（文章来源：每日经济新闻） 家电ETF（159996）跟踪的是家用电器指数（930697），该指数从沪深市场中选取涉及空调、冰箱、洗 衣机等家电产品制造与销售的上市公司证券作为指数样本，以反映家用电器相关上市公司证券的整体表 现。该指数具有较强的消费属性和周期性特征，能够较为全面地体现中国家电行业的发展状况。 广发证券指出，2025年三季度家用电器行业呈现内销增长良好、外销放缓的态势。白电方面，内销在低 基数和以旧换新政策推动下保持较好增长，空调表现最优，但价格竞争激烈导致均价下滑；外销受关税 和高基数影响有所放缓，其中冰洗仍实现正向增长，空调同比下滑。行业整体来看，7-8月家电内销零 售额同比+27%，出口额同比-6.7%，主要受美国关税政策多变及高基数影响。小家电内销均价提升显 著，电蒸锅、养生壶等品类线上均价同比涨幅达13%-20%，外销则因关税和基数效应下滑。黑电产品量 价增速放缓，但通过结构优化维持均价提升趋势。 ...

中信建投指出，家电行业正经历从"大规模制造+大规模分销"向"品牌制造+高效零售"的商业模式转 型。伴随市场成熟，竞争环境对企业经营提出更高要求，部分企业通过资本运作优化治理结构，如海尔 智家通过整合实现费用率精简、业务协同及智慧家庭战略加速落地。整合后，企业销售费用率因渠道优 化显著下降，管理费用率通过数字化决策体系稳步降低，同时全球化协同推动海外收入占比提升至50% 以上。行业整体面临原材料价格波动、市场竞争加剧等风险，但头部企业通过治理改善与效率提升，展 现出盈利韧性与估值修复潜力。 每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 家电ETF（159996）跟踪的是家用电器指数（930697），该指数从沪深市场中选取涉及空调、冰 箱、洗衣机等白色家电及厨房小家电制造与销售业务的上市公司证券作为指数样本，以反映家电行业相 关上市公司证券的整体表现。该指数具有较强的消费 ...

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 ...

Core Insights - The home appliance ETF (159996) has seen a net inflow of 26 million units, indicating strong capital interest in home appliance assets [1] - Huatai Securities projects that the "trade-in" policy will support domestic demand in the first half of 2025, with retail sales growth peaking at 53% during the May e-commerce festival, followed by a marginal decline due to fluctuations in national subsidies and high base effects [1] - Exports are expected to face pressure due to additional tariffs imposed by the U.S. starting February 2025, alongside weakened overseas replenishment demand after a high base in 2024, leading to a search for recovery within the sector [1] - Looking ahead to 2025, domestic subsidies are expected to continue, and stable tariff expectations may lead to valuation recovery in exports, making consumption a key investment theme for the year, with the home appliance ETF (159996) being a focal point [1]

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]

Group 1 - The core viewpoint of the article highlights a positive outlook for the A-share market driven by supportive policies aimed at boosting consumption and investment in the economy [1] - The home appliance ETF (159996) has seen a significant net inflow of 22 million units, indicating strong investor interest in home appliance assets [1] - The political bureau meeting emphasized the importance of consumer demand and outlined actions to stimulate consumption, including expanding both goods and service consumption [1] Group 2 - The policy direction suggests a continued focus on domestic consumption, with initiatives to enhance consumer spending and improve living standards [1] - Looking ahead to 2025, domestic subsidies are expected to persist, and external sales may stabilize with tariff expectations, potentially leading to a valuation recovery [1] - The home appliance sector is anticipated to be one of the main investment themes for the year, making the home appliance ETF (159996) a noteworthy investment opportunity [1]

Group 1 - The core viewpoint is that domestic sales of home appliances showed strong growth in May, while exports faced challenges, with a notable exception for central air conditioning [1] - In May, the year-on-year growth rates for domestic sales of home appliances were as follows: air conditioners 13.4%, refrigerators 13.7%, washing machines 15.2%, televisions -0.9%, range hoods 14.7%, and gas stoves 2.4%. However, central air conditioning saw a 3.0% decline in domestic sales [1] - For external sales, the year-on-year changes were: air conditioners -12.8%, refrigerators -6.4%, washing machines 5.9%, televisions -3.4%, range hoods 3.9%, and gas stoves -12.4%. Central air conditioning experienced a significant 29.0% increase in external sales [1] Group 2 - The report indicates that while domestic sales are robust, external sales are under pressure, with most categories showing weakness except for central air conditioning, which benefits from a low overseas base and proactive market expansion [1] - The outlook for 2025 suggests that domestic subsidies will continue, and external sales may see valuation recovery as tariff expectations stabilize, making consumer spending a key investment theme for the year [1] - The home appliance ETF (159996) is highlighted as a potential area of interest for investors [1]

Group 1 - The core viewpoint is that the home appliance industry is experiencing a performance and valuation resonance opportunity due to export recovery and ongoing national subsidy policies, with a profit growth of 28.64% year-on-year in Q1 [1][3] - Domestic performance is benefiting from national subsidy policies, leading to continuous marginal improvement in earnings, while the export sector is seeing significant recovery in production due to easing tariffs in the U.S. and high demand in emerging markets [1][3] - The national subsidy policy is expected to continue stimulating home appliance demand, with an expanded coverage that supports the industry's growth [1][3] Group 2 - The home appliance sector has shown strong financial performance, ranking high in profit growth rate and ROE among 30 first-level industries, with a financial status ranking of fifth in Q1 2025 [3] - The export sector is under pressure from U.S. tariffs ranging from 30% to 55%, but the situation is improving, allowing for a recovery in production and a return of bargaining power for manufacturers [3] - The home appliance sector is attracting significant net inflows of capital, reflecting market recognition of its low valuation, high dividend yield, and strong safety margins [1][3]

Group 1 - The U.S. will modify the tariffs imposed on Chinese goods as per Executive Order No. 14257, suspending the initial 24% tariff for 90 days while retaining a 10% tariff [1] - China will reciprocate with corresponding adjustments to its tariffs following the U.S. changes, indicating a potential easing of trade tensions [1] - The recent tariff adjustments are expected to lead to a surge in exports to the U.S. during the 90-day exemption period, resulting in a significant increase in shipping prices [1] Group 2 - The home appliance sector in China is projected to maintain steady growth in domestic sales, supported by government subsidies, while export sales may face challenges due to tariff disruptions [1] - Leading home appliance companies are diversifying their production capacities globally, which helps mitigate risks and maintain strong competitiveness in the global market [1] - The outlook for the home appliance industry remains stable for 2024 and Q1 2025, with expectations of valuation recovery in exports as tariff uncertainties stabilize [1]

Group 1 - The core viewpoint is that the home appliance market in China is experiencing a significant boost due to the 618 shopping festival and the implementation of the trade-in policy, leading to a continuous increase in consumer demand [1][3] - In April, China's retail sales of consumer goods grew by 5.1% year-on-year, with a notable increase in sales of products related to the trade-in policy [1] - The home appliance ETF (159996) saw a substantial rise of over 1.5%, indicating strong market activity [2] Group 2 - The trade-in policy is expected to drive the purchase of nearly 90 million home appliances from August 2024 to the first quarter of 2025, with expectations for continued policy support to enhance consumer spending [3] - Recent reductions in tariffs between China and the U.S. are likely to alleviate cost pressures for Chinese exporters, while demand in emerging markets remains strong due to low penetration rates of home appliances [4] - Leading home appliance companies are showing strong cash flow and high dividend yields, with the sector's dividend rate nearing 3% as of April 2025, making it an attractive investment opportunity [5]