2025年4月家电零售和企业出货端数据解读：清洁电器线上以旧换新持续带动空调出货端外销微降

申万宏源研究2025-06-12

空调出货端：4 月空调行业内销同比增长，出口同比转负。2025 年4 月空调行业实现产量2242 万台，同比提升1.9%；销量2257.9 万台，同比上升2.0%，其中内销1275.8 万台，同比提升3.7%，出口982.1 万台，同比下降0.2%。4 月内销保持个位数增长，出口略有下滑。产量方面，2025 年4 月空调产量同比提升。空调零售端：4 月空调线下零售端同比增长。根据中怡康线下数据，4...

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元，同比提升33.9%投资要点：三大投资主线：【白电】地产政策风向大幅反转，而白电板块兼具”低估值、高分红、稳增长”属性，股价安全边际高和弹性大兼顾。以旧换新政策有望催化，而根据产业在线数据，5-7 月内销排产同比+15%/+29%/+37%，而铜价短期上涨引发渠道看涨情绪升温，持续看好白电产业链量价齐升，持续推荐海信家电+头部企业美的、海尔、格力等的组合。【出口】推荐大客户订单突破带动收入放量，盈利能力稳定提升的欧圣电气；推荐大客户订单开拓，汽零业务放量兑现的德昌股份；推荐海外需求回暖，内销新品持续推进的石头科技。【核心零部件】白电景气度超预期带动上游核心零部件需求超预期，推荐：华翔股份：低电价竞争优势显著，加速黑金铸造行业整合集中度提升；盾安环境：热管理核心零部件领先企业，大口径电子膨胀阀有望实现弯道超车；三花智控：热管理零部件头部企业，储能温控和机器人业务打开新成长赛道。风险提示：原材料价格波动风险；汇率波动风险；国际海运运力不足及运费波动风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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2025年4月家电零售和企业出货端数据解读：清洁电器线上以旧换新持续带动 空调出货端外销微降

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2025年4月家电零售和企业出货端数据解读：清洁电器线上以旧换新持续带动空调出货端外销微降