国联民生证券：家用空调9月内外销均走弱关注企业经营面α

智通财经2025-10-22

智通财经APP获悉，国联民生证券发布研报称，基数及政策影响下，家用空调9月内外销均走弱，内销龙头表现分化，节奏或为主因，海尔逆势高增，α值得关注；出口订单及排产指引偏积极，但关税谈判进程多有波折，短期数据或仍在磨底，龙头新兴市场扩张强势，海外转产持续推进，修复阶段有望好于线性行业预期。25Q3以来，白电板块表现偏弱，当前相对估值已回落至历史低位，内外销短期压力定价或已充分。国联民生证券主要观点如下...

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国联民生证券：家用空调9月内外销均走弱 关注企业经营面α

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国联民生证券：家用空调9月内外销均走弱关注企业经营面α