当市场增速放缓、消费趋于理性，传统"以价换量"的增长逻辑已难以为继，头部品牌纷纷将目光投向技 术深耕与战略转型的深水区。AI赋能、健康理念、高端化布局、跨界融合……这些关键词正重塑着家 用电器行业的竞争格局。 本期世研指数榜单聚焦家用电器行业，透过热度指数，带你洞察这场由技术驱动、战略引领的产业变革 浪潮。 | 訓讀 排名 | | | 指数 | | | --- | --- | --- | --- | --- | | 01 | Midea | 美的 | 1.92 | ▲ 3 | | 02 | GGREEAP | 格力 | 1.71 | ▲ 6 | | 03 | Panasonic | 松下 | 1.68 | ▲ 9 | | 04 | Haier 124 | 海示 | 1.68 | ▲ J | | 05 | Z | 石头科技 | 1.56 | V 4 | | OR | Skyworth 创维 | છોસ્ | 1.39 | ▲ 5 | | 07 | Hisense | 海信 | 1.34 | ▲ 3 | | 08 | TCL | TCL | 1.31 | ▼ 3 | | 09 | SIEMENS | 西门子 | ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [3] Core Insights - The home appliance sector's fund holding ratio remains low at 2.40% for Q4 2025, with a slight increase of 0.08 percentage points from the previous quarter, which is still at a low level compared to historical data since 2010 [6][9] - The white goods segment saw an increase in holdings, while the vacuum cleaner segment experienced a reduction in allocation [17][21] - There is a divergence in northbound holdings, with some companies like Hisense Home Appliances and Bull Group seeing increases, while others like Vatti and Roborock saw declines [42] Summary by Sections Home Appliance Sector Fund Holding Ratio - The fund holding ratio for the home appliance sector in Q4 2025 is 2.40%, ranking 12th among all sectors, with a cumulative increase of 4.09% in the CITIC home appliance index, also ranking 12th in absolute returns [6][9][14] White Goods Increase and Vacuum Cleaner Reduction - The fund holding ratios for sub-segments in Q4 2025 are as follows: white goods at 1.88% (+0.24 percentage points), small appliances at 0.71% (+0.08 percentage points), upstream appliances at 0.27% (-0.16 percentage points), black goods at 0.08% (-0.03 percentage points), kitchen appliances at 0.03% (-0.01 percentage points), and lighting at 0.03% (stable) [17][21] Northbound Holdings Divergence - The northbound holdings for the home appliance sector showed mixed results in Q4 2025, with increases for Hisense Home Appliances (+0.78 percentage points), Bull Group (+0.41 percentage points), and Yitian Smart (+0.41 percentage points), while declines were noted for Vatti (-2.31 percentage points), Roborock (-1.69 percentage points), and XGIMI (-1.47 percentage points) [42][44] Investment Recommendations - The report recommends leading white goods companies such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and cleaning appliance leaders Roborock and Ecovacs [57]

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.

中国可选消费 China (Overseas) Discretionary 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliances Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus 研究报告 Research Report 25 Jan 2026 | [Table_Info] | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 市盈率 P/E | 股票名称 | 评级 | 目标价 | PE(2025E) | PE(2026E) | | | | 泡泡玛特 | Outperform 354.00 | 24 | 16 | 安踏体育 | Outperform 104.11 | 14 | 14 | | 华住酒店集团有限 | Outperform 52.00 | 23 | 18 | 公司 | | | | | 李宁 | Outperform 19.99 | 16 | 15 | 名创优品 | Outperform 26.60 | 1 ...

Investment Rating - The report assigns an "Overweight" rating to the home appliance industry [4]. Core Insights - The report highlights a slight decline in fund holdings in the home appliance sector, with a 2.6% allocation in actively managed equity funds for Q4 2025, down 0.2 percentage points from Q3 [2][4]. - December retail sales for home appliances showed a year-on-year decline of 18.7%, indicating ongoing pressure despite a high base in the previous year [2][4]. - The European Union has mandated registration for imports of robotic lawn mowers from China, with potential anti-dumping duties estimated between 21.4% and 57.4% [2][4]. Summary by Sections Investment Recommendations - The report suggests that national subsidies are expected to transition smoothly, and leading companies in both black and white appliances are recommended for their stable operations and high dividends, including Midea Group (13.1X PE), Haier Smart Home (11.4X), TCL Electronics (12.7X), and Hisense Visual (12.7X) [4]. - It emphasizes the core drivers of smart home appliances' overseas expansion, recommending leading robotic vacuum manufacturers Roborock (20.3X) and Ecovacs (22.5X) [4]. - Companies with stable performance and upward potential include Ninebot (19.9X), Anfu Technology (56.8X), Hailong Cold Chain (15.9X), and Beiding Co. (35.3X) [4]. - The report also notes that home appliance companies are diversifying into new areas, recommending Rongtai Health (21.3X) and Wanlong Magnetic Plastic (21.9X) [4]. Market Data - In December 2025, the production of home air conditioners was 14.782 million units, down 18.7% year-on-year, with domestic sales at 5.397 million units, down 26.7% [2][4]. - The total domestic sales for the year reached 10.521 million units, a slight increase of 0.7% year-on-year, while total exports were 9.318 million units, down 3.4% [2][4]. - The overall retail sales for home appliances in December 2025 amounted to 97.1 billion yuan, with a cumulative annual total of 1,169.5 billion yuan, reflecting an 11.0% year-on-year increase [2][4].

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly on leading companies in the white and black goods sectors, highlighting their low valuations, high dividends, and stable growth potential [2][3]. Core Insights - The report identifies three main investment themes: 1. **Dividend and Growth**: Leading companies in the white and black goods sectors are characterized by low valuations, high dividends, and stable growth, providing a high safety margin and significant price elasticity. The impact of the trade-in policy is expected to continue positively into 2026 [2][3]. 2. **Technological Transition**: Key upstream component manufacturers are diversifying into emerging technology sectors such as robotics, data center temperature control, and semiconductors, seeking cross-industry transformation [2][3]. 3. **Market Demand**: Both domestic and international markets show promising demand, with established companies expanding production bases globally to mitigate trade fluctuations and capture growth in emerging markets [2][3]. Sales Data Summary - **Air Conditioning**: In December 2025, online retail sales volume was 720,000 units, a year-on-year decrease of 38.5%, while offline sales volume was 162,000 units, down 42.9%. The average online retail price decreased by 4.2% to 2,981 yuan per unit, and the offline average price fell by 20.1% to 3,801 yuan per unit [2][3][35]. - **Kitchen Appliances**: - **Range Hoods**: Online sales volume was 443,000 units, down 16.8%, while offline sales were 57,000 units, down 32.1%. The online average price increased by 14.4% to 1,739 yuan per unit, while the offline average price decreased by 14.4% to 3,813 yuan per unit [3][41]. - **Dishwashers**: Online sales volume was 49,000 units, down 10.2%, and offline sales were 5,000 units, down 44.2%. The online average price decreased by 1.1% to 4,245 yuan per unit, while the offline average price increased by 1.4% to 7,990 yuan per unit [3][41]. Company Updates - **Yitian Intelligent**: Forecasts a net loss of 186 to 152 million yuan for 2025, compared to a profit of 26.54 million yuan in 2024 [5][11]. - **Roborock Technology**: Launched new products including the G30S Pro and P20 Ultra, featuring advanced cleaning technologies and high efficiency [5][12]. - **Stock Performance**: The home appliance sector outperformed the CSI 300 index, with notable gains from companies like Aojiahua (10.1%) and Hisense Visual (5.7%) [5][6][8]. Macro Economic Environment - As of January 23, 2026, the USD to RMB exchange rate was 6.9929, reflecting a decrease of 0.51% since the beginning of the year [46][48]. - In December 2025, the total retail sales of consumer goods reached 45,135.90 billion yuan, a year-on-year increase of 0.86% [48][49].

Investment Rating - The report assigns an "Accumulate" rating for the home appliance industry [4]. Core Insights - The report highlights a slight decline in fund holdings in the home appliance sector, with a 2.6% allocation in actively managed equity funds for Q4 2025, down 0.2 percentage points from Q3 [2][4]. - The report notes that the production of household air conditioners in December 2025 was 14.782 million units, a year-on-year decrease of 18.7%, with domestic sales down 26.7% and exports down 13.2% [2][4]. - The report mentions that the EU has mandated registration for imports of robotic lawn mowers from China, with potential anti-dumping duties estimated between 21.4% and 57.4% [2][4]. Summary by Sections Investment Recommendations - The report suggests that national subsidies are expected to transition smoothly, and recommends several companies for investment based on their stable operations and high dividends, including Midea Group (13.1X), Haier Smart Home (11.4X), TCL Electronics (12.7X), and Hisense Visual (12.7X) [4]. - It highlights the core drivers for smart home appliances' overseas expansion, recommending leading robotic vacuum companies Roborock (20.3X) and Ecovacs (22.5X) [4]. - The report also recommends companies with stable performance and upward potential, such as Ninebot (19.9X), Anfu Technology (56.8X), Hailong Cold Chain (15.9X), and Beiding Co. (35.3X) [4]. - Additionally, it points out companies expanding into new business lines, recommending Rongtai Health (21.3X) and Wanlong Magnetic Plastic (21.9X) [4]. Market Data - The report provides data on the top five holdings in the home appliance sector, with Midea Group valued at 19.9 billion, Haier Smart Home at 6 billion, and others showing varying changes in market value [4]. - It notes that the overall retail sales of home appliances in December 2025 were 97.1 billion, a year-on-year decrease of 18.7% [2][4]. - The report indicates that the total domestic sales volume for the air conditioning industry in 2025 was 10.521 million units, a slight increase of 0.7% year-on-year, while total exports were 9.318 million units, down 3.4% [2][4].

编辑 | 熊渐黄 出品 | 止戈见闻 作者 | 黄沙垢 如果成功获批，意味着港交所即将迎来"扫地机器人第一股"，有点遗憾的是，资本市场当前的反应却异 常冷淡，可能还带着一丝悲凉。 1月17日，石头科技发布公告，港交所上市委员会已通过其H股上市聆讯，尚待最终批准。 遥想当年2021年6月，石头科技股价曾触及1494.99元/股的峰值，市值逼近千亿大关，成为A股市场中仅 次于茅台的"扫地茅"。 转眼到了五年后的今天， ...

Market Performance - The small home appliance sector increased by 0.65% on January 23, with ST Dehao leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - ST Dehao (002005) closed at 3.14, up 5.02% with a trading volume of 347,600 shares and a transaction value of 108 million yuan [1] - Other notable performers include: - Beiyikang (6610Z6) at 46.52, up 2.65% [1] - Kaineng Health (300272) at 7.98, up 2.31% [1] - Dechang Co. (605555) at 19.16, up 2.30% [1] - Joyoung (002242) at 10.90, up 1.68% [1] Capital Flow - The small home appliance sector experienced a net outflow of 45.04 million yuan from institutional investors, while retail investors saw a net inflow of 82.44 million yuan [2] - The overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Lek Electric (603355) had a net inflow of 23.46 million yuan from institutional investors but a net outflow of 10.31 million yuan from retail investors [3] - ST Dehao (002005) saw a net inflow of 19.80 million yuan from institutional investors, with retail investors also showing a net outflow [3] - Other stocks like Dechang Co. (605555) and Kaineng Health (300272) also reflected similar trends in capital flow [3]

证券之星消息，1月22日小家电板块较上一交易日下跌0.29%，石头科技领跌。当日上证指数报收于4122.58，上涨0.14%。深证成指报收于 14327.05，上涨0.5%。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) | | --- | --- | --- | --- | --- | --- | | 688169 | 石头科技 | 149.70 | -2.13% | 5.53万 | 8.32 Z | | 605555 | 德昌股份 | 18.73 | -1.52% | 7.33万 | 1.39亿 | | 002959 | 小能电器 | 44.60 | -1.28% | 1.74万 | 7772.70万 | | 603486 | 科沃斯 | 82.42 | -1.16% | 5.20万 | 4.35 Z | | 301187 | 欧圣电气 | 26.54 | -1.04% | 2.07万 | 5491.22万 | | 003023 | 彩虹集团 | 23.97 | -0.46% | 2.18万 | 5217.92万 | | 603215 | 比依股 ...