出口链：2025M8家电出口额个位数下滑，洗衣机、吸尘器同比均+10%

Investment Rating - The report does not provide specific investment ratings for the home appliance industry, indicating a neutral stance across various sub-sectors [4]. Core Insights - The overall export value of the home appliance industry continued to decline in single digits, with a decrease of 7% in August 2025 [5][9]. - Among sub-sectors, cleaning appliances showed relatively better performance, while other categories faced varying degrees of growth and decline [6][9]. - Specific product categories such as washing machines and vacuum cleaners experienced double-digit growth, while air conditioners and fans faced significant demand pressure [7][9]. Summary by Relevant Sections Overall Industry Performance - The home appliance industry saw a 7% decline in export value as of August 2025, continuing a trend of single-digit decreases [5][9]. Sub-sector Analysis - White Goods: Washing machines saw a double-digit increase in export value (+10%), while refrigerators experienced a slight growth (+4%). However, air conditioners and fans faced substantial declines (-24% and -19% respectively) [7][9]. - Black Goods and Smart Projection: Audio equipment showed a modest growth (+2%), while liquid crystal TVs, microphones, and projectors faced declines (-3%, -10%, and -21% respectively) [7][9]. - Kitchen Appliances and Electrical Lighting: Plugs and sockets remained stable (-2%), but range hoods saw a significant drop (-19%) [7][9]. - Cleaning Appliances: Vacuum cleaners continued to show strong performance with a double-digit growth (+10%) [7][9]. - Small Kitchen Appliances: Major categories like microwaves, electric cooking utensils, and blenders experienced declines in export value (-11% to -26%) [7][9]. - Personal Care Appliances: Hair dryers faced a double-digit decline (-13%), while electric irons and shavers saw a narrowing of their decline (-13% and -2% respectively) [7][9].