Core Insights - The traditional growth logic of "price for volume" is becoming unsustainable as market growth slows and consumer behavior becomes more rational, prompting leading brands to focus on technological innovation and strategic transformation in the home appliance industry [1] Group 1: Industry Trends - Key trends reshaping the home appliance industry include AI empowerment, health concepts, high-end positioning, and cross-industry integration [1] - The current monitoring period shows that Midea, GREE, and Panasonic lead the heat index rankings with scores of 1.92, 1.71, and 1.68 respectively [2][3] Group 2: Technological Innovations - Midea has launched a new dual-air outlet central air conditioning system aimed at providing a revolutionary user experience, while GREE focuses on AI and energy-saving technologies with its new product lines [4] - Haier emphasizes comprehensive air solutions and has introduced several innovative products, including the industry's first AI air conditioning group standard [4] Group 3: Strategic Transformations - The slowdown in industry growth has led brands to pursue high-end and cross-industry strategies for counter-cyclical growth, as seen with Skyworth's significant revenue increase driven by its new energy business [5] - High-end brands like Casarte have shown resilience, achieving positive growth in a challenging market, highlighting the importance of differentiated competitive strategies [5]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [3] Core Insights - The home appliance sector's fund holding ratio remains low at 2.40% for Q4 2025, with a slight increase of 0.08 percentage points from the previous quarter, which is still at a low level compared to historical data since 2010 [6][9] - The white goods segment saw an increase in holdings, while the vacuum cleaner segment experienced a reduction in allocation [17][21] - There is a divergence in northbound holdings, with some companies like Hisense Home Appliances and Bull Group seeing increases, while others like Vatti and Roborock saw declines [42] Summary by Sections Home Appliance Sector Fund Holding Ratio - The fund holding ratio for the home appliance sector in Q4 2025 is 2.40%, ranking 12th among all sectors, with a cumulative increase of 4.09% in the CITIC home appliance index, also ranking 12th in absolute returns [6][9][14] White Goods Increase and Vacuum Cleaner Reduction - The fund holding ratios for sub-segments in Q4 2025 are as follows: white goods at 1.88% (+0.24 percentage points), small appliances at 0.71% (+0.08 percentage points), upstream appliances at 0.27% (-0.16 percentage points), black goods at 0.08% (-0.03 percentage points), kitchen appliances at 0.03% (-0.01 percentage points), and lighting at 0.03% (stable) [17][21] Northbound Holdings Divergence - The northbound holdings for the home appliance sector showed mixed results in Q4 2025, with increases for Hisense Home Appliances (+0.78 percentage points), Bull Group (+0.41 percentage points), and Yitian Smart (+0.41 percentage points), while declines were noted for Vatti (-2.31 percentage points), Roborock (-1.69 percentage points), and XGIMI (-1.47 percentage points) [42][44] Investment Recommendations - The report recommends leading white goods companies such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and cleaning appliance leaders Roborock and Ecovacs [57]

截至2026年1月22日，上市公司海信家电自2025年12月20日起已连发三条公告购买信托理财产品， 覆盖的信托公司包括金谷信托、华能信托、中粮信托，涉及总金额超过55亿元。 2026年1月21日，海信家电发布公告披露，旗下空调营销公司、冰箱营销公司在2025年7月16日至 2026年1月20日期间，与华能信托签订理财协议，斥资18.15亿元认购其理财产品，其间累计签订10份相 关协议。据《金融时报》记者了解，这已是海信家电自2026年以来第二次披露大手笔认购信托理财， 2026年1月7日，海信家电曾公告其附属公司在2025年7月至2026年1月6日期间，以18.55亿元认购中粮信 托6款理财产品。2025年12月末，海信家电曾公布其附属公司在2025年10月14日至2025年12月19日期间 与金谷信托订立协议，认购金谷信托理财产品金额为18.92亿元。 作为央企背景的信托公司，上述涉及的三家信托公司2025年经营业绩较为亮眼，其中，中粮信托实 现营业收入14.09亿元、净利润6.53亿元；华能信托营收达28.15亿元、净利润12.60亿元；金谷信托营收 达15.62亿元、净利润8.23亿元，均处于已公布业 ...

证券日报网讯 1月22日，海信家电在互动平台回答投资者提问时表示，当前公司生产经营正常，不存在 应该披露但未披露的重大风险。管理层持续优化治理体系，未来公司将通过多种方式竭力维护投资者权 益，增强市场信心。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 1月22日，海信家电在互动平台回答投资者提问时表示，公司现金情况请关注定期报告相 关内容。 ...

Group 1 - The core viewpoint of the article is that Hisense Home Appliances acknowledges that its stock price fluctuations are influenced by multiple factors, including capital market trends, macroeconomic conditions, and industry changes [1] - The company reports that its operations are stable and that the management team is continuously optimizing the governance system [1] - Hisense Home Appliances is committed to maintaining investor rights and enhancing market confidence through various means in the future [1]

证券日报网讯 1月22日，海信家电在互动平台回答投资者提问时表示，公司主要从事冰箱、家用空调、 中央空调、冷柜、洗衣机、厨房电器等电器产品以及模具、汽车空调压缩机及综合热管理系统的研发、 制造和营销业务，并提供围绕家电智能化升级为核心的全场景智慧家庭解决方案。公司始终秉持稳健经 营策略，通过多元化产能布局与提升供应链韧性，积极应对市场波动，目前南美区和亚太区经营稳定。 （文章来源：证券日报） ...

Core Viewpoint - Hisense Home Appliances (00921) announced a subscription to a trust financial product from COFCO Trust, with a total investment amount of RMB 2.035 billion, scheduled between January 14 and January 22, 2026 [1] Group 1 - The company and its subsidiaries, including the air conditioning company, Kelon Mould Company, and refrigerator marketing company, are involved in the subscription [1] - The investment is part of a financial strategy to enhance the company's financial management and investment returns [1]

股票代码：000921 股票简称：海信家电 公告编号：2026-003 海信家电集团股份有限公司 H 股公告-认购理财产品 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于 2026 年 1 月 22 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规 则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 董事會宣佈，於 2026 年 1 月 14 日至 2026 年 1 月 22 日期間，本公司及本公司的附屬公司 空調公司、科龍模具公司及冰箱營銷公司（作為認購方）訂立中糧信託理財協議，以認購 中糧信託理財產品，認購金額為人民幣 2,035,000,000 元。 本集團使用自有閒置資金支付該等中糧信託理財協議下的認購金額。 海信家电集团股份有限公司董事会 2026 年 1 月 22 日 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 ...

格隆汇1月22日丨海信家电(00921.HK)宣布，于2026年1月14日至2026年1月22日期间，公司及公司的附 属公司空调公司、科龙模具公司及冰箱营销公司(作为认购方)订立中粮信托理财协议，以认购中粮信托 理财产品，认购金额为人民币20.35亿元。 ...