格林大华期货研究院专题报告 期货研究院 | 能源化工 2025年8月12日 | | 华东纯苯产业调研报告（一） | | --- | --- | --- | | 能源化工研究员： | 吴志桥 | | | 从业资格证号： | F3085283 | | | 交易咨询证号： | 摘要 Z0019267 | | | | | 此次华东调研一共拜访13家企业，涵盖纯苯和苯乙烯上 | | 格林大华期货交易咨询业务资格： | | 下游生产企业和贸易商，调研结论如下： | | 证监许可【2011】1288号 | | （1）部分工厂纯苯外采以日韩和东南亚货源为主，主 | | 成文时间：2025年8月12日星期二 | | 要依托于地理及成本优势。下半年欧美纯苯货源偏少，韩国 | | | | 发出美国受到一定影响，下半年进口量预计有所萎缩。（2） | | | | 需求端整体韧性仍在。前期"抢出口"和"家电下乡"政策 | 更多精彩内容请关注格林大华期货官方微信 求及价格控制产能。9-10 月份旺季需求环比会好转，但是 跟往年传统旺季预计差不多。（3）纯苯-苯乙烯价差走势看 法，纯苯和苯乙烯价差回归正常水平 1000-1100 元/吨附 ...

Core Viewpoint - The report from Guolian Minsheng Securities indicates that the home appliance industry is experiencing a positive shift in domestic demand, with a focus on the white goods sector, which is expected to benefit from improved pricing strategies and a favorable cost environment [1][2]. Group 1: Home Appliance Industry Overview - The home appliance sector has shown a slight increase of 0.1% from the beginning of the year to June 5, 2025, outperforming the CSI 300 index by 1.6 percentage points, ranking 17th among primary industries [1]. - The overall performance of the home appliance sector has historically shown a high success rate, with 16 out of the past 20 years outperforming the CSI 300 index during the same period [1]. Group 2: White Goods Sector - The white goods sector is expected to see improved domestic demand, with a lower base for shipments and a potential upward trend [2]. - The usage of funds for the old-for-new policy has accelerated in May, although the impact of elastic marginal reduction and funding constraints may be concentrated in Q4 2025 [2]. - Major players in the white goods sector have adopted aggressive online pricing strategies, leading to significant market share elasticity, while the cost environment has improved, suggesting minimal impact on profitability [2]. Group 3: Black Goods Sector - The overall demand for TVs has shown a weak recovery since 2025, with MiniLED backlight TVs becoming a key driver for domestic product upgrades [3]. - Domestic brands like TCL and Hisense have performed strongly, with Hisense rapidly increasing its market share in MiniLED backlight TVs [3]. - The profitability of leading brands is expected to improve due to product structure upgrades and stable panel prices, with an anticipated increase in industry concentration and ongoing technological advancements [3]. Group 4: Emerging Small Appliances - The demand for emerging small appliances, particularly robotic vacuum cleaners, has seen significant growth since 2025, driven by subsidies and product innovation [4]. - Competition in the domestic and international markets is expected to diverge, with companies like Roborock performing well domestically while facing challenges abroad [4]. Group 5: Kitchen Appliances - The kitchen small appliance sector is showing signs of stabilization after a prolonged adjustment, with domestic sales rebounding due to low bases, reduced competition, and new product launches [5]. - The demand for large kitchen appliances is gradually improving, but recovery is still dependent on the real estate market, transitioning from new home-driven demand to replacement-driven demand [5]. Group 6: Investment Recommendations - The report suggests a positive outlook for the home appliance industry, with a focus on high-quality, high-dividend leading companies such as Gree Electric Appliances, Midea Group, Haier Smart Home, and Hisense Home Appliances [6][7]. - It also highlights the potential of leading TV brands like Hisense Vision and TCL Electronics, as well as emerging consumer brands benefiting from promotional events [7].