2026（第二届）起点锂电圆柱电池技术论坛暨圆柱电池20强排行榜发布会 活动主题： 全极耳技术跃升 大圆柱市场领航 活动时间： 2026年4月10日 活动地址： 深圳宝安维纳斯皇家酒店三楼维纳斯厅（深圳国际会展中心京基百纳店） 主办单位： 起点锂电、起点研究院SPIR 第一批赞助及演讲单位： 多氟多新能源/天鹏电源/鹏辉能源/楚能新能源/川源科技/鹏锦智能/大族锂电/亿鑫丰/蓝京新能源/力华电源/创明新能源/小鲁锂电/利维能/联动天翼/保力新/嘉智信诺/孚悦 科技/华普森/高视科技/有研新能源/中比新能源等 倒计时12天 2025年全球户用储能市场呈现出头部集中、中国主导、区域分化的核心特征： 全球出货量Top20企业中，中国厂商占据18席，凭借全产业链 成本与技术优势实现对海外市场的全面渗透； 行业CR5（前五企业）合计市场份额达45.9%，CR10合计市占率超71.8%，马太效应持续加 剧，头部企业的渠道、技术与品牌壁垒进一步加深。 据起点研究院（SPIR）《2026全球户用储能行业研究白皮书》披露，2025年全球户用储能市场延续高景气增长态势， 全年系统出货规模达 40GWh，同比增长43.88%。 随 ...

美国提出15点结束冲突方案，拟停火1个月 当地时间3月24日，央视记者获悉，美国政府通过巴基斯坦向伊朗提出一份包含15项条件的结束冲突方案，涵盖核计划、导弹能力及地区问题。 据称，美方主要要求包括：伊朗解除现有核能力、承诺不发展核武器等。同时，美方还要求伊朗停止支持地区盟友武装，禁止对其提供资金、指挥及武器支 持，并限制弹道导弹的规模与射程，仅用于防御用途，同时确保霍尔木兹海峡保持开放。作为交换条件，伊朗可能获得全面解除国际制裁、美国支持其发展 民用核项目，以及取消"快速恢复制裁"机制。 据了解，美方正考虑推动为期一个月的停火，以便就上述条款展开进一步谈判。该方案由包括贾里德·库什纳和史蒂夫·威特科夫在内的特朗普顾问推动。 （央视新闻） 张雪峰因心源性猝死抢救无效去世 美方正考虑推动为期一个月的停火， 提出15点结束冲突方案。 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 美团客服回应"App自动删除用户照片" 3月24日消息，有部分安卓用户近日反映，在使用美团App期间收到图片和视频被异常删除的提示。对此，美团官方客服回应称："该问题主要是安卓系统在 极少数 ...

重视红利与全球化 家用电器 证券研究报告 行业专题报告 / 2026.03.23 投资评级:看好(维持) 最近 12 月市场表现 -13% -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 联系人 汤昕 tangxin@ctsec.com 2025 年年报&1Q2026 业绩前瞻 核心观点 | 表 1：重点公司投资评级 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 公司 | 总市值（亿 | 收盘价 | | EPS（元） | | | PE | | 投资评级 | | | | 元） | （03.23） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 000333 | 美的集团 | 5,574.03 | 73.37 ...

安克创新 20260320 对 UV 打印机市场空间的评估主要基于两种假设和测算方法。 第一种方法是基 于渗透率趋势进行测算。核心假设是 UV 打印机的渗透率提升趋势将与激光雕 割机相似。这一假设的依据是两者与下游市场产品的价格倍数关系具有相似性： 当前 UV 打印机的均价约为激光雕刻机的 1.5 倍，而激光雕刻机的均价也约为 3D 打印机的 1.5 倍。基于激光雕刻机历年的存量和增量渗透率数据，可以推算 出 UV 打印机在 2026 年至 2029 年间，年出货量有望达到十几万台的水平， 到 2029 年或可增至约四十万台。 第二种方法是基于高端客群存量进行分析。 UV 打印机短期内主要面向中高端客群。通过分析现有市场，激光雕刻机市场 中售价 1,000 美元以上的高端产品占比约为 20%，对应约 20 多万台的年销量； 3D 打印机市场中 1,000 美元以上产品的占比约 10%，对应数十万台的规模。 这部分已存在的中高端用户群体是 UV 打印机短期内最容易转化的目标客户。 综合来看，可以判断在未来 1 到 2 年内，UV 打印机行业实现 20 万台的年出货 量是大概率事件。 长期市场空间则取决于 UV ...

Summary of Anker Innovations Conference Call Company Overview - **Company**: Anker Innovations - **Market Capitalization**: 52 billion CNY Key Points Revenue Growth Projections - Expected revenue growth rate for Q4 2025 is projected to slow to 15%, with a potential recovery to over 20% in Q1 2026 [2][3] - Full-year net profit for 2026 is anticipated to be between 3 billion to 3.3 billion CNY [2] Factors Affecting Revenue Growth - The slowdown in growth for the second half of 2025 is primarily due to: - Fluctuations in subsidies for the energy storage business in Germany and increased competition [2] - Quality issues with new robotic vacuum models leading to negative reviews and a drop in sales growth to single digits [2][4] - A recall of power banks has caused shortages of core models, but a switch to ATL battery cells is expected to restore growth to over 20% by Q2 2026 [2][4] Financial Performance and Valuation - Current valuation corresponds to a PE ratio of only 16-17 times for 2026, indicating it is at a historical low [2][5] - The market has already priced in concerns regarding currency fluctuations and rising raw material costs [5][6] - For 2025, net profit is expected to be around 2.6 billion CNY, with a year-on-year growth of approximately 20% [7] Business Diversification - Revenue structure is diversified: - Charging products account for over 50% (including 15% from energy storage) - Smart innovation products make up 25% - Audio products account for over 20% [2][12] - Anker has established itself as a leader in the U.S. security market [2] Market Presence and Channel Strategy - Over 96% of revenue comes from overseas markets, with the U.S. contributing about 45%, Europe around 26-27%, and Japan approximately 13-14% [10] - Online sales account for about 65% of total revenue, with over 50% from Amazon and more than 10% from the company's independent site [11] - The company has a strong offline presence, with 35% of revenue from offline channels, demonstrating significant brand recognition and channel capabilities [11] Product Line Performance - The charging category is the largest, contributing over 50% of total revenue, with a growth rate of approximately 30% in 2025 [12] - The smart innovation category is expected to grow between 25-30%, while the audio category is projected to grow around 20% [12] - Anker's market position includes being a leader in the 3C digital charging sector in the U.S. with over 20% market share on Amazon [12] Recovery and Future Outlook - Factors negatively impacting performance in the second half of 2025 are showing signs of recovery, with expectations for clearer resolutions by Q2 and Q3 of 2026 [5] - The company’s ability to maintain or slightly increase profits in 2026 will support its current market valuation [6] Conclusion Anker Innovations is navigating through challenges in its energy storage and robotic vacuum segments while maintaining a diversified revenue stream and strong market presence. The company's valuation appears attractive given the current market conditions, and recovery in key business areas is anticipated in the near future.

商贸零售行业 行业研究 | 动态跟踪 欧洲储能需求上行，消费级储能同样受益 核心观点 投资建议与投资标的 投资建议：我们认为全球消费级储能同样契合能源安全基础设施的逻辑，多家跨境电商 及贸易企业积极布局该赛道，强化研发创新及渠道建设，看好头部公司产品放量。 相关标的 ： 安 克 创 新(300866，未评级)、华宝新能(301327，未评级)、绿联科技 (301606，未评级)、苏美达(600710，未评级) 风险提示： 行业竞争加剧、储能需求增长不及预期。 国家/地区 中国 行业 商贸零售行业 报告发布日期 2026 年 03 月 19 日 看好（维持） | CES 百花齐放，AI 智能眼镜方兴未艾 | 2026-01-15 | | --- | --- | | AI 应用繁花似锦，电商产业链先行受益 | 2026-01-12 | | 国补落地，看好智能眼镜及商超百货 | 2026-01-04 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 欧洲储能需求上行，政策端协同共振。1)受地缘冲突影响，全球能源供应与 ...

风险提示： 行业竞争加剧、储能需求增长不及预期。 国家/地区 中国 行业 商贸零售行业 报告发布日期 2026 年 03 月 19 日 看好（维持） 陈笑 执业证书编号：S0860525100005 chenxiao2@orientsec.com.cn 021-63326320 商贸零售行业 行业研究 | 动态跟踪 欧洲储能需求上行，消费级储能同样受益 核心观点 投资建议与投资标的 投资建议：我们认为全球消费级储能同样契合能源安全基础设施的逻辑，多家跨境电商 及贸易企业积极布局该赛道，强化研发创新及渠道建设，看好头部公司产品放量。 相关标的 ： 安 克 创 新(300866，未评级)、华宝新能(301327，未评级)、绿联科技 (301606，未评级)、苏美达(600710，未评级) | CES 百花齐放，AI 智能眼镜方兴未艾 | 2026-01-15 | | --- | --- | | AI 应用繁花似锦，电商产业链先行受益 | 2026-01-12 | | 国补落地，看好智能眼镜及商超百货 | 2026-01-04 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的 ...

Core Insights - The report highlights a significant recovery in the Chinese economy, with key indicators such as industrial output and retail sales showing better-than-expected performance in early 2026, particularly in the food and beverage sector [44][45][29] - The Hong Kong Stock Exchange is undergoing major reforms to enhance its listing mechanisms, aiming to attract more high-quality innovative companies and improve market competitiveness [14][15][52] - The pharmaceutical industry is expected to see a cyclical recovery in raw material prices, driven by rising upstream costs and improved demand in the antibiotic sector [24][27] Group 1: Economic Indicators - In January-February 2026, the industrial output increased by 6.3% year-on-year, exceeding expectations of 5.2% [44] - The retail sales of consumer goods rose by 2.8% year-on-year, with significant growth in categories such as grain, oil, and alcoholic beverages, particularly benefiting from the Chinese New Year [30][29] - The food and beverage sector is experiencing a structural recovery, with high-end liquor demand remaining resilient and expected to stabilize in the first quarter of 2026 [46][48] Group 2: Hong Kong Stock Exchange Reforms - The Hong Kong Stock Exchange has proposed significant changes to its listing rules, including lowering the thresholds for companies with dual-class shares and easing requirements for overseas issuers seeking secondary listings [14][16] - The reforms aim to enhance the attractiveness of the Hong Kong market, particularly for innovative enterprises and to facilitate the return of Chinese companies listed abroad [15][52] - The proposed changes are expected to increase market liquidity and expand the range of available investment opportunities [53] Group 3: Pharmaceutical Industry Trends - The Chinese chemical raw material pharmaceutical industry is anticipated to experience a price rebound in 2026, following a prolonged period of price declines due to oversupply and weak demand [24][27] - The report notes that the prices of key antibiotics are beginning to stabilize, with specific products like 6-APA and penicillin showing signs of recovery [24] - The vitamin industry is also expected to enter a price increase cycle due to geopolitical tensions affecting supply chains and raw material costs [26]

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].

轻工制造行业深度报告 从欧美线下零售调改，看出海第二成长曲线 glmszqdatemark 本轮中国企业出海正经历深刻变革。国内制造业已完成 OEM 至 ODM 转型，并 逐步主导本轮消费品；与此同时，海外仓配体系迅速拓展与智能化升级，有效解 决了基础设施搭建问题，而工程师红利也加强了企业基于市场需求打造热销产品 的能力；日趋成熟的跨境电商生态使产品迭代更快更准，同时帮助国内企业触达 并理解终端消费者需求。三大变化叠加，为国内企业海外品牌化奠定坚实基础。 多因素共振，海外线下零售商正处于转型期。美国终端需求始终保持良好态势， 然线下渠道结构却发生较大变化。我们将美国渠道分为"边缘渠道"和"灯塔渠 道"两部分：一方面，中美贸易摩擦背景下边缘渠道（即中小渠道）式微，后排 零售商持续关店，边缘渠道通过 OBM 转 DDP 模式将风险转移至供应链上游， 同时利用店中店等方式低风险、轻资产引入新品类，以提升店效；另一方面，传 统选品模式下，以 Walmart、Best Buy 为代表的大型零售商主要依赖买手在展 会、供应商样品等线下渠道。而近年来，随着这些"灯塔渠道"加速布局自有线 上平台，选品路径上开始更多地通过亚马 ...