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资讯 出口链：2026M6 家电出口景气度持续修复，空调同比+10%增速转正
◼ 走势比较
◼ 子行业评级
| 白色家电II | 无评级 |
| 黑色家电II | 无评级 |
| 小家电II | 无评级 |
| 照明电工及其他 | 无评级 |
| 厨房电器II | 无评级 |
相关研究报告
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<<出口链：2026M5 家电出口延续高个位数增长，吸尘器高增+52% >>--2026-06-24
证券分析师：孟昕
E-MAIL：mengxin@tpyzq.com
分析师登记编号：S1190524020001
证券分析师：赵梦菲
E-MAIL：zhaomf@tpyzq.com
分析师登记编号：S1190525040001
报告摘要
整体来看，2026M6 家电行业出口金额延续较快增长，同比+15%，较M5 进一步提速。
分板块看，M6 各板块出口景气整体继续改善，清洁电器维持高景气并继续领跑，白电、黑电及智能投影、厨电及电工照明均实现全面正增长，个护按摩小家电修复明显；厨房小家电除微波炉承压外，其他品类保持正增长。
分品类看，M6 吸尘器依旧高增，继续领涨家电板块；电熨斗、投影机、液晶电视机、电动剃须刀、传声器、冰箱等品类增速较快。
1）白电：冰箱/洗衣机同比+19%/10%，延续较快增长；空调同比+10%， 增速实现由负转正；电扇同比+7%，维持正增长；整体来看，白电板块 M6 全面转正，景气度较M5 进一步改善。
2）黑电及智能投影：液晶电视机同比+20%，增长明显提速；传声器/投影机同比+19%/+21%，维持较快增长；音响同比+2%，由弱修复进入正增长区间。
3）厨电及电工照明：抽油烟机、插头及插座均同比+15%，较M5 进一步提速，厨电及电工照明板块修复态势较为明确。
4）清洁电器：吸尘器 M6同比+63%，在 M5高增基础上继续提速，仍是家电出口中景气度突出的细分品类。
5）厨房小家电：板块内部有所分化，电热厨具、电咖啡机或茶壶、 搅拌机&榨汁机、电热烤面包器分别同比+18%/+16%/+10%/+7%，多数品类 维持正增长；微波炉同比-15%，出现短期承压。
6）个护按摩小家电：电吹风机、电熨斗、电动剃须刀分别同比+14%/+30%/+20%，均实较快增速，其中电熨斗和电动剃须刀修复较为明显，板块整体景气度显著改善。
风险提示：宏观经济波动、原材料价格波动、汇率波动、关税不确定 性因素等。
图表1：2026M6 家电行业出口金额同比+15%，较 M5 进一步提速
| 当月出口金额增速(美元口径) | 家用电器 | 白电 | 黑电及智能投影 | 厨电及电工照明 | 清洁电器 | 厨电小家电 | 个护按摩小家电 | |||||||||||||
| 冰箱 | 空调 | 洗衣机 | 电扇 | 液晶电视机 | 传声器(麦克风)及其座架 | 音响 | 投影机 | 抽油烟机 | 插头及插座 | 吸尘器 | 微波炉 | 电热厨具 | 搅拌机&榨汁机 | 电热烤面包器 | 电咖啡机或茶壶 | 电吹风机 | 电熨斗 | 电动剃须刀 | ||
| 2023M1 | -11% | -27% | -3% | 2% | 9% | -1% | -18% | -17% | -18% | -17% | -18% | -13% | -20% | -16% | -14% | -28% | -31% | -6% | -2% | -8% |
| 2023M2 | -16% | -25% | -15% | -2% | -13% | -3% | -7% | -19% | 9% | -26% | -13% | -23% | -15% | -17% | -31% | -40% | -37% | 10% | -9% | 14% |
| 2023M3 | 12% | -19% | -9% | 20% | 43% | 7% | 40% | 7% | -1% | 1% | 46% | 8% | -7% | 29% | 33% | -7% | 13% | 6% | 49% | 73% |
| 2023M4 | 2% | -4% | -5% | 37% | 12% | 0% | 1% | -15% | 5% | -16% | 12% | 5% | -18% | 9% | 12% | -16% | -26% | 20% | 14% | 51% |
| 2023M5 | 1% | 6% | -6% | 36% | 1% | 0% | -8% | -12% | 16% | -16% | -9% | 3% | -7% | 11% | 1% | -11% | -11% | 15% | 21% | 31% |
| 2023M6 | 4% | 10% | -1% | 36% | 3% | 17% | -11% | -16% | -34% | -17% | -16% | -3% | 0% | 12% | -2% | -12% | -16% | 16% | 23% | 26% |
| 2023M7 | -4% | 10% | -15% | 4% | -11% | 8% | -17% | -19% | -38% | -15% | -14% | -10% | 1% | 4% | -1% | -11% | -19% | 11% | 15% | 12% |
| 2023M8 | 11% | 20% | 12% | 23% | -9% | 13% | -8% | -8% | -24% | -4% | -10% | 19% | -2% | 13% | 21% | 11% | -6% | 32% | 36% | 22% |
| 2023M9 | 12% | 35% | 7% | 24% | -10% | 27% | -9% | -22% | -21% | 23% | -15% | 20% | 8% | 10% | 15% | 23% | -8% | -1% | 26% | 26% |
| 2023M10 | 8% | 37% | 26% | 13% | -10% | 21% | -12% | -21% | -11% | -5% | -17% | 8% | 22% | 4% | 12% | 25% | -10% | -4% | 12% | 14% |
| 2023M11 | 12% | 42% | 2% | 23% | 6% | 15% | 2% | -3% | -14% | 30% | -5% | 6% | 7% | 7% | 16% | 16% | 4% | -4% | 30% | 13% |
| 2023M12 | 15% | 46% | 5% | 25% | 11% | 15% | 17% | 6% | -11% | 26% | 2% | 14% | 12% | 15% | 20% | 25% | 10% | 0% | 25% | 29% |
| 2024M1 | 15% | 35% | 14% | 30% | 12% | 2% | 21% | 6% | 9% | 24% | 16% | 18% | 21% | 16% | 11% | 12% | 16% | 28% | 24% | 35% |
| 2024M2 | 21% | 33% | 2% | 23% | 37% | 13% | 31% | 28% | -9% | 19% | 43% | 25% | -5% | 23% | 56% | 52% | 32% | 35% | 57% | 13% |
| 2024M3 | -5% | 20% | -7% | 10% | -12% | 4% | -12% | -11% | -16% | -2% | -28% | 3% | -6% | -17% | -13% | -13% | -22% | -12% | -5% | 22% |
| 2024M4 | 11% | 19% | 7% | 8% | 15% | 24% | 6% | 3% | 3% | 14% | -8% | 4% | 2% | 1% | 8% | 3% | 3% | -1% | 10% | 11% |
| 2024M5 | 18% | 14% | 24% | 8% | 31% | 23% | 10% | 4% | -7% | 21% | 9% | 13% | -6% | 9% | 19% | 20% | 9% | 14% | 17% | 21% |
| 2024M6 | 18% | 24% | 39% | 3% | 15% | 11% | 7% | 10% | 11% | 8% | 10% | 13% | 7% | 9% | 24% | 31% | 14% | 18% | 27% | 38% |
| 2024M7 | 17% | 20% | 46% | 4% | 15% | 17% | 1% | 5% | 9% | 19% | -1% | 15% | 8% | 8% | 17% | 15% | 25% | 13% | 11% | 21% |
| 2024M8 | 12% | 23% | 37% | 1% | 2% | 14% | -7% | -8% | 13% | 21% | 6% | 7% | 14% | 4% | 13% | 20% | 11% | 14% | 6% | 4% |
| 2024M9 | 4% | 12% | 27% | 0% | 3% | 6% | -11% | -3% | 12% | -14% | 2% | -6% | 2% | 2% | 6% | 3% | 16% | 13% | -8% | 3% |
| 2024M10 | 23% | 30% | 34% | 18% | 17% | 30% | 4% | 5% | 12% | 26% | 18% | 17% | 5% | 14% | 31% | 19% | 47% | 34% | 19% | 22% |
| 2024M11 | 10% | 11% | 40% | 0% | 18% | 18% | -2% | 5% | 4% | -5% | 5% | -4% | 9% | 1% | 17% | 18% | 33% | 19% | -1% | 6% |
| 2024M12 | 14% | 16% | 35% | 14% | 31% | 10% | -1% | 10% | 8% | 2% | 9% | 7% | -3% | 8% | 17% | 6% | 28% | 17% | 12% | 8% |
| 2025M1 | 11% | 9% | 16% | 1% | 18% | 7% | -16% | -4% | -2% | -10% | 7% | 7% | 11% | 5% | 8% | 13% | 16% | 4% | 14% | 1% |
| 2025M2 | 0% | 12% | 22% | 1% | 2% | -6% | -30% | -18% | -11% | 2% | -27% | -2% | 15% | -14% | -20% | -17% | 2% | -17% | -36% | -23% |
| 2025M3 | 13% | 13% | 24% | -1% | 30% | -1% | -16% | 11% | 4% | 14% | 24% | 23% | 7% | 8% | 16% | 12% | 35% | 24% | -3% | -17% |
| 2025M4 | -3% | -2% | 11% | 8% | -7% | -11% | -10% | 0% | -6% | -4% | 7% | 17% | -9% | -8% | -10% | -8% | 8% | 1% | -20% | -2% |
| 2025M5 | -9% | -8% | -4% | 3% | -21% | -6% | -13% | -2% | -13% | -6% | 2% | 13% | -24% | -14% | -13% | -18% | -2% | -14% | -21% | -6% |
| 2025M6 | -9% | -10% | -24% | 9% | -7% | -17% | -9% | 5% | -12% | -4% | 2% | 11% | -9% | -9% | -11% | -22% | 11% | -4% | -24% | -25% |
| 2025M7 | -4% | 1% | -17% | 15% | -8% | -2% | -8% | 3% | -17% | -12% | 7% | 10% | -8% | -11% | -7% | -21% | 3% | -1% | -18% | -22% |
| 2025M8 | -7% | 4% | -24% | 10% | -19% | -3% | -10% | 2% | -21% | -19% | -2% | 10% | -11% | -15% | -13% | -26% | -5% | -13% | -13% | -2% |
| 2025M9 | -10% | 5% | -23% | 13% | -27% | -13% | 0% | -8% | -20% | -7% | -2% | 11% | -21% | -14% | -17% | -21% | -12% | -11% | -7% | -16% |
| 2025M10 | -14% | -7% | -30% | 1% | -28% | -4% | -9% | -11% | -18% | -5% | -17% | -1% | -8% | -20% | -21% | -23% | -11% | -25% | -30% | -14% |
| 2025M11 | -6% | 8% | -26% | 16% | -23% | -3% | -4% | -10% | -4% | -11% | -4% | 15% | -10% | -7% | -10% | -21% | -8% | -11% | -8% | -18% |
| 2025M12 | -7% | 4% | -20% | 4% | -28% | 5% | 0% | -6% | -13% | -10% | -5% | 14% | -10% | -4% | -16% | -21% | -15% | -6% | -6% | -21% |
| 2026M1 | 0% | 14% | -13% | 4% | -9% | 12% | 16% | 5% | -17% | 10% | 2% | 43% | -4% | -1% | -2% | -13% | -1% | -1% | -9% | -13% |
| 2026M2 | 29% | 21% | 2% | 11% | 27% | 33% | 50% | 35% | 36% | 36% | 93% | 135% | -5% | 47% | 44% | 28% | 44% | 64% | 97% | 38% |
| 2026M3 | -15% | -6% | -11% | 1% | -34% | 3% | 1% | -18% | -18% | -18% | -28% | 30% | -29% | -24% | -37% | -36% | -22% | -30% | -34% | -28% |
| 2026M4 | 7% | 11% | -1% | 14% | -3% | 16% | 12% | -3% | 10% | 2% | -3% | 57% | -3% | 9% | -5% | -7% | 9% | 6% | 9% | -14% |
| 2026M5 | 9% | 23% | -7% | 13% | 5% | 8% | 23% | -1% | 13% | 7% | -1% | 52% | 18% | 16% | -5% | 1% | 11% | 7% | 8% | -7% |
| 2026M6 | 15% | 19% | 10% | 10% | 7% | 20% | 19% | 2% | 21% | 15% | 15% | 63% | -15% | 18% | 10% | 7% | 16% | 14% | 30% | 20% |
【重要提示】以上信息为公开资料整理，不涉及投资建议及研究观点，仅供参考，本公司不保证其准确性、完整性与时效性：市场有风险，投资需谨慎！ 资料来源：iFind，海关总署，太平洋证券整理
投资评级说明
1、行业评级
看好：预计未来6个月内，行业整体回报高于沪深 300指数5%以上；
中性：预计未来6个月内，行业整体回报介于沪深 300指数-5%与5%之间；
看淡：预计未来6个月内，行业整体回报低于沪深 300指数5%以下。
2、公司评级
买入：预计未来6个月内，个股相对沪深 300指数涨幅在15%以上；
增持：预计未来6个月内，个股相对沪深 300指数涨幅介于5%与 15%之间；
持有：预计未来6个月内，个股相对沪深 300指数涨幅介于-5%与5%之间；
减持：预计未来6个月内，个股相对沪深 300指数涨幅介于-5%与-15%之间；
卖出：预计未来6个月内，个股相对沪深 300指数涨幅低于-15%以下。
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