家(jia)(jia)用電器(qi)(qi)：穩(wen)(wen)健(jian)關注小(xiao)(xiao)(xiao)(xiao)天(tian)鵝(e) 薦(jian)(jian)4股(gu)　奧維云網周(zhou)(zhou)度(du)數據(ju)：本(ben)周(zhou)(zhou)家(jia)(jia)電終端需求疲軟。白電中空(kong)調板塊(kuai)銷量(liang)下(xia)(xia)(xia)(xia)跌(die)(die)(die)幅度(du)達41.9%，冰(bing)箱(xiang)、洗(xi)衣(yi)(yi)(yi)機(ji)也呈現(xian)(xian)(xian)較(jiao)大(da)幅度(du)下(xia)(xia)(xia)(xia)跌(die)(die)(die)。具(ju)體分(fen)品(pin)類看(kan)(kan)，冰(bing)箱(xiang)零(ling)(ling)(ling)售量(liang)8.2萬(wan)臺(tai)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)23.5%，零(ling)(ling)(ling)售額(e)2.3億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)22.6%；洗(xi)衣(yi)(yi)(yi)機(ji)零(ling)(ling)(ling)售量(liang)9.6萬(wan)臺(tai)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)11.8%，零(ling)(ling)(ling)售額(e)2.0億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)13.1%；空(kong)調零(ling)(ling)(ling)售量(liang)10.3萬(wan)臺(tai)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)41.9%，零(ling)(ling)(ling)售額(e)3.8億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)38.2%。冰(bing)箱(xiang)均(jun)價(jia)(jia)2838元(yuan)(yuan)(yuan)(yuan)(yuan)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)上漲(zhang)1.1%；洗(xi)衣(yi)(yi)(yi)機(ji)均(jun)價(jia)(jia)同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)1.5%至2067元(yuan)(yuan)(yuan)(yuan)(yuan)，空(kong)調均(jun)價(jia)(jia)同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)上漲(zhang)6.4%至3685元(yuan)(yuan)(yuan)(yuan)(yuan)。　　本(ben)周(zhou)(zhou)黑電線(xian)(xian)上線(xian)(xian)下(xia)(xia)(xia)(xia)冷熱不(bu)均(jun)。線(xian)(xian)下(xia)(xia)(xia)(xia)市場銷量(liang)12.2萬(wan)臺(tai)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)23%；銷額(e)3.7億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)32%。線(xian)(xian)上市場銷量(liang)20.7萬(wan)臺(tai)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)上漲(zhang)100%，銷額(e)5.45億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)上漲(zhang)83%。　　彈(dan)性關注估值(zhi)安(an)全、雙主業(ye)(ye)預期(qi)的(de)(de)華意壓縮(suo)(suo)(8.14,0.280,3.56%)、穩(wen)(wen)健(jian)關注小(xiao)(xiao)(xiao)(xiao)天(tian)鵝(e)。從已(yi)發布2015年(nian)(nian)(nian)年(nian)(nian)(nian)報(bao)(bao)(bao)的(de)(de)公(gong)(gong)司(si)(si)來(lai)看(kan)(kan)，從整(zheng)體表現(xian)(xian)(xian)看(kan)(kan)廚電、小(xiao)(xiao)(xiao)(xiao)家(jia)(jia)電表現(xian)(xian)(xian)優于白電和(he)(he)零(ling)(ling)(ling)配(pei)件企業(ye)(ye)，而黑電由于競爭激(ji)烈，業(ye)(ye)績整(zheng)體表現(xian)(xian)(xian)不(bu)佳。本(ben)周(zhou)(zhou)家(jia)(jia)電重(zhong)點(dian)公(gong)(gong)司(si)(si)中華意壓縮(suo)(suo)（000404）發布2016年(nian)(nian)(nian)一(yi)(yi)季(ji)報(bao)(bao)(bao)，公(gong)(gong)司(si)(si)業(ye)(ye)績增(zeng)速超(chao)(chao)預期(qi)，2016年(nian)(nian)(nian)一(yi)(yi)季(ji)度(du)實(shi)現(xian)(xian)(xian)營業(ye)(ye)收入18.56億(yi)元(yuan)(yuan)(yuan)(yuan)(yuan)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)下(xia)(xia)(xia)(xia)跌(die)(die)(die)3.63%，歸屬于上市公(gong)(gong)司(si)(si)股(gu)東凈(jing)利(li)(li)潤5016.89萬(wan)元(yuan)(yuan)(yuan)(yuan)(yuan)，同(tong)(tong)(tong)(tong)比(bi)(bi)(bi)(bi)增(zeng)長(chang)30.15%。本(ben)周(zhou)(zhou)彈(dan)性標的(de)(de)重(zhong)點(dian)推薦(jian)(jian)華意壓縮(suo)(suo)（000404），2016年(nian)(nian)(nian)10月(yue)將(jiang)(jiang)實(shi)施的(de)(de)冰(bing)箱(xiang)新(xin)能(neng)效標準將(jiang)(jiang)推動壓縮(suo)(suo)機(ji)行業(ye)(ye)變頻和(he)(he)超(chao)(chao)高效比(bi)(bi)(bi)(bi)例持續(xu)上升，帶來(lai)公(gong)(gong)司(si)(si)產品(pin)均(jun)價(jia)(jia)和(he)(he)毛利(li)(li)率(lv)水平的(de)(de)提(ti)升，商(shang)用壓縮(suo)(suo)機(ji)華意巴塞羅那公(gong)(gong)司(si)(si)2016年(nian)(nian)(nian)扭虧可期(qi)，同(tong)(tong)(tong)(tong)時(shi)(shi)公(gong)(gong)司(si)(si)將(jiang)(jiang)適(shi)時(shi)(shi)積(ji)極布局(ju)第二主業(ye)(ye)，公(gong)(gong)司(si)(si)外延(yan)并購的(de)(de)預期(qi)強烈，業(ye)(ye)績安(an)全性高，同(tong)(tong)(tong)(tong)時(shi)(shi)外延(yan)彈(dan)性大(da)，看(kan)(kan)好(hao)公(gong)(gong)司(si)(si)未來(lai)發展前景(jing)；本(ben)周(zhou)(zhou)穩(wen)(wen)健(jian)組(zu)合推薦(jian)(jian)老(lao)板電器(qi)(qi)(36.91,1.560,4.41%)（002508）、美的(de)(de)集(ji)團(22.58,0.280,1.26%)（000333）和(he)(he)小(xiao)(xiao)(xiao)(xiao)天(tian)鵝(e)（000418）。小(xiao)(xiao)(xiao)(xiao)天(tian)鵝(e)提(ti)升滾筒洗(xi)衣(yi)(yi)(yi)機(ji)比(bi)(bi)(bi)(bi)例、布局(ju)各(ge)價(jia)(jia)位區間(jian)的(de)(de)洗(xi)衣(yi)(yi)(yi)機(ji)產品(pin)，同(tong)(tong)(tong)(tong)時(shi)(shi)加大(da)電商(shang)渠道的(de)(de)投放比(bi)(bi)(bi)(bi)例，2016年(nian)(nian)(nian)第一(yi)(yi)季(ji)度(du)良好(hao)業(ye)(ye)績表現(xian)(xian)(xian)可期(qi)，我們預計(ji)增(zeng)速在25%左右。老(lao)板電器(qi)(qi)（002508）2015年(nian)(nian)(nian)年(nian)(nian)(nian)報(bao)(bao)(bao)業(ye)(ye)績靚麗(li)，本(ben)周(zhou)(zhou)股(gu)價(jia)(jia)一(yi)(yi)度(du)達到(dao)51.85元(yuan)(yuan)(yuan)(yuan)(yuan)的(de)(de)新(xin)高，未來(lai)仍將(jiang)(jiang)受益于渠道下(xia)(xia)(xia)(xia)沉三四線(xian)(xian)和(he)(he)電商(shang)紅利(li)(li)，品(pin)類擴張奠定持續(xu)動力，一(yi)(yi)季(ji)報(bao)(bao)(bao)業(ye)(ye)績或超(chao)(chao)預期(qi)。美的(de)(de)集(ji)團（000333）盈利(li)(li)能(neng)力穩(wen)(wen)定，公(gong)(gong)司(si)(si)估值(zhi)低且(qie)分(fen)紅率(lv)高，