Guosheng Securities: July home air conditioner export volume and value both rose, with Asia driving the growth.

Guosheng Securities released a research report stating that data from Industry Online shows that in July 2026, China's household air conditioner exports reached 5.321 million units, up 1.4% year on year. By continent, the export growth rates of household air conditioners in July were 13.7% for Asia, -18.4% for Europe, -0.1% for Latin America, -50.1% for North America, +9.1% for Africa, and -29% for Oceania. Asia underpinned overall export growth, while exports to Europe and the United States weakened. At present, demand rotation across different overseas regions is relatively rapid. Japan's policy-driven advance stockpiling and Southeast Asia's periodic restocking brought short-term incremental demand, but demand in most traditional major markets is weak and inventory adjustment progress is slow, with no comprehensive and sustained recovery emerging. Subsequent market conditions in various regions will remain mixed and divergent.