证 券 研 究 报 告 家电行业 2025Q4 基金重仓分析 重仓家电比例略有回升，白电、黑电及两轮 推荐（维持） 车获增配 行业研究 家电 2026 年 01 月 30 日 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：陆偲聪 邮箱：lusicong@hcyjs.com 执业编号：S0360525050002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,794.64 | 1.62 | | 流通市值(亿元) | 18,634.02 | 1.79 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 3.8% | 10.1% | 16.3% | | 相对表现 | 2.0% | -4.1% | -7.4% | -7% 4% 15% 26% 25/01 25/04 25/06 25/08 25/11 26/01 2025-01-28~2026 ...

证券之星消息，1月28日黑色家电板块较上一交易日下跌1.68%，极米科技领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。黑色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) | | | --- | --- | --- | --- | --- | --- | --- | | 002848 | *ST高斯 | 12.77 | 5.02% | 12.06万 | | 1.51亿 | | 600060 | 海信视像 | 24.28 | -0.74% | 10.50万 | | 2.56亿 | | 002052 | 同洲电子 | 12.24 | -0.89% | 12.90万 | | 1.59亿 | | 000810 | 创维数字 | 11.77 | -1.09% | - 13.30万 | | 1.58亿 | | 301578 | 辰奕智能 | 35.78 | -1.32% | 7894.52 | | 2829.25万 | | 688609 | 九联科技 | 9.13 | -1.40% | 11.32万 | | ...

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600060 海信视像 | | 1029.54万 | 3.71% | -401.13万 | -1.44% | -628.40万 | -2.26% | | 688696 极米科技 | | 636.10万 | 2.67% | -1160.56万 | -4.87% | 524.46万 | 2.20% | | 301578 辰奕智能 | | -7.18万 | -0.17% | -132.80万 | -3.09% | 139.98万 | 3.26% | | 688609 九联科技 | | -484.67万 | -1.74% | 3012.93万 | 10.82% | -2528.26万 | -9.08% | | 002848 | *ST高斯 | -1153.17万 | -6.43% | 866.48万 | 4.83% | 286.69万 | 1.60% | | 002429 | ...

Investment Rating - The investment rating for the home appliance industry is "Positive" (maintained) [1] Core Insights - The report emphasizes the rapid implementation of AI and smart hardware, highlighting the transition of domestic brands from followers to leaders in the global market. Companies like YingShi Innovation, Anker Innovation, and XGIMI are identified as key players [4][8] - AI technology is reshaping product definitions in the home appliance and smart hardware sectors, enhancing product performance and user experience while accelerating global expansion [8] Summary by Sections AI + Smart Hardware - The report focuses on the "redefining products" direction of AI + smart hardware, with domestic brands making significant strides in global markets. Companies such as YingShi Innovation, Anker Innovation, and XGIMI are highlighted as representatives of this trend [4][8] AI + Photography - YingShi's "YingLing" panoramic drone launched in December 2025 achieved over 30,000 units shipped in its first month, confirming its potential as a blockbuster product. AI technology is expected to lower creative barriers and optimize effects, driving growth in the smart imaging sector [9] AI + Office and Audio - Anker's collaboration with Feishu to launch the AI recording device aims to penetrate the business market by leveraging Feishu's enterprise customer resources. Additionally, Anker's Soundcore Sleep A30 headphones utilize AI to generate personalized sleep soundscapes, enhancing their practical performance [12] AI + Security and Energy Storage - Anker's Eufy Security system has achieved multi-dimensional recognition capabilities for humans, pets, and vehicles, enhancing home security management efficiency. The SOLIX V1 Smart EV Charger optimizes energy efficiency through AI-driven scheduling and gesture recognition [17] AI + Glasses - The report notes a surge in AI glasses products from companies like XGIMI and TCL, with a focus on lightweight and practical designs. The market is in a penetration acceleration phase, with diverse product definitions emerging [19] Market Performance - The home appliance sector saw a 2.0% increase in January 2026, outperforming the CSI 300 index by 0.4%. Sub-sectors such as black appliances and kitchen appliances showed notable monthly gains of 13.4% and 5.4%, respectively [21][22] Key Data Tracking - As of January 23, 2026, the Chinese yuan appreciated by 149 basis points against the US dollar, continuing its upward trend. The LME copper spot price was $12,921 per ton, reflecting a week-on-week decrease of 0.6% but remaining at a high level [24][28]

证券之星消息，1月21日黑色家电板块较上一交易日上涨1.96%，四川长虹领涨。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。黑色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) | | | --- | --- | --- | --- | --- | --- | --- | | 600839 | 四川长虹 | 10.93 | 3.50% | 424.23万 | | 46.17亿 | | 002429 | 非脆股份 | 9.23 | 2.33% | 118.04万 | | 10.87亿 | | 600060 | 海信视像 | 24.48 | 1.92% | 20.47万 | | 5.04亿 | | 000810 | 创维数字 | 12.30 | 1.32% | 39.04万 | | 4.90亿 | | 301578 | 辰奕智能 | 36.20 | 0.81% | 9906.6 | | 3572.55万 | | 000801 | 四川九洲 | 16.31 | 0.68% | 20.49万 | | 3.35亿 ...

上海申银万国证券研究所有限公司研究员徐睿潇、周羽希2021年6月22日发布研报《极米科技 (688696)："618"线上数据领跑行业 国内、海外渠道向好》称，维持极米科技"买入"评级。 公司2022年5月20日披露的2021年年度权益分派实施公告显示，公司以分配方案实施前的公司总 股本50,000,000股为基数，每股派发现金红利3元（含税），以资本公积金向全体股东每股转增0.4股， 共计派发现金红利150,000,000元，转增20,000,000股，本次分配后总股本为70,000,000股。股权登记 日2022年5月25日，除权（息）日2022年5月26日。 (责任编辑：徐自立) 中国经济网北京1月21日讯 极米科技(688696.SH)今日股价收报104.00元，跌幅0.77%。这是极米 科技连续第5个交易日股价下跌，1月15日、16日、19日、20日股价跌幅分别为0.37%、0.80%、 0.99%、4.72%。 极米科技2021年6月28日盘中达到股价最高点883.78元。 上海申银万国证券研究所有限公司研究员徐睿潇2021年6月28日发布研报《极米科技(688696)点 评：2021H1同比预增 ...

证券之星消息，1月20日黑色家电板块较上一交易日下跌0.48%，极米科技领跌。当日上证指数报收于 4113.65，下跌0.01%。深证成指报收于14155.63，下跌0.97%。黑色家电板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600839 四川长町 | | 2.26 Z | 5.18% | -1498.35万 | -0.34% | -2.11 Z | -4.84% | | 600060 | 海信视像 | 1541.62万 | 5.51% | 252.80万 | 0.90% | -1794.41万 | -6.42% | | 688696 极米科技 | | 289.57万 | 1.87% | -616.03万 | -3.98% | - 326.46万 | 2.11% | | 688609 九联科技 | | 159.55万 | 1.08% | 1100.61万 | 7.48% | -1260 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12]. Core Views - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and stabilization of exports, suggesting a positive outlook for leading white goods companies [1][12][18]. - December retail performance for home appliances showed signs of bottoming out, with significant declines in major appliances but a relatively stable performance in small appliances [1][19]. - The report highlights the resilience of leading companies in the home appliance sector, with a focus on white goods, which are expected to maintain steady growth despite high base effects [12][13]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric Appliances, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [4][12][13]. 2. December Retail Performance - In December, the retail sales of major appliances saw declines exceeding 20%, while small appliances showed slightly better demand, with air fryers experiencing growth [1][19]. - The offline sales channels for major appliances faced declines of over 40%, while kitchen small appliances remained relatively stable [1][19]. 3. Export Performance - In December, China's home appliance exports decreased by 8.1% year-on-year, with air conditioners facing a significant decline of 20.7% [2][37]. - Other categories like refrigerators and washing machines showed modest growth, indicating a mixed performance across different product lines [2][37]. 4. U.S. Market Insights - U.S. retail sales for home appliances showed a slight increase of 0.8% in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][43]. - The inventory levels in U.S. appliance stores are returning to normal, suggesting improved market conditions [3][43]. 5. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating expected EPS growth for Midea Group, Gree Electric Appliances, and Haier Smart Home, among others, with all rated as "Outperform the Market" [5][76].

Market Overview - The black home appliance sector increased by 0.44% on January 19, with *ST Gauss leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - *ST Gauss (002848) closed at 11.93, up 5.02% with a trading volume of 67,800 shares and a turnover of 78.41 million yuan [1] - Non-Chi (002429) closed at 9.40, up 2.29% with a trading volume of 1.8684 million shares and a turnover of 1.717 billion yuan [1] - Other notable stocks include Tongzhou Electronics (002052) at 12.93, up 0.94%, and Hisense Visual (600060) at 23.61, up 0.81% [1] Capital Flow - The black home appliance sector experienced a net outflow of 148 million yuan from main funds, while retail investors saw a net inflow of 140 million yuan [1] - The detailed capital flow indicates that Non-Chi had a main fund net inflow of 14.04 million yuan, while *ST Gauss had a net inflow of 8.06 million yuan [2] - Conversely, Sichuan Changhong (600839) faced a significant main fund net outflow of 121 million yuan [2]

Group 1 - The core viewpoint of the article is the release of the first "2025 Hurun China Unicorn Graduation List," which identifies 796 companies valued over $1 billion that have gone public since 2000, with 18 companies from Chengdu making the list, ranking seventh nationally [1] Group 2 - The 18 Chengdu companies listed include: Xinyi Sheng, Kelun Botai Biotech, AVIC Drone, Chengdu Huamei, Jiachitech, Dekang Agriculture, Huatu Shanding, Chabaidao, Leidian Weili, Tianwei Food, Qiaoyuan Co., Kangnuo Ya, Zhenxin Technology, Fusenmei, Bomei, XGIMI Technology, Hongqi Chain, and Tianli International Holdings [1] - The listed unicorns are distributed across 126 cities in China, with a total value of 24 trillion yuan, and an average age of 19 years, which is 9 years older than those on the 2025 Hurun Global Unicorn List [1] Group 3 - The top five industries with the most companies on the list are semiconductors, industrial equipment, biotechnology, new energy, and software services, accounting for 46% of the total [1] - The highest valued industries among the listed companies are semiconductors, new energy, industrial equipment, consumer electronics, and biotechnology [1]