没有股票账户的投资者可关注国泰中证全指家用电器ETF联接A（008713），国泰中证全指家用电器 ETF联接C（008714）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 中信建投指出，2025年上半年白电行业营收与利润实现双增长，主要受益于国内"以旧换新"政策提振需 求及海外新兴市场表现强劲。尽管面临关税压力，企业通过降本增效、深化本土化布局提升盈利能力， 毛利率整体平稳，盈利改善主要来自销售费用率优化。内销方面，政策透支效应有限，新一轮限额式国 补有望持续拉动需求；外销方面，美国降息预期或提振地产链需求，新兴市场增长动能强劲。行业整体 供需态势向好，盈利能力有望延续改善趋势。 家电ETF（159996）跟踪的是家用电器指数（930697），该指数从市场中选取涉及冰箱、空调、洗衣机 等传统家电制造及智能家电研发销 ...

Group 1 - The core viewpoint is that the white goods sector is expected to benefit significantly from national subsidy policies, with strong demand and resilience, leading to steady growth in domestic sales in the second half of the year [1] - The white goods sector has achieved a global production layout, with controllable tariff risks, and breakthroughs in overseas channels and marketing are expected to drive continuous growth for OBM [1] - The overall valuation of the home appliance industry is at a relatively low level since 2020, with the white goods sector's percentile at only 17% [1] Group 2 - In the black goods sector, global sales demand remains stable, with Mini LED upgrades driving structural optimization and panel cost reductions benefiting corporate profitability [1] - The kitchen appliance sector is seeing improved retail demand driven by national subsidies, with future replacement demand likely to become dominant [1] - Small appliances, particularly kitchen small appliances, are benefiting from new categories under national subsidies, with significant demand recovery and increasing penetration of emerging categories like robotic vacuum cleaners in overseas markets [1] Group 3 - Home appliance companies are actively expanding into emerging fields such as AI + smart home, innovative categories, and computing power support, opening up space for long-term development [1] - The home appliance ETF (159996) tracks the home appliance index (930697), which reflects the overall performance of listed companies involved in the manufacturing and sales of home appliances [1]