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 - The report highlights the significant improvement in demand and the rebound in valuation for the white goods sector, with a notable increase in air conditioning sales driven by the "trade-in" policy [6][19][34] - In 2024, the cumulative domestic sales volume of household air conditioners reached 104.45 million units, a year-on-year increase of 5%, with Q4 showing a remarkable 24% growth compared to Q3 [19][20] - The report emphasizes the strong performance of the kitchen appliance sector, which was included in the subsidy list for the first time in 2024, leading to high retail growth [34][35] Group 2 - The white goods sector is characterized by low valuation, high dividends, and stable growth, making it an attractive investment opportunity [2][9] - The report identifies three main investment themes: the stability of the white goods sector, the growth potential of new consumer categories like clean appliances, and the second growth curve for upstream core component manufacturers [9][10] - The report notes that the export demand remains robust, particularly in emerging markets such as Southeast Asia, South America, and Africa, which are expected to significantly boost appliance sales [2][9] Group 3 - The report indicates that the overall valuation of the white goods sector is at a near-bottom level, providing a high cost-performance ratio for investors [8][39] - Institutional holdings in the sector are strong, with public funds maintaining a high allocation to white goods stocks, reflecting continued optimism in the sector's performance [43][44] - The report forecasts a favorable outlook for 2025, driven by domestic policy support and strong demand from emerging markets [50]