您的浏览器禁用了JavaScript(一种计算机语言,用以实现您与网页的交互),请解除该禁用,或者联系我们。[中信期货]:家电线下销售端回暖趋势明显,空调行业景气度上行 - 发现报告
当前位置:首页/其他报告/报告详情/

家电线下销售端回暖趋势明显,空调行业景气度上行

2023-04-09郑非凡中信期货偏***
家电线下销售端回暖趋势明显,空调行业景气度上行

单击此处编辑母版标题样式!"#$%!"#$%&'()*+,-./01234567819:;<=>?7@ABCDEFGHIJ&'(KLMNOCPQBRSTUVWXY1Z[\]^=_&'(`abcdeHfUg?OCKL1hijklUVamOCnobpqrs1tu<vklwxOCynaziXY17`ajmbcHfUg?{OC|}17~6jÄÅÇobH7obÉÑbB{ÖÜHáà17âä&'({ÄKLã*åBçéklèå{êëHíì=iÄîïñ1ÄÅÇóã&'(èob{ÄåBH7åB1çékl7êòÄô=投资咨询业务资格:证监许可【2012】669号家电线下销售端回暖趋势明显,空调行业景气度上行!"#$%&!"!#$"%&"'(!"#$%&'()*+,-,../012&34)*5,,06667 1!"#$%&'()*+,-./01234567819:;<=>?7@ABCDEFGHIJ&'(KLMNOCPQBRSTUVWXY1Z[\]^=_&'(`abcdeHfUg?OCKL1hijklUVamOCnobpqrs1tu<vklwxOCynaziXY17`ajmbcHfUg?{OC|}17~6jÄÅÇobH7obÉÑbB{ÖÜHáà17âä&'({ÄKLã*åBçéklèå{êëHíì=iÄîïñ1ÄÅÇóã&'(èob{ÄåBH7åB1çékl7êòÄô=n$)*+,-./012345.6789:;<=9:>?9@ABCDE6FG5.nH?9IJKLMNO,-PQRSTUVWXY$$ZH?97[\]^_6!&*+H?9\]`abcde6f<9gh34ij6kl9ghBCDEXLMNOm6nopiqrstu,-vwxyz{|M}VWX~SÄÅaÇÉÑÖÜuáW6àâä,-./@ãåtn,-./çéè|êëíìî6RSVWKïñRSm,-óòÇôöo8ÖÜ@õ6úùûS,->?:78ügh5.n†°¢ùm£/§•¶ßo?®©™ ́ ̈≠X#&,-uÆØ∞±≤≥¥μ∂∑∏G5π∫ª∫ºΩ67|æø+†°5¿¡¬u√U6äƒ≈∆æêu†°6«,-óò»!&... ®À5ÃÕŒ ̈≠6œ–—“”ó»‘u5Ãóò’÷@õn°◊ÿ!"!#ª"%ª"#Ÿ!Ÿ!#ª"%ª"∫⁄¤‹›fi5π"ª%flΩ6»~‡›fi~>·‚„„6‰ÂÊÁ„ª#ËÈy_X¤‹Íy›fi~΋:Ï‹:Ì‹›fi◊2πÓÔÒE@X!"!#$Ú„%Û"#ª!∫Ÿ"%ª"!⁄¤‹Ùm=9f<ghı[pˆ6Íy ̃ ̄~,-: ̆† ̇ı[pä ̊76f ̧FGK„"#ª'ºΩ:„%flª„∫Ω!"#$ !"#$%&'()*+,-./01234567819:;<=>?7@ABCDEFGHIJ&'(KLMNOCPQBRSTUVWXY1Z[\]^=_&'(`abcdeHfUg?OCKL1hijklUVamOCnobpqrs1tu<vklwxOCynaziXY17`ajmbcHfUg?{OC|}17~6jÄÅÇobH7obÉÑbB{ÖÜHáà17âä&'({ÄKLã*åBçéklèå{êëHíì=iÄîïñ1ÄÅÇóã&'(èob{ÄåBH7åB1çékl7êòÄô=%&‚ ̋ ̨◊ˇ!",-./0125.6#°$34VW‚% ̨◊2gh&' 3!"#$%&'()*+,-./01234567819:;<=>?7@ABCDEFGHIJ&'(KLMNOCPQBRSTUVWXY1Z[\]^=_&'(`abcdeHfUg?OCKL1hijklUVamOCnobpqrs1tu<vklwxOCynaziXY17`ajmbcHfUg?{OC|}17~6jÄÅÇobH7obÉÑbB{ÖÜHáà17âä&'({ÄKLã*åBçéklèå{êëHíì=iÄîïñ1ÄÅÇóã&'(èob{ÄåBH7åB1çékl7êòÄô=n„Ÿ!&,-789@ABCDE6‘f()„„„fl*+6FGK„flª∫Ωn,#&}6%&...-‘,->?34ïπ.ä„fl„'*+6pY$FS/?015π„2ª%Ωn,-=9f<gh34IJX!"!#5„65„%Û!"!!$„!&!º(Ÿ!"!#$%&!(7Ù5:Ùm()f ̧80[E@6y9FGK„#ª#Ω:K%ª2Ω'()*+,-.)/0123456月份生产内销出口排产去年同期排产同比去年同期实绩同比排产去年同期排产同比去年同期实绩同比排产去年同期排产同比去年同期实绩同比1月9051377-34.3%1307-30.8%378567-33.3%559-32.3%527810-34.9%773-31.8%2月1259103321.9%97029.8%57441040.0%38349.9%68562310.0%58617.0%3月175117360.8%16218.0%94884212.6%82914.4%803894-10.2%838-4.3%4月181916828.1%157715.4%109787325.7%77741.2%722809-10.8%764-5.5%!"#$%&'()*+,#$-./0!"#$%&'()*+,-.*/012345677877977:77;776677687776<7=<78<7><79<7?<7:<7@<7;<67<66<6=<=76;=7=7=7=6=7===7=8 4!"#$%&'()*+,-./01234567819:;<=>?7@ABCDEFGHIJ&'(KLMNOCPQBRSTUVWXY1Z[\]^=_&'(`abcdeHfUg?OCKL1hijklUVamOCnobpqrs1tu<vklwxOCynaziXY17`ajmbcHfUg?{OC|}17~6jÄÅÇobH7obÉÑbB{ÖÜHáà17âä&'({ÄKLã*åBçéklèå{êëHíì=iÄîïñ1ÄÅÇóã&'(èob{ÄåBH7åB1çékl7êòÄô=n:äqrstiu¤‹ ̃ ̄6,-ÇH?nopi∆;t6H?IJ},-PQRSVWnH?9!:#&ghde¶<6\]`abcdeXY$$ZH?7[\]^_6=>?@H?A ̈BCDü\]E47+XF$*+H?f<9ghGIJî¬6„Ÿ!&...ò ̃HIf<$JF@#ª2Ω:HKkl$JF@'ª∫Ω6∏GLMNdX#&f<ı[,4ij6OKf<:%PKf<80[ïQRguFG@A789:;<=>?@A'(BC9:/DBCEF+,-.)301234567&89:';<7=>?*193@A7BC9:';<7=>?DE*!"#$%ABCD*/012767=787>797?7:7@7;7677E9;FE9>FE>;FE>>FE8;FE8>FE=;FE=>FE6;FE6>FE;FE>FG6FG?FG66FG6?FG=6FG=?FG86FG8?FG>6FG>?FG96FG9?FG?6FG??FG:6FG:?FG@6FHIJ=76;=7=7=7=6=7===7=8796769=7=98789>7E@7FE?7FE>7FE=7FKLG=7FG>7FG?7FHIMJ=76;=7=7=7=6=7===7=8 5!"#$%&'()*+,-./01234567819:;<=>?7@ABCDEFGHIJ&'(KLMNOCPQBRSTUVWXY1Z[\]^=_&'(`abcdeHfUg?OCKL1hijklUVamOCnobpqrs1tu<vklwxOCynaziXY17`ajmbcHfUg?{OC|}17~6jÄÅÇobH7obÉÑbB{ÖÜHáà17âä&'({ÄKLã*åBçéklèå{êëHíì=iÄîïñ1ÄÅÇóã&'(èob{ÄåBH7åB1çékl7êòÄô=!"#$N/012345n,-nopiqrst6Y$$SLMNO}LMTUV†uJ—PQ34WNX„Ÿ!&,-XYqrZ@AI¿60[QRg@n»PQLM:[m6 ̋\]”stâä,-./^+@ãXM}ÉÑ_`Ia6bcde~SÄÅaÇÉÑÖÜu34VW6,-ÉÑuåtpÊ6RSf5úù0125.789:;<=>?@A'(BC9:/DBCEF+,-.)FGHIJKLMNOPQR#$STUVW!"#$%&'()*+,-./01234&89:;<=>?@ABCDEFGHBCI<=JKLMNOPQ<=BCRSTPUJKVWXYZ[空调具备较强安装属性,防疫放松下线下场景复苏消费秩序回归 6!"#$%&'()*+,-./01234567819:;<=>?7@ABCDEFGHIJ&'(KLMNOCPQBRSTUVWXY1Z[\]^=_&'(`abcdeHfUg?OCKL1hijklUVamOCnobpqrs1tu<vklwxOCynaziXY17`ajmbcHfUg?{OC|}17~6jÄÅÇobH7obÉÑbB{ÖÜHáà17âä&'({ÄKLã*åBçéklèå{êëHíì=iÄîïñ1ÄÅÇóã&'(èob{ÄåBH7åB1çékl7êòÄô=!"#$%+,-.*/012345n,-./gßçéè|êëíìîX∞±≤∂∑R|mh§öKMijù6!"!!$k%£/o8/?ÖÜpêXFl6k#mnÉopßSôöuJ—ëí6!!$mq$;<9ı[ˆ|7896rstuR)gß,-./ëíè|êRGHIJKL/MN56+DOBCPQRSTUVWXY.)22"XY"Z[\5]^_`abcd_&e\01]\0,]\1],]1]0,]01]^,]^1]^^_^^^`-^^`/'PaLbcdefgh 7!"#$%&'()*+,-./01234567819:;<=>?7@ABCDEFGHIJ&'(KLMNOCPQBRSTUVWXY1Z[\]^=_&'(`abcdeHfUg?OCKL1hijklUVamOCnobpqrs1tu<vklwxOCynaziXY17`ajmbcHfUg?{OC|}17~6jÄÅÇobH7obÉÑbB{ÖÜHáà17âä&'({ÄKLã*åBçéklèå{êëHíì=iÄîïñ1ÄÅÇóã&'(èob{ÄåBH7åB1çékl7êòÄô=!"#$%OPQ*RS!"TU*/012345nH?Ç1vw,-f<ux.yz6H?9IJ^+,-O@PQuRS¶¿6mnuïñ{1^+|OPQuRS¶¿Xh1}~RÄ6!"!#$nÅuÇ81ñÉGÑÖFSï7„ÜŸ!ÜX»F$™ ́fˆuRSm6óòáwôöòàâf»äÅßãg@õo8åçqéëí6*èê ̆~ë`PQ6úùûS,->?:78ügh5.GHIJKL/MN56+DOBCPQRSTUVWXY.)区域样例2023年天气预测华中河南夏季(6-8月)平均气温:全省偏高0-1摄氏度,豫西豫北25-36摄氏度,豫南26-27摄氏度,其他大部25.5-26.5摄氏度东北辽宁抚顺夏季(6-8月)全市平均气温为22.1-22.5摄氏度,较常年同期偏高0.1-0.5摄氏度华东福建福州夏季(7-9月):预计平均气温偏高0.5-1.5摄氏度;》35摄氏度高温日数偏多,极端最高气温偏高西南四川巴塘夏季(6-8月)平均气温正常华南广西年平均气温21-22摄氏度,较常年偏高,夏秋季可能出现阶段性高温天气过程2023"=Tfg 8!"#$%&'()*+,-./01234567819:;<=>?7@ABCDEFGHIJ&'(KLMNOCPQBRSTUVWXY1Z[\]^=_&'(`abcdeHfUg?OCKL1hijklUVamOCnobpqrs1tu<vklwxOCynaziXY17`ajmbcHfUg?{OC|}17~6jÄÅÇobH7obÉÑbB{ÖÜHáà17âä&'({ÄKLã*åBçéklèå{êëHíì=iÄîïñ1ÄÅÇóã&'(èob{ÄåBH7åB1çékl7êòÄô=n†°¢ùm£/§•¶ßo?®©™ ́ ̈≠Xn,-ÆØ∞±≤í ̋≥¥μ»ûSG[Nd∂∑5πu¡¬63&31(6≥¥μR