根据工信部发布的数据，中国智能家电市场规模从2016年的2000亿元增长至2022年的5000亿元，六年时 间规模翻了一番。在扫地机器人、智能厨电和洗碗机三个市场，中国的市场渗透率较美国仍有提升空 间，因而也蕴含了巨大的蓝海机会。 中国消费市场在全球举足轻重 智通财经APP获悉，中原证券发布研报称，基于产业演进阶段和企业竞争禀赋，从以下三个维度提出家 电行业投资策略：一、股息友好策略;二、高成长策略;三、出海策略。目前，白电个股普遍有着低估 值、高股息的特征，兼具安全边际和股息价值。该行推荐海尔智家(600690.SH)、美的集团(000333.SZ) 和格力电器(000651.SZ)作为高股息、低估值的配置组合。考虑到高端厨电和扫地机器人细分市场的发 展前景，以及相关上市公司的技术领先和估值情况，该行推荐扫地机器人上市公司石头科技 (688169.SH)，以及高端厨电代表公司老板电器(002508.SZ)。此外，推荐海尔智家、石头科技、科沃斯 (603486.SH)作为"出海"资产的优质配置。 中原证券主要观点如下： 根据对Statista和IDC数据的交叉测算，该行认为2025年全球智能家电的市场规模约为 ...

欧洲能源涨价驱动储能需求上升—— 12W2026 周报 家用电器 投资评级:看好(维持) 最近 12 月市场表现 -12% -6% 1% 8% 15% 22% 家用电器 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《重视红利与全球化》 2026-03-24 2. 《AWE2026：AI 应用深化，家电产品结 构升级——11W2026 周报》 2026-03- 15 3. 《一文读懂卧安机器人：10W2026 周报》 2026-03-09 证券研究报告 行业投资策略周报 / 2026.03.25 核心观点 核心观点 请阅读最后一页的重要声明！ ❖ 周度研究聚焦：欧洲能源涨价驱动储能需求上升 ❖ 需求端：电价压力重现，家用储能经济性提升。受中东局势影响，欧洲天然气 价格大幅上涨，荷兰 TTF 期货自 2 月底以来上涨近 75%，推升发电成本。 电力市场边际定价机制下，终端电价中枢上移，同时峰谷价差显著扩大，以西 班牙为例，峰谷价差扩大约 2 ...

家电 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 从规模到价值：智能家电行业的竞争与增长 ——家电行业深度分析 证券研究报告-行业深度分析 同步大市(首次) 资料来源：中原证券研究所，聚源 -12% -7% -2% 3% 7% 12% 17% 22% 2025.03 2025.07 2025.11 2026.03 家电 沪深300 相关报告 联系人：李智 投资要点： 风险提示：宏观与政策风险；产业竞争风险；企业经营风险和市场估值风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共22页 发布日期：2026 年 03 月 25 日 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 根据对 Statista 和 IDC 数据的交叉测算，我们认为 2025 年全球智能家电的市 场规模约为 1475 亿美元。2016 至 2026 十年间，全球智能家电的市场规模保持 了 22%的年均复合增速；随着 ...

证券代码：002508 证券简称：老板电器 公告编号：2026-004 杭州老板电器股份有限公司 关于使用部分自有闲置资金进行投资理财的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 杭州老板电器股份有限公司（以下简称"公司"）分别于 2025 年 4 月 28 日、2025 年 5 月 19 日召开第六届董事会第十三次会议及第六届监事会第十二次 会议和 2024 年年度股东大会审议通过了《关于使用自有闲置资金进行投资理财 的议案》。授权公司管理层具体实施投资理财，授权期限自 2024 年年度股东大 会通过之日起至 2025 年年度股东大会召开之日止。 具体内容详见 2025 年 4 月 29 日、2025 年 5 月 20 日刊登于《证券时报》、 《 中 国 证 券 报 》 、 《 证 券 日 报 》 、 《 上 海 证 券 报 》 及 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上的《第六届董事会第十三次会议决议公告》（公 告编号 2025-003）、《第六届监事会第十二次会议决议公告》（公告编号 2025-004） 和《 ...

Core Viewpoint - Artificial intelligence (AI) is increasingly becoming integrated into daily life, moving beyond mere tools to more practical applications, yet there remains a gap in its widespread usability in everyday activities [1][2][3] Group 1: AI Hardware Evolution - Over the past decade, AI capabilities have undergone significant transformations, evolving from functional attachments on devices to software applications, and now towards becoming persistent intelligent agents [7][9] - Wearable devices, particularly smart glasses, are seen as key carriers for this evolution due to their ability to provide continuous first-person perspective information [10][11] - The global smart glasses market is experiencing rapid growth, with shipments expected to increase by approximately 110% year-on-year in the first half of 2025, and AI smart glasses accounting for 78% of this market [12] Group 2: Kitchen as a Smart Scene - The kitchen, while appearing simple, is a highly complex environment that requires continuous perception and judgment, making it an ideal space for AI integration [15][18] - The role of kitchen appliances is shifting from mere tools to comprehensive solutions that can participate in the cooking process, driven by advancements in technology [21][22] - AI cooking glasses are envisioned as assistants that enhance the cooking experience without replacing the cook, providing real-time feedback and guidance [23] Group 3: AI Cooking Technology Loop - To effectively involve AI in cooking, a complete system is necessary, comprising three stages: perception, decision-making, and execution [25] - The AI glasses utilize a first-person camera to gather real-time data, identifying ingredients and cooking states, which informs the decision-making process through a specialized cooking model [26][27] - This system creates a closed-loop where visual perception leads to model-driven decisions, which are then executed by interconnected kitchen devices [28][30] Group 4: AI's Role in Everyday Cooking - Many home cooks face challenges primarily due to a lack of experience, with over 60% indicating that cooking difficulty stems from this issue [33] - The AI glasses provide timely prompts during critical cooking moments, enhancing the user's ability to manage the cooking process effectively [34] - This integration of AI into the kitchen transforms it into a space where technology and daily life intersect, enhancing the cooking experience [35] Group 5: Redefining AI Innovation Pathways - The focus of AI discussions has shifted from model scale and computational power to how technology can be effectively integrated into real-life scenarios [36] - Companies like Boss Electric are opting to embed AI into familiar environments, such as the kitchen, rather than pursuing broad narratives around general models [37][39] - This approach signifies a shift where technology becomes part of the everyday experience, enhancing moments in daily life rather than remaining abstract concepts [39]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [2][48]. Core Insights - The AWE2026 exhibition highlighted the significant trends of "embodiment + AI" in home appliances, showcasing advancements in executing household tasks and enhancing user experience [7][48]. - The integration of AI is expected to make home appliances smarter and more humanized, with products featuring advanced perception and decision-making capabilities [26][48]. - New product categories such as consumer-grade 3D printing and smart mobility are emerging, indicating further growth potential for the industry [32][48]. Summary by Sections AWE2026 Showcases "Embodiment + AI" Trends - The AWE2026 event, held from March 12-15, 2026, in Shanghai, attracted over 1,200 exhibitors and 200,000 visitors, focusing on AI technology and smart living scenarios [7][48]. - The exhibition featured a dual-zone model, emphasizing both consumer electronics and upstream core components [7]. Embodiment Enhances Appliance Execution - Home appliances are increasingly capable of executing household tasks effectively, with companies like Haier and Hisense showcasing robots designed for various domestic scenarios [9][48]. - Haier's family service robots demonstrate advanced capabilities, such as recognizing and sorting food items, while Hisense introduced humanoid robots for commercial and domestic use [9][48]. AI Enhances Intelligence and Humanization - AI models are being integrated into home appliances to improve their decision-making and service capabilities, with products like Haier's AI Eye 2.0 and Boss Appliances' AI cooking glasses leading the way [26][48]. - The report anticipates that as AI capabilities evolve, appliances will become more intuitive and user-friendly [26][48]. Emerging Product Categories Worth Noting - The report highlights the growth of consumer-grade 3D printing, with companies like Anker and JD.com launching innovative products aimed at expanding the market [32][48]. - In smart mobility, new products such as electric scooters and water flying vehicles were introduced, showcasing advancements in personal transportation [37][48]. Investment Recommendations - The report recommends investing in leading companies with competitive advantages, including Midea Group, Haier Smart Home, Hisense, and Gree Electric for white goods; Hisense Visual for TVs; and Roborock and Ecovacs for cleaning appliances [48].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][70]. Core Views - The home appliance retail demand in China has shown signs of recovery in January and February, with a notable improvement in both domestic and export sales [2][18]. - The export value of home appliances in China increased by 9% year-on-year in the first two months, indicating a significant recovery in the export market [3][38]. - The U.S. home appliance retail sales continued to grow slightly in January, reflecting a steady recovery in consumer demand [4][44]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances in the white goods sector; Hisense Visual and TCL Electronics in the black goods sector; and Roborock and Bear Electric in the small appliances sector [5][14][16]. 2. Market Performance and Trends - The home appliance sector achieved a relative return of +0.34% this week, outperforming the broader market [4][47]. - The retail sales of major home appliances showed a narrowing decline, with specific categories like air conditioners and refrigerators experiencing improved performance [2][19]. 3. Export Performance - In the first two months, the export volume of home appliances grew by 16%, with the export value reaching 119.2 billion yuan, reflecting a robust recovery [3][38]. - The average export price decreased by 4.4% to 21.1 USD per unit, indicating competitive pricing in the international market [3][38]. 4. U.S. Market Insights - U.S. retail sales for electronics and home appliances increased by 1.6% year-on-year in January, continuing a steady growth trend since the second half of 2025 [4][44]. - Inventory levels in U.S. home appliance stores have been recovering, which supports the demand for Chinese exports [4][44]. 5. Key Data Tracking - The report tracks raw material prices, noting increases in copper and aluminum prices, which may impact production costs [4][51][56]. - The shipping index for major routes has shown slight fluctuations, indicating ongoing adjustments in logistics costs [4][60].

Core Viewpoint - The article discusses the emergence of OpenClaw, an open-source AI framework that has sparked a widespread interest in AI-driven cooking solutions, highlighting a shift from conversational AI to practical, task-executing AI agents that can assist users in real-world scenarios [4][5]. Group 1: AI in Cooking - OpenClaw represents a paradigm shift in AI, moving from chat-based interactions to executing practical tasks, addressing the limitations of traditional AI that only engages in conversation [5]. - The article emphasizes the challenges AI faces in physical environments, particularly in complex settings like kitchens, where traditional AI struggles to provide meaningful assistance [7][9]. - The evolution of AI in kitchen appliances has been marked by initial stages of basic functionality, followed by passive assistance, leading to a need for a comprehensive solution that integrates perception, decision-making, and action [8][11]. Group 2: Overcoming Physical Barriers - To create value in cooking, AI must bridge the "physical gap," transitioning from cloud-based computation to real-world execution, necessitating a complete solution that encompasses the entire cooking process [11][12]. - The article outlines a vision for an "invisible chef" that combines AI cooking glasses for perception, a central AI model for decision-making, and smart kitchen appliances for execution, creating a seamless integration of hardware and software [13][18]. - AI cooking glasses are designed to capture real-time data, enabling the AI to understand the kitchen environment and provide tailored cooking instructions to users [15][16]. Group 3: Industry Insights - The article highlights the importance of traditional manufacturing companies adapting to AI advancements by leveraging their deep industry knowledge and data, rather than merely following tech trends [22][24]. - It points out that successful entities in the manufacturing sector focus on enhancing their unique value propositions through AI, rather than competing directly with tech giants on model parameters [24][25]. - The narrative emphasizes that the ultimate goal of AI in cooking is not to replace human involvement but to enhance the cooking experience, allowing users to enjoy the creative aspects of cooking without the burdens of tedious tasks [27].

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector and the home appliance industry [6] Core Insights - The 2026 AWE showcased a shift in the home appliance industry towards AI integration and ecosystem building, indicating significant investment opportunities and potential for valuation reassessment in the tech consumer sector [1][5] - The report emphasizes that AI has transitioned from an optional feature to a critical component in product innovation, with robots moving from demonstration to practical household applications [2][3] Summary by Sections Trend 1: From "Tools" to "Partners" - Home appliances, particularly cleaning devices, are evolving to possess cognitive capabilities, sensory perception, and mechanical functions, enabling them to perform complex household tasks [2] - The next decade is projected to be a golden era for the commercialization of robots in home settings [2] Trend 2: AI Empowerment Revitalizing Traditional Appliances - Traditional appliances are shifting from passive to proactive roles, utilizing AI to understand and serve user needs [3] - Innovations include gesture-controlled TVs and AI-enhanced cooking glasses, indicating a rapid iteration of smart hardware [3] Trend 3: Moving from "Product Display" to "Ecosystem Building" - Future competition in the home appliance industry will focus on strategic vision and ecosystem integration rather than just product specifications [4] - Companies are embedding AI capabilities into various household scenarios, enhancing user experience and operational efficiency [4] Investment Opportunities - The report highlights the potential for growth in the tech consumer sector driven by AI and product innovation, recommending several companies for investment, including TCL Electronics, Ecovacs, and Midea Group [5][8] - Companies with strong ecosystem advantages are expected to capture market share, while undervalued tech consumer firms may experience valuation reassessment [5]

Core Insights - The 2026 AWE showcased a significant shift towards robotics and AI in the home appliance sector, with major brands like Haier, Midea, and TCL prominently featuring these technologies [2][4][10] - A new standard for smart home interoperability was introduced, aiming to unify communication between devices from different brands, addressing a major pain point in the industry [3][14][15] Group 1: Robotics and AI Innovations - The AWE featured over 60 robot models from various companies, indicating a growing trend of traditional appliance manufacturers entering the robotics space [2][5] - Notable products included the "Eight Realms" robot from Ecovacs, which integrates AI capabilities for task planning, and Haier's "Havva" series of household service robots [4][5] - AI is being integrated into traditional appliances, such as TCL's flagship TV that uses AI for automatic picture adjustments and air conditioners that monitor sleep patterns [10][12] Group 2: Industry Standards and Interoperability - The GIIC alliance announced the OneConnect standard, which aims to facilitate device interoperability across different brands, addressing the current lack of cross-brand communication [14][15] - The standard includes specifications for device access, control interfaces, and safety requirements, covering nearly 200 product categories [16][15] - The push for these standards is driven by both government initiatives and the recognition among companies that collaboration is essential for industry growth [18][19] Group 3: Market Trends and Future Directions - The home appliance industry is at a transformative point, with AI becoming a core driver of innovation, as highlighted by industry leaders during the AWE [19] - The focus is shifting from merely adding smart features to creating products that address consumer pain points and enhance value [10][19] - The establishment of the OneConnect standard is expected to lead to a more cohesive smart home ecosystem, enhancing user experience and driving market growth [17][18]