证券日报网讯2月26日，华帝股份（002035）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司合并普通账户和融资融券信用账户为37350户。 ...

厨电行业已经步入发展的"深水区"。这一阶段内，企业要想顺利渡河，首先要苦修内功，打造出更高 效、更有力的创新引擎。 能在爆点缺乏的行业背景下取得如此不俗的成绩，侧面证明了华帝高端化战略已取得了阶段性成果，其 所倡导的"净洁厨房"体系在消费市场的影响力正在快速提升。 忠于用户，赢得用户 过去一年里，"厨电三杰"之一的华帝在创新引领上表现尤为突出。近期奥维云网（AVC）公布了2025年 厨电市场的监测结果，数据显示，华帝在多个细分赛道上摘得魁首：超薄低吸款式油烟机线上渠道累计 销量第一，销售额第一；含蒸汽清洗和高温溶解功能的自清洁油烟机，全渠道累计销售额排名第一；风 量≥30m³/min+的大风量油烟机线下渠道累计销售量第一；聚能燃气灶全渠道零售额第一；不锈钢燃气 热水器零售量第一．．．．．． 此次获得的各项认证，数据监测范围覆盖京东、天猫、苏宁等主流线上平台，以及家电KA卖场、区域 连锁、百货超市等12000+线下门店，统计范围涵盖中国内地全域，确保结果客观权威。 "用户至上"是华帝走过三十余年发展历程，做大做强的关键推动力。如今年轻消费者对厨房的诉求不再 局限于"能炒菜就行"，他们希望厨房承载丰盈的情感，疗愈 ...

2026 年 02 月 13 日 叶传动/分别 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 25H2 厨电换新高基数压力 26 年补贴聚焦核心品类 -2025 年 12 月厨电品类零售数据点评 本期投资后了 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 24 年以旧换新激活家电消费市场。2024 年"以旧换新"政策落地后，家电品类补贴范 ○ 围扩容，拉动需求成效显著：除了 09 年已经涉及的彩电、冰箱、洗衣机、空调、电脑 5 个补贴品类外,新增热水器、家用灶具、吸油烟机 3 个品类,共计补贴 8 大品类。根 据奥维云网推总数据，2024 年油烟机实现零售额 362 亿元，同比增长 14.9%，燃气灶 实现零售额 204 亿元，同比增长 15.7%，电热实现零售额 236 亿元，同比增长 1.3%， 燃热实现零售额 296 亿元，同比增长 8.8%。 25Q ...

行 业 及 产 业 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 家用电器 2026 年 02 月 13 日 25H2 厨电换新高基数压力渐显， 26 年补贴聚焦核心品类 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 - ⚫ 24 年以旧换新激活家电消费市场。2024 年"以旧换新"政策落地后，家电品类补贴范 围扩容，拉动需求成效显著：除了 09 年已经涉及的彩电、冰箱、洗衣机、空调、电脑 5 个补贴品类外，新增热水器、家用灶具、吸油烟机 3 个品类，共计补贴 8 大品类。根 据奥维云网推总数据，2024 年油烟机实现零售额 362 亿元，同比增长 14.9%，燃气灶 实现零售额 204 亿元，同比增长 15.7%，电热实现零售额 236 亿元，同比增长 1. ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

Group 1 - The core viewpoint of the article highlights that Vatti Corporation (002035.SZ) has a presence in the European Union for its overseas business, although the revenue contribution from this region is relatively small [2] - The sales strategy in the EU is based on a direct sales model, indicating a focused approach to market penetration [2]

Core Viewpoint - The kitchen appliance industry is at a critical transformation point, with declining sales projected for key products by 2025, prompting companies to seek new strategies for growth and customer engagement [1][10][11]. Group 1: Industry Challenges - Sales for range hoods, cooktops, and integrated stoves are expected to decline by 17.8%, 23%, and 48.6% respectively during the 2025 "Double 11" shopping festival, indicating a weak market performance [1][10]. - The 2026 national subsidy list will exclude core kitchen appliance categories, adding further pressure on industry development [1][10]. Group 2: Company Initiatives - Vatti, a leading brand in high-end kitchen appliances, has launched a "Terminal Upgrade Renewal Plan" aimed at enhancing service quality and customer experience, addressing consumer demands for efficient service [1][11]. - The plan focuses on creating a comprehensive service system characterized by "efficiency, quality, and warmth," aiming to provide a complete experience from purchase to usage [1][11]. Group 3: Service Experience Enhancements - Vatti's service upgrade includes faster response times, with a standard of 1.5 hours for initial responses, and aims for installation within 48 hours and repairs within 72 hours [2][12]. - The company has implemented a digital approach to service, allowing for online appointment scheduling, real-time tracking of service progress, and enhanced transparency throughout the service process [2][15]. Group 4: Digital Transformation - Vatti's long-term strategy emphasizes digitalization as a core component, transforming service from a supporting element to a key growth driver [4][15]. - The introduction of the "Experience Home" service monitoring system allows for continuous collection of user feedback, driving service improvements based on customer needs [15]. Group 5: Strategic Impact - The synergy between product renewal and service enhancement is expected to create a complete high-quality experience for users, moving beyond traditional cost-focused service strategies [9][19]. - Vatti's approach positions excellent service as a vital investment in brand growth, rather than merely an expense, reshaping industry perceptions of service value [19].

Core Insights - The kitchen appliance industry in China is entering a new phase focused on quality, intelligence, and technology amidst the backdrop of manufacturing transformation and upgrading [1] Group 1: Company Overview - Vatti, a leading high-end kitchen appliance brand in China, has been rooted in the entrepreneurial spirit of Guangdong, emphasizing user-centric values and a "clean kitchen" system [2][11] - Since its establishment in 1992, Vatti has continuously driven product value enhancement through a "user-first" philosophy, creating a "three good" product standard: good usability, good aesthetics, and good cleanliness [2][11] Group 2: Innovation and Technology - Vatti has invested over 1 billion yuan in building a digital and intelligent kitchen appliance industrial park, showcasing its commitment to innovation and long-term strategy [2][11] - The company has integrated "torch quality" into its product development and manufacturing processes, stemming from its role as the manufacturer of the Beijing Olympics "Yun" torch [5][14] Group 3: Product Development - Vatti's GW6i beauty bath water heater, launched last year, promotes skin care through water, marking a significant advancement in the water heater industry [5][15] - The company has achieved over 99.9% cleaning coverage with its "dual square full-domain wash" technology in dishwashers, earning multiple industry accolades [6][15] Group 4: Entrepreneurial Spirit - The dialogue between Yu Minhong and Vatti's Chairman Pan Yejiang highlighted the importance of a pragmatic and focused entrepreneurial spirit in Guangdong, which has allowed local brands to thrive [3][12] - Vatti's resilience over 30 years is attributed to its commitment to product quality and continuous innovation, which is essential in today's competitive market [3][12][17]

Group 1 - The central economic work conference has emphasized the strategy of "domestic demand as the mainstay, building a strong domestic market," providing strong policy support for the home appliance industry [1][8] - The kitchen appliance industry is transitioning from a phase of scale expansion to quality competition, focusing on discovering new growth points in a saturated market through model innovation and service upgrades [1][8] - Vatti, a leading brand in high-end kitchen appliances in China, is closely aligning with the "two new" policies and the trend of upgrading consumption in housing, launching a terminal product renewal plan centered on "product + service" dual upgrades [1][8] Group 2 - Vatti has accumulated 4,690 national-level patents, including 835 invention patents and 543 "good cleaning" patents, positioning itself at the forefront of the industry in terms of technological reserves [3][10] - The company aims to enhance the product structure at the national terminal level, ensuring that new products are available immediately upon launch, allowing consumers to experience the latest technology and products in real-time [3][10] Group 3 - Vatti's new products have gained market attention due to the company's strong technological foundation, with several star products standing out due to their innovative advantages [4][13] - Key features of the new products include advanced technologies such as the fourth-generation surfing steam washing, real-time PM2.5 detection, and multi-stage fire control, certified as "internationally leading" by the China Light Industry Federation [4][13] - The "Giant Wash" dishwasher B6S has achieved over 99.9% cleaning coverage and received the industry's first "一级洗净覆盖率" certification, showcasing Vatti's commitment to high-quality kitchen appliances [4][13] Group 4 - The service aspect is a crucial part of the terminal renewal plan, with the company focusing on providing exceptional service as a form of sales strength [7][15] - Vatti plans to implement digital upgrades, including AI integration and service mini-programs, to ensure rapid response times and enhance user experience with a standard of "1.5 hours response, 48 hours precise installation, and 72 hours repair completion" [7][15] - The company's localized innovations aim to meet diverse consumer demands for high-quality kitchen appliances while balancing traditional cooking with health and cleanliness needs [7][15]

Core Insights - The core viewpoint of the article is that the kitchen appliance industry is facing significant challenges in the post-subsidy era, and companies must find sustainable growth paths to navigate through cycles. Vatti, a leading high-end kitchen appliance brand in China, has announced a major update called the "Terminal Renewal Plan" to address these challenges and enhance profitability [1][7]. Group 1: Industry Challenges and Strategic Responses - The kitchen appliance industry is experiencing difficulties after moving away from real estate benefits, with blind expansion and price competition becoming unsustainable. Companies need to open up sustainable growth paths to survive [1][9]. - The "Terminal Renewal Plan" by Vatti focuses on meeting core consumer demands for high-end products, aiming to enhance growth resilience and optimize profitability [1][7]. - The 2025 Central Economic Work Conference encourages companies to launch high-end, intelligent, and green products to meet quality consumption demands, indicating a shift in industry focus [9]. Group 2: Product and Service Innovations - Vatti's renewal plan includes introducing new and high-end products across authorized sales outlets, significantly increasing the proportion of these products in stores [2][9]. - The service renewal aspect aims to enhance user experience through digital technology and innovative service models, transitioning from passive to proactive service [3][10]. - Vatti has set clear service benchmarks, such as "installation within 48 hours" and "repair completion within 72 hours," to address service efficiency, especially in second and third-tier cities [4][11]. Group 3: Long-term Vision and Market Impact - The renewal plan is expected to shift the industry from a "price war" to a "value war," redefining service value and transforming after-sales service into a brand investment [6][13]. - This systematic supply-side reform is anticipated to create a more sustainable growth model, positively impacting product pricing and terminal health, thereby opening new profit sources [6][13]. - Vatti's approach reflects a long-term commitment to overcoming cyclical fluctuations and fierce competition, enhancing the stability and predictability of its profitability [6][13].