| 证券代码：300866 | 证券简称：安克创新 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：123257 | 债券简称：安克转债 | | 安克创新科技股份有限公司 关于债券持有人可转换公司债券持有比例变动达 10%的公告 2026 年 1 月 29 日至 2026 年 2 月 11 日期间，控股股东、实际控制人阳萌先 生及其一致行动人贺丽女士通过深圳证券交易所以大宗交易方式累计减持其所 持有的"安克转债"1,110,000 张，占公司可转债发行总量的 10.05%。具体内容 详见公司于 2026 年 2 月 12 日在巨潮资讯网披露的《关于债券持有人可转换公司 债券持有比例变动达 10%的公告》（公告编号：2026-005）。 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、误导性陈述或重大遗漏。 一、可转换公司债券基本情况及配售情况 经中国证券监督管理委员会《关于同意安克创新科技股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2025〕166 号）同意，安克 创新科技股份有限公司（以下简称"公司"）向不特定对象发 ...

证券研究报告 2026年3月12日 行业：商贸零售 增持（维持） 新消费三大引擎，AI+消费、情绪经济、 新质零售 ——2026年新消费行业年度策略 分析师：杜洋SAC编号：S0870523090002 主要观点：AI+消费、情绪经济、新质零售，共同启动新消费引擎 2）情绪经济：经济人口结构变化催生情绪消费，形成4.5万亿元新蓝海。我们认为，随着人均GDP、可支配收入、Z世代人口占比提升，年轻群体 从"功能满足"向"情绪共鸣"变迁；根据央视财经，我国情绪消费市场规模快速攀升，从2022年1.63万亿元，升至2025年将达2.72万亿元， 2029年将突破4.5万亿元。情感消费场景快速拓展，已形成潮玩、购物、文旅、宠物、科技、餐饮等众多赛道。例如黄金珠宝IP联名、二次元和潮 玩受到年轻人追捧。淘宝天猫数据显示，25年"双11"以来，以二次元IP为代表的情绪类消费热度显著攀升，情感链接正在重塑消费选择逻辑。 3）新质零售：从传统零售到新质零售，体验升级与价值重塑引领零售变革。我们认为，传统新零售主要聚焦渠道端（包括线下、电商等），而新 质零售包括质价比消费、即时零售等，更多从消费体验和消费分级来提供供给端优化后的 ...

深耕全球市场，浅海差异化战略打开成长空间 安克创新(300866) 证券研究报告 消费电子 / 公司深度研究报告 / 2026.03.10 | 投资评级:买入(上调) | | | --- | --- | | 基本数据 | 2026-03-10 | | 收盘价(元) | 94.86 | | 流通股本(亿股) | 3.07 | | 每股净资产(元) | 18.44 | | 总股本(亿股) | 5.36 | 最近 12 月市场表现 -28% -14% 1% 16% 30% 45% 安克创新 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 联系人 汤昕 tangxin@ctsec.com 相关报告 1. 《新品创新驱动，业绩增速超预期 》 2025-04-30 2. 《业绩高增超预期，研发加码助增长》 2025-04-30 3. 《新品发力持续，业绩高增超预期 》 2024-11-01 核心观点 | 盈利预测 | | | | | | | --- | --- | - ...

多氟多/鹏辉/楚能/蓝京/创明/小鲁/利维能/联动天翼/大族锂电/嘉智信诺/亿鑫丰/孚悦科技/华普森等邀您共聚2026起点锂电圆柱电池技术论坛！ 性能表现上，这款充电宝拥有10000mAh实用电池容量，既能满足日常手机、平板等移动设备的充电需求，又能通过"全周期"智能安全管理系 统，实时监测每一次充电全过程，用户可通过设备自带的LCD彩色显示屏，清晰查看剩余电量、可用时长、充电状态及自充时长，同时支持实 时查看电池健康度，实现充电安全可视化。 此外，产品还支持无线7.5W磁吸充电与有线27W快充，搭配20W自充功能，兼顾充电效率与便捷性，全方位适配不同用户的充电场景需求。 在起点锂电看来，这款新品的上市，背后是安克创新对供应链体系的全面优化与升级。 据了解，2025年6月，安克创新因部分充电宝产品存在电池过热引发的火灾、燃烧风险，遭遇安全风险召回事件，事后安克创新迅速响应，第 一时间终止与涉事电芯供应商的全部合作。 同年6月18日，安克创新与知名消费电池企业ATL正式签署战略合作协议，明确将ATL作为充电宝核心电芯供应商，并 从ATL锁定采购首批 4500万片高能量密度锂离子电芯 ，全方位提升产品安全性能与品 ...

证券研究报告·行业点评报告 2026 年 3 月 11 日 江海证券研究发展部 执业证书编号：S1410525110001 1. 江海证券-行业点评报告-消费电子行 业：近期各类音频产品不断推出，关注相 关产业链公司 – 2026.03.02 TMT 行业研究组 分析师：刘瑜 近期各类充电宝产品不断推出，关注相 关产业链公司 事件： 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 消费电子行业 行业评级：增持（维持） 安克首款智能盾磁吸充电宝预售。2026 年 3 月 5 日，安克首款"智能盾"磁吸 充电宝现已在电商平台上架，支持智能屏显及磁吸充电，已经开始预约，限时 首发价 349 元。 绿联推出 MagFlow 二合一 Magsafe 充电宝。2026 年 1 月 17 日，绿联现已在 海外市场推出 MagFlow 二合一 Magsafe 充电宝，支持 Qi2 无线充电，售价 140 元。 注：2026 ...

证券研究报告 短看政策刺激地产周期，长看生意模型修复估值 许可，任何对此资料的使用严格禁止 ——西部消费品牌出海专题一（美国篇） 为什么我们研究对美出口？ l中长期来看： l1）从生意模式来看：相较中国，在众多细分行业，美国市场容量大、价格高、生意模式稳定持续，值得给高估值，比如宠物（养宠体积更大）、 饮料（重糖、重咖啡因）、家居如沙发卫浴（更新类高频消费）、工具类（DIY需求每年迭代）、娱乐性（摩托车、潮玩、极限运动消费氛围更浓）。 这使得出海不仅贡献了公司业绩，随着出海占比加大，也应当给与高估值。 l2）美国AI引领，民众对于产品升级、智能化等方向更加open、亚马逊等线上的开放度让好产品有快速成长的可能性。近年来不少创新推动的国潮 在美取得了突破性成就，并对其全球化产生了较大推动作用。 l3）海外渠道、品牌竞争格局更加稳定，价格战相对较少。多为很多公司的利润池市场。 西部证券研发中心 2026年03月11日 分析师 | 于佳琦 S0800525040008 邮箱地址 yujiaqi@xbmAIl.com.cn 联系人 | 唐楚彦 邮箱地址 tangchuyan@xbmAIl.com.cn l以上，对美出 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The OpenClaw phenomenon is gaining traction, and the penetration rate of AI NAS is expected to accelerate [4][8] - OpenClaw has surpassed 270,000 stars on GitHub, marking a significant milestone in AI application evolution from "scene-level projects" to "system-level agent platforms" [4][8] - NAS is positioned as a solution to OpenClaw's pain points, acting as a "vault" for data loss and an "isolation zone" for privacy breaches [4][17] Summary by Sections Investment Highlights - OpenClaw's rapid growth indicates a shift in AI applications, with NAS expected to address installation difficulties and data security concerns [4][17] - NAS's snapshot feature allows for quick recovery of deleted files, enhancing data security [5][17] - The deployment of OpenClaw on NAS can create a network island, limiting hacker access and protecting sensitive data [5][17] Market Performance - The NAS market is projected to grow significantly, with a CAGR of 38.0% from 2024 to 2029, driven by increasing consumer demand for localized AI applications [17][19] - Ugreen Technology, as a leading consumer NAS provider, is expected to benefit from the demand for AI agents and has gained a first-mover advantage [22][31] Investment Recommendations - The report suggests a "barbell strategy" focusing on dividend stocks and new overseas products, with three main investment lines: 1. Companies with improving operational cycles: XGIMI Technology, Boss Electric [32] 2. Companies redefining products for overseas markets: XGIMI Technology, Ninebot, Roborock, Ecovacs, and Yingshi Innovation [32] 3. Quality dividend stocks with low valuations: Midea Group, Haier Smart Home, and Hisense Home Appliances [32] Key Data Tracking - As of March 6, 2026, the RMB has appreciated by 203 basis points against the USD, which may support the valuation recovery of export-oriented companies [45] - The LME copper spot price was $12,808 per ton, down 4.7% week-on-week, indicating a downward trend [45]

Investment Rating - The report assigns an "Overweight" rating for the industry [4]. Core Insights - The report continues to recommend investment in the travel and tourism sector, specifically hotels and scenic spots, highlighting companies such as Huazhu Group, ShouLai Hotel, and JinJiang Hotels [4]. - Individual stock opportunities include ZhuMian Group, Jiangsu Guotai, SuMeiDa, Action Education, GuoQuan, HaiDiLao, and GuMing [4]. - The report notes adjustments in US-China tariffs and suggests focusing on cross-border expansion, recommending companies like Anker Innovation, KangNaiTe Optical, and GreenLink Technology [4]. - The retail sector saw a decline, with the trade retail sector down 3.61% and consumer services down 7.95% last week, ranking 22nd and 24th out of 30 industries respectively [4]. - Key stock performers included SuMeiDa (+14.33%), QinShang Shares (+12.58%), and Action Education (+10.30%) [4]. Industry Updates - In the social service industry, MiXue Ice City is testing fresh coffee products, and Ctrip will launch a pricing assistant feature to enhance merchant pricing autonomy starting March 10 [4]. - The China Securities Regulatory Commission (CSRC) plans to support innovative enterprises in new consumption and modern services to list on the Growth Enterprise Market [2][4]. - In the retail sector, Taobao has initiated a "Billion Spring Subsidy" campaign, while JD.com anticipates reduced investment in food delivery for 2026 compared to 2025 [4]. - In 2025, Henan province's cross-border e-commerce exports reached $3.359 billion, a 23.7% year-on-year increase [4]. Company Announcements - Lao Feng Xiang reported a net profit of 1.75496 billion yuan for 2025, a decrease of 9.99% year-on-year [4]. - Guangzhou Restaurant achieved a net profit of 487.98 million yuan for 2025, down 1.19% year-on-year [4]. - JD.com reported a net profit of 19.6 billion yuan for 2025, a decline of 52.66% year-on-year [4].

Macro and Strategy - The 2026 government work report emphasizes the priority of "high-quality development" over "stability" with a GDP growth target adjusted to 4.5%-5.0%, aiming to balance growth and quality during a transitional period [7][8] - Fiscal policy remains "more proactive," with a total broad deficit of 11.89 trillion yuan and a deficit rate of approximately 8.1%, reflecting a slight decrease from the previous year [8] - Monetary policy is expected to remain "moderately loose," with anticipated adjustments including one rate cut and one reserve requirement ratio reduction in 2026 [8] Petrochemical Industry - The petrochemical industry investment strategy for March 2026 recommends focusing on rising crude oil and natural gas prices driven by geopolitical factors, particularly following military actions in the Middle East that disrupted energy supplies [9][10] - The conflict has led to significant price increases in European natural gas, with prices surging over 50% due to supply disruptions from Iran and Qatar [9] - The supply side is experiencing a downturn in fixed asset investment, indicating the end of the expansion cycle, while policies are aimed at eliminating low-priced, disordered competition [10] - Demand is expected to recover moderately due to global central banks entering a rate-cutting cycle, alongside growth in new energy and AI sectors driving demand for key chemicals [11] - The report forecasts Brent crude oil prices stabilizing between $70-$75 per barrel and WTI prices between $65-$70 per barrel in 2026, with specific investment recommendations for companies like China National Offshore Oil Corporation and China Petroleum [12] Retail Industry - The retail investment strategy for March 2026 highlights the proactive positioning of leading beauty brands for the upcoming International Women's Day promotions, with expectations for improved performance due to new product launches [17] - Gold prices have seen significant fluctuations, with a year-to-date increase of 22.34%, impacting consumer sentiment and sales in the jewelry sector [18] - The report maintains an "outperform" rating for the retail sector, suggesting that leading companies in gold and beauty will continue to grow despite short-term market volatility [19] Ctrip Group - Ctrip's Q4 2025 revenue grew by 20.8% year-on-year, outperforming expectations, with a total revenue of 15.4 billion yuan [20][21] - The company is focusing on enhancing user experience and optimizing traffic monetization, with significant growth in overseas bookings through its Trip.com platform [21] - Regulatory scrutiny regarding antitrust issues is a key concern, but the company's strong operational capabilities and supply chain integration are expected to support steady growth [22][23]

Investment Rating - The report maintains an "Outperform" rating for the sector [3][44]. Core Insights - The beauty and personal care sector is expected to see growth driven by new product launches and promotional activities during the March 8th sales period, which is anticipated to provide positive data performance compared to the previous year's low base [1][12]. - The gold jewelry sector is experiencing significant price fluctuations, with COMEX gold prices increasing by 22.34% from the beginning of the year to March 2. Despite short-term impacts on consumer sentiment, the long-term growth logic for leading brands remains intact [2][15]. - The report highlights that the overall retail sector is expected to rebound due to policy support and the potential for increased consumer spending as the market stabilizes [3][20]. Summary by Sections Beauty and Personal Care - The March 8th promotional period is crucial for sales, with brands expected to leverage platform support and new product launches to drive growth [12][13]. - Major domestic brands are actively launching new products, enhancing brand loyalty and attracting new customers [13][16]. Gold Jewelry - The sector is influenced by gold price volatility, but leading companies are expected to maintain stable growth due to strong brand positioning and innovative product offerings [2][19]. - Companies with a high proportion of investment gold business are projected to achieve significant revenue growth, with estimates of net profit for 2025 ranging from 1.06 to 1.23 billion [18]. Market Trends - The retail sector's total sales in December 2025 showed a year-on-year growth of 0.9%, with online retail sales growing by 8.6% [20][24]. - The beauty and personal care segment outperformed the overall market, with a notable increase in online sales contributing to a positive outlook for the sector [29][37]. Investment Recommendations - The report recommends several companies across different segments, including: - Gold Jewelry: Cai Bai Co., Luk Fook Holdings, Lao Pu Gold, Chow Tai Fook, and Chao Hong Ji [3][44]. - Beauty and Personal Care: Proya, Betaini, Shangmei, Ruoyu Chen, and Dengkang Oral Care [3][44]. - Cross-border E-commerce: Anker Innovations, Small Commodity City, and Focus Technology [3][45]. - Offline Retail: Hangzhou Jie Bai, Jia Jia Yue, Chongqing Department Store, and Yonghui Supermarket [3][45].