Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Insights - The report highlights that the nominal appreciation of the RMB is expected to have limited impact on export recovery and external sales profitability, as leading brands have strong pricing power, overseas production capacity, and effective foreign exchange hedging [8][11] - The report emphasizes that the home appliance sector is likely to benefit from increased foreign capital inflow due to RMB appreciation, with the sector's valuation and holdings at historical lows, indicating significant upside potential [7][8] Summary by Sections 1. Industry: Nominal Appreciation and Dollar Price Elasticity - Since Q2 2025, the RMB has appreciated approximately 5% due to the easing of trade tensions and economic recovery expectations, with the CFETS index remaining close to its 3-5 year average [11][12] - The report discusses the impact of exchange rates on export volume and pricing, noting that during appreciation phases, exporters may adjust dollar prices or lower RMB prices to mitigate the effects of appreciation [12][22] 2. Financial Statements: External Sales Profitability and Hedging - External sales gross margins have been under pressure, with historical data showing that external sales margins are generally weaker than domestic sales margins [4][6] - The report indicates that major companies have high foreign exchange hedging ratios, which effectively mitigate the impact of exchange rate fluctuations on their financials [4][6] 3. Capital: High Foreign Ownership Proportion - The report notes a strong correlation between RMB appreciation and net inflows of foreign capital, with the home appliance sector consistently attracting significant foreign investment [7][8] - The sector's Northbound trading and public fund holdings are at historical lows, suggesting ample room for upward movement [7] 4. Industry Perspective and Investment Recommendations - The report suggests that under the expectation of moderate appreciation, the competitive edge of leading companies backed by domestic supply chain advantages and proactive overseas capacity expansion will remain intact [8] - Recommended stocks include high-quality white goods leaders such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and global leaders in robotic vacuum cleaners like Roborock and Ecovacs [8]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603366 | 日出东方 | 1305.03万 | 5.72% | -55.09万 | -0.24% | -1249.94万 | -5.48% | | 002508 | 老板电器 | 803.68万 | 2.87% | 722.84万 | 2.58% | -1526.52万 | -5.45% | | 002035 | 华帝股份 | 426.47万 | 5.97% | -945.97万 | -13.24% | 519.50万 | 7.27% | | 002543 万和电气 | | 36.35万 | 0.60% | 113.04万 | 1.85% | -149.39万 | -2.45% | | 603551 奧普科技 | | -23.36万 | -0.68% | -264.71万 | -7.75% | 288.07万 | 8.43% | | 605336 帅丰电器 | ...

证券之星消息，2月3日厨卫电器板块较上一交易日上涨1.86%，浙江美大领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。厨卫电器板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002677 | 浙] 美大 | 9.49 | 6.51% | 25.05万 | 2.36 Z | | 002508 | 老板电器 | 20.72 | 2.07% | 10.91万 | 2.24亿 | | 300911 | 亿田智能 | 34.11 | 1.73% | 2.05万 | 6949.83万 | | 605336 | 帅幸电器 | 15.03 | 1.42% | - 3.27万 | 4902.54万 | | 002543 | 万和电气 | 9.16 | 1.33% | 8.34万 | 7627.36万 | | 603366 | 日出东方 | 69.6 | 1.25% | 18.79万 | 1.81亿 | | 603551 | 奧普科技 | ...

1月12日晚间，"厨电第一股"老板电器（002508）公告称，公司近日与优特智厨国际控股有限公司（下 称"优特智厨"）、优特智厨实控人JIN XIAO以及境内运营主体珠海优特智厨科技有限公司（下称"珠海 优特智厨"）签署《投资合作意向书》。 根据意向书，老板电器拟以现金形式向优特智厨增资人民币1亿元。作为一家专注于商用智能炒菜机器 人解决方案的高新技术企业，珠海优特智厨成立于2018年，参与了国家标准《商用智能炒菜机》的起草 工作，主要为餐饮行业提供自动化解决方案，产品主要面向餐饮连锁、学校食堂、中央厨房等B端场 景。 两大"拳头产品"营收下滑，老板电器押注智能厨电。 对于本次投资，老板电器表示，公司与优特智厨智能厨电技术、产品研发、 供应链及市场渠道等方面 具备广泛的战略协同空间，"旨在建立深度战略合作关系，携手深耕智能炒菜机器人细分市场"。 1月13日，老板电器报收19.78元/股，最新市值近187亿元。 回溯公司近年发展，老板电器当前正处于转型的关键时刻。复盘其发展历程可见，早年间老板电器业绩 出现跨越式增长与地产行业的发展密切关联。据老板电器2019年披露的《中国房地产精装修厨电行业白 皮书》，公司当 ...

从资金流向上来看，当日厨卫电器板块主力资金净流出3067.38万元，游资资金净流出180.51万元，散户 资金净流入3247.89万元。厨卫电器板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002508 老板电器 | | 1957.17万 | 4.06% | -331.94万 | -0.69% | -1625.23万 | -3.37% | | 300911 | | 632.40万 | 7.30% | 182.59万 | 2.11% | -814.99万 | -9.41% | | 002035 华帝股份 | | 344.64万 | 4.23% | -441.69万 | -5.43% | 97.05万 | 1.19% | | 002677 浙江美大 | | 300.03万 | 3.36% | 625.95万 | 7.01% | -925.98万 | -10.37% | | 603551 奥普 ...

1月29日，老板电器涨5.03%，截至发稿，报21.10元/股，成交2.14亿元，换手率1.11%，总市值199.38亿 元。 资料显示，杭州老板电器股份有限公司位于浙江省杭州市余杭区余杭经济开发区临平大道592号，成立 日期2000年11月7日，上市日期2010年11月23日，公司主营业务涉及厨房电器产品的研发、生产和销售, 主要产品包括吸油烟机、燃气灶、消毒柜,以及食品加工机等配套厨房小家电产品。主营业务收入构成 为：吸油烟机47.86%，燃气灶25.10%，洗碗机7.33%，一体机6.51%，消毒柜2.64%，其他(补 充)2.36%，热水器2.31%，橱柜2.21%，集成灶2.18%，其他小家电0.51%，蒸箱0.37%，净水器0.31%， 烤箱0.31%。 从老板电器十大流通股东角度 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1446.9亿。今年以来收益15.26%，同类 排名552/5551；近一年收益56.56%，同类排名1089/4285；成立以来收益190.06%。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年286 ...

从资金流向上来看，当日厨卫电器板块主力资金净流出1.32亿元，游资资金净流入2327.68万元，散户资 金净流入1.08亿元。厨卫电器板块个股资金流向见下表： 证券之星消息，1月28日厨卫电器板块较上一交易日下跌1.46%，日出东方领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。厨卫电器板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002508 | 老板电器 | 20.09 | -0.10% | 6.08万 | 1.22亿 | | 002035 | 天皇胎得 | 6.21 | -0.48% | 8.40万 | 5234.90万 | | 605336 | 帅幸电器 | 15.01 | -0.99% | 9.53万 | 1.45亿 | | 603551 | 奧普科技 | 11.06 | -1.07% | - 2.98万 | 3329.08万 | | 002543 | 万和电气 | 10.10 | -1.17% | 7.9 ...

文丨大V商业 贾志飞 方太和老板电器谁是厨电第一？ 近期，未上市的方太罕见地公布了2025年销售数据，全年营收超过170亿元，同比实现微增。 2024年是方太近些年来唯一没有披露具体营收的年份（包括间接数据），2017年破百亿后，2018年到2023年收入分别为109.5亿元、109.8亿元、120亿元、 155亿元、162.43亿元和176.3亿元。 2024年方太的口径是基本保持平稳。 按照茅忠群2025年比2024年同比微增的表述，2024年为160亿+，比2024年要降低5%-10%。 相比之下，老板电器的营收比方太略低。 由于老板电器已上市，数据会更直接和清晰。 财报数据显示，2019年到2024年，老板电器营收分别为77.61亿元、81.29亿元、101.5亿元、102.7亿元、112亿元和112.1亿元。 今年前三个季度，老板电器营收为73.11亿元较去年同期下降1.14%。一般来说四季度是旺季，我们就按照老板电器四季度有所恢复来乐观估算，全年预计也 只能是达到和去年持平，大约为112亿元。 那么这就导致了，方太对老板电器的营收比例，从2019年的1.415，达到2022年的1.582，虽然有所 ...

证券之星消息，1月26日厨卫电器板块较上一交易日下跌1.42%，帅丰电器领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。厨卫电器板块个股涨跌见下表： | 代码 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | | 603366 日出东方 | 1.30 Z | 12.48% | -8591.72万 | -8.26% | -4390.85万 | -4.22% | | 002543 万和电气 | 512.62万 | 3.03% | 2242.72万 | 13.24% | -2755.34万 | -16.27% | | 603551 奥普科技 | -230.02万 | -8.83% | 192.16万 | 7.38% | 37.86万 | 1.45% | | 002677 浙江美大 | -243.46万 | -1.35% | 603.72万 | 3.34% | -360.26万 | -1.99% ...

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.