Market Overview - The motorcycle and other sectors experienced a slight decline of 0.02% on January 26, with Zhenghe Industrial leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Key stocks in the motorcycle sector showed varied performance, with Qianli Technology rising by 4.35% to a closing price of 12.00, while Zhenghe Industrial fell by 4.55% to 70.35 [2][1] - Other notable declines included Taotao Vehicle down 4.20% to 211.38 and Yong'an Xing down 3.92% to 18.63 [2] Trading Volume and Value - Qianli Technology had a trading volume of 957,100 shares, resulting in a transaction value of approximately 1.145 billion [1] - Zhenghe Industrial recorded a trading volume of 22,500 shares with a transaction value of around 160 million [2] Capital Flow Analysis - The motorcycle and other sectors saw a net outflow of 10.85 million from main funds, while retail investors experienced a net outflow of 29.69 million [2] - Conversely, speculative funds recorded a net inflow of 40.55 million [2] Individual Stock Capital Flow - Qianli Technology had a main fund net inflow of 37.42 million, while retail investors saw a net outflow of 42.08 million [3] - Zhenghe Industrial experienced a significant main fund net outflow of 24.62 million, indicating a bearish sentiment [3]

站在这一全新起点，九号正式发布以"双品牌、全球化、电切油"为核心的战略升级，宣布智能电动车业务将依托"Ninebot九号"与"Segway赛格威"双品牌协 同运营，进军全球市场。 同时，未来十年内，公司将致力于推动智能电动两轮的体验超越内燃机两轮车，让智能电动车成为全球摩托车行业的主流。 双品牌战略协同，开启全球化出海 为满足用户需求的快速分化，九号在国内正式启动双品牌独立协同运营。 1月24日，九号公司创始人兼CEO王野在2026用户大会宣布，九号智能电动车全球累计出货量已突破1000万台。 "我们选择进军全球化、以智能电动超越燃油机，不是因为容易，而是因为它难而正确。"王野强调，"我们相信，更安静、更清洁、更智能、更安全的骑行 体验，不应需要排气管。" 九号将凭借在锂电池安全、智能交互、整车EE架构、车联网-云端边协同技术等领域构建的扎实技术底座以及全球化运营方面积累的丰富经验，携双品牌产 品矩阵，进军全球市场，让全球用户体验"Simply Moving"的出行乐趣。 下一个十年：明确三大战略机遇 面对下一个十年，九号公司正式明确了三大战略机遇。 一是从"电动车"到"AI机器人"。机器人不是一个品类，而是 ...

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]

Core Insights - The founder and CEO of Ninebot, Wang Ye, announced that the cumulative domestic shipment of Ninebot's smart electric vehicles has surpassed 10 million units [1] - Ninebot officially launched a strategic upgrade centered on "dual brands, globalization, and electric-to-oil" [1] - The smart electric vehicle business will operate under the dual brand strategy of "Ninebot" and "Segway" to enter the global market [1]

1月24日，九号公司创始人兼CEO王野在2026用户大会宣布，九号智能电动车全球累计出货量已突破1000万台。站在这一全新起点，九号正式发布以"双品 牌、全球化、电切油"为核心的战略升级，宣布智能电动车业务将依托"Ninebot九号"与"Segway赛格威"双品牌协同运营，进军全球市场。同时宣布未来十年 内，将推动智能电动两轮的体验超越内燃机两轮车，让智能电动车成为全球摩托车行业的主流。 三大未来机会：从电动车到 AI 机器人，从智能产品到智能生态 面对下一个十年，九号明确了三大战略机遇： 第一，从"电动车"到"AI机器人"。机器人不是一个品类，而是一组技术。机器人技术的本质是用自动化的感知、决策与执行来简化和方便人们的工作与生 活，并不只是跳舞和拳击的人形，也不只是家里扫地的机器人，帮用户修剪草坪的机器人。个人出行场景，机器人技术有巨大的价值创造空间和创新机会。 "两个品牌，一套技术底座，协同作战：一个满足便利，一个满足渴望；一个扎根新兴市场，一个引领发达市场。"王野表示。 全球化出海：推动全球两轮智能电动化 第二，从"智能产品"到"智能生态"。九号将通过下一代的电池系统和电驱技术、能自动平衡乃至自动压弯的 ...

在服务体验层面，九号公司正在持续推进全国终端门店升级，逐步将门店从传统销售网点转型为集体 验、销售、服务于一体的"九号体验中心"，并全面推进销售与服务一体化的标准化管理体系构建。在服 务方式上，依托九号公司出行App与后台系统，九号公司正在建设分层级服务体系。在安全领域，除持 续提升产品本身的安全性能外，九号公司正推动主动安全技术的下沉与普及，让毫米波雷达、ABS防抱 死、TCS牵引力控制等高端安全配置逐步覆盖更多车型。 本报讯 （记者李乔宇）1月24日，九号有限公司（以下简称"九号公司"）智能两轮电动车迎来重要里程 碑——国内累计出货量正式突破10000000台。当日，九号公司在常州九号科技工厂举办以"一千万个陪 伴"为主题的纪念仪式。 基于千万级用户规模，九号公司正系统性升级其服务与用户运营体系，推动从"售车"向"陪伴用户用车 全周期"的转变。 同日，九号公司正式发布以"双品牌、全球化、电切油"为核心的战略升级，宣布智能电动车业务将依 托"Ninebot九号"与"Segway赛格威"双品牌协同运营，进军全球市场。 （编辑 张昕） ...

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 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].

Core Insights - The company has achieved a significant milestone by surpassing 10 million units in cumulative domestic shipments of smart electric vehicles, marking both an important milestone and a new starting point for future growth [2] - The company has officially launched an upgraded strategy centered around "dual brands, globalization, and electric-to-oil transition," aiming to accelerate its transformation from "electric vehicles" to "AI robots" and from "smart products" to "smart ecosystems" [2][9] Global Expansion - The smart electric vehicle business will operate under the dual brands "Ninebot" and "Segway," targeting global markets [5] - Currently, the company's products are available in over 100 countries and regions, with online presence on major e-commerce platforms like Amazon and offline distribution in large retail chains such as Costco and Target [6] Market Potential - The global two-wheeled transportation industry is on the brink of an electric revolution, with Southeast Asia's electric two-wheeler penetration rate at only about 5%, indicating significant market potential for electric alternatives to traditional fuel vehicles [8] - The transition from fuel motorcycles to electric motorcycles is expected to take 5 to 10 years, with advancements in battery technology gradually addressing core issues like range [8] Technological Integration - The company is advancing its strategy from "electric vehicles" to "AI robots," integrating robotic technology into its electric vehicle product line [10] - The core of robotic technology lies in its ability to simplify and enhance work and life through automation, with significant value creation opportunities in personal mobility scenarios [11] Smart Systems and Profitability - The company launched the Lingbo OS, a comprehensive operating system for short-distance transportation, which integrates cloud, edge, and end capabilities, paving the way for smart upgrades in the two-wheeled vehicle sector [13] - The smart system is expected to enhance the company's gross margin, with software service fees from the growing user base projected to become a stable source of high-value revenue [13]

据 九号公司消息，1月24日，九号智能两轮电动车国内累计出货量正式达到一千万台。此外，九号同步 推出智能电动 摩托车M5 P千万台纪念版车型，最高时速可达120km/h，工况续航达185km，限量1999台 发售，零售价24999元起。 ...