1）板块全年节奏前低后高，后续有望边际改善。龙头公司经营韧性明显，相关标的：美 的集团(00300，未评级)。 2）我们预计 Q3 黑电及显示产业链业绩表现更好，主要受益于产品结构升级和格局优 化，相关标的：TCL 电子(01070，未评级)、海信视像(600060，增持)、视源股份 (002841，未评级)。 3）内需整体偏弱，精选具备α且自身经营有韧性的公司，相关标的：悍高集团 (001221，未评级)、飞科电器(603868，未评级)。 风险提示 9 月家电社零维持正增长，家电需求走弱 家电行业 W43 数据周报 核心观点 投资建议与投资标的 以旧换新补贴政策持续性存在不确定性、原材料成本波动、宏观经济增长波动。 家电行业 行业研究 | 行业周报 | | 看好（维持） | | --- | --- | | | 中国 | | | 家电行业 | | | 2026 年 10 月 26 日 | | 国家/地区 行业 报告发布日期 | | | 曲世强 | 执业证书编号：S0860525100004 | | --- | --- | | | qushiqiang@orientsec.com.cn | | | 021-6 ...

26 October 2026 | 7:05AM CST Equity Research Hisense Home Appliances Group (000921.SZ): 3Q26 First Take: Below-expected results weighed on by domestic demand; Buy Post market close on Oct 25, Hisense Home Appliances reported 3Q26 results that were below our estimates weighed upon by domestic demand weakness and cost inflation. Total revenue/net profit in 3Q26 was Rmb20,248mn/Rmb191mn, down by 9%/74% yoy, which was -4%/-67% vs. GSe. In our 3Q26 sector preview, we had highlighted that Hisense might deliver we ...