证 券 研 究 报 告 家电行业专题研究报告 推荐（维持） 从人民币升值看汇率波动的传导影响 行业研究 家电 2026 年 03 月 04 日 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：樊翼辰 邮箱：fanyichen@hcyjs.com 执业编号：S0360523080004 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,546.36 | 1.62 | | 流通市值(亿元) | 18,385.86 | 1.79 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -0.1% | 8.2% | 12.4% | | 相对表现 | 2.0% | -3.4% | -7.0% | -9% 2% 12% 22% 25/02 25/05 25/07 25/09 25/12 26/02 2025-03-02~2026-03-03 家电 沪深300 ...

Summary of Conference Call Notes Company Overview - The company discussed is Anker Innovations, focusing on its valuation and market dynamics in the energy storage sector. Key Points Industry and Market Dynamics - The energy storage demand in Europe is expected to exceed expectations due to ongoing conflicts and policy changes, indicating a potential growth year in 2026 for household energy storage [1][2] - Multiple countries in Europe and Australia have initiated subsidies for household energy storage devices, which may provide additional support from a policy perspective [3] Valuation Insights - Anker's current valuation for 2025 earnings is less than 19x, and for 2026 earnings, it is projected at 16x, which is below the historical lower limit of 16.6x [2] - The company has reached its valuation lower limit of 16-17x three times in the past five years, primarily due to tariff disturbances [1] Tariff and Regulatory Factors - Recent improvements in U.S. tariff factors have been noted, with an effective tariff rate decreasing by approximately 5 percentage points, which reduces the risk premium on valuation [2] - The tariff situation is characterized as a "slight step down in high tariff structure" and a shift in regulatory tools, which may stabilize valuation risks [2] Long-term Growth Potential - Anker's direct exports to the U.S. have significantly decreased to 45%, and with a global production layout, the impact of tariffs on valuation is expected to diminish further [2] - The company is positioned to benefit from the growth in energy storage demand as a leading player in the solar storage market, despite previous performance being affected by high industry benchmarks and competition [4] Future Outlook - The company is advised to be monitored for potential dual growth opportunities in 2026, driven by both tariff improvements and increased energy storage demand [1]

【安克创新更新】26年估值已接近历史下限分位水平，冲突+政策下欧洲储能需求有望超预期——天风家电团队 我们认为，当前短期美国关税因素已有边际改善，同时此前焦点业务中大充储能有望充分受益于欧洲储能需求 增长，当前中长期逻辑仍在，估值来到历史低位，建议关注公司在26年迎来双击的可能性！ 关税扰动是影响安克估值的重要因素，但后续基本修复。 上市以来5年的时间里，安克一共3次触达1 【安克创新更新】26年估值已接近历史下限分位水平，冲突+政策下欧洲储能需求有望超预期——天风家电团队 冲突+政策下，26有望成为家用储能需求增长大年。 当前霍尔木兹海峡封锁、全球天然气储量第三的卡塔尔能源设施遭袭，天然气价格开始暴涨，叠加AI端电力挤 压，可能复刻22年电价大幅上涨的情况。 然而，关税短期扰动并未影响公司的中长期逻辑，即全球化的强大品牌与渠道、高效的需求挖掘与品类拓展能 力，估值多在利空落地后快速修复。 当前公司25年业绩对应估值不到19x，26年业绩对应估值16x，已低于历史下限（16.6x），短期关税边际改善+焦点 业务储能需求大年， 春节期间特朗普IEEPA败诉，关税因素已经边际改善。 春节期间的关税事件本质是"高关 ...

股 票 研 究 重申黄金珠宝和旅游出行的投资机会 [Table_Industry] 社会服务业 商社行业周报（2026.2.23-2026.3.1） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 赵国振(分析师) | 021-38031044 | zhaoguozhen@gtht.com | S0880524030006 | 本报告导读： 国际局势动荡，黄金珠宝与部分大宗交易公司有望重估。继续看好旅游出行景气恢 复。 投资要点： 股票研究 /[Table_Date] 2026.03.01 风险提示：消费复苏不及预期、宏观经济波动风险、市场竞争加剧。 [Table_Report] 相关报告 社会服务业《春节消费高景气，关注性价比、情 绪价值和体验》2026.02.26 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》2026 ...

股 票 研 究 股票研究 /[Table_Date] 2026.03.01 重申黄金珠宝和旅游出行的投资机会 [Table_Industry] 社会服务业 商社行业周报（2026.2.23-2026.3.1） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 赵国振(分析师) | 021-38031044 | zhaoguozhen@gtht.com | S0880524030006 | 本报告导读： 国际局势动荡，黄金珠宝与部分大宗交易公司有望重估。继续看好旅游出行景气恢 复。 业 投资要点： 风险提示：消费复苏不及预期、宏观经济波动风险、市场竞争加剧。 [Table_Report] 相关报告 社会服务业《春节消费高景气，关注性价比、情 绪价值和体验》2026.02.26 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》20 ...

上篇提到安克创新依靠红利崛起，却在浅海战略与多品类扩张中陷入增长瓶颈：组织跟不上、创新顶不 住、新品类做不强。 当扩张之路越走越窄，安克终于清醒 ——真正决定一家出海品牌能走多远的，从来不是 SKU 数量，而 是渠道底气与品牌厚度。也正是从这一步开始，安克正式启动了关乎未来生死的系统性转型：从依赖平 台流量，转向构建真正属于自己的渠道、品牌与长期能力。 渠道去依赖化 从 "亚马逊一家独大" 到全渠道布局 在品类扩张遇阻的同时，安克也意识到了渠道依赖的风险，并开启了渠道转型。2025 年上半年，亚马 逊渠道营收占比精准降至49.97%，首次跌破 50% 大关，标志着安克正式告别 "亚马逊依赖" 时代；2025 年全年，这一占比进一步回落至约 45%，渠道多元化成效持续巩固。随着欧美线下渠道、自有独立站 高速增长，安克已形成 "亚马逊 + 线下 + 独立站" 的全渠道结构，为应对平台波动与外部风险提供了缓 冲。 安克能切入 Best Buy、Walmart、Costco 等北美主流线下渠道，在业内人士看来，核心是完成了从 "海 外供货商" 到 "本地品牌合作方" 的身份转换：先在亚马逊跑出稳定的销量、好评与退货率 ...

2026年开年，出海标杆安克创新动作频频，再度成为行业焦点。继2025年11月中旬官宣启动港股上市筹划后，2026年2月13日安克创新在投 资者互动平台披露储能业务最新布局，称公司致力于打造涵盖功率管理、智能功率分配与能效优化的全栈自研储能技术平台，多元系列产 品矩阵全面覆盖居家至户外的能源需求。 叠加此前组织优化的落地、储能业务的加速推进，这家海外营收占比超96%的中国跨境龙头，正处于战略调整的关键节点。同一时间，外部 经营环境不确定性的激增，中国跨境品牌们也经历着一场集体大考。 安克创新究竟如何起家？曾经被奉为教科书的标杆，为什么越扩张越乏力？而它今天遇到的坎，又为什么会成为所有出海品牌明天的命 运？ 安克正站在跨境品牌从红利时代走向能力时代的十字路口，其 "浅海战略" 遭遇的挑战、其品类扩张遇阻、组织能力滞后、创新陷入微改良 困境等问题的集中爆发，都让安克创新这一样本更具行业观察意义。 什么红利驱动崛起？ 效率套利与信任红利的双重加持 很多人把安克创新的成功归于 "产品厉害"，但真相或许是：它的崛起，是踩准跨境电商最大红利窗口的必然结果。 创始人阳萌曾公开回顾，2020 年提出 "浅海战略" 后，安克 ...

春节消费高景气，关注性价比、情绪价值和体验 [Table_Industry] 社会服务业 2026 年春节消费调研观察 春节线下零售和服务消费高景气，下沉市场客流更旺盛、线下消费更火热。 投资要点： [Table_Report] 相关报告 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》2026.02.09 社会服务业《乐购新春方案出台，关注春节消费 表现》2026.02.08 社会服务业《政策推动、供求双旺，景区板块迎 黄金投资期》2026.02.07 社会服务业《政策支持服务消费发展，关注春节 数据》2026.02.01 票 研 究 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer sector, particularly highlighting the potential in experience and emotional consumption, domestic travel, and AI technology products [7]. Core Insights - The report indicates a strong recovery in consumer spending during the Spring Festival, with key retail and catering enterprises showing an average daily sales increase of 8.6% compared to the same period last year [10]. - The report emphasizes the growth in experience consumption driven by travel and leisure activities, with significant increases in hotel occupancy and average daily rates during the holiday period [27]. - The report identifies structural opportunities in the market, particularly in AI technology consumption, emotional value products, and the rise of domestic brands [5]. Summary by Sections Retail Consumption - Retail sales during the Spring Festival showed a notable recovery, with a 8.6% increase in daily sales compared to the previous year, driven by improved consumer sentiment and a more active lower-tier market [10][12]. - Specific regions such as Hubei (+12%), Guangxi (+15%), and Nanjing (+17%) experienced rapid growth in consumption [2]. Domestic Travel - The report highlights a record high in cross-regional travel during the Spring Festival, with an estimated 3.1 billion daily movements, reflecting a 6.6% year-on-year increase [14]. - Key tourist destinations saw significant visitor numbers, with hotels experiencing a rise in both occupancy rates and average daily rates, indicating a robust recovery in the hospitality sector [27][19]. Experience Consumption - Experience consumption, particularly in travel and dining, has rebounded strongly, with restaurants like Haidilao reporting a 10% increase in customer flow during the holiday [33]. - Emotional consumption products, such as toys and scented items, gained popularity, with sales of pet clothing increasing by 116% during the holiday season [11]. AI Technology Consumption - The report notes a surge in sales of smart wearable devices, with a 19.7% increase in sales, and smart glasses seeing a growth of 250% [11]. - The introduction of new products under the "old for new" policy is expected to drive further growth in the AI technology sector [11]. Investment Recommendations - The report recommends several companies for investment, including Pop Mart, Haidilao, and Midea Group, focusing on emotional and experience consumption, domestic brand growth, and AI technology [5].

Investment Rating - The report assigns an "Increase" rating for the retail and wholesale trade industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by over 15% [5]. Core Insights - The U.S. Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal, leading to a proposed 5% reduction in tariffs on Chinese goods through the implementation of Section 122 of the Trade Act of 1974 [2][5]. - The Section 122 tariffs will have a broad exemption list, including critical minerals, energy products, certain agricultural products, pharmaceuticals, and vehicles, ensuring limited scope for the tariffs [4]. - The new tariffs will apply a uniform global rate of up to 15%, eliminating previous country-specific differences, thus impacting most trade partners similarly [4]. Summary by Sections Legal Context - The Supreme Court's decision on February 20, 2026, overturned the previous tariffs under IEEPA, stating that the power to impose taxes lies with Congress, not the President [5]. - The new tariffs under Section 122 are set to be temporary, with a maximum duration of 150 days unless extended by Congress [5]. Tariff Structure - The current tariff structure on Chinese goods includes four categories: 301 tariffs (7.5%-25%), 232 tariffs (25-50%), the new 122 tariffs (15%), and special taxes (e.g., fentanyl and reciprocal tariffs totaling 20%) [5]. - The ruling results in a net reduction of approximately 5% in tariffs on Chinese goods, alleviating some pressure on trade [5]. Investment Recommendations - The report recommends several companies for investment, including Anker Innovations, Ugreen Technology, Saiwei Times, Sumida, Jihong Co., and Zhiou Technology, all rated for "Increase" [5][6].