华创证券：白电龙头均具备极高的战略配置价值建议关注美的集团(000333.SZ)等

智通财经网01-06

智通财经APP获悉，华创证券发布研报称，白电龙头正处于基本面稳健+资金面正反馈+估值历史低位的共振点。无论是从险资FVOCI账户的底仓配置需求，还是从被动ETF的扩容红利来看，白电龙头均具备极高的战略配置价值。该行建议关注：美的集团(000333.SZ)、海尔智家(600690.SH)、格力电器(000651.SZ)。华创证券主要观点如下：资金结构变化，定价权向险资和被动资金转移，白电龙头处于估值...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2601898757?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-01-06 17:07","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2601898757","market":"fut","top_or_hot":-1,"title":"华创证券：白电龙头均具备极高的战略配置价值 建议关注美的集团(000333.SZ)等","media":"智通财经网","content":"<div>\n<p>智通财经APP获悉，华创证券发布研报称，白电龙头正处于基本面稳健+资金面正反馈+估值历史低位的共振点。无论是从险资FVOCI账户的底仓配置需求，还是从被动ETF的扩容红利来看，白电龙头均具备极高的战略配置价值。该行建议关注：美的集团(000333.SZ)、海尔智家(600690.SH)、格力电器(000651.SZ)。华创证券主要观点如下：资金结构变化，定价权向险资和被动资金转移，白电龙头处于估值...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1389330.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>华创证券：白电龙头均具备极高的战略配置价值 建议关注美的集团(000333.SZ)等</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n华创证券：白电龙头均具备极高的战略配置价值 建议关注美的集团(000333.SZ)等\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-06 17:07 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1389330.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，华创证券发布研报称，白电龙头正处于基本面稳健+资金面正反馈+估值历史低位的共振点。无论是从险资FVOCI账户的底仓配置需求，还是从被动ETF的扩容红利来看，白电龙头均具备极高的战略配置价值。该行建议关注：美的集团(000333.SZ)、海尔智家(600690.SH)、格力电器(000651.SZ)。华创证券主要观点如下：资金结构变化，定价权向险资和被动资金转移，白电龙头处于估值...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1389330.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0791590937.USD","symbol_name":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1389330.html","article_id":"2601898757","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2601898757","pubTimestamp":1767690428,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，华创证券发布研报称，白电龙头正处于基本面稳健+资金面正反馈+估值历史低位的共振点。无论是从险资FVOCI账户的底仓配置需求，还是从被动ETF的扩容红利来看，白电龙头均具备极高的战略配置价值。测算结果显示，在筛选出的275只核心资产池中，格力电器、美的集团、海尔智家的2025年预期收益率分别达到7.2%、7.1%和4.5%，分列第8、第10和第133位。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"161027":"证券","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","00300":"美的集团","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1568876335.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (HKD) INC","BK0183":"MSCI概念","IE00BKZH1Z71.USD":"BNY MELLON ASIAN INCOME \"B\" (USD) ACC","BK0188":"融资融券","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","LU1568876251.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AMG\" (USD) INC","BK1214":"家用电器","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC","BK0187":"一线龙头","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","IE0031814852.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) ACC","BK0028":"国家队","IE00B8L5B284.USD":"BNY MELLON GLOBAL EMERGING MARKETS OPPORTUNITIES \"B\" (USD) INC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU1146622755.USD":"安本中国A股股票基金A Acc","LU0396098781.USD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (USD) ACC","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","000333":"美的集团","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","BK0070":"员工持股","IE00BZ08YT58.USD":"GUINNESS BEST OF CHINA \"C\" (USD) ACC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","IE0009570106.USD":"FSSA ASIA OPPORTUNITIES \"I\" (USD) ACC","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU1820825898.SGD":"Aberdeen Standard SICAV I - China A Share Equity A Acc SGD-H","IE00B031J352.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) INC","BK0026":"智能家居","LU0784639295.USD":"JPM ASIA PACIFIC INCOME \"A\" (USD) INC (M)","IE0003795394.USD":"BNY MELLON ASIAN EQUITY \"A\" (USD) ACC","IE0008368742.USD":"首域中国增长基金I Acc","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","BK0224":"电气机械","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC"},"translate_title":"Huachuang Securities: Leading white goods companies have extremely high strategic allocation value. It is recommended to pay attention to Midea Group (000333. SZ) and others","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161027":1.5,"00300":1.5,"000333":1.5},"content_text":"智通财经APP获悉，华创证券发布研报称，白电龙头正处于基本面稳健+资金面正反馈+估值历史低位的共振点。无论是从险资FVOCI账户的底仓配置需求，还是从被动ETF的扩容红利来看，白电龙头均具备极高的战略配置价值。该行建议关注：美的集团(000333.SZ)、海尔智家(600690.SH)、格力电器(000651.SZ)。华创证券主要观点如下：资金结构变化，定价权向险资和被动资金转移，白电龙头处于估值重塑前夜，价值中枢提升或达年化10%市场普遍关注白电的基本面韧性，却忽视了资金面结构变化：宽基ETF的被动扩容与险资FVOCI账户的配置需求。该行测算，在悲观/中性/乐观假设下，未来三年公募与险资将为家电板块带来1100/1544/2228亿元的净流入。基于A股市场的非弹性假说(资金乘数约4.0倍)，仅资金面因素在中性情景下理论上即可支撑板块年化10%的估值中枢上移。险资FVOCI账户与公募资金回补和扩容共振成为最大边际变量公募端正迎来被动崛起与主动回补的双重利好：一方面，TMT板块成交额占比突破30%触及拥挤度红线，风格高低切换窗口或开启，主动基金对家电龙头的配置仍低于沪深300权重(如美的低配0.48pct)，均值回归有望给家电板块带来213亿元增量;另一方面，宽基ETF贡献了ETF市场63%的规模增量，未来三年仅宽基自然扩容即可给家电板块带来332亿元被动买盘。险资端则在新会计准则驱动下，为平滑利润波动而大幅增配计入FVOCI的高股息资产。该行测算险资FVOCI股票仓位已从2024H1的27%增长至40%。在中性假设下(新增保费20%入市、家电配置5%)，险资未来三年将为家电板块注入999亿元的长线资金，成为定价的核心压舱石。白电龙头具备显著的安全边际该行构建了静态测算模型，剔除业绩增长与估值扩张预期，仅以分红与回购作为回报来源。测算结果显示，在筛选出的275只核心资产池中，格力电器、美的集团、海尔智家的2025年预期收益率分别达到7.2%、7.1%和4.5%，分列第8、第10和第133位。仅从资金面出发，白电龙头依然能提供年化4%-8%的基准回报，相对于十年期国债具备明确的安全垫。此外，白电公司全球化布局带来的内生增长潜力，将为投资组合提供额外的收益弹性。风险提示：原材料价格大幅波动;海外关税政策超预期变化;房地产市场复苏不及预期;险资入市节奏不及预期;测算局限性与假设偏差风险。更多港股重磅资讯，下载智通财经app更多港股及海外理财资讯，请点击www.zhitongcaijing.com（搜索“智通财经”）；欲加入智通港股投资群，请加智通客服微信(ztcjkf)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2601898757","isCrawlerRequest":true}

华创证券：白电龙头均具备极高的战略配置价值 建议关注美的集团(000333.SZ)等

精彩评论

华创证券：白电龙头均具备极高的战略配置价值建议关注美的集团(000333.SZ)等