综合家电内外销情况看，该行认为1H2026年外销表现或仍将好于内销。外销市场的机会可分为市场和 产品两个维度考虑。分地区看，新兴市场增速较好，市场空间潜力大。分品类看，自有品牌出海增速 快，将影响力逐渐提升。 智通财经APP获悉，财通证券发布研报称，当前为国内政策的真空期，终端零售增速仍受到去年以旧换 新的基数影响，该行仍然看好以白电龙头为代表的红利属性资产。外销方面，在美国地产数据超预期的 带动下，该行认为或将带来美国消费市场需求稳定，且后续有进一步降息预期，则出口链交易的热度可 能延续，继续看好如黑电、白电等有代表性的出口板块。 财通证券主要观点如下： 家电行业情况回顾 内销方面，上半年内销在国补带动下增长较好，2025年10月以来在国补高基数下增长逐渐承压;外销方 面，虽然有美国关税对出口订单的扰动，整体外销增长表现较好，分地区看，新兴市场表现相对较好。 新兴市场增长快潜力大，自有品牌影响力增强 随消费者对沉浸自由式体验、个性化记录与表达、效率与便捷提升的不断追求，家电新品类将从基础的 功能性需求转化为全新生活方式的满足，细分场景的产品创新如智能眼镜、运动相机、无人机、UV打 印机等新品类的需求将会快速 ...

Core Insights - The report maintains a positive outlook on the home appliance sector, emphasizing the potential for growth in both domestic and international markets, particularly in emerging markets and through the development of new product categories [3][5]. Group 1: Market Performance Overview - The home appliance sector has shown varied performance in 2025, with white goods yielding a total return of +1% but underperforming against the CSI 300 by -19% due to high base effects and market competition [11]. - Small appliances have performed well with a +12% return, indicating a shift from scale expansion to value creation, supported by new subsidy policies [11]. - The components sector has excelled with a +70% return, benefiting from investments in emerging technologies such as AI and robotics [11]. Group 2: Domestic and International Sales - Domestic sales have faced pressure due to tightening national subsidies, with expected growth rates for major appliances showing mixed results, while small appliances have fared better [5][38]. - Internationally, emerging markets have outperformed, with a notable recovery in export orders as tariff impacts begin to stabilize [41][42]. Group 3: Product Development and Innovation - The report highlights a continuous upgrade in product structure, with an increasing share of high-end products contributing to profit margins [5][44]. - New product categories such as smart glasses, drones, and UV printers are expected to create new growth opportunities, driven by consumer demand for innovative and personalized experiences [5][10]. Group 4: Investment Recommendations - The report suggests focusing on leading white goods companies as they represent assets with significant growth potential, particularly in the context of favorable U.S. market conditions and anticipated interest rate cuts [5][44]. - Specific companies recommended for investment include Haier Smart Home, Hisense, TCL Electronics, and Ecovacs, among others [5][44].