中信证券研报表示，2025年家电板块股价表现逊于大盘，基金持仓降至历史低位，但后续修复机会已经 显现。内需在"以旧换新"政策支持下保持韧性，我们预计2026年国补政策延续托底需求。外需方面，关 税影响逐步减弱，企业加速推进海外本土化经营，同时新兴市场成长空间仍广阔。建议重点关注内需政 策推进、新兴市场拓展、黑电结构升级等领域，优选具备规模与技术实力的头部家电企业。 ...

Group 1 - The Latin American e-commerce market, particularly in Brazil, is experiencing significant growth, with projected revenue reaching 234.9 billion Brazilian Reais by 2025, a 10.5% increase from 2024, and an expected online shopping population of 94.05 million [1] - Chinese merchants entering the Brazilian cross-border e-commerce market are adopting a "local store" model, establishing local entities for online operations, which offers advantages such as better traffic support and improved platform policies [1] - However, local payment challenges due to strict foreign exchange controls in Brazil pose significant obstacles for these merchants, as they struggle to establish local accounts for payment processing, often relying on local partners, which raises security concerns [1] Group 2 - CoGoLinks, a global cross-border payment service platform, has launched payment solutions for local stores on platforms like Mercado Livre, Amazon, Shopee, and TikTok Shop to address the payment flow issues faced by sellers [2] - The company has expanded its services to include value-added offerings such as "local store setup" and "logistics clearance," creating a comprehensive solution for local store operations in Brazil [2] - CoGoLinks has established a cross-border clearing network, servicing over 220,000 merchants and connecting with more than 80 e-commerce platforms globally, including solutions for emerging markets like Indonesia and the Philippines [2] Group 3 - The company aims to continuously optimize its local store payment solutions in Brazil to help Chinese sellers reduce transaction costs, enhance fund security, and improve market competitiveness [3] - Future plans include expanding the range of local store services to provide a solid digital payment infrastructure for cross-border merchants [3]