家电行业周报（2026/2/23-2026/2/27）：追觅春晚高投入带来高曝光，新兴家电有望迈向“国民化”-20260301

Investment Rating - The investment rating for the home appliance industry is "Positive" (maintained) [3] Core Viewpoints - The sponsorship of the Spring Festival Gala by Chasing Technology has led to high exposure, and emerging home appliances are expected to move towards "nationalization" [3] - The first quarter of 2026 is a critical observation point for Chasing Technology's marketing cost-effectiveness, with a focus on its main business revenue, market share, and the progress of new business developments [4][20] - The emerging home appliance sector, such as robotic vacuum cleaners, is transitioning from "optional" to "essential," with Chasing leveraging national-level channels for category education, potentially increasing industry penetration rates [4][23] Summary by Sections Marketing and Brand Exposure - Chasing Technology has achieved significant brand exposure through high-profile sponsorships, including the Spring Festival Gala and the Super Bowl, resulting in a substantial increase in search volume and sales performance during the Spring Festival [5][14] - The company has become the first smart technology brand to partner with the Spring Festival Gala, with estimated sponsorship investments reaching several hundred million yuan [9] - Chasing's marketing efforts have led to its brand ranking first in various e-commerce platforms during the Spring Festival, indicating effective conversion of marketing exposure into sales [14] Industry Dynamics - The competitive landscape is expected to change due to Chasing's aggressive marketing, which may accelerate the exit of smaller brands and lead to a reshuffling of market shares among leading brands [4][23] - The home appliance sector is at a pivotal point where products like robotic vacuum cleaners are becoming necessities, similar to traditional white goods [4][23] Key Data Tracking - The exchange rate of the Chinese yuan against the US dollar appreciated by 170 basis points during the week of February 23-27, 2026, which may not significantly impact the core competitiveness of export companies [6][33] - As of February 27, 2026, the LME copper spot price was $13,439.5 per ton, reflecting a week-on-week increase of 5.4%, indicating upward pressure on raw material prices [6][33]