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]

行业动态报告 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 邮箱： moyh@glms.com.cn 具身化：家电执行力进一步提升。AWE2026 于 3 月 12-15 日在上海顺利举办。 本届 AWE 家电"具身化"趋势显著，众多企业针对如何更好执行家务工作展示解 决方案，家电满足用户需求的执行力进一步提升。举例来说，海尔推出三大家庭 服务机器人，其中"海娃家务机器人"展示剥香蕉皮动作，展现精细化操作能力； 海信分别面向商用服务、家庭管家、家庭陪伴三大场景发布机器人产品；科沃斯 推出家庭服务管家机器人"八界"，聚焦于全场景智能家务整理，并推出 AI 仿生 陪伴机器人"毛团儿"；追觅扫地机 X60 PRO 圆盘版以"二级摆臂"结构实现更 远、更灵活的极致外扩，并同样展示一款"四足轮式+仿人双臂"家庭管家机器人。 AI：有望让家电更智能、更人性化。若"具身化"是家电"长手"，那么 AI 大模 型则是家电"长脑"，在执行动作之前增添更多思考，从而更准确地满足用户需求。 举例来说，海尔本届 AWE 展出的产品普遍搭载感知底座"AI 之眼 2.0"，具备主 动识别、服务的能力；老板电 ...

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 ...

证券研究报告 可选消费 2026 年中国 AWE 展观察： 拥抱 AI，智享生活 华泰研究 2026 年 3 月 15 日│中国内地 动态点评 趋势一：从"工具"到"伙伴"，具身智能正重塑家电定位 以清洁电器为代表的家电，开始长出"脑子"（大模型），能理解场景与意 图；长出"感官"（视觉感知、语音交互），能感知人与环境；长出"手脚" （机械臂、仿生结构），能主动执行家庭场景中叠衣、烹饪等非结构化任务。 我们认为未来 10 年，将是机器人大规模商业化落地家庭场景的黄金时代。 石头科技旗下 G-Rover 在本次展会上首次亮相国内，产品通过搭载双机械 足实现楼梯清洁与复杂地形跨越，实现从二维地面到三维空间的清洁跨越。 科沃斯在本次展会上推出了首款搭载 OpenClaw 的家庭服务管家机器人"八 界"，不仅能识别并收纳散落杂物，还能自主完成空间分区整理与物品归位。 趋势二：AI 赋能下，传统家电焕新机，智能硬件迭代加速 随着 AI 科技进阶，传统家电的产品逻辑发生转变，从过去被动接受用户指 令，到如今开始主动观察、理解并服务用户。华为旗下 Mate TV 允许用户 通过手势将手机端内容直接投放到电视端，并通过识别家 ...

核心观点 免税：海南离岛免税数据亮眼，市场担忧有望缓解。经轧差计算 3/1-3/12 离岛免税销售额约为 15.9 亿，日均销售额 约为 1.33 亿，较 25M3 日均增长约 41.7%。2 月免税因增速不及预期回调，但 3 月淡季增长超预期。投资逻辑不改， 当前价格应更积极关注。市场担忧或将缓解，看好 Q1 销售表现。2 月免税因增速不及市场预期回调。但节后 3 月淡季 离岛免税的增长超预期，下旬博鳌亚洲论坛、DP World Tour 等活动将驱动高净值人群前往海南，看好销售高增持续。 黄金珠宝：老铺黄金发布 2025 年业绩预告，利润增速超市场预期。公司预计 2025 年收入 270-280 亿元，同比增长 217%-229%；净利润 48-49 亿元，同比增长 226%-233%；经调整净利润（剔除员工股权激励费用）达 50-51 亿元，业绩 超预期。2025 下半年公司共进行两次提价，提价接受度良好，进而带动公司毛利率逐步修复。2026 年 2 月 28 日老铺 黄金正式启动 2026 年开年首轮调价，整体涨幅在 20%-30%之间，消费者接受度有望持续好于预期。 上周(2026/03/09-20 ...

| 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 ...

Core Insights - The report identifies three main engines driving the transformation of the new consumption sector: AI + consumption, emotional economy, and new quality retail [2][3][4] AI + Consumption - AI technology is seen as a catalyst for consumption, with the potential to become a market hotspot. By the first half of 2025, the user base for generative AI products in China is expected to reach 515 million, a growth of 266 million from December 2024, with a penetration rate of 36.5% [2] - AI technologies such as large models, chips, embodied intelligence, and digital innovations are expected to comprehensively upgrade consumer goods across production, supply chain, and operational selection [2] Emotional Economy - Changes in economic demographics are giving rise to an emotional consumption market projected to reach 4.5 trillion yuan. The emotional consumption market in China is expected to grow from 1.63 trillion yuan in 2022 to 2.72 trillion yuan in 2025 and exceed 4.5 trillion yuan by 2029 [3] - Emotional consumption scenarios are rapidly expanding, with trends in collectibles, shopping, cultural tourism, pets, technology, and dining gaining traction among younger consumers [3] New Quality Retail - The shift from traditional retail to new quality retail focuses on enhancing consumer experience and value reconstruction. New quality retail includes aspects like quality-price ratio consumption and instant retail, optimizing supply-side offerings [4] - For instance, Sam's Club in China is projected to achieve sales of over 140 billion yuan by 2025, with online business accounting for about 50% of its sales [4] Investment Opportunities - Key companies to watch in the AI + consumption sector include Luxshare Precision, Goertek, DJI, and Xiaomi in various AI product categories [5] - In the emotional consumption space, companies like Laopuhuangjin and Chaohongji are highlighted, along with brands in outdoor sports and beauty sectors [5] Market Overview - The overall consumption industry in 2025 is expected to show structural changes, with a focus on upgrading consumption quality and enhancing consumer experiences [19][29] - The report emphasizes the importance of policies aimed at boosting domestic demand and consumption, which are expected to continue into 2026 [28][29] Economic Context - The contribution of final consumption expenditure to GDP growth in China is projected to remain significant, with a contribution rate of 53.5% in the first three quarters of 2025, reflecting a 9 percentage point increase from the previous year [18][36] - The report notes that the consumer market in China still has substantial growth potential, with the final consumption expenditure expected to rise from approximately 57% to 60% of GDP by the end of the 14th Five-Year Plan [28][36] Demographic Trends - The report highlights the aging population and declining birth rates in China, with the Z generation gradually becoming the main consumer force. This demographic shift is expected to drive new consumption patterns focused on emotional value and sustainability [40][41] Future Outlook - The report anticipates that 2026 will be a pivotal year for the integration of AI technology into the consumption sector, creating new market opportunities and innovative products [45][46] - The AI + consumption landscape is expected to evolve with advancements in AI-powered products, including smart home devices and wearables, which are projected to reshape consumer lifestyles [62][63]

Investment Rating - The investment rating for the company is upgraded to "Buy" [2] Core Insights - The company has achieved rapid revenue growth, with a projected revenue of 24.71 billion yuan in 2024, representing a year-on-year increase of 41.1%, and a net profit of 2.11 billion yuan, up 30.9% year-on-year [8][13] - The company focuses on overseas markets, with over 95% of its revenue coming from international sales, and has successfully expanded its market presence from over 140 to 180 countries [8][22] - The consumer electronics industry presents vast market opportunities, with the company leveraging precise consumer insights to develop successful products [8][27] - The company maintains a high gross margin of 44.7% in 1Q-3Q2025, driven by high-quality product offerings and effective cost control [16][41] - The company emphasizes research and development, with a R&D expense rate of 9.3% in 1Q-3Q2025, reflecting its commitment to innovation [19][61] Summary by Sections Company Performance - The company has shown steady revenue growth, with a CAGR of 27.5% from 2020 to 2024, increasing from 9.35 billion yuan to 24.71 billion yuan [13] - In 1Q-3Q2025, the company reported a revenue of 21.02 billion yuan, a year-on-year increase of 27.8% [8][13] Market Expansion - The company has established a robust market service system across North America, Europe, Asia-Pacific, the Middle East, and South America, with significant growth in the European market, which saw a 67% year-on-year increase [22] - The company has a flexible global supply chain strategy, with about two-thirds of its products exported to the U.S. being produced overseas, mitigating tariff pressures [59] Product Strategy - The company has successfully cultivated multiple hit products by identifying potential market segments and addressing existing product pain points [37][48] - The company has a high-end product strategy, prioritizing gross margin over aggressive pricing, which allows it to maintain a premium pricing position in the market [41] Industry Outlook - The global consumer electronics market is expected to grow steadily, with projections indicating a market size of 1.2 trillion USD by 2028, driven by advancements in technology and the rise of new consumer scenarios [27] - The global mobile power market is projected to grow from 15 billion USD in 2023 to 32.9 billion USD by 2033, with a CAGR of 8.4% [31]