本土化运营成果丰硕，多国市场稳居第一 从2018年开始布局海外市场至今，石头科技产品已覆盖全球超170个国家和地区，为超过2000万家庭提 供智能清洁解决方案。IDC报告显示，凭借卓越的产品力与本土化运营策略，石头科技在美国、德国、 韩国、土耳其等多个国家的出货量稳居行业第一。 此外，石头科技也在今年的"黑五"交出了一份亮眼的全球化成绩单:北美亚马逊扫地机市占达40%;欧洲 亚马逊市占42%，多国在亚马逊及线下渠道夺得市占第一;亚太方面，澳洲与中东亚马逊市占第一，日 本洗地机销量暴涨500%。旗舰爆品横扫榜单，持续引领全球清洁赛道。 在产品方面，石头科技在第三季度升级高端产品线竞争力，旗舰新品以超薄机身为亮点，精准攻克低矮 空间清洁痛点，进一步强化产品差异化优势;在渠道方面，石头科技不断深化海外市场本土化渠道适 配，与Target、Bestbuy、Costco等知名零售企业达成合作。以韩国为例，石头科技精准布局入驻乐天、 来源：环球网 12月5日，国际数据公司IDC发布《全球智能家居设备市场季度跟踪报告，2025年第三季度》。报告显 示，2025年前三季度，全球智能扫地机器人市场累计出货1742.4万台，同比 ...

Core Viewpoint - The report from GF Securities indicates that the home appliance industry is expected to experience a slowdown in growth in 2026 due to high base effects, despite significant benefits from the "old-for-new" policy in 2025. Leading companies are anticipated to outperform the industry due to their channel and brand advantages. Long-term growth in overseas sales is also expected to remain stable, supported by an increase in global market share [1][2]. Summary by Sections 2025 Review - The home appliance sector has shown a cumulative increase of 8.1% year-to-date as of November 28, 2025, ranking 27th among all sectors and underperforming the CSI 300 index by 10.4 percentage points [2]. - The performance of various segments includes: home appliance components (+64.7%), black appliances (+12.6%), lighting equipment (+11.9%), small appliances (+9.5%), kitchen appliances (-0.7%), and white appliances (-1.1%) [2]. - Retail sales of home appliances from January to October 2025 increased by 20.1% year-on-year, driven by the "old-for-new" policy, although growth slowed in September and October due to high base effects. Exports in the same period decreased by 3.4% in USD terms and 2.5% in RMB terms, primarily due to the impact of the US-China trade war, but the decline was manageable, indicating resilience and global competitiveness [2]. 2026 Outlook - Domestic demand is expected to slow down in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are likely to outperform the industry due to their channel and brand advantages. For external sales, companies have adapted to trade policy fluctuations since 2018-2019, and long-term growth in overseas sales is anticipated [3]. - Profitability is expected to remain stable, with manageable cost pressures as copper prices have risen, shipping costs have returned to normal levels, and the exchange rate has shown slight appreciation [3]. - As of November 28, 2025, the price-to-earnings ratio (PE-TTM) for the home appliance sector increased from 15.1x at the beginning of the year to 17.3x, placing it at the 66th percentile historically since 2016. The proportion of public funds heavily invested in the home appliance sector decreased to 2.5%, down 1.8 percentage points from the previous quarter, marking a continuous decline over three quarters [3]. 2026 Sub-industry Outlook - White Appliances: Expected to face a slowdown in growth due to high base effects from national subsidies, but overseas sales are projected to remain resilient, benefiting from emerging market demand [4]. - Small Appliances: Continued policy support is expected to improve average prices in kitchen small appliances, with significant growth potential in the overseas market for robotic vacuum cleaners [4]. - Black Appliances: Product structure upgrades are anticipated to enhance average prices and profitability, with continued growth in overseas market share [5]. - Two-Wheelers: The implementation of new regulations in 2026 is expected to sustain industry growth, with leading companies likely to increase their market share as smaller competitors exit the market, and significant opportunities in overseas markets [5].

智通财经APP获悉，广发证券发布研报称，2025年以旧换新效果显著，高基数下预计2026年家电行业增 速放缓，龙头公司有望凭借渠道、品牌优势跑赢行业。从长期看，在全球市场份额提升逻辑支撑下，家 电外销亦有望维持稳健增长。白电业绩稳健增长，具备稳定ROE及高分红优势，推荐美的集团(00300， 000333.SZ)、海尔智家(06690，600690.SH);黑电龙头受益全球份额提升和产品结构升级，推荐海信视像 (600060.SH)、TCL电子(01070);自下而上推荐具备份额提升和品类扩张的九号公司-WD(689009.SH)、石 头科技(688169.SH)。 广发证券主要观点如下： 2025年回顾 板块整体涨幅靠后，板块分化。(1)指数：根据iFinD数据，年初以来(2025.01.01-2025.11.28)，申万家电 累计涨幅8.1%，在全行业中排名第27位，跑输沪深300指数10.4pct。分板块看，家电零部件、黑电、照 明设备、小家电、厨电、白电板块分别同比+64.7%、+12.6%、+11.9%、+9.5%、-0.7%、-1.1%。 (2)基本面：根据统计局数据，2025年1-10月家电社零 ...

全球市场 智通财经APP获悉，国际数据公司(IDC)近日发布的《全球智能家居设备市场季度跟踪报告，2025年第三季度》显示，2025年前三季度，全球智 能扫地机器人市场累计出货1742.4万台，同比增长18.7%；其中三季度出货616.1万台，同比增幅达 22.9%。中东非与欧洲市场成为核心增长引 擎，引领行业扩张。从厂商份额来看，中国厂商包揽全球出货量前五。 石头科技在2025年前三季度累计出货378.8万台，强势稳居全球出货量榜首。分区域看，前三季度中国、美国平稳增长，中东非、中东欧地区增 速领先。在全球市场布局中，石头科技表现尤为亮眼，凭借卓越的产品力与本土化运营策略，在美国、德国、韩国、土耳其等多个国家的出货 量稳居行业第一。三季度石头升级高端产品线竞争力，旗舰新品以超薄机身为亮点，精准攻克低矮空间清洁痛点，进一步强化产品差异化优 势；同时，公司不断深化海外市场本土化渠道适配，通过贴合区域需求的渠道布局与服务优化，持续巩固全球领先地位，推动品牌全球化战略 向纵深发展。 科沃斯(603486.SH) 科沃斯扫地机器人前三季度全球累计出货245.3万台，同比增长27.7%，其在中国市场仍保持出货量第一的位 ...

凤凰网科技讯(作者/杨睿琪)12月5日，IDC最新发布的《全球智能家居设备市场季度跟踪报告》显示， 2025年全球智能扫地机器人市场保持强劲增长，行业竞争格局深度洗牌。其中，全球市场出货量排名前 五的厂商全部为中国品牌，标志着中国供应链与技术在该领域的绝对领先地位已经形成。 报告指出，2025年前三季度，全球智能扫地机器人市场累计出货量达1742.4万台，同比增长18.7%。其 中第三季度出货616.1万台，同比增幅进一步提升至22.9%。中东、非洲及欧洲市场成为本轮增长的核心 引擎，带动行业持续扩张。 具体来看，石头科技以前三季度累计出货378.8万台的成绩，居全球出货量榜首。其旗舰新品以超薄机 身主攻低矮空间清洁痛点，同时在美国、德国、韩国、土耳其等多个重要市场出货量位列第一。 科沃斯（603486）前三季度全球累计出货245.3万台，同比增长27.7%，其正加速出海进程，并不断完善 供应链本地化布局。 追觅则在欧洲市场表现突出，前三季度在西欧市场以26.8%的出货份额排名第一，欧洲已成为其全球化 战略的坚实支柱。不过报告也指出，其在国内市场的份额出现环比下滑，面临本土巩固压力。 小米凭借其中端性价比路线 ...

Core Viewpoint - The A-share market shows a mixed trend with the aviation sector performing well while the robotics sector experiences fluctuations, influenced by recent developments in humanoid robotics and U.S. policy shifts towards robotics technology [1][5][7]. Robotics Sector Performance - As of 11:30, the Robotics ETF (159213) saw a slight increase of 0.52%, with over 1.7 million yuan flowing into the fund yesterday [1]. - The top components of the Robotics ETF include significant gains from companies like Dazhong Laser, which rose over 4%, while others like Huichuan Technology and iFlytek experienced minor declines [3][4]. U.S. Robotics Policy Developments - The U.S. is shifting focus towards robotics, planning to release an executive order on robotics technology next year, following a five-month acceleration of AI development plans [5][7]. - The U.S. Department of Commerce is actively meeting with robotics CEOs, and a national robotics committee is being proposed, indicating a strong governmental push towards the robotics sector [7]. Impact on Robotics Industry - The entire robotics supply chain is expected to benefit from increased competition and policy support, enhancing the industry's maturity and technological capabilities [8][9]. - Key areas poised for growth include core components, complete machine manufacturers, and application scenarios, with a focus on cost reduction and market expansion [9][10]. Broader Industry Opportunities - The high-end manufacturing sector is anticipated to improve due to advancements in robotics, potentially increasing competitiveness against foreign high-end manufacturing [10]. - The AI and technology supply chains, including algorithms, chips, and sensors, are also expected to see benefits from the growth of the robotics industry [11]. - Long-term, robotics is projected to enhance productivity across various sectors, including daily use, defense, and elder care, indicating a broad demand for robotic solutions [12].

当前的家电行业，正悄然经历一场从"硬件比拼"到"生态与科技"的升维竞争。领先品牌们已不再满足于单一产品的功能迭代，转而围绕"智慧生态协 同"与"绿色低碳科技"两大核心，构筑新的竞争壁垒。接下来，本期世研消费指数将深入解读这场变革中的关键玩家与前沿趋势。 | = | 创维 | 创维 | 1.01 | | --- | --- | --- | --- | | 12) | Panasonic | 松下 | 0.99 | | 13 | LittleSwan | 小天鹅 | 0.94 | | 14 | SUPOR 苏泊尔 | | 0.93 | | 15 | SIEMENS | 画门子 | 0.78 | | 数据周期: 2025/7-8月度数据 A C | complete the finance of the property of the control of the control of the more of the many of the many of the | | | 图源：世研大消费指数 本次监测周期内，石头科技、华凌和海尔分别以1.76、1.49和1.39的综合热度指数位列榜单Top3。 家电品牌聚焦智 ...

石头科技 20251203 摘要 石头科技预计 2026 年扫地机收入保持 30%增长，洗地机收入从 2025 年的 30 亿元增至 50 亿元，整体收入增速超 30%。受益于黑五期间亚 马逊免费流量和双十一期间 P20 Ultra Plus 价格稳定，四季度内销亏损 有望收窄。 iRobot 面临财务困境，凯雷集团不再展期债务，山川收购其债权但不会 大规模投入，预计业务无显著进展。云鲸传言可能出售，追觅因多元化 业务导致清洁板块资源减少，市占率下降。 科沃斯 2025 年专注于滚筒技术路径，成本低于石头科技，营销卖点易 于理解，具有竞争优势。但石头计划在 2025 年四季度推出低价滚筒产 品，并在 2026 年初扩展 SKU，以压制科沃斯的价格优势。 2025 年三季度，科沃斯通过自补策略保持盈利，石头国内市场亏损。 石头计划通过低价滚筒产品对抗科沃斯，并迭代双圆盘产品以区分价格 差距。 石头科技在美国市场前景乐观，有望抢占 iRobot 的市场份额和线下货 架位置。iRobot 缩减非核心区域业务，将进一步让出货架空间给中国品 牌，预计 2026 年美国市场线下渠道占比将提高。 Q&A 石头科技在 202 ...

Core Insights - The report highlights that the home appliance industry is expected to face a slowdown in growth due to high base effects from national subsidies in 2026, but leading companies are projected to maintain stable performance [2] - The small appliance sector is anticipated to see continued improvement in average prices due to ongoing policy support, with significant growth potential in the robotic vacuum cleaner market [2] - The black appliance segment is expected to benefit from product upgrades leading to higher average prices and improved profitability, with overseas market share likely to continue increasing [2] - The two-wheeler market is projected to grow in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to gain market share, particularly in overseas markets [2] 2025 Annual Summary - The home appliance sector underperformed overall, with an 8.1% increase from January 1 to November 28, 2025, ranking 27th among all industries and lagging behind the CSI 300 index by 10.4 percentage points [17] - The appliance components sector outperformed with a 64.7% increase, while white goods and kitchen appliances saw declines of 1.1% and 0.7%, respectively [17] - Domestic retail sales of home appliances showed a cumulative year-on-year increase of 20.1% from January to October 2025, but growth slowed in September and October due to high base effects [35] 2026 Outlook - Domestic sales are expected to slow down due to high base effects from the previous year's subsidy policies, but leading companies are likely to outperform the industry due to their channel and brand advantages [53] - Export performance is anticipated to remain stable despite short-term concerns over tariffs, as many companies have adapted their overseas production strategies since 2018-2019 [56] - The report emphasizes the importance of monitoring policy changes that could impact both domestic and international sales in 2026 [56] Investment Recommendations - The report recommends investing in leading companies in the white goods sector such as Midea Group and Haier Smart Home, which are expected to deliver stable returns and high dividends [7] - For the black appliance segment, companies like Hisense and TCL are highlighted as beneficiaries of global market share growth and product upgrades [7] - The report also suggests considering companies like Ninebot and Roborock, which are positioned for share gains and category expansion [7]

今日截至13点46分，机器人ETF（562500）下跌0.74%，盘中呈现震荡整固态势，当前价格处于日内相 对低位。持仓股方面虽整体跌多涨少，但扫地机器人展现出极强的韧性，科沃斯强势领涨5.11%，石头 科技大涨4.64%，华东数控、天准科技等个股逆势飘红。流动性方面，盘中成交额已达4.56亿元，维持 高位量能释放。值得注意的是，机器人ETF昨日已获资金净流入超1.8亿元。 开源证券表示，国产人形机器人发展具备完整的供应链体系，同时过去1-2年，国内企业积累了大量融 资，若相关支持政策落地，储备资金将加速投入实际应用；叠加宇树、智元等头部企业引领的资本化浪 潮持续推进，产业有望进入加速发展阶段。 机器人ETF（562500）是全市场唯一规模超两百亿的机器人主题ETF，成分股覆盖人形机器人、工业机 器人、服务机器人等多个细分领域，帮助投资者一键布局机器人上中下游产业链。场外联接（华夏中证 机器人ETF发起式联接A：018344；华夏中证机器人ETF发起式联接C：018345）。 消息方面，领益智造今日披露，已完成超5000 台人形（具身）机器人硬件/整机组装服务，涵盖整机/灵 巧手组装，关节模组，头、腰、脑、臂 ...