中(zhong)銀證券指出，從(cong)(cong)必(bi)(bi)選(xuan)(xuan)家(jia)電(dian)(dian)(dian)(dian)來(lai)(lai)看(kan)，21年(nian)將(jiang)延續2019年(nian)下半(ban)年(nian)以(yi)來(lai)(lai)竣工(gong)回補的(de)趨(qu)勢，帶動后周期(qi)類必(bi)(bi)選(xuan)(xuan)家(jia)電(dian)(dian)(dian)(dian)需(xu)求(qiu)回升。在疫情緩解的(de)大前提下，21年(nian)竣工(gong)繼續回補將(jiang)使得必(bi)(bi)選(xuan)(xuan)家(jia)電(dian)(dian)(dian)(dian)面臨(lin)的(de)需(xu)求(qiu)基礎向好(hao)，行(xing)業(ye)增速將(jiang)上行(xing)。同時，必(bi)(bi)選(xuan)(xuan)家(jia)電(dian)(dian)(dian)(dian)行(xing)業(ye)經歷疫情后行(xing)業(ye)格局進(jin)一步優化，龍(long)頭(tou)企業(ye)將(jiang)充(chong)分(fen)享受(shou)必(bi)(bi)選(xuan)(xuan)家(jia)電(dian)(dian)(dian)(dian)需(xu)求(qiu)回升的(de)紅(hong)利。從(cong)(cong)新興家(jia)電(dian)(dian)(dian)(dian)來(lai)(lai)看(kan)，小家(jia)電(dian)(dian)(dian)(dian)終端(duan)市場規模雖已達3000億(yi)以(yi)上，但人均消費額/量都(dou)與發達國(guo)家(jia)有(you)明顯(xian)差(cha)距(ju)，未來(lai)(lai)伴隨可(ke)支(zhi)配收入提升仍有(you)明顯(xian)擴容空間。同時，小家(jia)電(dian)(dian)(dian)(dian)行(xing)業(ye)集(ji)(ji)中(zhong)度低(di)于白電(dian)(dian)(dian)(dian)，龍(long)頭(tou)份(fen)額亦有(you)提升空間。因(yin)此，即(ji)使部分(fen)品類和公司在21年(nian)面臨(lin)一定(ding)的(de)基數壓(ya)力，仍應以(yi)更長遠目光來(lai)(lai)看(kan)待。推薦：格力電(dian)(dian)(dian)(dian)器、火(huo)星(xing)人、老(lao)板(ban)電(dian)(dian)(dian)(dian)器、浙江美大。建議關注：海爾智家(jia)、美的(de)集(ji)(ji)團、新寶股(gu)份(fen)、九陽股(gu)份(fen)、石(shi)頭(tou)科技(ji)。