Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - The continuation of national subsidies is expected to stimulate consumption potential on both supply and demand sides, with stable white goods production planned for Q1 2026 [2][3] - The "Two New" policy is optimized and extended, which is anticipated to activate greater consumption potential in the home appliance sector [6] Summary by Relevant Sections Domestic Sales Outlook - The effect of national subsidies is expected to improve domestic sales conditions in Q1 2026 after the arrival of subsidy funds, despite a marginal slowdown in the subsidy effect [3][6] - January 2026 white goods production data shows a total of 34.53 million units, a 6% increase year-on-year, with variations in production across different product categories [6] Investment Recommendations and Targets - Investment suggestions include focusing on leading companies with higher operational efficiency and mature overseas production layouts, which are seen as stable choices for investment [3] - Key stocks to consider include Midea Group (000333, not rated), Haier Smart Home (600690, not rated), and Hisense Visual (600060, increase holding) [3] - The long-term focus on overseas expansion is highlighted, with expectations for a valuation switch in 2026, particularly for Stone Technology (688169, not rated) [3] - Companies with stable core business performance and potential for a second growth curve, such as Anfu Technology (603031, not rated), are also recommended [3]

- The report discusses a **volume-timing model** for broad-based indices, which provides signals based on market volume trends. As of December 26, 2025, the model indicates a "cautious" view for the SSE 50 index, while other indices such as SSE Composite, CSI 300, CSI 500, CSI 1000, ChiNext, and Beijing 50 show "bullish" signals[2][23][24] - A **momentum sentiment indicator** is introduced, which calculates the proportion of stocks in the CSI 300 index with positive returns over a specific period (N days). The formula is: $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns in the past N days}}{\text{Total number of CSI 300 stocks}} $ This indicator is effective in capturing upward opportunities but has limitations in avoiding risks during market downturns. Recently, the indicator's value has been around 71%[24][25][28] - A **moving average sentiment indicator** is also discussed, which uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) to assess market trends. The indicator assigns values based on the number of moving averages above or below the current price. When the number of moving averages above the price exceeds five, the market is considered bullish. This indicator currently shows that the CSI 300 index is in a positive sentiment zone[30][33][36] - The report evaluates **cross-sectional volatility** and **time-series volatility** as measures of alpha generation potential. Cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 stocks shows mixed trends, with CSI 500 experiencing an increase, indicating a better short-term alpha environment. Time-series volatility for all three indices has decreased recently, suggesting a weaker short-term alpha environment[41][42][43] - A **fund clustering degree indicator** is used to monitor the degree of fund concentration. This is measured by the standard deviation of cross-sectional returns of clustered funds. A lower standard deviation indicates higher clustering. Recently, the clustering degree has slightly increased, and both clustered funds and stocks have shown higher excess returns over the past week[83][85][87]

市场表现上，基金调研股中，近5日上涨的有19只，涨幅居前的有安孚科技、广联航空、箭牌家居等， 涨幅为22.30%、15.75%、10.53%；下跌的有3只，跌幅居前的有波长光电、中国重汽、杰瑞股份等，跌 幅为4.89%、2.51%、1.07%。 数据宝统计，基金参与调研股中，近5日资金净流入的有8只，安孚科技近5日净流入资金1.77亿元，主 力资金净流入最多；净流入资金较多的还有冰轮环境、恒帅股份等，净流入资金分别为1.43亿元、 5480.26万元。（数据宝） 昨日基金共对22家公司进行调研，扎堆调研安孚科技、博众精工、茂莱光学等。 证券时报·数据宝统计，12月24日共26家公司被机构调研，按调研机构类型看，基金参与22家公司的调 研活动，其中，10家以上基金扎堆调研公司共6家。安孚科技最受关注，参与调研的基金达18家；博众 精工、茂莱光学等分别获17家、17家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有10家，创业板公司有6家，沪市主板公司有1 家，科创板公司有5家。所属行业来看，基金调研的公司共涉及11个行业，所属电子行业最多，有7家公 司上榜；机械设备、医药生物等紧随其后，分别 ...

Core Viewpoint - Anfu Technology has strategically invested in Suzhou Yilan Micro Semiconductor Technology Co., Ltd. to capitalize on the growth of the AI industry and the domestic substitution opportunities in optical chips, marking a significant step in the company's second growth curve [1] Group 1: Investment Strategy - The investment in Suzhou Yilan Micro is driven by Anfu Technology's assessment of the AI industry's development trends and the potential for domestic optical chip replacement [1] - This move is part of Anfu Technology's broader strategy to diversify its business and create a dual-driven development model combining "electric" and "optical" [1] Group 2: Previous Transformations - Anfu Technology previously transitioned from the retail sector to the consumer battery field through the acquisition of Nanfu Battery, gaining valuable experience in industry operations, supply chain management, and market expansion [1] - The company aims to leverage its operational capabilities to support Suzhou Yilan Micro in advancing its technology research, mass production, and market application [1]

每经AI快讯，12月24日，安孚科技（603031）(603031.SH)接受机构调研透露，公司战略入股的苏州易 缆微半导体是全球唯一专注于硅光异质集成薄膜铌酸锂光子芯片的创业公司，其独创的硅光异质集成薄 膜铌酸锂技术平台，适用于数据中心的高速高密度光电集成芯片和光学引擎，是实现数据中心1.6T/3.2T 集成高性能光模块和光电共封装CPO的核心技术，具有平滑演进的技术优势、大幅降低功耗和运营成本 的商业价值，已确立了数据中心硅光领域单波200Gbps、400Gbps光芯片的全球技术领先地位。其在 CIOE2025中国光博会首发的单波400Gbps差分调制芯片，采用完全自主知识产权8英寸晶圆级硅光异质 集成薄膜铌酸锂工艺制备，利用成熟CMOS硅光工艺和Die-to-Wafer键合工艺，实现硅光无源器件性能 与薄膜铌酸锂电光特性的优势互补，是硅光平台演进的最优解。 ...

证券时报•数据宝统计显示，安孚科技所属的电力设备行业，目前整体涨幅为0.31%，行业内，目前股价 上涨的有280只，涨停的有新雷能、金时科技等4只。股价下跌的有110只，跌幅居前的有C锡华、洛凯 股份、航天机电等，跌幅分别为23.17%、9.94%、6.66%。 （原标题：安孚科技涨4.38%，股价创历史新高） 机构评级来看，近10日共有3家机构对该股进行评级，预计目标价最高的是国泰海通证券，12月17日国 泰海通证券发布的研报给予公司目标价为51.60元。 安孚科技股价创出历史新高，截至10:00，该股上涨4.38%，股价报48.12元，成交量968.98万股，成交金 额4.56亿元，换手率4.59%，该股最新A股总市值达124.07亿元，该股A股流通市值101.59亿元。 公司发布的三季报数据显示，前三季度公司共实现营业收入36.08亿元，同比增长0.39%，实现净利润 1.74亿元，同比增长16.32%，基本每股收益为0.8100元，加权平均净资产收益率8.77%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, indicating a relative strength of over 5% compared to the market benchmark index [5]. Core Insights - The domestic sales performance aligns with expectations, with a gradual transition into a post-subsidy era in 2026. In November 2025, home appliance sales reached 10.49 million units, down 31.8%, with domestic sales at 4.05 million units, down 39.8%, and exports at 6.44 million units, down 25.6% [7]. - The new national standard for electric two-wheelers is being implemented, with a significant inventory replenishment expected in the first half of 2026. The new models are being introduced, and a concentrated restocking period is anticipated [7]. - Key players in the cleaning appliance sector are undergoing ownership changes, which may impact market dynamics. iRobot is undergoing bankruptcy restructuring, while the founder of追觅科技 is acquiring a controlling stake in 嘉美包装 [7]. Summary by Sections Domestic Market Performance - The domestic market is experiencing a decline, which was anticipated. The central economic work conference confirmed the continuation of national subsidy policies into 2026, with adjustments expected to enhance service consumption [3][7]. Electric Two-Wheelers - The implementation of the new national standard for electric two-wheelers began on September 1, 2025, leading to the cessation of production and sales of old standard models. A significant inventory depletion is expected by the end of December 2025, with new models set to launch soon [7]. Key Players and Market Changes - iRobot's bankruptcy restructuring is expected to maintain brand operations but may not significantly alter market dynamics. The acquisition of 嘉美包装 by 追觅科技's founder could lead to strategic shifts in the cleaning appliance sector [7].

二、质押标的基本情况 名称：宁波亚锦电子科技股份有限公司 统一社会信用代码：91330200757191291T 类型：股份有限公司(非上市、自然人投资或控股) 法定代表人：康金伟 注册资本：375,035.40 万人民币 成立时间：2004 年 03 月 11 日 住所：宁波市北仑区新碶新建路 2 号 1 幢 1 号 139 室 经营范围：一般项目：软件开发；软件销售；信息系统集成服务；办公设备 耗材销售；网络设备销售；电子产品销售(除依法须经批准的项目外，凭营业执 照依法自主开展经营活动)。 证券代码：603031 股票简称：安孚科技 编号：2025-091 安徽安孚电池科技股份有限公司 关于子公司股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、子公司股份质押情况概述 近日，安徽安孚电池科技股份有限公司（以下简称"公司"）全资子公司安 徽安孚能源科技有限公司（以下简称"安孚能源"）分别与中国工商银行股份有 限公司南平延平支行（以下简称"工行延平支行"）、中国农业银行股份有限公司 庐江县支行（以下简称"农 ...

Core Viewpoint - Anfu Technology announced that its wholly-owned subsidiary, Anfu Energy, has pledged a total of 940 million shares of its controlling subsidiary, Yajing Technology, to Industrial Bank's Yanping Branch and 180 million shares to Agricultural Bank's Lujiang Branch as collateral for acquisition loan guarantees [1] Group 1 - Anfu Energy pledged 94 million shares to Industrial Bank [1] - Anfu Energy pledged 180 million shares to Agricultural Bank [1] - The pledges are intended to secure acquisition loan guarantees [1]

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The home appliance industry is experiencing pressure in both domestic and international sales, with iRobot announcing bankruptcy restructuring, which will be acquired by Chinese manufacturer Shanjun Robotics [2][5] - In November, the retail sales of home appliances and audio-visual equipment reached 100 billion yuan, a year-on-year decline of 19.4%, while the cumulative annual sales reached 1,074.9 billion yuan, with a year-on-year increase of 14.8% [5] - The production and sales data for home air conditioners in November showed a production of 10.577 million units, a year-on-year decrease of 36.7%, and sales of 10.492 million units, a year-on-year decrease of 31.8% [5] Summary by Sections Investment Recommendations - Key drivers for investment include overseas expansion and smart home technology, recommending leading companies in the robotic vacuum sector: Roborock (21.1X 2025 PE) and Ecovacs (21.5X) [5] - Companies with stable performance and upward potential include Ninebot (20.6X), Anfu Technology (41.7X), Hailong Cold Chain (14.6X), and Beiding Co. (30.4X) [5] - For companies with robust operations and high dividends, recommendations include TCL Electronics (12.2X), Hisense Visual (12.9X), Midea Group (13.5X), and Haier Smart Home (12.2X) [5] - Companies diversifying into new sectors include Rongtai Health (18.7X) and Wanlong Magnetic Plastic (18.9X) [5] Market Performance - The retail sales growth rate further narrowed in November, with the total retail sales of consumer goods reaching 43,898 billion yuan, a year-on-year increase of 1.3% [5] - The domestic market faces pressure from the decline in national subsidies and high base effects, while the export market is constrained by high base effects and inventory reduction in some overseas markets [5] Company Developments - iRobot has announced its bankruptcy and will be acquired by Shanjun Robotics, with the restructuring process expected to be completed by February 2026 [5] - The founder of Chasing Technology, Yu Hao, plans to acquire 54.90% of Jiamei Packaging, with a total transaction value of approximately 2.282 billion yuan [5]