12月白电排产数据公布，家用空调行业短期调整，10月洗衣机出口表现亮眼

Investment Rating - Industry rating: Overweight (maintained) [6] Core Insights - The home appliance industry is experiencing a decline in production, with December 2025's total production of air conditioners, refrigerators, and washing machines at 30.18 million units, a year-on-year decrease of 14.1% [6] - The production of home air conditioners, refrigerators, and washing machines in December 2025 is 14.11 million, 8.13 million, and 7.94 million units respectively, with year-on-year declines of 22.3%, 8.2%, and 1.9% [6] - The domestic sales and exports of air conditioners in December 2025 are 5.16 million and 8.95 million units, reflecting a year-on-year drop of 29.9% and 11.4% respectively [6] - The washing machine export market is performing strongly, with a cumulative export volume of 37.6 million units in the first three quarters of 2025, a year-on-year increase of 12% [6] Summary by Sections Recent Industry Performance - The relative return over the past month is 4.09%, while the absolute return over the last 12 months is 10.07% [3] Production Data - In October 2025, actual production of home air conditioners was 10.13 million units, down 27.9% year-on-year, with sales of 10.28 million units, down 20.1% [6] - The production data for September shows air conditioners, refrigerators, and washing machines exported 3.37 million, 4.47 million, and 4.79 million units respectively, with year-on-year changes of -18.2%, +7.6%, and +23.8% [6] Investment Recommendations - The report suggests that the air conditioning industry is facing multiple pressures, including weak retail demand and high base effects from exports, leading to a continued adjustment phase [6] - The report highlights the potential for growth in overseas markets for Chinese home appliance companies, particularly in washing machines, as they expand their international sales networks and enhance brand influence [6]