【银河家电】行业动态 2026.1丨内销开始提价，热泵、黑电海外表现突出

Group 1 - The home appliance sector experienced a decline, with the SW home appliance index dropping by 0.68% as of January 28, 2026, and the current industry P/E ratio (TTM, excluding negative values) standing at 15.60 times [3][22] - Major home appliance companies have begun to raise prices due to increased costs from rising metal raw material prices and memory chips, alongside the reduction of national subsidies [3][22] - Midea implemented a tiered price increase strategy in early January, raising prices by 2% on January 3 and an additional 4% on January 5, with online retail prices for air conditioners increasing by 5.7% compared to December 2025 [3][22] Group 2 - National subsidies for home appliances are set to decline, but large appliances will continue to benefit from subsidies in 2026, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [4][23] - The retail sales of home appliances and audio-visual equipment saw significant year-on-year declines in October, November, and December 2025, with decreases of 14.6%, 19.4%, and 18.7% respectively [4][23] - The production of domestic air conditioners in early 2026 is projected to decline by 14.8% in January-February and 5.7% in March compared to the same period last year [4][23] Group 3 - European countries are increasing the promotion of heat pumps, with exports reaching a historical high of 1.62 billion yuan in December 2025, marking a year-on-year increase of 21.7% [5][20] - The heat pump market in Europe is expected to improve, driven by the restoration or enhancement of subsidy policies, with a penetration rate of only 12% in 2024, indicating significant growth potential [5][24] - The promotion of heat pump heating is a key strategy for achieving carbon neutrality by 2050, which is expected to sustain the improvement of exports from China [5][24] Group 4 - TCL is set to acquire Sony's television business, forming a joint venture where TCL will hold 51% and Sony 49%, with the final agreement expected by the end of March 2026 [6][21] - TCL's adjusted net profit for 2025 is projected to be between 2.33 billion and 2.57 billion Hong Kong dollars, reflecting a year-on-year growth of 45-60% [6][21] - The merger is anticipated to increase TCL and Sony's combined market share to 16.7% by 2027, potentially surpassing Samsung's projected market share of 16.2% [6][21]