来源：新浪证券-红岸工作室 2月24日，海尔智家涨1.25%，成交额9.59亿元，换手率0.59%，总市值2440.06亿元。 异动分析 4、公司的主营业务是家电的研发、生产及销售工作，涉及冰箱/冷柜、厨电、空调、洗衣设备、水家电 及其他智能家庭业务，以及提供智能家庭全套化解决方案。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-872.37万，占比0.01%，行业排名8/10，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入9724.01万，连续2日被主力资金增仓。 区间今日近3日近5日近10日近20日主力净流入1114.80万700.45万-1008.13万1.89亿2.53亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1.01亿，占总成交额的3.71%。 技术面：筹码平均交易成本为25.85元 超级品牌+证金持股+无线充电+家用电器 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔品牌全 ...

Core Viewpoint - Haier Smart Home is committed to providing uninterrupted services during the Spring Festival, ensuring that families can enjoy a worry-free holiday with upgraded digital and AI technology solutions [1][3]. Group 1: Service and Support - Haier Smart Home has launched the New Year Goods Festival, which runs until the Spring Festival, offering good products, services, and benefits to enhance family life [1]. - The company provides 24-hour online support through the Haier Mall App, allowing users to access purchasing, installation, and after-sales services seamlessly [1]. - Logistics are optimized for timely delivery, with real-time tracking available on the app, ensuring efficient service during the holiday season [1]. Group 2: Product Offerings - Haier introduces a variety of AI home appliances and product suites tailored to different family needs, including the Tianyue suite that integrates AI health solutions into daily life [2]. - Key features of the new products include intelligent temperature control in refrigerators, ad-free TV operation, and user-friendly washing and drying systems [2]. - The company also offers special product lines aimed at younger consumers and those seeking quality living experiences [2]. Group 3: Promotions and Engagement - During the New Year Goods Festival, Haier provides dual subsidies (national and corporate) and various promotional activities, including chances to win travel prizes and other gifts [2]. - The company encourages user engagement through social media campaigns, rewarding customers for sharing their experiences with Haier products [2].

环球时报：今年应该是您在海外度过的第十七个春节吧？相比早年出海时，您觉得国外这些年"中国年"的氛围有什么变化？ 《出海36法则》作者雷凌接受《环球时报》专访：从过亿教训，拆解中企出海认知误区。 雷凌（左二）在荷兰阿姆斯特丹和当地团队合影。（受访者供图） 编者的话：这个春节，和全球化管理实战专家、《出海36法则》作者雷凌一样，许多中企出海的掌舵人和员工也是在异国他乡的土地上迎来新春。在海外 开疆拓土，对企业而言无异于二次创业，而像雷凌这样的外派管理者，更像坚守阵地的战士，扎根于全球各地的业务一线。作为京东国际中国品牌出海业 务总负责人，雷凌曾在联想集团、英国汇丰银行等跨国企业任职，超过16年的全球出海高管经验，是在欧美、中东、东南亚、拉美、非洲等不同国家和地 区逐渐积累的。 近日，雷凌在英国接受《环球时报》记者视频采访时表示，"36个法则"每一个背后都是一个坑、一个曾经跌倒过的教训。每一个坑，他平均要用100天去 经历、复盘，36个坑累积下来，大约是十年。作为一位"出海老兵"，雷凌以亲历者的视角，梳理那些跨越行业、穿越周期的共性问题，希望那些沉淀于不 同国家、萌芽于出海初期的真实案例，能对今天更多走向海外的中国 ...

2）越南/印尼/泰国等国，应该从此前的20%/19%变更为15%，亦轻微下降。 墨西哥，如果符合美加墨关税协定，应无变化，仍保持0关税。 1）粗略看，国内家电出口从25%（18年）+10%（对等，25年6月开始）+10%（芬太尼，25年6月开始）=45%，变 成25%（18年）+15%（122条款）=40%，税率有所下降。 #但实际因为25年6月，美国开始对家电中的钢铁、铝（非美国产）单独征收50%的232关税，所以实际整机出口的 税率是要高于以上计算的，因为 【财通家电孙谦团队】美国关税点评— 关于美国对等关税的裁定，我们认为： 1）粗略看，国内家电出口从25%（18年）+10%（对等，25年6月开始）+10%（芬太尼，25年6月开始）=45%，变 成25%（18年）+15%（122条款）=40%，税率有所下降。 #但实际因为25年6月，美国开始对家电中的钢铁、铝（非美国产）单独征收50%的232关税，所以实际整机出口的 税率是要高于以上计算的，因为钢/铝是要拆出来单独申报的。 【财通家电孙谦团队】美国关税点评— 关于美国对等关税的裁定，我们认为： 综合来看，对等关税被裁定为非法，确实降低的出口至美国的关税 ...

智通财经APP获悉，中信建投发布研报称，春节期间美国关税体系发生重构，综合税率下降对家电行业 整体形成利好，但不同品类受益程度有所分化。展望2026年，该行认为海外需求韧性优于国内，竞争格 局亦有望边际改善，铜价压力可通过产业涨价基本对冲，行业基本面扎实稳健。新兴家电与智能硬件领 域建议关注AI具身智能、消费级3D打印、AINAS等三条结构性机会，相关赛道商业化进程正在加速推 进。传统家电中制造力外溢与险资增配两条主线亦值得重点关注。 中信建投主要观点如下： Q1：近期美国关税变化影响几何? 关税体系重构，对华综合税率由31%小幅降至28.6%，家电整体受益但程度分化。产能集中于国内的小 家电企业净利率仅5%-10%，税率下调直接改善盈利;大家电企业已推进产能全球化布局，叠加钢制家电 50%高关税仍存，受益幅度有限。关税短期变动不改变企业全球化布局趋势。 Q2：26年家电行业的基本面如何看? 投资建议 1)出海链依然是该行的年度级别主推：TCL电子、海信视像和春风动力，美的集团和海尔智家;2)新行业 新方向：涛涛车业2026年机器狗业务的落地和卧安机器人的网球机器人和家庭人形机器人落地;AINAS 落地带来行 ...

#板块涨跌幅：春节前一周上证指数上涨0.4%，家电（申万）指数上涨0.2%，白电板块下跌0.7%，厨电板块下跌 2.6%，黑电板块上涨3.5%，小家电板块下跌1.2%。 华创家电周观点（20260223） #周度动态更新：本周我们重点就【春节期间港股家电动态】、【美国关税政策】展开讨论。 #板块涨跌幅：春节前一周上证指数上涨0.4%，家电（申万）指数上涨0.2%，白电板块下跌0.7%，厨电板块下跌 2.6%，黑电板块上涨3.5%，小家电板块下跌1.2%。 #周度动态更新：本周我们重点就【春节期间港股家电动态】、【美国关税政策】展开讨论。 #春节期间港股家电龙头股价表现亮眼：2月16~2月23日，港股家电股涨跌幅，美的集团+3.6%，海尔智家+2.8%， 海信家电+2.6%，奥克斯电气- 华创家电周观点（20260223） #春节期间港股家电龙头股价表现亮眼：2月16~2月23日，港股家电股涨跌幅，美的集团+3.6%，海尔智家+2.8%， 海信家电+2.6%，奥克斯电气-11.6%，TCL电子+1.3%，三花智控+6.2%，雅迪控股+4.4%，创科实业+4.5%，JS环 球生活-2.2%（恒生指数+1.9%，恒 ...

Group 1: Macro Insights - The report discusses how AI deflation and balance sheet reduction could reshape asset pricing logic, emphasizing the uncertainty surrounding the Federal Reserve's future policy direction [1][6][7] - It highlights the potential impact of reducing the Fed's balance sheet on dollar asset prices and the importance of maintaining central bank independence [1][6][7] Group 2: Company Analysis - Huahong Semiconductor (688347.SH) - Huahong is projected to achieve revenues of 183.83 billion, 246.57 billion, and 284.07 billion CNY for 2025-2027, with net profits of 6.74 billion, 7.78 billion, and 11.29 billion CNY respectively [2][12] - The company is positioned as a leader in mature process semiconductor manufacturing, benefiting from the global semiconductor industry's recovery [12][13] - Huahong's expansion plans include the ramp-up of FAB9 and the integration of FAB5, which is expected to enhance future growth potential [12][14] Group 3: Company Analysis - Valiant Bio (9887.HK) - Valiant Bio focuses on three core technology platforms targeting oncology and autoimmune diseases, with significant clinical trials underway [3][16] - Revenue forecasts for 2025-2027 are 175.0 million, 196.0 million, and 200.8 million HKD, with a projected increase in profitability as clinical data catalysts emerge [3][16][17] Group 4: Company Analysis - Ningbo Huaxiang (002048.SZ) - Ningbo Huaxiang is expected to see net profits of 5.19 billion, 16.10 billion, and 17.56 billion CNY from 2025 to 2027, with a target market value of 402.39 billion CNY by 2026 [4][18] - The company is expanding into the humanoid robot sector and is anticipated to improve profitability following the divestment of European assets [18][19] Group 5: Industry Insights - Hotel and Catering - The report indicates a significant increase in travel and service consumption during the 2026 Spring Festival, with domestic tourism expected to reach 520 million trips, a 3.8% increase year-on-year [25][26] - The catering sector is benefiting from increased customer flow, particularly in first-tier cities, with notable growth in restaurant bookings and sales during the holiday period [26][27] Group 6: Industry Insights - Gas Turbine - The gas turbine industry is experiencing robust demand, with Siemens Energy reporting record order volumes and plans to increase production capacity significantly by 2027 [29][30][31] - Major companies like GE and Mitsubishi Heavy Industries are also reporting substantial order growth, indicating a strong market outlook for gas turbines [30][31][32] Group 7: Industry Insights - Tooling Industry - The report highlights a rapid increase in tungsten carbide prices, benefiting leading domestic tooling companies amid supply constraints and rising demand in high-value sectors [35][36][37] - The Chinese government's export controls on tungsten resources are expected to further enhance the competitive position of domestic tooling manufacturers [35][37]

雷凌：典型的案例是联想和海尔。联想收购IBM的PC（个人电脑）业务时，PC业务已不再是其核心战 略板块，盈利能力承压，ThinkPad笔记本电脑在IBM的后期面临困难，但现在发展得很好，至少从商业 数据的角度看是成功的；海尔收购GE（通用电气）的家电业务后，也实现了业绩增长。 来源：环球时报 【环球时报报道 记者 杨沙沙】编者的话：这个春节，和全球化管理实战专家、《出海36法则》作者雷 凌一样，许多中企出海的掌舵人和员工也是在异国他乡的土地上迎来新春。在海外开疆拓土，对企业而 言无异于二次创业，而像雷凌这样的外派管理者，更像坚守阵地的战士，扎根于全球各地的业务一线。 作为京东国际中国品牌出海业务总负责人，雷凌曾在联想集团、英国汇丰银行等跨国企业任职，超过16 年的全球出海高管经验，是在欧美、中东、东南亚、拉美、非洲等不同国家和地区逐渐积累的。近日， 雷凌在英国接受《环球时报》记者视频采访时表示，"36个法则"每一个背后都是一个坑、一个曾经跌倒 过的教训。每一个坑，他平均要用100天去经历、复盘，36个坑累积下来，大约是十年。作为一位"出海 老兵"，雷凌以亲历者的视角，梳理那些跨越行业、穿越周期的共性问题，希望 ...

Market Overview - Cooling inflation signals have led to a valuation recovery in overseas consumer assets, with the U.S. bipartisan push for credit card interest rate cap legislation creating uncertainty in the credit card sector[1] - Weekly performance of sectors shows U.S. hotels leading with a 3.1% increase, followed by overseas sportswear at 2.5% and luxury goods at 2.2%[11] Sector Performance - The U.S. hotel sector's strong performance is attributed to Marriott and Hilton, with Marriott's Q4 2025 adjusted EBITDA exceeding market expectations, reaching $5.84 billion to $5.93 billion[6] - Overseas sportswear saw a 2.5% increase, driven by a lower-than-expected January CPI of 2.4%, enhancing Fed rate cut expectations[13] - Luxury goods increased by 2.2%, with Hermès up 4.5% due to better-than-expected FY2025 results, while LVMH fell by 4.1% due to disappointing performance in key segments[8] Consumer Trends - The jewelry sector has shown resilience, with a year-to-date increase of 13.7%, outperforming other sectors[11] - Domestic sportswear increased by 0.3%, with Anta Sports rising 4.6% following the acquisition of a stake in PUMA[13] Challenges - The credit card sector faced a significant decline of 5.5%, influenced by proposed legislation to cap interest rates, which could severely impact profitability[14] - The snack sector dropped by 4.6%, with companies like Three Squirrels experiencing a 6.2% decline due to substantial drops in e-commerce sales across major platforms[14] Valuation Insights - Valuations across various sectors remain below the historical five-year averages, with overseas sportswear expected PE at 30.1x, only 57% of the past average[9] - The luxury sector's expected PE is 26.2x, representing 49% of its historical average, indicating potential for future growth as market conditions stabilize[9]