智通财经APP获悉，广发证券发布研报称，2025年以旧换新效果显著，高基数下预计2026年家电行业增 速放缓，龙头公司有望凭借渠道、品牌优势跑赢行业。从长期看，在全球市场份额提升逻辑支撑下，家 电外销亦有望维持稳健增长。白电业绩稳健增长，具备稳定ROE及高分红优势，推荐美的集团(00300， 000333.SZ)、海尔智家(06690，600690.SH);黑电龙头受益全球份额提升和产品结构升级，推荐海信视像 (600060.SH)、TCL电子(01070);自下而上推荐具备份额提升和品类扩张的九号公司-WD(689009.SH)、石 头科技(688169.SH)。 广发证券主要观点如下： 2025年回顾 板块整体涨幅靠后，板块分化。(1)指数：根据iFinD数据，年初以来(2025.01.01-2025.11.28)，申万家电 累计涨幅8.1%，在全行业中排名第27位，跑输沪深300指数10.4pct。分板块看，家电零部件、黑电、照 明设备、小家电、厨电、白电板块分别同比+64.7%、+12.6%、+11.9%、+9.5%、-0.7%、-1.1%。 (3)估值和持仓：截至2025.11.28收盘，家电板块P ...

智通财经APP获悉，广发证券发布研报称，2025年以旧换新效果显著，高基数下预计2026年家电行业增 速放缓，龙头公司有望凭借渠道、品牌优势跑赢行业。从长期看，在全球市场份额提升逻辑支撑下，家 电外销亦有望维持稳健增长。白电业绩稳健增长，具备稳定ROE及高分红优势，推荐美的集团(00300， 000333.SZ)、海尔智家(06690，600690.SH);黑电龙头受益全球份额提升和产品结构升级，推荐海信视像 (600060.SH)、TCL电子(01070);自下而上推荐具备份额提升和品类扩张的九号公司-WD(689009.SH)、石 头科技(688169.SH)。 广发证券主要观点如下： 2025年回顾 板块整体涨幅靠后，板块分化。(1)指数：根据iFinD数据，年初以来(2025.01.01-2025.11.28)，申万家电 累计涨幅8.1%，在全行业中排名第27位，跑输沪深300指数10.4pct。分板块看，家电零部件、黑电、照 明设备、小家电、厨电、白电板块分别同比+64.7%、+12.6%、+11.9%、+9.5%、-0.7%、-1.1%。 (2)基本面：根据统计局数据，2025年1-10月家电社零 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: TCL電子控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01070 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 1 HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 1 HKD | | 3,000,000,000 | 本月底 ...

Core Insights - The report highlights that the home appliance industry is expected to face a slowdown in growth due to high base effects from national subsidies in 2026, but leading companies are projected to maintain stable performance [2] - The small appliance sector is anticipated to see continued improvement in average prices due to ongoing policy support, with significant growth potential in the robotic vacuum cleaner market [2] - The black appliance segment is expected to benefit from product upgrades leading to higher average prices and improved profitability, with overseas market share likely to continue increasing [2] - The two-wheeler market is projected to grow in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to gain market share, particularly in overseas markets [2] 2025 Annual Summary - The home appliance sector underperformed overall, with an 8.1% increase from January 1 to November 28, 2025, ranking 27th among all industries and lagging behind the CSI 300 index by 10.4 percentage points [17] - The appliance components sector outperformed with a 64.7% increase, while white goods and kitchen appliances saw declines of 1.1% and 0.7%, respectively [17] - Domestic retail sales of home appliances showed a cumulative year-on-year increase of 20.1% from January to October 2025, but growth slowed in September and October due to high base effects [35] 2026 Outlook - Domestic sales are expected to slow down due to high base effects from the previous year's subsidy policies, but leading companies are likely to outperform the industry due to their channel and brand advantages [53] - Export performance is anticipated to remain stable despite short-term concerns over tariffs, as many companies have adapted their overseas production strategies since 2018-2019 [56] - The report emphasizes the importance of monitoring policy changes that could impact both domestic and international sales in 2026 [56] Investment Recommendations - The report recommends investing in leading companies in the white goods sector such as Midea Group and Haier Smart Home, which are expected to deliver stable returns and high dividends [7] - For the black appliance segment, companies like Hisense and TCL are highlighted as beneficiaries of global market share growth and product upgrades [7] - The report also suggests considering companies like Ninebot and Roborock, which are positioned for share gains and category expansion [7]

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01070 | TCL电子 | 11.100 | 3.64% | | 06690 | 海尔智家 | 27.340 | 2.01% | | 00300 | 美的集团 | 91.500 | 1.16% | | 00921 | 海信家电 | 26.540 | 0.53% | 本文源自：格隆汇 消息上，岁末年初之际，家电股作为高股息板块正受到市场高度关注。广发证券最新研究显示，港股通 高股息全收益指数即将进入一年中日历效应最为显著的阶段(12月至次年1月中旬)，历史数据显示该时 期获得绝对收益和超额收益的概率较高，收益率表现也相对可观。在当前市场环境下，布局港股通高股 息板块，或将成为投资者把握年末年初投资机会、增厚收益的有效策略。华创证券亦指出，展望2026 年，家电板块将展现出独特的投资价值。 12月3日，港股家电股逆势上涨，其中，TCL电子涨近4%领衔，且近日走出反转行情，海尔智家涨 2%，美的集团涨超1%续创阶段新高，海信家电跟涨。 ...

| 代码 | 名称 | 最新价 涨跌幅 v | | --- | --- | --- | | 01070 | TCL电子 | 11.100 3.64% | | 06690 | 海尔智家 | 27.340 2.01% | | 00300 | 美的集团 | 91.500 1.16% | | 00921 | 海信家电 | 26.540 0.53% | 港股家电股逆势上涨，其中，TCL电子涨近4%领衔，且近日走出反转行情，海尔智家涨2%，美的集团 涨超1%续创阶段新高，海信家电跟涨。 消息上，岁末年初之际，家电股作为高股息板块正受到市场高度关注。广发证券最新研究显示，港股通 高股息全收益指数即将进入一年中日历效应最为显著的阶段(12月至次年1月中旬)，历史数据显示该时 期获得绝对收益和超额收益的概率较高，收益率表现也相对可观。在当前市场环境下，布局港股通高股 息板块，或将成为投资者把握年末年初投资机会、增厚收益的有效策略。华创证券亦指出，展望2026 年，家电板块将展现出独特的投资价值。 ...

消息层面，雷鸟创新近日成功完成数亿级C轮融资，这一融资规模创下了2025年国内AI + AR眼镜领域单笔融资金额的最高纪录，成 为行业焦点。此次融资意义重大，资金将集中投入到AI + AR眼镜的技术研发与生态建设之中。具体而言，重点聚焦于AI + AR核心技 术的研发，涵盖近眼显示、AI算法、多模态交互等关键领域，同时大力推进生态建设。通过这些举措，雷鸟创新旨在进一步巩固并扩 大其在全球消费级AI + AR眼镜市场的领先地位，积极拓展全球市场份额。 来源：港股研究社 今日早盘，TCL电子（01070）股价表现亮眼，呈现出强劲的上涨态势，涨幅一度逼近6%，截至发稿时，股价涨幅稳定在5.62%，报 10.72港元，成交额达1.08亿港元。这一股价的积极变化，无疑吸引了市场的广泛关注。 国泰君安此前分析指出，雷鸟创新由TCL电子孵化，其核心团队成员来自TCL、大疆、Meta、字节跳动等行业巨头，具备显著的创新 优势。考虑到TCL电子整体已进入盈利修复通道，且预计其持股11.5%的雷鸟创新，在AI眼镜业务市场份额上处于领先地位，有望充 分受益于AI产业的爆发。 ...

消息面上，雷鸟创新近日完成数亿级C轮融资，创下2025年国内AI+AR眼镜领域单笔融资金额的最高纪 录。此次融资资金将用于加速AI+AR眼镜的技术研发及生态建设，重点用于AI+AR核心技术研发（近 眼显示、AI算法、多模态交互）及生态建设，进一步巩固和扩大雷鸟创新在全球消费级AI+AR眼镜市 场的领先地位，拓展全球市场份额。 智通财经获悉，TCL电子(01070)早盘涨近6%，截至发稿，涨5.32%，报10.69港元，成交额6659.79万港 元。 本文源自：智通财经网 国泰君安此前指出，雷鸟创新由TCL电子孵化，公司核心团队来自TCL、大疆、Meta、字节跳动，创新 优势明显。该行认为，考虑到TCL电子整体进入盈利修复通道，同时预计公司持股11.5%的雷鸟创新， 其AI眼镜业务市场份额领先，有望充分受益AI产业爆发。 ...

消息面上，雷鸟创新近日完成数亿级C轮融资，创下2025年国内AI+AR眼镜领域单笔融资金额的最高纪 录。此次融资资金将用于加速AI+AR眼镜的技术研发及生态建设，重点用于AI+AR核心技术研发（近 眼显示、AI算法、多模态交互）及生态建设，进一步巩固和扩大雷鸟创新在全球消费级AI+AR眼镜市 场的领先地位，拓展全球市场份额。 国泰君安此前指出，雷鸟创新由TCL电子孵化，公司核心团队来自TCL、大疆、Meta、字节跳动，创新 优势明显。该行认为，考虑到TCL电子整体进入盈利修复通道，同时预计公司持股11.5%的雷鸟创新， 其AI眼镜业务市场份额领先，有望充分受益AI产业爆发。 智通财经APP获悉，TCL电子(01070)早盘涨近6%，截至发稿，涨5.32%，报10.69港元，成交额6659.79 万港元。 ...

Core Viewpoint - TCL Electronics' stock rose nearly 6% in early trading, reflecting positive market sentiment following significant developments in its subsidiary, Thunder Innovation [1] Company Developments - Thunder Innovation recently completed a multi-hundred million C round financing, setting a record for the largest single financing amount in the domestic AI+AR glasses sector for 2025 [1] - The funds from this financing will be used to accelerate the research and development of AI+AR glasses technology and ecosystem construction, focusing on core technologies such as near-eye display, AI algorithms, and multimodal interaction [1] - Thunder Innovation aims to consolidate and expand its leading position in the global consumer AI+AR glasses market and increase its global market share [1] Industry Insights - Guotai Junan previously noted that Thunder Innovation was incubated by TCL Electronics, with a core team coming from TCL, DJI, Meta, and ByteDance, highlighting its significant innovation advantages [1] - The overall profitability recovery path of TCL Electronics is considered, with expectations that its 11.5% stake in Thunder Innovation will allow it to benefit from the booming AI industry, particularly in the AI glasses business where Thunder holds a leading market share [1]