：这"差2吋"到底差在了哪？是不是能影响体验的"隐形分水岭"？相信大家看完这篇，心里 就明镜一样了。 其一：多出的2吋不是2吋照片，而是沉浸式"升舱"体验 很多人以为"100吋比98吋就大个类似2吋照片的面积"，这绝对是误解！按实际面积换算：100吋电视比 98吋多出约12.3块iPhone 16 Pro Max的显示区域，这块面积看起来可不 ...

今年618，比往年来得更早一些。5月13日，618大促预热即在京东、天猫主战场拉开大幕，一场史上最 长优惠周期向着消费者走来。这对用户来说是好事，有充足的时间做攻略、比价格，尤其是大件，不买 到最好的、最值得，都对不起这超长战线。 那么，想趁着好机会买电视的用户乐了：终于蹲到年度优惠了！但是选择太多了，到底买谁家、买哪款 呢？在"买大不买小"成共识的当下，建议大家有条件的果断冲百吋，一步到位！毕竟现在都开始流 行"墙有多大电视买多大"了，大屏能带来的客厅品质以及家庭娱乐体验升级，真正用上才懂。 这款作为海信电视行业首发的高定电视，逼格方面无出其右。而高定屏、高定芯片、高定音响系统、高 定外观甚至连操控都走高定范的U8Q，真正入室上墙用起来，才更彰显什么是高定生活品质。618期间 京东下单，官方还赠送影视VIP年卡。 从屏幕来看，其搭载的高定黑曜屏Ultra，独有内外双层纳米级LR低反技术，实现了1.28%超低反射率， 即使直面正午强光，烈日、核爆等高亮画面依然震撼且有层次。整块高定黑曜屏Ultra黑度再提升50%， 领先行业4倍，呈现《权游》中的暗场画面，细节满满。同时，其178°广视角使得即使坐边角也不影响 ...

Investment Rating - The report rates the home appliance industry as "Leading the Market" with an expected growth exceeding the benchmark index by over 10% [3][40]. Core Insights - The domestic market for white goods is performing better than exports, with optimistic production forecasts for air conditioners from May to July, while refrigerator and washing machine production remains stable. The upcoming summer season is expected to boost air conditioner sales due to trade-in subsidies [3][11]. - The export growth rate for home appliances declined in April, influenced by a competitive overseas market and fluctuating tariff policies between China and the U.S. However, strong growth in emerging markets is alleviating some pressure from North America [3][21]. - Raw material costs are decreasing, which is expected to enhance profitability. Prices for rebar and ethylene are at low levels, and copper prices are stable, reducing cost pressures on the industry [4][27]. - Shipping costs are currently low, which may benefit home appliance companies by lowering transportation expenses. Recent trade talks have led to a temporary suspension of tariffs on Chinese goods, potentially causing fluctuations in shipping prices [4][31]. Summary by Sections White Goods Production - Air conditioner production is optimistic, with May production at 23.3 million units and growth rates of 9.9%, 14.1%, and 14.3% for the following months. Refrigerator production is stabilizing, while washing machine production is in a seasonal downturn [11][14][17]. Home Appliance Exports - In April, the export value of home appliances was $8.65 billion, a year-on-year decline of 2.89%, while the export volume was 385 million units, a 1.2% increase. The decline in value is attributed to intense market competition and pricing strategies [21][24]. Raw Materials - As of May 14, 2025, the LME copper price was $9,649.5 per ton, with rebar at 3,118 yuan per ton and ethylene at $781 per ton, all indicating a favorable cost environment for the industry [27][28]. Shipping Costs - The shipping cost indices for various routes are at low levels, which is beneficial for export-oriented home appliance companies. The recent trade agreement has led to a temporary suspension of tariffs, which may influence shipping dynamics [31][32]. Investment Recommendations - The report suggests four main investment themes: 1. Configuration type focusing on white goods with high dividend yields and limited valuation downside, including companies like Midea Group and Gree Electric. 2. Turning point type targeting small appliances and kitchen appliances expected to recover due to low baselines and stimulus policies. 3. Growth potential in black goods with technological upgrades and competitive advantages for domestic brands. 4. Thematic investments in the humanoid robot supply chain, which may benefit component manufacturers [5][35].

竞争激烈的中国家电&手机江湖，牌桌上的玩家们在坚守大本营之外，皆不约而同踏上了出海之路，而东亚的日本，成了它们"抢滩登陆"的第一站！ 这里不光有美的、海尔、海信、TCL等传统家电巨头，还有跨界科技巨头联想、小米和OPPO，它们究竟能从日本本土消费电子列强口中，抢到多少肉？ 出海外卷—破局最优解！ 作为离中国最近的东亚发达国家，日本一直以来都是中国科技&家电巨头们的兵家必争之地，早年间通过一系列收并购，中国多个家电巨头拿到了日本市 场的入场券； 而2019年日本《电器通信事业法》的修订，也为小米、OPPO、联想等中国手机&PC品牌提供了公平的竞争环境，坚定了它们加码投资的信心。 中国家电吃下日本半壁江山 5月14日，日经中文网报道，中国最大的智能手机企业小米在埼玉县的两个地方开设了日本首批实体店，中国第三大手机企业欧珀（OPPO）则推出了无 内置调谐器（电视信号接收器）的液晶智能电视。 释放的讯号不可谓不明显，一边是小米和OPPO这些已在日本运营多年的中国科技品牌进一步扩大业务版图，一边是像OPPO这种国内聚焦手机&IoT产品 的科技品牌也开始在日本市场开辟了新的黑电业务； 实际上，稍早前的3月下旬，东京电视台 ...

Investment Rating - The report rates the home appliance industry as "Leading the Market" with an expectation of exceeding the benchmark index by over 10% [3][39]. Core Insights - The domestic market for home appliances is showing optimism, particularly in air conditioning production, while export markets face challenges due to tariff uncertainties [3][5]. - The report highlights a positive outlook for air conditioning production in the upcoming months, driven by seasonal demand and government incentives for replacing old appliances [10][34]. - The report notes a decline in export growth for home appliances in April, attributed to intense competition and fluctuating tariff policies, although emerging markets are providing some relief [20][34]. - Raw material costs are decreasing, which is expected to enhance profitability for the industry, with stable prices for copper, rebar, and ethylene [26][34]. - Shipping costs are currently low, which benefits export-oriented home appliance companies, although there may be fluctuations due to potential "export rush" phenomena [30][34]. Summary by Sections 1. White Goods Production - Air conditioning production is optimistic with expected increases of 9.9%, 14.1%, and 14.3% from May to July 2025, while refrigerator and washing machine production remains stable [10][13]. - Domestic refrigerator production is gradually improving, while export production remains pessimistic due to tariff impacts [13][16]. - Washing machine production is in a seasonal downturn domestically, but export impacts from tariffs are minimal [16][34]. 2. Home Appliance Exports - In April 2025, home appliance exports fell by 2.89% year-on-year, with a total export value of $8.65 billion [20][34]. - The volume of exports increased by 1.2%, indicating a mixed performance influenced by competitive pricing and tariff fluctuations [20][34]. 3. Raw Materials - The report indicates that raw material costs are at low levels, with copper priced at $9,649.5 per ton, rebar at 3,118 yuan per ton, and ethylene at $781 per ton, which helps reduce cost pressures [26][34]. 4. Shipping Costs - Current shipping costs are low, which is advantageous for home appliance exporters, although potential fluctuations may arise from increased export activities [30][34]. 5. Investment Recommendations - The report suggests four main investment themes: 1. Configuration type focusing on white goods with stable performance and high dividends, including companies like Midea Group and Gree Electric [5][34]. 2. Turning point type targeting small appliances and kitchen appliances expected to recover [5][34]. 3. Growth potential in black goods with technological upgrades and competitive advantages for domestic brands [5][34]. 4. Thematic investments in the humanoid robot supply chain, which may benefit component manufacturers [5][34].

截至2025年4月30日，A股家用电器上市公司半年报已全部披露完毕。其中，以申万二级行业划分的黑色家电行业在2024年共计实现营 业收入2029.38亿元，实现归母净利润49.61亿元。 2024年，在消费电子需求波动、技术迭代加速的背景下，黑色家电行业公司业绩表现持续分化。头部企业通过技术创新与全球化布局 实现稳健增长，而部分中小企业则在成本压力与市场萎缩中举步维艰。 2024年，黑色家电行业公司共计实现营业收入2029.38亿元，实现归母净利润49.61亿元。 不同于白色家电行业的业绩相对较稳定，黑色家电行业内公司差距极大，且业绩更加波动。营收规模超百亿的四川长虹、海信视像、 兆驰股份实现了营收、净利的双双增长，但对比可以看出公司的归母净利润增幅远逊色于同期的营收增幅，反映出公司的盈利能力还 有一定提升空间。同时，四川长虹2024年的扣非净利润占比仅为59.50%，盈利质量或并不高。 与此同时，创维数字、极米科技在2024年则营收、净利润双双下滑，其中创维数字分别同比减少18.20%、58.34%，而极米科技则分别 同比减少4.27%、0.3%。 而行业垫底的几家公司，业绩波动则更为明显，风险逐渐暴露。其 ...

报告要点 丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 营收增长提速，盈利呈现弹性—家电行业 2024 年报&2025 年一季报综述 [Table_Summary] 在内销有国补助力，外销新兴市场强劲增长势能延续的背景下，家电行业整体经营趋势加速向 上，其中仅厨电受地产影响仍处于阶段盘整当中。站在当前时点，美国关税政策或有持续反复、 扰动的可能性，我们建议在不确定性中把握确定性，围绕对美净敞口较低以及内销有国补政策 加持，业绩增长确定性较高的细分行业优质龙头进行布局。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家用电器 cjzqdt11111 [Table_Title 营收增长提速，盈利呈现弹性 2] —家电行业 2024 年报&2025 年一季报综述 [Table_Summary2] 整体：收入增长提速，盈利持续改善 2024A/2024Q4/2025Q1 家电行业样本公司营收分别同比+5.23%/+8.37%/+ ...