在全球半导体技术加速迭代、绿色低碳转型深入推进的背景下，第三代半导体碳化硅正成为推动产 业升级的关键力量。格力电子元器件有限公司作为格力电器全资子公司，凭借其在碳化硅领域从晶圆制 造到封装测试的全链条自主能力，已实现碳化硅芯片在家电领域的规模化、高质量应用，为我国高端制 造与节能减碳注入强劲动能。 白电领域规模化突破，碳化硅助力能效再定义 格力电子元器件聚焦第三代半导体SiC碳化硅产业发展，截至目前，其碳化硅 SBD 芯片已成功应用 于数百万台套空调，走进万千家庭。为消费者带来实打实的高效节能体验，格力在碳化硅白电应用领域 实现规模化突破。 在冰洗空冷四大家电品类中，碳化硅SBD已广泛应用于前端PFC整流电路。相较硅基FRD， SiCSBD优势显著，不仅反向漏电流更小，且器件结电容更低，能有效降低PFC电路反向恢复损耗与反 向尖峰电流，全面提升产品能效与可靠性。以格力碳化硅基二极管 GCS065W020E 为例，应用于家用3 匹空调，在市电输入电压220V下、较硅基方案能效同比提升0.5%，器件温升同比降低了10℃，精准达 成节能提效目标。 随着用户对续航、充电速度的需求提升，新能源汽车800V高压平台已成为 ...

更残酷的现实摆在工资条之外。5000元这个数字，放在三四线城市或许能勉强维持温饱，但扔进一二线 城市，可能也就刚够付个房租。 董明珠说："就得让有钱人多交点税。你看我年薪500万，扣掉45%的税，手里还能剩200多万呢，这钱 够花了。可普通人一个月挣5000块，日子过得紧巴巴的根本不够用，个税起征点真该调到1万块。" 聚光灯下的董明珠从来不回避敏感话题，尤其是关于钱。在两会采访区的镜头前，这位格力电器的掌门 人并没有打官腔，而是直接抛出了一组有些刺眼的算式：左手是她五六百万的年薪，扣掉45%的顶格个 税后，到手只剩两百多万。右手是普通打工人在5000元起征点上下的挣扎。 面对镜头，她一脸从容地说那两百多万"够花了"，转头却把火力集中在了一个更紧迫的数字上，将个税 起征点拉升至1万元。这不是一场关于仇富的喊话，而是一次跨越阶层的算账。 这位连续9年死磕同一议题的人大代表，试图用自己的工资条，去撬动一个关乎亿万家庭饭碗的政策杠 杆。 作为企业管理者，董明珠的账本里藏着一种微观的无奈。格力内部近一半员工是90后，企业愿意拿出利 润给年轻人涨薪，甚至把月入推到一万元的大关。但员工到手那一刻的喜悦，往往被随之而来的税单 ...

近日，格力及其董事长董明珠再度成为社会舆论关注的焦点。 据天眼查公开信息披露，近日，珠海格力电子元器件有限公司近期进行了工商信息变更，董明珠不再担任该公司法定代表人及执行董事职务，改由方祥建 接任法定代表人，并出任执行公司事务的董事。 在中国企业家群体中，格力电器董事长董明珠无疑是最具话题性的人物之一。 她以直言不讳、言辞犀利著称，常常因一句"口无遮拦"的言论登上热搜，引发舆论风暴。从"90后员工不努力就滚蛋"到"我从来不在乎股价"，再到"格力 手机要取代苹果"、"海归留学生都是间谍"。她的每一句表态似乎都在挑战公众的认知边界。然而，令人深思的是：尽管董明珠的言论屡屡引发争议，但 她主导的战略决策和企业行动却一次次被时间证明是正确的。 最近两起事件尤为典型，其一是关于空调行业"铝代铜"风波的反转；其二是格力进军芯片领域，尤其是碳化硅（SiC）功率半导体的成功落地。这两件事 不仅印证了董明珠在技术路线和产业判断上的前瞻性，还揭示了一个更深层的问题：为什么一个常被贴上"固执""偏执"标签的企业家，总能在关键时刻做 出正确选择？ "固执"的董明珠最终赢了！ 2025年，中国空调行业掀起一场关于"铝代铜"的技术讨论。 ...

丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 产业亮点：如何看原材料涨价背景下空调品牌提 价效果？ 报告要点 [Table_Summary] 2025 年 4 月份开始，空调主要原材料铜重启涨价周期，11 月中旬以来涨势进一步提速；面对 潜在成本压力，部分空调企业已做出提价决定。据我们的复盘与分析，提价策略短期内的确可 以有效对冲原材料上涨对盈利端的扰动，但若铜价持续快速上行，品牌提价节奏又未能同步跟 进，则企业利润端或仍将面临一定压力。在成本端面临较大不确定性的背景下，当前时点我们 建议把握具备较强成本优势，产业链一体化布局完善的白电龙头。 分析师及联系人 research.95579.com 1 [Table_Title 产业亮点：如何看原材料涨价背景下空调品牌 2] 提价效果？ [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary2] 引言 2025 年 4 月起，空调主要原材料铜重启涨价周期，11 月中旬以来涨势进一步加速，截至 2026 年 1 ...

硬核广货畅销全球 数据显示，广东跨境电商进出口规模9年扩大66倍，全国占比超三分之一，稳居全国第一，彰显了广货 在全球市场的强劲竞争力。 2026年开年之际，"广货行天下"行动已取得显著成效，不仅在欧美高端市场站稳脚跟，更在"一带一 路"共建国家形成品牌集群效应。据统计，广东企业已在全球设立超过5000个海外分支机构，覆盖六大 洲主要经济体，形成"研发-生产-销售-服务"的全链条国际化布局。这种深度融入全球价值链的实践，正 在重塑世界对中国制造的认知。 从广东制造到世界舞台，广货的全球征程是一部创新与传承交织的史诗。广货不仅是广东的广货，中国 的广货，更是世界的广货，全球的广货，叫响海外的广货。据行业数据估算，2025年广东新能源汽车出 口量同比增长约120%，占全国新能源汽车出口总量的比重提升至约35%，凸显广东作为全国新能源汽 车出口核心区的地位。比亚迪（002594）在欧洲市场推出的BYD ATTO 3车型，凭借高性价比和长续航 优势，2025年在德国、法国等市场进入新能源汽车销量前十，成为当地最畅销的中国电动车之一；广汽 埃安在泰国通过127项本地化技术改进和生态体系布局，2025年市场份额从5%跃升 ...

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with a recommendation to focus on leading companies that exhibit low valuations, high dividends, and stable growth potential [5][10]. Core Insights - The home appliance sector underperformed compared to the Shanghai and Shenzhen 300 Index, with a decline of 2.4% in the appliance index while the broader index rose by 1.1% [5][6]. - Major companies like Opple Lighting, Boss Electric, and Midea Group showed positive performance, while companies like Ecovacs, Lek Electric, and Huaxiang suffered significant declines [5][8]. - Production data for major appliances in February 2026 revealed substantial year-on-year declines, with air conditioner production down 31.6%, refrigerators down 17%, and washing machines down 3.2% [10][11]. - The report highlights three main investment themes: 1. **Dividend Play**: Leading white and black appliance companies are characterized by low valuations and high dividend yields, providing a safety margin and growth potential [5]. 2. **Technology Transition**: Key component manufacturers are diversifying into emerging tech sectors such as robotics and semiconductor cooling, indicating a shift in business strategy [5]. 3. **Export Opportunities**: Major appliance firms are well-positioned in global markets, with production bases in various regions to mitigate trade risks and capitalize on demand in emerging markets [5]. Industry Dynamics - The report notes a significant drop in production for major appliances in February 2026, with air conditioners at 11.49 million units, refrigerators at 6 million units, and washing machines at 6.3 million units, all showing declines compared to the previous year [10]. - The report also mentions a planned acquisition by Minexplosion Optoelectronics, which aims to purchase a 49% stake in Xiamen Maida and a 51% stake in cash, with a total consideration not exceeding 250 million yuan [11]. Data Observations - Sales data for cleaning appliances in December 2025 showed an increase in volume but a decrease in revenue and average price, with robotic vacuum sales up 29.11% but revenue down 2.14% [34]. - Personal care products like hair dryers saw a decline in sales volume and revenue, while electric shaver sales revenue increased despite a drop in volume [40][41]. Macro Economic Environment - As of January 30, 2026, the USD to RMB exchange rate showed a decrease of 0.87% since the beginning of the year, indicating potential impacts on import costs for raw materials [47]. Company Announcements - Ecovacs announced a bond buyback option, with no investors opting for the buyback during the specified period, indicating confidence in the company's stock performance [63]. - Other companies like Aojiahua and Foshan Lighting provided profit forecasts indicating significant declines in net profits for 2025, reflecting broader industry challenges [60][64].

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly recommending leading companies in the white and black goods categories due to their low valuations, high dividends, and stable growth potential [5][11]. Core Insights - The home appliance sector underperformed compared to the Shanghai and Shenzhen 300 Index, with a decline of 2.4% in the home appliance index while the broader index rose by 1.1% [5][6]. - Production data for major home appliances in February 2026 shows significant year-on-year declines: air conditioners down 31.6%, refrigerators down 17%, and washing machines down 3.2% [11][12]. - The report highlights the resilience of leading companies in the face of international trade fluctuations and emphasizes the growth potential in emerging markets [5][11]. Summary by Sections Industry Performance - The home appliance sector index decreased by 2.4%, while the Shanghai and Shenzhen 300 Index increased by 1.1% [5][6]. - Key companies such as Opple Lighting, Boss Electric, and Midea Group showed gains, while companies like Ecovacs and Lek Electric faced significant declines [5][8]. Production Data - February 2026 production figures indicate a total of 11.49 million air conditioners produced, a 31.6% decrease from the previous year; 6 million refrigerators, down 17%; and 6.3 million washing machines, down 3.2% [11][12]. Company Developments - Minexplosion Optoelectronics announced plans to acquire a 49% stake in Xiamen Maida and a cash purchase of 51% stake in Xiamen Precision, with a total cash consideration not exceeding 250 million yuan [12]. Market Trends - The report notes a year-on-year increase in sales of cleaning appliances, with robotic vacuum sales up 29.11% in December 2025, although sales revenue decreased by 2.14% [35][40]. - Personal care products showed mixed results, with hairdryer sales down 26.36% but electric shaver sales revenue up by 1.78% [42][45]. Investment Opportunities - The report identifies three main investment themes: 1. Leading white and black goods companies with low valuations and high dividends [5]. 2. Core component manufacturers expanding into new technology sectors [5]. 3. Companies like Ecovacs and Roborock benefiting from strong demand for cleaning appliances [5][11]. Economic Environment - As of January 30, 2026, the USD to RMB exchange rate has decreased by 0.87% since the beginning of the year [50][51]. - Retail sales in December 2025 showed a slight increase of 0.86% year-on-year, while disposable income for urban residents rose by 4.27% [52][53]. Regulatory Developments - Shenzhen's three-year action plan aims to enhance the consumption environment, promoting smart home products and digital consumption [73][75]. - The plan encourages the integration of artificial intelligence in home appliances and aims to boost home renovation and smart home adoption [75][76].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the dual focus of consumer behavior on "rational health" and "emotional satisfaction" in the food and beverage sector, indicating a shift towards higher demands for nutritional value and product traceability while also catering to emotional needs through enjoyable and affordable snacks [40][54] - The rise of "active health" consumption among the elderly demographic is driving growth in categories such as smart monitoring devices and high-purity nutritional products, with brands like 诺特兰德 and 鱼跃 leading the way [46] - The integration of AI and innovative product forms is creating significant brand differentiation in the 3C digital sector, with companies like Apple and Huawei establishing strong market positions through advanced technology [19][21] Summary by Sections Annual Data Overview - The report provides a comprehensive overview of consumer trends across 12 key industries, including 3C digital, food and fresh produce, home appliances, and more [11][10] Key Industry Observations - **Food and Fresh Produce**: The sector is characterized by a focus on essential goods like grains and fresh foods, with brands like 伊利 and 蒙牛 emphasizing transparency and nutritional value [15][40] - **3C Digital**: Brands are leveraging AI and innovative designs to create competitive advantages, with Apple and Huawei leading the brand rankings [19][21] - **Home Appliances**: The industry is moving towards smart home solutions, with brands like 海尔 and 美的 focusing on health and technology integration [28][29] - **Sports and Outdoor**: Domestic brands like 安踏 and 李宁 are capitalizing on the outdoor trend, merging functionality with aesthetic appeal [22][24] - **Beauty and Personal Care**: The sector is shifting towards efficacy-driven products, with brands like 雅诗兰黛 and 珀莱雅 focusing on scientific formulations [31][33] - **Pet Products**: The market is evolving towards premium offerings, with brands like 麦富迪 and 蓝氏 focusing on high-quality ingredients and innovative products [25][26] - **Automotive**: The industry is experiencing a transition towards electric and smart vehicles, with brands like 比亚迪 and 丰田 leading the charge [37][39] - **Healthcare**: The focus is on proactive health solutions for the elderly, with brands like 诺特兰德 and 鱼跃 providing comprehensive health management products [46][48] Annual Hot Categories - The report identifies key hot categories for the year, including grains and seasonings, mobile communications, and home appliances, with respective heat index scores indicating consumer interest [17][15] Brand Rankings - The report lists top brands across various categories, highlighting their annual heat index scores, which reflect consumer engagement and popularity [18][21][24][33][35][39][41][48] Consumer Trends - The report outlines emerging consumer trends such as the "atmosphere economy," where consumers seek to create immersive experiences through their purchases, and the shift towards outdoor lifestyles as a form of identity expression [68][71]

珠海格力电器股份有限公司，成立于1989年，位于珠海市，是一家以从事电气机械和器材制造业为主的 企业。企业注册资本601573.0878万人民币。通过天眼查大数据分析，珠海格力电器股份有限公司共对 外投资了98家企业，参与招投标项目5000次，财产线索方面有商标信息5000条，专利信息5000条，此外 企业还拥有行政许可908个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，珠海格力节能环保制冷技术研究中心有限公司、珠海格力电器股份有限公司 取得一项名为"泵体组件、压缩机及空调器"的专利，授权公告号CN118793621B，申请日期为2024年8 月。 天眼查资料显示，珠海格力节能环保制冷技术研究中心有限公司，成立于2009年，位于珠海市，是一家 以从事计算机、通信和其他电子设备制造业为主的企业。企业注册资本11604万人民币。通过天眼查大 数据分析，珠海格力节能环保制冷技术研究中心有限公司参与招投标项目11次，专利信息5000条，此外 企业还拥有行政许可10个。 ...

Core Viewpoint - Gree Electric Appliances has successfully established a highly automated and intelligent manufacturing facility, recognized as a "leading-level smart factory" for 2025, showcasing significant advancements in production efficiency and quality control through the integration of AI and automation technologies [2][10]. Group 1: Intelligent Manufacturing Achievements - The Gree Jinwan Intelligent Manufacturing Factory features a production line where automation has reduced the workforce from over 70 to approximately 20, achieving a 200% increase in production efficiency and 100% digital coverage [3][5]. - The factory employs an "Industrial Brain" that captures real-time data on production progress, order status, and equipment performance, allowing for autonomous optimization of production schedules and resource allocation [3][7]. - Gree has developed over 30 patented technologies, including automatic assembly, welding, fastening, and adhesive application techniques, contributing to a self-research equipment rate exceeding 80% [5][10]. Group 2: Quality Control Innovations - Gree's automated inspection system includes 26 testing stations that assess noise, vibration, and operational performance, achieving a detection accuracy of 99.99% through AI and high-precision sensors [4][9]. - Each air conditioning unit produced is assigned a unique "ID," allowing for real-time data collection and process optimization throughout the manufacturing cycle [4][10]. Group 3: Collaborative Manufacturing Model - The "Collaborative House" model integrates various stages of the supply chain, enabling real-time visibility for over 20,000 suppliers and facilitating efficient production based on market demand [8][11]. - This model aims to break down information silos within the industry, creating an ecosystem that enhances collaboration between demand and supply sides, thereby improving responsiveness to market changes [8][11]. Group 4: Future Development and Expansion - Gree plans to replicate the successful intelligent manufacturing system from the Jinwan factory across 13 new or upgraded air conditioning manufacturing bases [10][11]. - The company is positioned to provide smart factory solutions to various industries, including automotive and renewable energy, leveraging its modular and lightweight solutions to assist small and medium enterprises in their transformation [10][11].