Group 1 - The small home appliance sector experienced a decline of 0.29% on January 22, with Stone Technology leading the drop [1][3] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Major stocks in the small home appliance sector showed mixed performance, with notable gainers including Fuhua Co. (+2.37%) and Lek Electric (+2.35%) [1] Group 2 - The small home appliance sector saw a net outflow of 129 million yuan from institutional investors, while retail investors had a net inflow of 65.86 million yuan [3][4] - The top stock by net inflow from retail investors was Delmar, with a net inflow of 294.08 million yuan, indicating strong retail interest [4] - The overall trading volume in the small home appliance sector was significant, with Fuhua Co. and Lek Electric leading in transaction amounts [1][3]

Market Performance - The small home appliance sector increased by 0.5% compared to the previous trading day, with Lek Electric leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Lek Electric (603355) closed at 36.60, up 4.30%, with a trading volume of 52,700 shares and a transaction value of 190 million [1] - Other notable performers include: - Fuhua Co. (603219) at 18.15, up 2.60% [1] - Hongzhi Technology (920926) at 17.98, up 1.87% [1] - Liren Technology (001259) at 32.41, up 1.34% [1] - Xiaoneng Electric (002959) at 45.18, up 1.21% [1] - Ecovacs (603486) at 83.39, up 1.01% [1] Capital Flow Analysis - The small home appliance sector experienced a net outflow of 29.33 million from institutional investors and 43.37 million from retail investors, while retail investors saw a net inflow of 72.71 million [2] - Notable capital flows for specific stocks include: - Stone Technology (688169) had a net inflow of 24.03 million from institutional investors [3] - Lek Electric (603355) saw a net inflow of 19.94 million from institutional investors [3] - Fuhua Co. (603219) had a net inflow of 11.04 million from institutional investors [3]

Market Overview - The small home appliance sector experienced a decline of 0.94% on January 20, with Lek Electric leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Beiyikang (Code: 6610Z6) with a closing price of 46.45, up 4.74% and a trading volume of 34,000 shares, totaling 154 million yuan [1] - ST Dehao (Code: 002005) closed at 3.13, up 3.64% with a trading volume of 303,400 shares, totaling approximately 93.59 million yuan [1] - Major decliners included: - Lek Electric (Code: 603355) closed at 35.09, down 2.91% with a trading volume of 52,800 shares, totaling 186 million yuan [2] - Stone Technology (Code: 688169) closed at 152.33, down 2.60% with a trading volume of 52,700 shares, totaling 812 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 140 million yuan from institutional investors, while retail investors experienced a net inflow of 56.31 million yuan [2] - Key stocks in terms of capital flow included: - Aikan Health (Code: 300272) with a net inflow of 17.69 million yuan from institutional investors, but a net outflow of 34.55 million yuan from retail investors [3] - Biyi Co. (Code: 603215) had a net inflow of 14.55 million yuan from institutional investors, with a net outflow of 29.66 million yuan from retail investors [3]

Core Viewpoint - The company, Supor, has announced that its wholly-owned subsidiary, Shaoxing Supor Household Appliances Co., Ltd., and Zhejiang Futenbao Home Products Co., Ltd. have received the "High-tech Enterprise Certificate" from relevant authorities, which will allow them to enjoy preferential tax policies for three years [1][2]. Group 1 - The "High-tech Enterprise Certificate" is valid for three years [1]. - The subsidiaries will benefit from a corporate income tax rate of 15% from January 1, 2025, to December 31, 2027, under the relevant tax regulations for high-tech enterprises [1].

格隆汇1月19日丨苏泊尔(002032.SZ)公布，全资子公司浙江绍兴苏泊尔生活电器有限公司（简称"绍兴 苏泊尔公司"）和浙江福腾宝家居用品有限公司（简称"浙江福腾宝公司"）近日收到浙江省经济和信息 化厅、浙江省财政厅、国家税务总局浙江省税务局批准核发的《高新技术企业证书》。 ...

Core Viewpoint - Supor's subsidiaries have been recognized as high-tech enterprises, allowing them to benefit from preferential tax policies for the next three years [1] Group 1: Company Recognition - Supor's wholly-owned subsidiary, Zhejiang Shaoxing Supor Household Appliances Co., Ltd., and Zhejiang Futengbao Home Products Co., Ltd. have received the "High-tech Enterprise Certificate" from relevant authorities [1] - The validity of the "High-tech Enterprise Certificate" is three years, from January 1, 2025, to December 31, 2027 [1] Group 2: Tax Benefits - Following the re-certification as high-tech enterprises, the companies will enjoy a corporate income tax rate of 15% for three consecutive years [1] - This tax rate is in accordance with the Corporate Income Tax Law of the People's Republic of China and related tax regulations for high-tech enterprises [1]

浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）全资子公司浙江绍兴 苏泊尔生活电器有限公司（以下简称"绍兴苏泊尔公司"）和浙江福腾宝家居用品有限公司（以下简 称"浙江福腾宝公司"）近日收到浙江省经济和信息化厅、浙江省财政厅、国家税务总局浙江省税务 局批准核发的《高新技术企业证书》，具体情况如下： | 序号 | 证书名称 | 有效期 | 发证时间 | 证书编号 | 企业名称 | | --- | --- | --- | --- | --- | --- | | 1 | 高新技术 | 三年 | 2025年12月19日 | GR202533007026 | 浙江绍兴苏泊尔生活电器有限 | | | 企业证书 | | | | 公司 | | 2 | 高新技术 企业证书 | 三年 | 2025年12月19日 | GR202533004282 | 浙江福腾宝家居用品有限公司 | 浙江苏泊尔股份有限公司 证券代码：002032 证券简称：苏泊尔 公告编号：2026-001 浙江苏泊尔股份有限公司 关于全资子公司获得高新技术企业证书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 ...

Core Insights - As of January 15, a total of 123 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stocks with the longest streak of net buying are Funiu Co., Ltd. and Fenglong Co., Ltd., both having received net purchases for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Jingwei Hengrun-W, Changshu Automotive Trim, Anhui Heli, Shanghai Airport, Xianglu Tungsten, Supor, Yong'an Forestry, and Suning Universal [1]

Market Overview - The small home appliance sector experienced a decline of 1.25% on January 15, with Beiyikang leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - The following stocks in the small home appliance sector showed notable performance: - ST Dehao (002005) closed at 2.94, up 1.73% with a trading volume of 192,900 shares and a turnover of 57.32 million yuan [1] - Lek Electric (603355) closed at 35.44, up 1.06% with a trading volume of 52,200 shares and a turnover of 184 million yuan [1] - Beiyikang (6610Z6) closed at 45.55, down 6.49% with a trading volume of 42,000 shares and a turnover of 198 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 202 million yuan from institutional investors, while retail investors had a net inflow of 201 million yuan [2] - The following stocks had significant capital flow: - Supor (002032) had a net outflow of 9.75 million yuan from institutional investors [3] - Rainbow Group (003023) had a net inflow of 6.16 million yuan from institutional investors [3] - Li Ren Technology (001259) experienced a net outflow of 2.42 million yuan from institutional investors [3]

Investment Rating - The report maintains a "Recommend" rating for the home appliance industry [1] Core Insights - The industry is at a turning point, with expectations for improved performance in 2026 as domestic demand stabilizes and export orders recover [35] - The report highlights the resilience of leading companies in the white goods sector, with a focus on their ability to navigate through challenging market conditions [7][10] - The overall market dynamics indicate a potential for growth in emerging markets, alongside innovation and product expansion in domestic markets [35] Summary by Sections 1. White Goods - External sales are recovering steadily, while internal sales are expected to remain stable in Q4 2025. Leading companies are well-positioned to benefit from favorable demand and cost environments [7][10] - Q4 2025 internal sales for air conditioners, refrigerators, and washing machines are projected to decline by 31%, 11%, and 6% respectively, due to high base effects from the previous year [10] - External sales for refrigerators and washing machines are expected to show modest growth, with a 3% increase for refrigerators and a 9% increase for washing machines [10] 2. Black Goods - The report indicates that the color TV market is under pressure, with internal sales declining significantly due to high base effects from previous subsidies [15] - External sales remain relatively stable, with a slight decline of 2% expected in Q4 2025 [15][16] - Leading brands are expected to improve their profitability through product innovation and market share gains [15] 3. Cleaning Appliances - External sales continue to grow, while internal sales face challenges due to high base effects from previous subsidies [19] - The report notes a decline in retail sales for floor cleaning machines and washing machines, with internal sales dropping by 25% and 8% respectively [20] - The external market shows strong growth, particularly in Europe and Asia-Pacific, although competition remains intense [21] 4. Small Appliances - Domestic prices are rising, but external demand remains weak, with overall growth in retail sales expected to be between 0-10% [30] - The report highlights structural improvements in pricing and product upgrades, which may support profit margins in the domestic market [30] - External sales are under pressure due to overall weak demand in international markets [30] 5. Post-Cycle - The report indicates a downturn in demand for major kitchen appliances, with significant declines in retail sales across various categories [33] - The real estate market remains sluggish, impacting demand for kitchen appliances, and the report anticipates continued pressure on sales [33] - The upcoming subsidy policies are expected to have limited coverage, which may further affect market dynamics [33] 6. Industry Views and Investment Recommendations - The report suggests that the home appliance sector is poised for recovery in 2026, with expectations for improved fundamentals and potential surprises in export performance [35] - Recommended stocks include leading white goods manufacturers such as Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances, as well as TV manufacturers like Hisense Visual and TCL Electronics [35]