从资金流向上来看，当日小家电板块主力资金净流出1027.44万元，游资资金净流入1.04亿元，散户资金 净流出9333.71万元。小家电板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603219 | 富佳股份 | -3821.19万 | 8.88% | 2430.64万 | 5.65% | -6251.84万 | -14.52% | | 301187 | 欧圣电气 | 1409.00万 | 8.46% | 625.07万 | 3.75% | -2034.07万 | -12.22% | | 002032 | 苏泊尔 | 1075.76万 | 7.50% | -727.17万 | -5.07% | -348.59万 | -2.43% | | 301332 | 德尔玛 | 792.14万 | 16.05% | 17.16万 | 0.35% | -809.30万 | -16.40% | | 003 ...

| 0 排名 | | | | | | --- | --- | --- | --- | --- | | 01 | GGREEAP | 格力 | 1.81 | | | 02 | Haier 125 | 海示 | 1.80 | 1 | | 03 | | 石头科技 | 1.65 | ▲ 6 | | 04 | Leader | 统帅 | 1.53 | NEW | | 05 | Hisense | 海信 | 1.42 | ▲ 1 | | OR | Midea | 美的 | 1.39 | A 1 | | 07 | TCL | TCL | 1.34 | 4 | | 08 | | 小天鹅 | 1.33 | ▲ 2 | | 09 | 雷马 | 量益 | 1.22 | NEW | | 10 | Panasonic | 松下 | 1.17 | 2 4 | | 01 | NARWAL | 云鲸 | 1.17 | NEW | | 12 | | 科沃斯 | 1.14 | NEW | | 13 | dyson | 戴森 | 1.07 | ▲ 2 | | 14 | PHILIPS | 飞利浦 | 1.05 | ▼ 7 | | 15 | dre ...

Core Insights - The home appliance industry shows steady revenue growth with a net profit margin stability, with 1H2025 revenue and net profit reaching 868.5 billion and 70.3 billion yuan, respectively, representing year-on-year increases of 8.4% and 12.9% [5][11][15] - The white goods sector demonstrates robust growth, particularly in domestic sales, with significant increases in air conditioning, refrigerators, and washing machines, while export growth has slowed [5][27][35] - The small appliance sector, especially cleaning appliances, has seen rapid growth, with revenues increasing by 28.4% year-on-year, while traditional small appliances face challenges [5][45][47] Industry Overview - The overall revenue and net profit of the home appliance sector increased, with a gross margin of 24.1% and a net profit margin of 8.1% in 1H2025, showing a slight decline in gross margin but an increase in net profit margin compared to the previous year [5][11][12] - The operating cash flow improved significantly, reaching 93.7 billion yuan, a year-on-year increase of 51.1% [11][12] White Goods Sector - The white goods sector's revenue and net profit for 2Q2025 increased by 13.8% and 5.9% year-on-year, respectively, although growth rates have slowed compared to 1Q2025 [35][37] - Domestic sales for air conditioning, refrigerators, and washing machines showed notable growth, with air conditioning sales reaching 39.2 million units, up 12% year-on-year [27][28][32] Small Appliances Sector - The cleaning appliance segment has experienced rapid growth, with key players like Ecovacs and Roborock showing year-on-year revenue increases of 37.6% and 73.8%, respectively [45][46] - Traditional small appliances are under pressure, with a slight decline in revenue, highlighting a shift in consumer preference towards cleaning appliances [45][47] Black Goods Sector - The black goods sector reported stable revenue growth of 1.8% in 2Q2025, but net profit declined by 9.0%, indicating pressure on profitability [53] - Haier Vision led the sector with revenue and net profit growth of 8.6% and 36.8%, respectively, outperforming competitors [53] Investment Recommendations - The report suggests focusing on companies with strong domestic and overseas sales growth, particularly in the cleaning appliance category and those with robust supply chains and manufacturing capabilities [5][21][45] - Key companies to watch include Midea Group, Haier Smart Home, Gree Electric, and Ecovacs in the small appliance sector [5][17]

从资金流向上来看，当日小家电板块主力资金净流出1.73亿元，游资资金净流出81.85万元，散户资金净 流入1.74亿元。小家电板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603486 | 科沃斯 | 100.45 | 3.74% | 5.63万 | 5.53亿 | | 688793 | 倍轻松 | 31.31 | 1.92% | 9768.33 | 3017.32万 | | 603215 | 比依股份 | 20.87 | 1.41% | 4.74万 | 9782.05万 | | 301187 | 欧圣电气 | 29.42 | 1.10% | 3.35万 | 9725.85万 | | 002705 | 新宝股份 | 15.77 | 0.96% | 6.33万 | 9917.73万 | | 002005 | ST德豪 | 2.38 | 0.85% | 12.68万 | 2972.92万 | | 301332 | 德尔玛 | 10.57 | 0.48% | 3.80万 | ...

近期，中国头部扫地机器人企业都在德国。 它们在柏林国际消费电子展上展示了最新的产品，也展示开拓全球市场的决心。截至目前，中国的扫地 机器人企业已经在全球市场取得最多的市场份额。美国企业iRobot占比跌破了10%的门槛。 现在，全球市场就是中国企业的"内战"了，而这才是真正高烈度的竞争。 全球市场：四家赢，一家输 石头科技、科沃斯、追觅、小米和iRobot是排名前五的扫地机器人企业。这一行业的集中度持续向头部 厂商倾斜。上半年，全球前五的厂商合计占据64.8%的市场份额，较去年同期提升4.8个百分点。 iRobot是全球市场前五名中唯一的美国企业。iRobot是扫地机器人产业门类的开拓者，不过近年来在中 国企业的围剿之下，它左支右绌难以为继。相比2024年上半年，iRobot在2025年上半年丢掉了近一半的 市场份额，目前只有8%左右了。 如果单看第二季度，iRobot甚至已经掉出全球前五，云鲸智能取而代之。在整体增长的全球市场中， iRobot流失了用户，红利落在中国企业的口袋里。 "上半年国内市场增长主要得益于国家补贴政策的有效刺激，需求端得到显著提振；而在海外市场，中 国厂商采取了更为激进的渠道拓展策略 ...

现在，全球市场就是中国企业的"内战"了，而这才是真正高烈度的竞争。 全球市场：四家赢，一家输 一年时间，iRobot与中国厂商在全球市场的得失明显。 中国扫地机器人企业在全球占据优势地位。 近期，中国头部扫地机器人企业都在德国。 它们在柏林国际消费电子展上展示了最新的产品，也展示开拓全球市场的决心。截至目前，中国的扫地机器人企业已经在全球市场取得最多的市场份额。 美国企业iRobot占比跌破了10%的门槛。 据IDC统计，2025年上半年，全球扫地机器人市场稳健增长，累计出货量1126.3万台，同比增长16.5%。 石头科技、科沃斯、追觅、小米和iRobot是排名前五的扫地机器人企业。这一行业的集中度持续向头部厂商倾斜。上半年，全球前五的厂商合计占据 64.8%的市场份额，较去年同期提升4.8个百分点。 iRobot是全球市场前五名中唯一的美国企业。iRobot是扫地机器人产业门类的开拓者，不过近年来在中国企业的围剿之下，它左支右绌难以为继。相比 2024年上半年，iRobot在2025年上半年丢掉了近一半的市场份额，目前只有8%左右了。 如果单看第二季度，iRobot甚至已经掉出全球前五，云鲸智能取而代之。 ...

Core Insights - The importance of the "14th Five-Year Plan": The upcoming "14th Five-Year Plan" is expected to significantly impact China's economic and social development over the next five years, shifting focus from production to a balance between production and consumption due to the current issue of insufficient effective demand [1] - Strengthening consumption policies: Starting in 2024, consumption policies will be significantly enhanced, including the allocation of special government bond funds to support consumption upgrades. Continued funding is expected in 2025 and 2026 [1] - Potential of service consumption: China's service consumption still lags behind developed economies, indicating a substantial opportunity for growth in this sector to stimulate consumer interest and optimize the consumption environment [1] - Rise of technology consumption: With a rapid technological development and an engineering talent surplus, products like robotic vacuum cleaners and drones are gaining market attention, likely creating new consumer demand [1] - Optimization of the overall consumption mechanism: Measures such as consumption tax reform will encourage local governments to transition from production-oriented to service-oriented, promoting the internationalization of quality consumption companies and enhancing residents' consumption capacity [1] Investment Recommendations - Food and Beverage: Recommended companies include Dongpeng Beverage and Lihigh Food, with a focus on Youran Dairy and Bairun Co [2] - Service Sector: Recommended companies include Guming, Mixue Group, and Bubugao, with a focus on Zhongsheng Holdings [2] - Light Industry: Companies to watch include Hengfeng Paper and Xilinmen [3] - Trendy Toys: Recommended companies include Pop Mart and Blokus [4] - Home Appliances: Recommended companies include Midea Group, Haier Smart Home, TCL Electronics H, Roborock, and Ecovacs, with a focus on Yingshi Innovation [5] - Agriculture: Recommended companies include Zhongchong Co, Petty Co, Muyuan Foods, and Haida Group [11] - Textile and Apparel: Recommended companies include Anta Sports, Xtep International, 361 Degrees, and Hailan Home, with a focus on Li Ning and Sanfu Outdoor [11] Report Content Analysis - Expanding consumption share: The report emphasizes that expanding consumption share is essential for achieving Chinese-style modernization, as China's consumption rate is significantly lower than that of developed countries [9] - Shift in fiscal spending: During the "14th Five-Year Plan" period, fiscal spending will shift from material investments to human capital investments, increasing support for education, healthcare, and housing [9] - Promotion of common prosperity: The report highlights the need for income distribution reform and the promotion of the Zhejiang common prosperity model to achieve balanced development [9] - Consumption tax reform: The report suggests that consumption tax reform will help local governments transition from production-oriented to service-oriented, enhancing the consumption environment [9] - Transition from traditional to new consumption: The report analyzes the maturation of traditional consumption markets and the rise of new consumption, which is characterized by a focus on quality and personal satisfaction [9] - Stimulating interest in service consumption: The report indicates that the shift from physical to service consumption is crucial for expanding domestic demand, with growing demand for events and performances benefiting local consumption [9]

数据显示，截至2025年8月29日，国证机器人产业指数(980022)前十大权重股分别为石头科技(688169)、 科沃斯(603486)、机器人(300024)、双环传动(002472)、绿的谐波(688017)、埃斯顿(002747)、拓普集团 (601689)、拓斯达(300607)、鸣志电器(603728)、汇川技术(300124)，前十大权重股合计占比41.12%。 消息面上，马斯克今天在 AIl-In 峰会上谈及擎天柱（Optimus）机器人时称，我们正在完成Optimusv3的 设计。这款机器人将会是一款非常出色的机器人。它的手部灵活性将堪比人类，这意味着它拥有一只非 常复杂的手，以及一个能够导航和理解现实的人工智能思维，而且将会实现大批量生产。其他机器人公 司缺少这三件非常困难的事情。他表示，我在Optimus上投入的精力比任何其他事情都多。我致力于解 决现实世界的人工智能、所有电气机械问题、供应链以及生产挑战。人形机器人缺乏供应链，因此必须 从零开始打造，这需要大量的垂直整合。Optimus的所有执行器均无法从现有供应链中获得。如果成功 的话，Optimus将成为有史以来最伟大的产品。 截至 ...

9月10日午后，三大指数震荡走强，创业板指涨近2%，科创50涨超2%。热门ETF方面，机器人指数ETF （560770）午后翻红。成份股上，云天励飞-U涨超3%，绿的谐波上涨2.08%，大族激光上涨2.64%，汇 川技术、科大讯飞纷纷上涨。 Wind数据显示，9月以来（截至9月9日），机器人指数ETF（560770）累计流通规模增长达2.57亿元， 最新流通规模达11.3亿元。 招商证券通过复盘2022年以来机器人板块的行情表现，指出流动性是板块行情的重要影响因素，同时， 机器人行情走势与A股的成交额呈现明显的正相关性。对此，招商证券预计，随着2025年内美联储降息 概率上升，Q4 宏观环境的流动性的进一步放松，叠加特斯拉第三代机器人发布和国产机器人产业链新 品发布，机器人有望迎来板块级行情。 展望9-10月的配置机会，银河证券认为，受益于国内高技术产业的快速发展，AI、机器人板块作为科技 创新的焦点，依然是行情的重要主线之一。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 据东方网，大摩认为，中国正在引领全球机器人产业的新一轮变革，中国不仅是全球最大的机 ...

科沃斯所属申万行业为：家用电器-小家电-清洁小家电。所属概念板块包括：机器人概念、工业4.0、家 用电器、人工智能、融资融券等。 9月5日，科沃斯盘中上涨2.03%，截至09:59，报91.18元/股，成交1.58亿元，换手率0.31%，总市值 525.52亿元。 资金流向方面，主力资金净流出224.78万元，特大单买入589.75万元，占比3.74%，卖出687.38万元，占 比4.36%；大单买入2598.43万元，占比16.48%，卖出2725.58万元，占比17.29%。 科沃斯今年以来股价涨95.88%，近5个交易日跌5.89%，近20日涨4.66%，近60日涨73.18%。 今年以来科沃斯已经1次登上龙虎榜，最近一次登上龙虎榜为7月15日。 资料显示，科沃斯机器人股份有限公司位于江苏省苏州市吴中区友翔路18号，成立日期1998年3月11 日，上市日期2018年5月28日，公司主营业务涉及各类家庭服务机器人、清洁类小家电等智能家用设备 及相关零部件的研发、设计、生产与销售。主营业务收入构成为：服务机器人55.89%，智能生活电器 42.96%，其他产品1.15%。 截至6月30日，科沃斯股东户数3. ...