新浪财经整理管泉森最新观点如下： 专题：2025分析师大会：资本市场"奥斯卡"启幕 【相关阅读】第七届新浪财经金麒麟最佳分析师荣誉榜 第七届新浪财经金麒麟最佳分析师荣誉榜出炉，家用电器行业第一名为国联民生证券管泉森团队。 龙头订单积极、拐点可期，关注外销向上趋势 除了本次双十一表现，有望为家电后续内需韧性强化信心外，我们认为家电外销的拐点也值得关注，从 今年三季度情况看，尽管外销整体仍存在高基数压力，但是部分家电公司海外业务出现了环比改善迹 象，考虑10月末中美贸易谈判取得积极进展，龙头全球化经营持续兑现，抢出口库存消化，我们认为后 续外销改善有望延续；智能类家电海外渗透方兴未艾、三季度延续高增长，后续结构性景气有望持续。 在上述基础上，随着全球产能布局愈加完善，龙头对贸易风险应对空间有望更加充裕；结构升级和提质 增效并行，海外业务利润率存在改善空间。综上，我们认为出口已在筑底过程中，结合龙头公司在手订 单情况，拐点可期、关注向上趋势。 维持行业"强于大市"评级 双十一家电行业韧性收官，政策支撑与结构红利并行，龙头巩固优势赛道地位的同时，积极拓展增量。 展望后续，年度维度内销基数并不高、压力或有限，外销或在消 ...

Investment Rating - The report assigns an "Outperform" rating to several companies in the discretionary consumption sector, including Pop Mart, Anta Sports, Huazhu Group, Miniso, Li Ning, Atour Group, New Oriental Online, and Xtep International [1][5]. Core Insights - The report highlights the stable long-term growth of Luckin Coffee despite facing short-term margin pressures, indicating resilience in the F&B sector [2]. - The introduction of new children's meal sets by Taier emphasizes the trend towards fresh and healthy dining options, reflecting consumer preferences [2]. - The report notes the expansion of Midea's automotive parts production in Mexico, which supports local manufacturing for North American electric vehicle clients [2]. - The implementation of new national standards for smart home appliances starting May 1, 2026, is expected to enhance product quality and consumer trust in the home appliances sector [2]. Summary by Sections Company Performance - Guming and Pop Mart were the top performers this week, with stock price increases of 12.6% and 12.8% respectively [3][7]. - SuperHi International reported a revenue of $21 million for Q3 2025, a year-on-year increase of 7.8%, but faced a significant drop in net profit due to increased foreign exchange losses [2][5]. - Chagee's Q3 results showed a revenue decline of 9%, with adjusted net profit down 22% [2][5]. Market Trends - The report indicates a growing trend in the F&B sector towards fresh and healthy meal options, as seen with Taier's new children's meal offerings [2]. - The smart home appliance market is set to evolve with the introduction of new standards, which will likely drive innovation and consumer adoption [2].

继今年5月首次递交的资料失效后，11月28日，上海仙工智能科技股份有限公司（下称"仙工智能"）再度递表港交 所。 招股书显示，仙工智能是一家以机器人控制系统为核心的智能机器人公司，基于"机器人大脑"-机器人控制系统的 市场地位与领先技术，整合供应链资源，为真实场景提供涵盖开发、获得、使用的一站式机器人解决方案，致力于 让开发、获得、使用智能机器人没有门槛。 根据灼识谘询，按2024年的收入计，仙工智能在全球工业智能机器人市场排名第八，在中国市场排名第五，市场份 额分别为1.1%及2.7%；按2024年机器人控制器销量计，公司排名全球第一及于中国排名第一，市场份额分别为 23.6%及37.5%。 尽管收入节节攀升，但仙工智能至今未能实现盈利。2022年至2024年，净亏损分别为0.32亿元、0.48亿元和0.42亿 元。2025年上半年净亏损进一步扩大至0.51亿元。同时，公司毛利率也从2022年的46.8%降至2024年的42.5%。 凭借控制系统方面的技术专长，仙工智能自2020年创立伊始便颇受资本青睐。天眼查APP显示，仙工智能于成立当 年完成A轮融资，隐山资本、科沃斯、华创资本、IDG资本等知名机构现身 ...

证券之星消息，11月28日小家电板块较上一交易日下跌0.07%，欧圣电气领跌。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。小家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301187 | 欧圣电气 | 24.33 | -2.21% | 2.87万 | 7000.25万 | | 603486 | 科沃斯 | 78.58 | -1.49% | 3.39万 | 2.66亿 | | 688169 | 石头科技 | 152.18 | -0.73% | 3.59万 | 5.47 Z | | 300272 | 开能健康 | 7.35 | -0.68% | 20.59万 | 1.51亿 | | 301332 | 德尔玛 | 9.82 | -0.30% | 2.47万 | 2412.25万 | | 603868 | 飞科申器 | 35.07 | -0.17% | 4820.0 | 1688.07万 | | 002959 | 小能电器 ...

这家智能机器人公司，继续冲刺港股IPO。 11月28日，智能机器人开放平台上海仙工智能科技股份有限公司（下称：仙工智能）继今年5月首次递表失效后更新招股书，拟港交所主板挂牌上市，独 家保荐人为中金公司，整体协调人为招银国际。 此次IPO，仙工智能募资所得将于未来五年用于推进技术及基础设施的研究及开发；用于建设一个多功能中心，整合研发、运营、组装及测试功能；用于 机器人产业链上下游的收购及投资；建立全球销售体系等。 现年35岁的赵越，在机器人系统架构和深度学习算法方面拥有十余年经验，曾两次作为队长带领浙江大学团队于2013年及2014年获得RoboCup机器人足球 比赛世界冠军。其主导研发了SRC系列控制器，持有36项发明专利。 值得一提的是，赵越是仙工智能战略市场负责人&执行董事丁霞的配偶、联合创始人兼产品研发负责人&执行董事叶杨笙的姻亲表兄。 资料显示，丁霞于2021年12月加入仙工智能前，曾在科沃斯机器人任投资总监以及X-MAN加速器总经理，并于该公司获得机器人行业丰富的资本运营及 商业化落地经验。 或许与这一层关系有关，赵越前后创办的仙知机器人和仙工智能，均获得了科沃斯投资。科沃斯在仙工智能智能股东身份 ...

洛图科技（RUNTO）《中国扫地机器人零售市场月度追踪（China Robotic Vacuum Cleaner Retail Market Monthly Tracker）》报告包含扫地机器人线上市场的零售量额规模、分 追觅在线上市场的销额份额为8.8%。相对来说，追觅聚焦中高端用户与线下体验店，其在4000元以上的高端市场布局了十余款产品。2025年双11期间，在线上市场，该价格段的产品为品牌贡 米家在线上市场的销额份额为4.9%。它的产品布局集中，8款产品中有7款价格在2500元以下价格段。米家将激光导航、自动洗拖布等核心功能下放至入门级机型，定位于：基础功能无短板、性 大疆自2025年8月推出首款扫地机器人ROMO系列以来，上市首月销量便破万台，在第三季度跻身行业前六。今年的双11大促，继续稳居线上市场销量和销额双维度的第六名。 2025年双11促销期 中国扫地机器人市场畅销机型 RUNTO）整理 洛图科技（RUNTO）分析认为，从政策、消费、行业三方面的角度看，市场在明年继续保持如今年的高增速存在一定的压力。不过，扫地机器人作为年仅500-600万台规模的新兴市场，横跨清洁 此外，事实上扫地机器人这 ...

Core Viewpoint - Ecovacs Robotics has shown significant growth in revenue and profit, with a notable increase in stock price this year, despite recent fluctuations in trading performance [1][2]. Financial Performance - For the period from January to September 2025, Ecovacs achieved a revenue of 12.877 billion yuan, representing a year-on-year growth of 25.93% [2]. - The net profit attributable to shareholders reached 1.418 billion yuan, marking a substantial year-on-year increase of 130.55% [2]. - The company has distributed a total of 2.021 billion yuan in dividends since its A-share listing, with 944 million yuan distributed over the past three years [3]. Stock Performance - As of November 27, Ecovacs' stock price increased by 73.64% year-to-date, although it experienced a slight decline of 0.06% over the last five trading days and a more significant drop of 10.59% over the last 20 days [1]. - The stock is currently trading at 80.83 yuan per share, with a market capitalization of 46.81 billion yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 8.38% to 31,400, while the average number of circulating shares per person increased by 9.63% to 18,235 shares [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 5.7539 million shares, and new entrants like E Fund National Robot Industry ETF [3]. Business Overview - Ecovacs Robotics, established on March 11, 1998, specializes in the research, design, production, and sales of various household service robots and smart home appliances [1]. - The company's revenue composition includes 55.89% from service robots, 42.96% from smart living appliances, and 1.15% from other products [1].

"阳台突然着火，多亏发现及时！"回忆起家中那台用了12年的老式洗衣机引发的火情，南京王奶奶仍心有余悸……在全国消防安全宣传月期间，超龄家电 的安全隐患引发广泛关注。11月起，江苏启动"京彩江苏.消费焕新季"，总额超千万的家电"安居消费补贴"在京东电器等线下门店落地，为居民焕新超龄家 电提供切实支持。 即日起至补贴额度用完，消费者在京东MALL、京东电器、京东五星电器江苏省内近130家自营门店，购买指定型号的空调、冰箱、洗衣机、干衣机、洗 碗机、清洁电器、电火锅、取暖器等39类家电，可享双重补贴：符合苏新消费商品池的商品叠加5%"京彩江苏"补贴与15%-20%江苏国补(以能领取到国补 额度为准)，其他符合要求的商品直接享10%"京彩江苏"补贴。单件商品最高补贴2000元，个人消费者每类可购1件(空调3件)，收货地址需在江苏省内。以 美的400升一级能效十字门冰箱为例，市场价3499元，叠加补贴后仅需2203元；小天鹅某款2499元的10公斤滚筒洗衣机补贴价1747元；科沃斯（603486） 扫地机器人从2999元补贴后仅售2421元。京东电器表示，补贴聚焦西门子、美的、海尔等知名品牌的高性价比机型，切实减轻居民 ...

Group 1: Market Performance - The market has shown volatility and a downward trend, with the CSI Robotics Index falling by 3.43% as of November 21, while the Shanghai Composite Index and the ChiNext Index dropped by 3.9% and 6.15% respectively [1] - Despite the overall market decline, the Robotics Index ETF (560770) has seen a continuous net inflow of funds for 23 days, totaling 813 million yuan, with its latest scale surpassing 2.55 billion yuan and a year-to-date share increase of 182.62% [1] Group 2: ETF and Index Composition - The Robotics Index ETF (560770) tracks the CSI Robotics Index, which includes sample stocks from system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and other robotics-related listed companies [1] - The top ten constituent stocks of the index include companies such as Huichuan Technology, iFlytek, Dahua Technology, and others, covering the entire robotics industry chain from upstream components to midstream manufacturing and downstream system integration [1] Group 3: Industrial Robot Market Growth - The industrial robot market in China has been thriving, with production reaching 602,700 units from January to October this year, marking a year-on-year growth of 28.8%, surpassing the total expected production for 2024 [2] - China's industrial robot exports are projected to grow by 43.22% in 2024, reaching 1.13 billion USD, with a significant increase of 54.9% in exports during the first three quarters of this year compared to the overall foreign trade growth [2] Group 4: Future Prospects for Humanoid Robots - The humanoid robot sector in China is expected to enter a phase of large-scale development by 2025, with Beijing accelerating the commercialization and application of humanoid robots as a key driver of new productive forces [2] - With the rapid layout of domestic and foreign enterprises and breakthroughs in AI technology, humanoid robots are anticipated to reach mass production, creating a strong demand for independent innovation in core components [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and international sales due to high base effects, with October retail sales down 15% year-on-year. White goods and black goods are expected to see retail sales declines exceeding 20%, while small appliances are performing slightly better [2][3][19]. - In October, the total sales volume of air conditioners in China decreased by 20.1%, with domestic sales down 21.3% and exports down 19.0%. The pressure on production for December remains significant, although export production is expected to improve as the peak season approaches [4][45]. - The report highlights a 13.3% year-on-year decline in home appliance export value in October, with washing machines and vacuum cleaners showing stable performance. The export value of air conditioners fell by 29.3% [5][47]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - The home appliance sector achieved a relative return of +1.47% this week, while the broader market (CSI 300 Index) declined by 3.77% [60]. 3. Retail Demand Analysis - In October, retail sales of home appliances faced significant declines, with major categories like air conditioners, refrigerators, and washing machines experiencing drops of over 20% in retail value [3][20][19]. 4. Export Performance - The report notes a continued decline in home appliance exports, with a significant drop in air conditioner exports and stable performance in washing machines and vacuum cleaners [5][47]. 5. Production Insights - December air conditioner production is under pressure, with domestic production expected to decline by 22.6% year-on-year, while export production is projected to decrease by 8.2% [4][45]. 6. Key Data Tracking - The report tracks key data such as raw material prices, shipping indices, and real estate performance, indicating ongoing challenges in the market [60][62][76].