小家电代工龙头造纸行业专家周日双交流 20251116 摘要 四季度销量预计与去年持平，约为 3,120 万台，但欧美市场疲软导致利 润率环比下降 0.5%。公司预计 2026 年外销市场乐观，销售额和销量 有望增长 10%左右，但需关注黑五、圣诞促销及中国春节对订单的影响。 双十一期间，摩飞、东菱、百胜图等品牌内销表现良好，均实现同比增 长。摩飞和百胜图通过创新和产品单价提升实现了盈利增长，但东菱的 盈利能力未见显著提升。公司预计内销市场仍面临挑战，将加大对外销 市场的投入。 公司与泡泡玛特合作的水壶和咖啡类产品预计明年 2 月上市，目标市场 包括中国和东亚跨境电商渠道。水壶零售价预计在 700-1,000 元人民币， 咖啡机可能在 1,000-1,500 元人民币左右，属于中高端水平。 与泡泡玛特的代工合作盈利能力高于传统内销代工，盈利能力至少提高 了 10%-15%，甚至高于一些外销高端品牌 4%-5%。中国小家电出口 美国关税税率为 20%-25%，国内工厂出货盈利水平更高，但海外基地 仍需维持运营。 10 月至 11 月期间，造纸行业价格上涨超预期，瓦楞纸价格突破 3,000 元/吨，木浆价格上涨约 ...

Group 1 - The core issue discussed in the recent US-China leadership call is the trade and technology disputes, particularly focusing on China's control over rare earth exports [1] - US Treasury Secretary labeled China as an "unreliable partner" due to its restrictions on rare earth exports, claiming that China had previously intended to supply the US but has now withheld it [1] - US Secretary of State expressed outrage over China's "monopoly" on rare earths over the past 25-30 years, accusing China of deceitful practices to achieve global dominance [3] Group 2 - Historically, the US has abundant rare earth resources but outsourced the "dirty work" of mining and processing to China due to environmental regulations and cost concerns [5] - China invested significantly over three decades to develop its rare earth industry into a global leader, while the US focused on deindustrialization and financial markets [5][7] - The US faces challenges in re-establishing its rare earth supply chain, including high costs, long timelines, and a lack of technical expertise [7] Group 3 - The US's realization of the importance of rare earths came only after imposing sanctions on China regarding chips and technology, highlighting a lack of foresight in its industrial strategy [8] - The current geopolitical negotiations will depend on what concessions the US is willing to make in areas such as tariffs and technology exports in exchange for rare earth access [8]