出口链：2025M12家电出口持续承压，吸尘器、电视+14、+5%

Investment Rating - The overall industry investment rating is neutral, indicating that the expected return over the next six months is between -5% and 5% relative to the CSI 300 index [10] Core Insights - The household appliance industry experienced a single-digit decline in export value of 7% in December 2025, with specific categories like vacuum cleaners, washing machines, and refrigerators showing growth [4][8] - White goods such as refrigerators and washing machines achieved stable growth of 4% each, while air conditioners and fans faced significant demand pressure with declines of 20% and 28% respectively [4][8] - In the black goods and smart projection segment, projectors saw a double-digit decline of 13%, while the growth rate for LCD TVs turned positive at 5% [4][8] - Kitchen appliances and electrical lighting faced challenges, with range hoods declining by 10% and demand for plugs and sockets stabilizing at a 5% decline [4][8] - Cleaning appliances, particularly vacuum cleaners, maintained a strong growth rate of 14% [4][8] - Small kitchen appliances such as toasters, blenders, microwaves, and coffee machines faced varying degrees of pressure, with declines of 21%, 16%, 10%, and 15% respectively [4][8] - Personal care small appliances like electric shavers showed a need for improvement with a decline of 21%, while hair dryers and irons had reduced declines of 6% each [4][8] Summary by Category - White Goods: Refrigerators and washing machines grew by 4% each, while air conditioners and fans declined by 20% and 28% respectively [4][8] - Black Goods and Smart Projection: Projectors declined by 13%, while LCD TVs grew by 5% [4][8] - Kitchen Appliances and Electrical Lighting: Range hoods declined by 10%, plugs and sockets stabilized with a 5% decline [4][8] - Cleaning Appliances: Vacuum cleaners grew by 14% [4][8] - Small Kitchen Appliances: Toasters, blenders, microwaves, and coffee machines faced declines of 21%, 16%, 10%, and 15% respectively [4][8] - Personal Care Small Appliances: Electric shavers declined by 21%, while hair dryers and irons had reduced declines of 6% each [4][8]