数据显示，财通证券资管旗下1只基金重仓科沃斯。财通资管鑫锐混合A（004900）三季度持有股数 1500股，占基金净值比例为0.86%，位居第三大重仓股。根据测算，今日浮盈赚取约3570元。连续3天 上涨期间浮盈赚取7170元。 财通资管鑫锐混合A（004900）成立日期2017年12月6日，最新规模759.53万。今年以来收益1.43%，同 类排名6781/9012；近一年收益10.57%，同类排名6383/8157；成立以来收益67.02%。 1月12日，科沃斯涨2.85%，截至发稿，报85.86元/股，成交7.99亿元，换手率1.65%，总市值497.06亿 元。科沃斯股价已经连续3天上涨，区间累计涨幅5.9%。 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郭巷街道吴淞江产业园淞苇路518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%。 从基金十大重仓股角度 财通资管鑫锐混合A（00 ...

1月12日，科沃斯涨2.85%，截至发稿，报85.86元/股，成交7.99亿元，换手率1.65%，总市值497.06亿 元。科沃斯股价已经连续3天上涨，区间累计涨幅5.9%。 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郭巷街道吴淞江产业园淞苇路518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%。 从基金十大重仓股角度 富荣价值精选混合A（006109）基金经理为陈政龙。 截至发稿，陈政龙累计任职时间1年34天，现任基金资产总规模5075.96万元，任职期间最佳基金回报 4.99%， 任职期间最差基金回报4.62%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，富荣基金旗下1只基金重仓科沃斯。富荣价值精选混合A（00 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses advancements in the home robotics industry, particularly focusing on vacuum and lawn mowing robots showcased at CES 2026. [1][2] Key Companies Mentioned - **Stone Technology (石头科技)**: Introduced the G Rover, a stair-climbing vacuum cleaner with a unique wheeled leg structure. - **Dreame (追觅)**: Launched the Cyber X, a bionic track-based stair-climbing vacuum. - **Mova**: Presented the Pilot 70, a flying module for cross-floor cleaning. - **Ecovacs (科沃斯)**: Showcased the X12 vacuum with advanced cleaning features and the GOAT series integrating lawn mowing with edge trimming. - **9号 (9号)**: Introduced the H2 lawn mower with advanced navigation technology. Core Insights and Arguments - **Technological Advancements**: The G Rover's design allows it to handle complex environments effectively, outperforming competitors like Cyber X and Mova in usability and versatility. [2][3] - **Market Potential**: The lawn mowing robot market in North America has low penetration, under 2%, but CES 2026 provided opportunities for brands to enhance their offerings with advanced technologies like LiDAR and all-wheel drive systems. [5][6] - **Sales Projections**: For 2026, Stone Technology is expected to generate revenue of 23 billion RMB with a net profit of approximately 2.4 billion RMB, while Ecovacs is projected to achieve 23.5 billion RMB in revenue and a net profit of around 2.35 billion RMB. Both companies have a price-to-earnings ratio of under 20. [2][14] Innovations in Cleaning Technology - **Vacuum Robots**: Innovations include the use of infrared stain detectors and high-pressure nozzles for deep cleaning (Ecovacs X12) and dual RGB cameras for object recognition (Yunzhihui Flow 2). [4] - **Lawn Mowing Robots**: Key innovations involve multi-sensor fusion navigation, all-wheel drive systems, and edge mowing optimizations, enhancing adaptability to various terrains. [7] Market Dynamics - **Domestic Market Outlook**: The domestic vacuum cleaner market is expected to benefit from potential subsidies for smart home products, alleviating concerns about sales. [9] - **International Market Growth**: Leading companies are anticipated to maintain rapid growth due to market expansion in Europe and Asia, alongside the exit of iRobot from the U.S. market, which opens up additional market share. [9] Strategic Differences Between Companies - **Stone Technology vs. Ecovacs**: Stone Technology aims to reduce costs through the introduction of roller products while maintaining a diverse product matrix. Ecovacs focuses on leveraging roller products to enhance its overseas market presence. [10] Profit Margin Expectations - **Profitability Trends**: Both companies are expected to see their domestic vacuum cleaner profit margins converge, with Ecovacs focusing on domestic profitability and Stone Technology stabilizing its overseas profit margins above 20%. [11][12] Future Growth Areas - **Washing Machines and Lawn Mowers**: Stone Technology's washing machine segment is expected to grow rapidly, while Ecovacs is positioned for significant growth in the lawn mowing sector due to its established channels and new products. [13] Valuation Insights - **Market Valuation**: The market has a clearer understanding of Ecovacs' valuation, while Stone Technology's advancements in embodied intelligence have not yet been fully reflected in its valuation, indicating potential for upward adjustment post-CES. [14]

Core Insights - Chinese robotic vacuum cleaners are becoming a popular choice among global consumers, particularly in Europe and Southeast Asia [1][2] Group 1: Market Presence - In Germany, Chinese brands like Roborock and Dreame occupy prominent positions in the robotic vacuum cleaner section, with prices ranging from €200 to €2000 [1] - In Western Europe, over 60% of robotic vacuum cleaners sold are from China, while in Southeast Asia, the market share increased from 38.8% in 2024 to 64.1% [1] Group 2: Sales Performance - According to IDC, the global shipment of smart robotic vacuum cleaners reached 17.424 million units in the first three quarters of 2025, marking an 18.7% year-on-year growth [2] - Chinese brands, including Roborock, Ecovacs, Dreame, Xiaomi, and Yunji, dominate the global market, collectively holding nearly 70% of the market share [2] Group 3: Competitive Advantage - The strong performance of Chinese brands is attributed to their robust supply chain advantages and superior innovation capabilities, allowing them to lead in technology iterations by one to two generations compared to overseas markets [2]

关于变更办公地址、联系电话及传真的公告 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。 科沃斯机器人股份有限公司（以下简称"公司"）因经营发展需要于近日搬迁至新办公地址。公司办公地 址、邮编、投资者联系电话和传真号码发生变更，现将相关情况公告如下： 一、本次变更事项 ■ 除上述变更外，公司邮箱、公司网址均保持不变。 证券代码：603486 证券简称：科沃斯 公告编号：2026-005 转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 邮编：215124 联系电话：0512-83880000-2 传真号码：0512-83880001 公司邮箱：ir@ecovacs.com 公司网址：http://www.ecovacsgroup.com 特此公告。 科沃斯机器人股份有限公司董事会 2026年1月12日 二、变更后的具体信息 办公地址：苏州市吴中区郭巷街道吴淞江产业园淞苇路518号 ...

（编辑 袁冠琳） 证券日报网讯 1月11日，科沃斯发布公告称，因经营发展需要，公司迁至苏州市吴中区郭巷街道吴淞江 产业园淞苇路518号，邮编215124，投资者联系电话0512-83880000-2，传真0512-83880001，邮箱及网址 不变。 ...

一、本次变更事项 | 变更事项 | 变更前 | | 变更后 | | --- | --- | --- | --- | | 办公地址 | 苏州市吴中区友翔路 | 18 号 | 苏州市吴中区郭巷街道吴淞江产业园 淞苇路 518 号 | | 邮编 | 215104 | | 215124 | | 联系电话 | 0512-65875866 | | 0512-83880000-2 | | 传真号码 | 0512-65982064 | | 0512-83880001 | 除上述变更外，公司邮箱、公司网址均保持不变。 | 证券代码：603486 | 证券简称：科沃斯 | 公告编号：2026-005 | | --- | --- | --- | | 转债代码：113633 | 转债简称：科沃转债 | | 科沃斯机器人股份有限公司 关于变更办公地址、联系电话及传真的公告 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。 科沃斯机器人股份有限公司（以下简称"公司"）因经营发展需要于近日搬迁 至新办公地址。公司办公地址、邮编、投资者联系电话和传真号码发生变 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth in leading companies due to their low valuations, high dividends, and stable growth attributes [6]. Core Insights - The home appliance sector has shown mixed performance, with air conditioning sales declining significantly while washing machine exports continue to grow. The report emphasizes the resilience of leading brands in navigating market challenges and capitalizing on emerging opportunities [5][6]. - The report identifies three main investment themes: the undervaluation and growth potential of leading white and black appliance companies, the technological advancements in core component manufacturers, and the strong demand for small appliances in international markets [6]. Summary by Sections Air Conditioning - In November 2025, the air conditioning industry produced 10.577 million units, a year-on-year decrease of 36.7%. Total sales reached 10.492 million units, down 31.8%, with domestic sales falling by 39.8% and exports declining by 25.6%. Midea led the market with a 36.2% share, followed by Gree at 19.5% [2][41]. Refrigerators - The refrigerator sector saw a slight overall decline, with production at 8.257 million units, down 3.9% year-on-year. Sales totaled 8.0531 million units, a decrease of 2.99%. Domestic sales dropped by 15.59%, while exports increased by 10.04% [2][43]. Washing Machines - The washing machine industry experienced growth, with production reaching 8.605 million units, up 8.2% year-on-year. Sales were 8.4619 million units, an increase of 7.61%. Domestic sales fell by 5.47%, but exports surged by 23.31% [3][47]. Industry Dynamics - Notable developments include the CES debut of the G-Rover robot vacuum by Stone Technology, showcasing innovative cleaning technology, and the acquisition of subsidiaries by Kaineng Health, indicating strategic expansion efforts [5][12][13]. Component Data - In November 2025, the sales of rotary compressors decreased by 13.6%, while the sales of refrigerator compressors increased by 7.2%. The report highlights the contrasting performance of different components within the appliance sector [23][32].

Investment Rating - The industry investment rating is "Overweight" [5][9] Core Insights - The report highlights Midea's acquisition of Carestream Health's global business, which is expected to create synergies with Midea's existing medical business in terms of channels and equipment resources [5][6] - The consumer robotics sector is advancing towards embodied intelligence, with a notable decline in domestic supply chain substitution expected [2][4] - The report emphasizes the performance of major brands in the vacuum cleaner market, noting a significant sales decline for some brands while others, like Roborock, have shown growth [2][3] Summary by Sections White Goods - Midea's acquisition of Carestream Medical's global business is expected to enhance its existing medical operations through effective resource synergy [5][6] Consumer Robotics - December sales data shows a year-on-year decline of 29% for the overall market, with leading brands like Ecovacs and Roborock experiencing varying sales changes [2] - New product launches at CES include Roborock's G-Rover, which is the world's first stair-climbing vacuum robot, and Ecovacs' T90 pro omni, which features upgraded roller lengths and new pre-spray functions [3] Laser Technology in Robotics - Hesai Technology announced that it will lead the market in 3D LiDAR shipments for lawn mowing robots by 2025, showcasing its new models at CES 2026 [4] - The integration of digital all-solid-state LiDAR in new lawn mowing robots was highlighted by Ninebot and other companies [4] Investment Recommendations - The report recommends focusing on white goods, particularly Haier, Midea, and Gree, due to their strong market positions and potential benefits from the current economic environment [7] - It also suggests selecting consumer technology stocks like Ecovacs and others, while keeping an eye on companies like TCL Electronics for overseas growth opportunities [7]

Group 1: Physical AI and Computing Power - The core theme of CES 2026 is the emergence of "Physical AI," where AI technology is transitioning from generating text or video to interacting with physical hardware [4][10] - AMD's chairwoman, Lisa Su, highlighted the increasing demand for computing power, predicting a 100-fold increase in global computing capacity over the next five years [3][4] - The presence of over 200 Chinese companies at CES indicates a strong support for the "Physical AI moment," showcasing various AI applications in physical products [4][23] Group 2: Robotics Innovations - The robotics sector at CES has shifted focus from mere physical movement to specific job functions and operational scenarios, with Chinese companies leading this evolution [5][9] - Companies like Pasoni and Fourier Intelligence showcased advanced robots capable of performing intricate tasks, such as ice cream making and automotive part sorting, demonstrating significant advancements in robotic dexterity [5][6] - The global sales of robots are projected to reach approximately $45 billion by 2026, with expectations to exceed $60 billion by 2030, driven by rising labor costs and efficiency in Chinese manufacturing [8][9] Group 3: Smart Glasses and AR Technology - Chinese companies are aggressively entering the AR/AI glasses market, aiming to redefine the concept of a "second screen" beyond smartphones [11][12] - Innovations include the launch of the world's first dual-lens AR glasses with eSIM functionality by Thunderbird Innovation, allowing users to make calls and connect to the internet without a smartphone [12][13] - The global market for smart glasses is expected to see significant growth, with sales projected to reach around $10.7 billion by 2026, reflecting an over 80% year-on-year increase [18][23] Group 4: Display and Chip Technology - Companies like Tianma Microelectronics and TCL Huaxing are pushing the boundaries of display technology, with innovations such as large-scale OLED screens and advanced automotive displays [19][20] - Lenovo and NVIDIA announced a partnership to enhance AI infrastructure, aiming to quadruple their business collaboration over the next few years [22] - The trend in AI chip development is moving towards high computing power, low energy consumption, and integration, with significant growth expected in AI terminal sales by 2028 [22][23]