证券之星消息，9月15日小家电板块较上一交易日下跌0.34%，富佳股份领跌。当日上证指数报收于 3860.5，下跌0.26%。深证成指报收于13005.77，上涨0.63%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 870726 | 鸿智科技 | 21.99 | 4.12% | 4.15万 | Iv | 8949.68万 | | 688169 | 石头科技 | 202.68 | 2.88% | 4.43万 | | 8.91亿 | | 002403 | 爰仕达 | 16.99 | 1.86% | 1 21.11万 | | 3.55亿 | | 002705 | 新宝股份 | 15.67 | 0.45% | ﻟ 6.25万 | | 9763.28万 | | 003023 | 彩虹集团 | 21.99 | 0.27% | 3.66万 | | 8024.83万 | | 001259 | 利仁科技 | 25.79 | 0.27% | 8110.0 | | 2 ...

业绩稳中有进，相对估值底部 ——家电行业8月月报及9月投资策略 国联民生证券 家电研究团队 分析师：管泉森 S0590523100007 | 孙珊 S0590523110003 | 贺本东 S0590523110005 | 崔甜甜 S0590523110009 | 莫云皓 S0590523120001 2025年09月14日 证券研究报告 报告评级：强于大市 | 维持 请务必阅读报告末页的重要声明 目 录 第一部分 9月投资观点 第二部分 8月市场回顾 第三部分 重点数据跟踪 第四部分 投资建议&核心报告 1、9月投资观点 关注外销拐点，政策支撑内需 白电：旺季动销景气延续，以旧换新补贴第三批资金如期下达，政策延续期间， 内需有支撑；中美贸易谈判持续进行中，中长期来看龙头北美敞口或有限，龙头 海外产能布局领先，应对经验充分，后续风险或可控，龙头新兴市场及OBM拓展持 续兑现增长。龙头Q2报表质量优异，表现稳健，高质量高股息，经营支撑较强， 投资价值值得重视，持续推荐美的集团、海尔智家、海信家电、格力电器等。 黑电：国内受益以旧换新政策带动，量增仍有支撑，结构升级趋势进一步兑现， 均价涨势稳健；叠加海外新兴市场 ...

截至2025年9月15日 10:54，国证机器人产业指数(980022)强势上涨2.14%，成分股拓普集团(601689)上涨 10.01%，中大力德(002896)上涨10.01%，富临精工(300432)上涨7.78%，绿的谐波(688017)，鼎智科技 (873593)等个股跟涨。机器人ETF易方达(159530)上涨2.27%，最新价报1.62元。拉长时间看，截至2025 年9月12日，机器人ETF易方达近1周累计上涨4.83%。 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%。 2025年光博会显示，AR/VR技术持续升级，光学创新成为机器人感知系统的重要支撑。本届展会中， 超30家企业展出AR/VR技术方案，其中AR眼镜方面，MicroLED+SRG衍射光波导成为主流技术路 ...

On 1-2 Sept, we met with the management of Midea, Haier, Hisense and Gongniu at the UBS A-Share Conference. Also, on 4 Sept, we hosted a one-day appliance and furniture trip in Shenzhen, as part of the China Consumer & Healthcare Tour, visiting Ziel, Aqara and the Arashi Vision flagship store, as well as holding an expert meeting on 360/ action cameras. Details are inside. Key highlights from the events 1) Likely intensified domestic AC competition: Midea has shifted focus from profitability (a strategy it ...

| 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]

（工作日上午，北京石头科技大厦，员工陆续开始上班；搜狐财经拍摄） 出品｜搜狐财经 作者｜李保铭 近日，石头科技发布了最新的2025年半年报。上半年，石头科技海外业务营收39.49亿元，同比增长72.15%。 与此同时，石头科技递表港交所，拟赴港上市，形成"A+H"格局。 近日，搜狐财经独家对话石头科技亚太地区销售负责人李平。在李平看来，石头科技的出海方法论在于本地精细化运营，背后是"效率"驱动。 谈出海：本地化、差异化、精细化 搜狐财经：目前石头科技在亚太地区的海外业务布局情况如何？ 李平：石头科技早在2018年就开始出海，也是扫地机品类出海较早的品牌。在亚太地区，比如韩国、日本、东南亚、土耳其等核心国家基本实现线上、线下 全覆盖了。 石头科技在2018-2019年左右已经开始进驻东南亚，中国品牌出海第一站基本都是东南亚，因为离得近、华人多，用户习惯也差不多。 石头科技出海的第一站更多是在欧美市场，所以在这些国家和地区也实现了全覆盖。在韩国、土耳其、澳洲、德国以及北美、北欧一些国家和地区，市占率 已经做到了第一名。 今年石头科技开始开拓南美和非洲市场，并且已经在南美市场有一定业务进展。 搜狐财经：此前外界会认 ...

Investment Rating - The report maintains a positive investment outlook for the home appliance industry, highlighting three main investment themes: white goods, export opportunities, and core components [4][5][6]. Core Insights - The home appliance industry experienced a revenue growth of 7.34% year-on-year in Q2 2025, with total revenue reaching 482.5 billion yuan. Net profit increased by 3.14% to 37.41 billion yuan [4][15][18]. - The report identifies a divergence in performance among sub-sectors, with white goods showing steady growth, while kitchen appliances faced declines in both revenue and profit [4][38][43]. Summary by Sections 1. Industry Performance Overview - The home appliance sector underperformed the market, with a decline of 5.3% from April to June 2025, lagging behind the 1.3% increase in the CSI 300 index [10][11]. 2. Q2 2025 Revenue and Profit Trends - The home appliance industry saw a total revenue of 482.5 billion yuan, marking a 7.34% increase year-on-year. The net profit for the same period was 37.41 billion yuan, reflecting a 3.14% growth [4][15][18]. 3. Sub-sector Performance 3.1 White Goods - White goods revenue reached 300.21 billion yuan, growing by 5.81% year-on-year, while net profit was 30.38 billion yuan, with a growth rate of 5.86% [38][39]. 3.2 Kitchen Appliances - Kitchen appliance revenue fell by 8.36% to 7.944 billion yuan, with net profit declining by 13.80% to 0.813 billion yuan [43][44]. 3.3 Small Appliances - Small appliances achieved a revenue increase of 14.10% to 37.23 billion yuan, but net profit decreased by 14.68% to 2.599 billion yuan [49][50]. 3.4 Black Goods - Black goods revenue grew by 8.23% to 100.34 billion yuan, with net profit increasing by 13.93% to 1.342 billion yuan [53][55]. 3.5 Components - The components sector reported a revenue increase of 15.74% to 36.739 billion yuan, with net profit rising by 14.38% to 2.278 billion yuan [58][61]. 4. Key Investment Targets - The report recommends focusing on leading companies in the white goods sector, export-oriented firms, and key component manufacturers, highlighting their potential for growth amid favorable market conditions [4][5][6].

证券代码：688169 证券简称：石头科技 公告编号：2025-078 北京石头世纪科技股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制性股票 激励计划激励对象名单的核查意见及公示情况说明 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、准确性和完整性依法承担法律责任。 2025 年 8 月 29 日，北京石头世纪科技股份有限公司（以下简称"公司"） 第三届董事会第十次会议审议通过了《关于<公司 2025 年限制性股票激励计划 （草案）>及其摘要的议案》等相关议案。根据《上市公司股权激励管理办法》 （以下简称"《管理办法》"）的相关规定，公司对 2025 年限制性股票激励计 划（以下简称"本次激励计划"）激励对象名单在公司内部进行了公示。公司董 事会薪酬与考核委员会结合公示情况对本次激励计划拟激励对象（以下简称"本 次拟激励对象"）进行了核查，相关公示情况及核查情况如下： 一、公示情况说明 （一）公示情况 公司于 2025 年 8 月 30 日在上海证券交易所网站（www.sse.com.cn）披露了 《北京石头世纪科技股份有限公司 2025 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index (000688) has shown strong performance, with significant increases in constituent stocks such as Haiguang Information (688041) up 20.00%, Guobo Electronics (688375) up 12.48%, and Cambrian (688256) up 9.47% [1] - The Sci-Tech 50 Enhanced ETF (588460) has risen by 4.79%, with the latest price reported at 1.55 yuan [1] - Key development in the semiconductor sector includes Koyou Semiconductor's successful production of 12-inch silicon carbide ingots, marking a significant technological breakthrough in domestic semiconductor manufacturing [1] Group 2 - According to CITIC Securities, the current domestic semiconductor equipment localization rate is estimated to be around 30%, with specific equipment categories like photolithography and etching showing lower than average localization rates [2] - Domestic wafer manufacturers are progressively establishing high localization production lines, particularly in advanced storage, which is advancing more rapidly than logic [2] - The ongoing expansion of domestic storage wafer manufacturers is expected to significantly boost demand for domestic equipment and components, gradually releasing order demand [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 50 Index include Cambrian (688256), SMIC (688981), and Haiguang Information (688041), collectively accounting for 60.25% of the index [3] - The Sci-Tech 50 ETF Index (588040) and the Sci-Tech 50 Enhanced ETF (588460) are designed to closely track the performance of the Sci-Tech Innovation Board 50 Index [3]