Core Viewpoint - The report from CITIC Securities indicates that the dual challenges of rising copper prices and RMB appreciation in 2026 will have a manageable impact on the profitability of leading home appliance companies [1] Group 1: Copper Price Impact - Starting from the second half of 2025, copper prices are expected to rise significantly, but the overall increase in raw material prices remains controllable [2] - Historical data shows that the impact of cost pressure on gross margins has a lag of 2-3 quarters, and valuation is more influenced by macro liquidity and end-demand rather than raw material costs [2] - Leading home appliance companies can mitigate the impact of rising copper prices through three methods: increasing profits from upstream, improving internal efficiency, and raising prices for end consumers [2] Group 2: Price Increase Consensus - The new national subsidy in 2026 is expected to support demand and alleviate the price war trend in the industry [3] - There is a consensus on price increases across the industry, with both small and leading companies expected to raise prices around the New Year [3] - Sensitivity analysis suggests that if copper prices reach 105,000 CNY/ton, a price increase of 3-5% can effectively cover the impact of rising raw material costs [3] Group 3: RMB Appreciation Effects - RMB appreciation is likely to reduce foreign sales revenue and cause foreign currency asset exchange losses, which could squeeze profits for home appliance companies [4] - In 2026, with the backdrop of potential Fed rate cuts and a significant trade surplus, the RMB may face upward pressure [4] - Leading home appliance companies are well-hedged against currency risks, suggesting that the impact of RMB appreciation will be manageable [4]

发布日期：2025年05月18日 本报告由中信建投证券股份有限公司在中华人民共和国（仅为本报告目的，不包括香港、澳门、台湾）提供。在遵守适用的法律法规情况下，本报告亦可能由中信建投（国际）证券有限公司在香港提供。 请务必阅读正文之后的免责条款和声明。 证券研究报告行业简评报告 家电板块超额复盘：以沪深300作为业绩基准，家电板块配置价值凸显 分析师：马王杰 mawangjie@csc.com.cn SAC 编号：S1440521070002 分析师：付田行 futianhang@csc.com.cn SAC 编号：S1440524070015 以沪深300作为业绩基准，家电板块配置价值凸显 2 核心观点：复盘过去十年：家电板块在长周期维度中大部分时间段均能明显跑赢沪深300。 即使部分时点受短期因素影响阶段性跑输，但跑输幅度基本控制在10%；而一旦市场风格 与板块自身基本面相配合，板块则会取得非常可观的超额收益，基本都在25%及以上的水 平。整体来看，如果以沪深300作为业绩基准，家电板块无论是从获取超额弹性维度，还 是回撤控制维度均具备极大的配置价值。 投资建议：1）推荐黑电龙头的拐点性机会，海信视像受益于 ...