点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 一、消费品 消费品中电动工具、手动工具、草坪割草机以欧美高端消费市场为主。 总体表现：2025年，电动工具、手动工具、草坪割草机出口金额累计同比增速分别为-2%、-6%、+32%； 其中12月单月同比增速分别为-13%、-9%、+20%，环比变动-5pcts、-4pct、+7pcts。从边际变化看，12月 消费品出口同比增速有降有升，或与海外需求节奏波动有关。同时，近年来受全球关税扰动等影响，国内 企业加速在东南亚等地新增产能以满足北美等市场订单，因此国内海关统计的部分机械出口金额同比压力 有所增大。 北美市场：2025年，我国出口至北美地区的电动工具、手动工具、草坪割草机累计金额分别同 比-25%、-10%、-17%，其中 ...

Group 1: Consumer Products - The export growth rates for electric tools, hand tools, and lawn mowers from January to November 2025 are -1%, -6%, and 34% respectively, with November showing a month-on-month increase due to the fading high base effect and strong seasonal demand for replenishment in overseas markets [4] - Exports of electric tools, hand tools, and lawn mowers to North America from January to November 2025 have seen significant declines of -21%, -10%, and -14% respectively, with November figures showing a year-on-year drop of -40%, -17%, and -44% [4] - Lawn mower exports are primarily directed towards Europe, with 63% of exports in 2024 and 71% in January to November 2025, showing a year-on-year growth of 20% in the same period [5] Group 2: Capital Goods - Industrial sewing machines have the highest export market in Asia, accounting for 67% of total exports from January to November 2025, with major markets including Vietnam, India, and Indonesia [6] - Forklift exports are primarily to Europe (34%), Asia (30%), and Latin America (15%), with a notable decline in the European market share due to the situation in Russia [6][7] - Machine tool exports are mainly directed towards Asia, with a 50% share in January to November 2025, while exports to Russia have fluctuated significantly, dropping from 22% in 2023 to 10% in 2025 [7] - Mining machinery exports are led by Asia, Africa, and Europe, with cumulative export growth rates of +23%, +33%, and +19% respectively from January to November 2025 [7] - Emerging markets in Africa, Asia, and Latin America have shown strong growth, with forklift exports to these regions increasing by 36%, 16%, and 12% respectively [7]