·周专题:作为地产后周期行业家电板块景气度和地产周期有较强相关性。家电估值反弹同步于地产估值且通常领先地产销售数据1-3个月。家电估值的上行代表着地产宽松政策下，后续经营的预期回暖。家电估值的反弹早于地产销售数据的见底。同时家电的终端销售通常滞后地产销售1-2个季度。家电板块的复苏节奏为预期复苏带动估值上升，终端销售及出货的回暖则将滞后2-3个季度在行业收入端体现。随着地产销售数据的同比转正，地产链景气度上行，家电作为地产后周期产业链受益于地产回暖，为家电行业估值继续修复提供动能。3月家用空调行业排产约为1750.5万台，与去年同期家用空调实绩相比上涨8%，空调排产同比上行预示着家电需求的复苏。地产复苏叠加需求政策刺激，家电消费景气度有望呈现逐步回暖态势
　　周度行情:本周（2023/2/27-2023/3/3),家电行业指数涨跌幅为1.53%，在中信一级行业中排名第11，跑输沪深300指数0.18个百分点。家电子板块中白色家电、厨房电器、黑色家电涨幅为正，其中白色家电涨幅最高达到2.74%。小家电和照明电工及其他板块涨幅为负
　　·行业数据:从销售终端数据看，上周(2023.2.20-2023.2.26）家电全品类合计口径来看，线下消额同比+0.86%，销量同比下降11.85%，线上消额同比+1.5%，销量同比-15.26%。从具体品类来看冰箱、油烟机、燃气灶、洗碗机线下渠道同比有较大增长，线上渠道来看冰箱、空调、燃气灶销额同比有较强上升幅度

研究报告全文：投资咨询业务资格证监许可2012669号空调排产上涨预示需求复苏家电单击此处编辑母版标题样式行业景气度上行-0123456-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH17KLBklHi1obBH7B1kl7-01234567891AB45CDEFGHICDJKLMNOPQRSTUB45CDVW2XYZ0abcVd1efB45CDVEFgIOPQRVhiBGj45VklOPKLm0OPSTUnB4567Vopqr-d1opstCDWuklOPvwxVefyzm0TUn23lBZOPQRVG89W245-013Ief-4523CDaotB423-SG14WGW2dZ45VopBop4589Hef2T4523Q-S23SSQSUB456745545-45B455v67-23QROPklQRWT45GOGSSWGSOGTSB9GW9OGWu-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH17KLBklHi1obBH7B1kl714567QR-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH17KLBklHi1obBH7B1kl7-01234567-89n4567Y1AB44856755AI98801BW4567VY815887587857574547-54745544765457554575475474454754-7454-7954754745467-5467455497654755475575574455475557455579ABCADEFGHIJKALMNADEFG-4-848-887-874874-875875-857574547-54745544765457554575475474454754-7454-7954754745467-5467455497654755475575574455475557455579-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH17-01234563KLBklHi1obBH7B1kl7A-B01CDEFGCDHIJKn45CDCDGHEFBK45CDCD2456767CDoqrGHIVd10012688-8885848854555-5556555-54456544554544454945444-544546544549544555445544955444454545454545-49545655455454544545454455445494544495445554554545-5456549554445445454-54--954-6454-4454-4445444-545-54-56546554544554654546454645469495464565464555495549-549654965494445444954554-454955454455554554655455954554555455-55455554OPQRSTUVQRST-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH174KLBklHi1obBH7B1kl7A-B01CDLMNOPQRST3405678912n45CDEFMNIOPQRBK44--5CDOPQR24CD-0120VCD-544567higIOPQRJ4567-7Vh3j45m0B67CD59445545454455445544445455654544545544454544454-54-45455444546595464454956549445454445555455455445555555544oqr2tS89wUVQRSTWXYZZHIBCJKLM6045CDYwef40567891258-4-58448--488-87-59445545454455445544445455654544545544454544454-54-45455444546595464454956549445454445555455455445555555544UVWXZZWXZZHIBCJKLM-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH175KLBklHi1obBH7B1kl7A-B0123UCDOBHIVWXYKZ3405678912n45CDEFGHICDJKLMN4--OPQRSTUB45CDVW2XYZ40abcVd1efB45C-54DVEFgIOPQRVhiBGj457-VklOPKLm0OPSTUnB459445545454455445544445455654544545544454544454-54-45455444546595464454956549445454445555455455445555555544567Vopqr-d1opstCDWuUVQRSTWXYZZHIBCJKLMklOPvwxVefyzm0TUn40567891223l58-4-58448--488-87-59445545454455445544445455654544545544454544454-54-45455444546595464454956549445454445555455455445555555544UVWXZZWXZZHIBCJKLM-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH176KLBklHi1obBH7B1kl7QRSTabc456dnOPQRefABCDBEFQRGHIWTJKLFQRGjMNBOPQRGVOP89W230ABC56D9EFGHI7JKLM19BNODPQEFGHI7JKLRSMDEFGDEFG4abcdefg6hijkl8779789797979897999799789797979897999797777979777879787877BBBBBBBBBBBBBBBBBBBBBBBB879988888989888AACCA7BA7BA7BA97BHIC97BC7BC7BAAAAAAAAAACCCCCCCCCC-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH1701234567KLBklHi1obBH7B1kl70123456e8dfg340TUVWn4523QRCDSITU0aVWaoV4-nGjZOPQRVG589W245-0134Ief-4523CDaot595944545-95445455445445495446554544545554545454-454449544954554-54-94544555469544555465546444654956549445545545555455645544955449554445555-455545940TUVW58-5848-488-8595944595-55544545444-544454445454545945445494544546495445454-454-4554-56544449546--546456549454959545544555559545545-554655554655564555455-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH178KLBklHi1obBH7B1kl73hfijJkdlBmn01opUnR3QR423-SG14WBGW2dZ45VopBop4589HefXYZTU0-102345102345678-988-8989-88888-88-88-898-8998-8889-9888-9988-9988-8888A98888-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH17JKLM01234569KLBklHi1obBH7B1kl714567QR-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH17KLBklHi1obBH7B1kl76qrst0123u220-224vdl153A-TUGMa-TUGM98658-58-48-488-8578-4748748-74TTTTTTTTTTTTTTTTTTTTTTTTTT758RR75QQooooRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSRSQQQQQQQQQQQQQQQQQQQQQQQQQQsUVSUVVmnUVpVqrnUVMVvOPVvtuVvwxeIHKnbcdeGM-bcdeGMV9675-77579474yz745-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH17N012345611KLBklHi1obBH7B1kl7wxyztzzk9LMEfghijkGlmnMLMEoghijkGlmnM45-4-95-54-45-5574755547475555747555747555747555474755557475557475pqrsCtfRSkGmnMpqrsCtoRSkGmnM95-65-4-45-45574755547475555747555747555747555474755557475557475-012345678197ABCDEFGHIJKLMNOCPQBRSTUVWXY1ZabcdeHfUgOCKL1hijklUVamOCnobpqrs1tuvklwxOCynaziXY17ajmbcHfUgOC176jobH7obbBH17012345612KLBklHi1obBH7B1kl7wxyztxyABSzk9nXYZ6vabcduvwxkyGmnMzABSSkGmnM65849848-4845848985884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