Market Performance - The consumer electronics sector increased by 1.38% on December 25, with Xunwei Communication leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Top Gainers in Consumer Electronics - Xunwei Communication (300136) closed at 50.70, up 13.35% with a trading volume of 1.74 million shares [1] - Changying Precision (300115) closed at 40.25, up 8.52% with a trading volume of 1.36 million shares [1] - Hengmingda (002947) closed at 56.28, up 8.27% with a trading volume of 277,400 shares [1] - Yidong Electronics (301123) closed at 79.16, up 6.97% with a trading volume of 348,800 shares [1] - Other notable gainers include Guangda Tongchuang (301387) and Chaoping San (300647) with increases of 6.13% and 5.97% respectively [1] Top Losers in Consumer Electronics - Yitian Co., Ltd. (300812) closed at 29.53, down 2.86% with a trading volume of 115,300 shares [2] - Kecuan Technology (603052) closed at 33.04, down 2.74% with a trading volume of 84,500 shares [2] - Anker Innovation (300866) closed at 115.02, down 2.54% with a trading volume of 39,800 shares [2] - Other notable losers include Transsion Holdings (688036) and Zhishang Technology (301486) with declines of 2.13% and 1.79% respectively [2] Capital Flow Analysis - The consumer electronics sector experienced a net outflow of 843 million yuan from institutional investors, while retail investors saw a net inflow of 1.316 billion yuan [2] - Notable stocks with significant capital flow include Changying Precision and Yidong Electronics, which had varying levels of net inflow and outflow from different investor types [3]

Core Viewpoint - Anker Innovations has shown a positive stock performance with a year-to-date increase of 22.59% and a recent uptick of 2.05% in its stock price, indicating strong market interest and potential growth in the consumer electronics sector [1]. Company Overview - Anker Innovations, established on December 6, 2011, and listed on August 24, 2020, is based in Changsha, Hunan Province, and specializes in the research, design, and sales of consumer electronics, including mobile device accessories and smart hardware [1]. - The company's revenue composition includes charging and energy storage products (52.97%), smart innovation products (25.27%), and smart audio-visual products (21.75%) [1]. Financial Performance - For the period from January to September 2025, Anker Innovations reported a revenue of 21.019 billion yuan, reflecting a year-on-year growth of 27.79%, and a net profit attributable to shareholders of 1.933 billion yuan, which is a 31.34% increase compared to the previous year [2]. - The company has distributed a total of 3.443 billion yuan in dividends since its A-share listing, with 2.792 billion yuan paid out over the last three years [3]. Shareholder Information - As of September 30, 2025, Anker Innovations had 22,800 shareholders, an increase of 25.71% from the previous period, with an average of 13,245 circulating shares per shareholder, down by 19.47% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 43.4388 million shares, a decrease of 4.005 million shares from the previous period [3].

行 业 及 产 业 机械设备/ 通用设备 行 业 研 究 / 行 业 点 评 证券分析师 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 研究支持 刘建伟 A0230521100003 liujw@swsresearch.com 联系人 何佳霖 A0230523080002 hejl@swsresearch.com 2025 年 12 月 22 日 3D 打印机出口持续高增长，11 月 出口金额 yoy136% 看好 ——消费级设备系列报告之六 核心要点： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 - ⚫ 行业持续高增，出口表现积极。1）数量： 2025 年 1-11 月我国出口 3D 打印机出口数 量为 448 万台，yoy29.60%，其中 11 月出口数量为 52 万台，yoy89.10%。南极熊预 估，2025 年全年我国出口 3D 打印机的总量将达到 500 万台左右。2）金额：2025 年 1-11 月我国出口 ...

从资金流向上来看，当日消费电子板块主力资金净流入24.31亿元，游资资金净流出5.96亿元，散户资金 净流出18.35亿元。消费电子板块个股资金流向见下表： 证券之星消息，12月22日消费电子板块较上一交易日上涨2.68%，致尚科技领涨。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。消费电子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) | | | --- | --- | --- | --- | --- | --- | --- | | 300868 | 杰美特 | 28.48 | -3.91% | 2.51万 | | 7254.24万 | | 920857 | 泓禧科技 | 35.42 | -2.99% | 1.79万 | | 6463.74万 | | 002861 | 瀛通通讯 | 18.42 | -2.02% | 0 4.68万 | | 8656.93万 | | 301067 | 最盈科技 | 32.26 | -1.83% | 4.58万 | | 1.47亿 | | 300866 | 安克创新 | ...

Investment Rating - The report maintains a positive investment outlook for companies focusing on overseas markets, particularly in the Americas and emerging markets, despite challenges in domestic sales [4][5]. Core Insights - The report emphasizes the importance of "going abroad" as a key strategy for growth, with expectations for better investment returns from overseas-focused companies in 2026, especially as domestic demand faces pressures from policy and market conditions [4][5]. - It identifies three main factors suppressing domestic sales of durable goods: the depletion of government subsidies, high base effects, and weak housing transaction demand [5][6]. - The report suggests that companies with strong operational performance and low valuations, as well as those benefiting from policy or technological catalysts, are potential investment opportunities [5][6]. Summary by Sections 2025 Review - The report notes that the home appliance and light industry sectors have underperformed compared to the CSI 300 index, primarily due to weakening domestic demand and external tariff disruptions [9][11]. - It highlights that the home appliance sector has faced challenges from declining government subsidies and ongoing tariff issues, leading to a significant drop in export performance [9][10]. 2026 Outlook - The report anticipates that domestic housing demand will continue to decline, with new housing starts and sales expected to drop by 4.8% in 2026 [36][39]. - It predicts that the overseas sales performance of home appliance and furniture companies may improve in the second quarter of 2026, driven by base effects and potential recovery in the U.S. housing market [78][80]. - The report emphasizes that companies with significant exposure to the U.S. and emerging markets are likely to benefit from improving demand conditions [80][81]. Recommended Stocks - The report recommends furniture companies with a presence in the U.S., Latin America, and Europe, such as Kuka Home, which are expected to benefit from a recovery in U.S. housing transactions [7]. - It also suggests consumer electronics and home appliance companies with operations in Latin America, North America, and Southeast Asia, including Anker Innovations and Haier Smart Home, ranked by their exposure to these markets [7]. - Lastly, it highlights export-oriented companies in Europe, such as Ecovacs and Roborock, noting that while growth potential is strong, profitability may be pressured by increased competition [7].

数据来源：wind 截至2025年12月19日 13:17，中证消费电子主题指数(931494)上涨0.29%，成分股电连技术(300679)上涨 3.77%，信维通信(300136)上涨3.72%，传音控股(688036)上涨3.72%，安克创新(300866)上涨2.61%，领 益智造(002600)上涨2.41%。消费电子ETF(561600)上涨0.35%，最新价报1.15元。 数据显示，截至2025年11月28日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密 (002475)、寒武纪(688256)、工业富联(601138)、中芯国际(688981)、京东方A(000725)、澜起科技 (688008)、兆易创新(603986)、豪威集团(603501)、东山精密(002384)、亿纬锂能(300014)，前十大权重 股合计占比56.39%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 消息面上，存储芯片短缺与涨价成为 ...

Core Viewpoint - Anker Innovations has shown a positive stock performance with a year-to-date increase of 17.85%, despite a recent decline over the past 60 days [1]. Group 1: Stock Performance - On December 19, Anker Innovations' stock rose by 2.05%, reaching 112.48 CNY per share, with a trading volume of 1.44 billion CNY and a turnover rate of 0.43% [1]. - The company experienced a net inflow of 4.526 million CNY from main funds, with significant buying activity from large orders [1]. - Over the past five trading days, the stock increased by 1.61%, while it has decreased by 17.87% over the last 60 days [1]. Group 2: Company Overview - Anker Innovations, founded on December 6, 2011, specializes in the research, design, and sales of consumer electronics, including mobile device accessories and smart hardware [1]. - The company's revenue composition includes 52.97% from charging and energy storage products, 25.27% from smart innovation products, and 21.75% from smart audio-visual products [1]. Group 3: Financial Performance - For the period from January to September 2025, Anker Innovations reported a revenue of 21.019 billion CNY, reflecting a year-on-year growth of 27.79%, and a net profit of 1.933 billion CNY, up 31.34% year-on-year [2]. - The company has distributed a total of 3.443 billion CNY in dividends since its A-share listing, with 2.792 billion CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, Anker Innovations had 22,800 shareholders, an increase of 25.71% from the previous period, with an average of 13,245 circulating shares per shareholder, a decrease of 19.47% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 43.4388 million shares, which is a decrease of 4.005 million shares from the previous period [3].

Core Viewpoint - Anker Innovations, known as the "king of power banks," is preparing for a secondary listing on the Hong Kong Stock Exchange, expanding its business beyond power banks into smart home and audio sectors, despite facing challenges from product recalls and supply chain management issues [6][7][9]. Group 1: Business Overview - Anker Innovations was founded in 2011 and went public on the A-share market in 2020, achieving a market capitalization close to 600 billion yuan at that time [7]. - The company operates under three main brands: Anker, eufy, and soundcore, with a global user base exceeding 200 million [7]. - The core business remains smart charging, with revenue from smart charging storage expected to grow from 6.876 billion yuan in 2022 to 12.667 billion yuan in 2024, increasing its share of total revenue from 48.3% to 51.3% [9][10]. Group 2: Financial Performance - Anker's revenue grew from 9.353 billion yuan in 2020 to an estimated 24.71 billion yuan in 2024, with net profit rising from 856 million yuan to 2.114 billion yuan [15]. - For the first three quarters of 2025, revenue reached 21.019 billion yuan, a year-on-year increase of 27.79%, while net profit was 1.933 billion yuan, up 31.34% [15]. - Sales and distribution expenses increased from 2.938 billion yuan in 2022 to 5.57 billion yuan in 2024, reflecting a growth rate of 43.31% [12]. Group 3: Product Recalls - Anker has faced significant challenges with product recalls, having recalled nearly 2.3 million units over the past two years due to safety concerns, including a major recall of over 2.27 million power banks in June 2025 [16][20]. - The recalls have financial implications, with potential costs estimated between 106 million to 163 million yuan if all recalled products are refunded [23]. - The company reported a negative operating cash flow of 865 million yuan as of September 2025, indicating financial strain [26]. Group 4: Leadership and Shareholder Returns - The founder, Yang Meng, and his wife hold approximately 47.04% of the company, having received over 1.1 billion yuan in dividends from 2022 to 2024 [31][33]. - Anker's management team includes experienced professionals from major tech companies, enhancing its operational capabilities [33]. - The company has distributed dividends of 488 million yuan, 813 million yuan, and 1.116 billion yuan over the past three years, totaling over 2.4 billion yuan [31].

进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为2724.23万元。 证券时报·数据宝统计显示，安克创新今日收盘价为110.22元，下跌0.04%，日换手率为1.23%，成交额 为4.06亿元，全天主力资金净流入4494.53万元，近5日该股累计上涨2.03%，近5日资金合计净流入2.43 亿元。 安克创新12月18日大宗交易平台出现一笔成交，成交量4.75万股，成交金额442.70万元，大宗交易成交 价为93.20元，相对今日收盘价折价15.44%。该笔交易的买方营业部为国泰海通证券股份有限公司深圳 红岭北路证券营业部，卖方营业部为华泰证券股份有限公司深圳益田路荣超商务中心证券营业部。 两融数据显示，该股最新融资余额为6.55亿元，近5日减少4643.73万元，降幅为6.62%。 | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 盘折溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | （%） | | | | 4.75 | 442.70 | 93. ...

Group 1 - The core viewpoint of the article highlights that Xiechuang Data is actively engaged in hardware manufacturing through both Joint Development Manufacturing (JDM) and Original Design Manufacturing (ODM) models, providing support and services to clients [1] - The company has established long-term and stable partnerships with well-known technology enterprises, including Lenovo Group, Anker Innovations, Xiaomi ecosystem companies (such as Chuangmi Technology), China Mobile Group, 360 Group, and leading brands from developed countries like the United States and Japan [1]