每经AI快讯，中信证券研报表示，2025Q3海外家电公司业绩延续稳健，整体收入小幅增长、盈利能力 分化。我们分地区来看：1)北美需求偏弱，消费者偏好性价比产品，价格承压；户用暖通仍在去库、企 业盈利分化；商用暖通受数据中心高景气驱动，产品结构优化，表现亮眼。2)欧洲弱复苏延续，但需求 仍处历史偏低位，热泵需求或是亮点。3)新兴市场表现分化，拉美在高利率、通胀、极端天气影响下需 求偏弱、竞争加剧，中东地区受大型项目与数据中心带动需求强劲。 ...

Core Insights - The report from CITIC Securities indicates that the performance of overseas home appliance companies will continue to be stable in Q3 2025, with slight overall revenue growth and differentiated profitability [1] Regional Analysis - North America shows weak demand, with consumers favoring cost-effective products, leading to price pressure; residential HVAC is still in destocking, and corporate profitability is varied; commercial HVAC is performing well due to high demand from data centers and product structure optimization [1] - Europe is experiencing a weak recovery, but demand remains at historically low levels, with heat pump demand potentially being a highlight [1] - Emerging markets show mixed performance; Latin America faces weak demand due to high interest rates, inflation, and extreme weather, along with intensified competition; the Middle East benefits from strong demand driven by large projects and data centers [1]