Core Viewpoint - The Zibo Municipal Bureau of Commerce has announced the list of participating brands for the 2026 appliance recycling and new purchase activities, aiming to promote consumer goods recycling and stimulate local consumption [1][4]. Group 1: Appliance Recycling Program - The Zibo Municipal Bureau of Commerce has collected applications from brand manufacturers to establish a product model database for the 2026 appliance recycling program [4]. - A total of 87 home appliance brands, including Haier, Midea, and Gree, have registered to participate in the 2026 appliance recycling initiative [4][5]. - The participating brands cover various categories such as refrigerators, washing machines, air conditioners, and televisions [5][6]. Group 2: Digital and Smart Products Purchase Program - The program also includes a new purchase initiative for digital and smart products, with 21 brands, including Huawei and Apple, participating [4][8]. - The participating brands in the digital and smart products category offer a range of items including smartphones, tablets, and smartwatches [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Views - The real estate sector is expected to gradually stabilize, which may lead to a recovery in valuations for the home appliance industry. Current stock prices may have fully reflected short-term risks due to factors such as demand being pulled forward by national subsidies, upstream price increases, and currency appreciation [3][4] - The core pressure on domestic demand is likely to ease as signs of stabilization in the real estate market emerge. After a deep correction from 2022 to 2025, domestic housing inventory is gradually being reduced, with recent increases in second-hand housing transaction volumes in Shanghai and narrowing price declines in first-tier cities [4][8] - The leading companies in the white goods sector are currently valued at historically low levels, with projected P/E ratios for 2026 being 12 for Midea Group, 7 for Gree Electric Appliances, and 10 for Haier Smart Home. If the real estate market stabilizes, these companies may see a valuation recovery [14] Summary by Sections 1. Signs of Stabilization in Real Estate - Signs of stabilization in the real estate market are emerging, with domestic housing inventory gradually decreasing and recent increases in second-hand housing transactions in Shanghai. The drag effect of real estate on domestic demand is expected to gradually diminish [4][8] 2. Company Performance Forecasts - Ninebot Company is expected to achieve a net profit of 1.67-1.85 billion yuan in 2025, a year-on-year increase of 54.0%-70.6%. However, Q4 2025 may see a net loss of 120 million yuan to a profit of 60 million yuan due to factors like exchange losses [5][16] - Huabao New Energy is projected to have a net profit of 15.5-23 million yuan in 2025, a year-on-year decline of 90.4%-93.5%, with Q4 2025 expected to incur a net loss of 120-130 million yuan [5][16] - Ecovacs is expected to achieve a net profit of 1.7-1.8 billion yuan in 2025, a year-on-year increase of 110.9%-123.3%, with Q4 2025 projected to yield a net profit of 280-380 million yuan [5][16] 3. Market Review - The home appliance sector saw a weekly increase of 1.3% from February 2 to February 6, outperforming the CSI 300 index by 2.6 percentage points. The white goods segment increased by 1.7%, while black goods decreased by 1.9% [17][19] 4. Key Data Tracking - As of February 6, 2026, the RMB appreciated by 88 basis points against the USD, continuing its upward trend. This short-term fluctuation is not expected to affect the core competitiveness of export companies [21] - The LME copper spot price was $12,840 per ton, down 4.0% week-on-week, indicating a slight decline in raw material prices [21][22]

Investment Rating - The report suggests a "Buy" rating for the industry, anticipating a price increase exceeding 15% over the next 3-6 months [55]. Core Insights - The global TV market is expected to experience a slight decline in total shipments by 0.5% in 2026, despite a 1.6% increase in shipment area in 2025, driven by structural improvements and a shift from scale-driven to value-driven growth [11][15]. - The average TV size has increased to 53.6 inches, with OLED TV shipments growing by 6.9% year-on-year, indicating a trend towards higher-end products [11][12]. - The market is seeing a significant regional disparity, with emerging markets like Latin America, Middle East & Africa, and Asia-Pacific showing growth rates of 5.8%, 3.0%, and 2.3% respectively, while the Chinese market has declined by 8.8% [15]. - TV panel prices have seen a slight increase in early 2026, with demand from top brands rising by 5% in January, although a 7% decline was noted in February due to seasonal factors [17][18]. Market and Sector Performance - The Shanghai and Shenzhen 300 Index increased by 1.98%, while the home appliance index rose by 2.11% during the week [22]. - Notable stock performances included Sichuan Changhong (+22.33%), Skyworth Digital (+17.52%), and Ecovacs (+17.40%), while Galaxy Electronics (-6.73%) and *ST Tongzhou (-5.18%) saw declines [22]. Raw Material Prices - Copper prices decreased by 1.13%, while aluminum prices increased by 0.10% during the week of February 2-6, 2026 [28]. - Year-to-date, copper prices have risen by 2.14%, and aluminum prices by 1.98%, indicating fluctuating raw material costs that could impact the industry [28]. Real Estate Data - In December 2025, new residential construction, construction in progress, completions, and sales all showed significant year-on-year declines of -19.9%, -10.4%, -20.3%, and -10.0% respectively, indicating ongoing pressure on the home appliance sector [37][43]. Investment Recommendations - Leading brands are expected to achieve stable growth due to their integrated advantages and strong pricing power. The report recommends TCL Electronics, Hisense Visual, Midea Group, and Haier Smart Home as key investment opportunities [53].

证券之星消息，根据企查查数据显示海尔智家（600690）公布了一项国际专利申请，专利名为"搁物 架、搁物架的控制方法及装置、计算机可读存储介质"，专利申请号为PCT/CN2025/105905，国际公布 日为2026年2月5日。 专利详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 图片来源：世界知识产权组织（WIPO） 今年以来海尔智家已公布的国际专利申请28个，较去年同期增加了7.69%。结合公司2025年中报财务数 据，2025上半年公司在研发方面投入了57.9亿元，同比增11.73%。 数据来源：企查查 ...

海尔集团的生态布局，正迎来一场无可避免的大考。 近日，海尔旗下的工业互联网独角兽卡奥斯正式向港交所递交招股书。表面上看，这是张瑞敏在退休前留下的最后一块战略拼图，也是 接班人周云杰自 2021 年掌舵以来，交出的第一份 " 生态投名状 "。 但深层逻辑是：海尔兜售了十年的 " 生态化转型 " 叙事，终于要剥开管理学的糖衣，接受二级市场最严苛的真金白银重估。 卡奥斯，恰恰就是解开这个谜题最关键的样本。 " 大客户 " 竟是我自己 卡奥斯到底在卖什么？它主要给工厂装一套 " 数字化操作系统 + 人工智能大脑 + 物联网采集设备 " 的组合包。 截至目前，卡奥斯累计服务企业超过 16 万家，其中付费客户在 9500 家以上；按弗若斯特沙利文的数据，2024 年计，卡奥斯在中国 " 基 于平台的工业数据智能解决方案 " 市场，以 1.2% 的市场份额位居行业第一。 不过，当 " 行业第一 " 与 " 市场份额 1.2%" 这两个数字摆在一起，本身就透着一种荒诞感。与其说卡奥斯多有统治力，倒不如说所处赛 道高度分散、竞争惨烈。 这种惨烈直观地体现在账面上： 过去几年，海尔在资本市场的野心从未掩饰。 2024 年豪掷 1 ...

2月6日，在海尔集团公司（以下简称"海尔"）举行的2025年工作总结表彰大会暨第八届职工代表大会第 七次会议上，公司披露了去年的经营业绩。2025年，海尔全球收入达4268亿元，同比增长6.3%；全球 利润总额322亿元，同比增长6.7%，延续了稳健且高质量的增长态势。 面对新一轮产业变革与全球竞争格局重塑，海尔董事局主席、首席执行官周云杰表示，2026年海尔将围 绕"生态协同、用户链接、全球纵深"三大主线，打赢三场关键战役，全面构建AI原生组织，进一步提升 生态竞争力与创新效率。 2025年是海尔AI应用元年，公司坚持"天上大模型、空中智能体、地面AI终端"的三级体系。在产品及服 务方面，公司率先发布"AI之眼"，打造智慧家庭生活解决方案，引领行业从"替人家务"迈向"无人家 务"；在产业端，卡奥斯天智大模型助力企业数字化转型；在管理方面，公司围绕主业务场景，部署数 百个业务智能体提质增效，在创客端推出智能办公助手，提升协同效能。 值得关注的是，海尔将"三大赛道"细分为"六大产业生态"，以生态协同的方式对冲单一产业周期波动， 并为资本运作提供更清晰的产业锚点。其中，在数字经济产业生态方面，卡奥斯连续7年位居国 ...

2月6日，海尔集团董事局副主席、总裁梁海山在2025年工作总结表彰大会暨第八届职工代表大会第七次 会议上表示，2025年，海尔集团全球收入4268亿元，增长6.3%；利润总额322亿元，增长6.7%，业绩再 创新高。 "海尔将围绕生态协同、用户链接、全球纵深三大主线，打赢三场关键战役，在产品服务、流程运营、 组织人才、决策创新等层面发力，全面构建AI原生组织，提升生态竞争力，释放每一个人的创新潜 能，共同构筑生生不息的海尔生态。"面向2026年，海尔集团董事局主席、首席执行官周云杰说。 周云杰在会上以《生态无界 创变永恒》为主题发布了"海尔集团2026年度创新方向"。 他表示，2026年是海尔从世界海尔向生态海尔进化的开局之年，要围绕生态协同、用户链接、全球纵深 三大主线，打赢三场关键战役，构建面向未来的生态竞争力。 三是AI赋能组织与人才，让每个人拥有"AI副驾驶"。继续推行"全员AI赋能计划"，不仅让每一位创客学 会使用AI工具，更要鼓励大家成为用AI重构自己的"设计师"。 四是AI驱动决策与创新，让"数据智能"成为决策核心。通过"战略智慧大脑"，对市场趋势、技术路线、 投资方向进行模拟预测和科学分析，实 ...

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Insights - The report highlights that the nominal appreciation of the RMB is expected to have limited impact on export recovery and external sales profitability, as leading brands have strong pricing power, overseas production capacity, and effective foreign exchange hedging [8][11] - The report emphasizes that the home appliance sector is likely to benefit from increased foreign capital inflow due to RMB appreciation, with the sector's valuation and holdings at historical lows, indicating significant upside potential [7][8] Summary by Sections 1. Industry: Nominal Appreciation and Dollar Price Elasticity - Since Q2 2025, the RMB has appreciated approximately 5% due to the easing of trade tensions and economic recovery expectations, with the CFETS index remaining close to its 3-5 year average [11][12] - The report discusses the impact of exchange rates on export volume and pricing, noting that during appreciation phases, exporters may adjust dollar prices or lower RMB prices to mitigate the effects of appreciation [12][22] 2. Financial Statements: External Sales Profitability and Hedging - External sales gross margins have been under pressure, with historical data showing that external sales margins are generally weaker than domestic sales margins [4][6] - The report indicates that major companies have high foreign exchange hedging ratios, which effectively mitigate the impact of exchange rate fluctuations on their financials [4][6] 3. Capital: High Foreign Ownership Proportion - The report notes a strong correlation between RMB appreciation and net inflows of foreign capital, with the home appliance sector consistently attracting significant foreign investment [7][8] - The sector's Northbound trading and public fund holdings are at historical lows, suggesting ample room for upward movement [7] 4. Industry Perspective and Investment Recommendations - The report suggests that under the expectation of moderate appreciation, the competitive edge of leading companies backed by domestic supply chain advantages and proactive overseas capacity expansion will remain intact [8] - Recommended stocks include high-quality white goods leaders such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and global leaders in robotic vacuum cleaners like Roborock and Ecovacs [8]

海尔智家（600690）(06690)发布公告，于2026年2月5日斥资8.12万欧元回购4万股。 ...

智通财经APP讯，海尔智家(06690)发布公告，于2026年2月5日斥资8.12万欧元回购4万股。 ...