太平洋证券行业日报

Investment Rating - The report does not provide specific ratings for sub-industries such as white goods, black goods, small appliances, and kitchen appliances [3]. Core Insights - The overall export value of the home appliance industry remained flat year-on-year in January 2026, while the growth rate in February 2026 significantly increased to +29% [1][5]. - In terms of product categories, refrigerators and televisions showed strong performance in January 2026, while vacuum cleaners and other small appliances performed exceptionally well in February 2026 [1]. - White goods like refrigerators continued to thrive with year-on-year growth of +14% in January and +21% in February, while washing machines also saw steady growth [1]. - The demand for air conditioners and fans faced pressure, with January showing declines of -13% and -9%, respectively, but air conditioners turned positive in February with a growth of +2% [1]. - In the black goods and smart projection sector, projectors experienced a double-digit decline of -17% in January, while liquid crystal televisions and microphones saw rapid growth in February [1]. - In kitchen appliances, plug and socket categories achieved remarkable growth of +93% in February, and range hoods also saw a significant increase of +36% [1]. - The cleaning appliance sector, particularly vacuum cleaners, showed rapid growth with +43% in January and an impressive +113% in February [2]. - Small kitchen appliances like microwaves and electric kettles showed stable performance, while other categories like electric cooking tools and blenders experienced rapid growth in February [2]. - Personal care appliances like hair dryers and electric shavers faced demand pressure, but electric shavers saw a notable growth of +38% in February [2].