行 业 及 产 业 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 家用电器 2026 年 02 月 13 日 25H2 厨电换新高基数压力渐显， 26 年补贴聚焦核心品类 本期投资提示： 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 评 - ⚫ 24 年以旧换新激活家电消费市场。2024 年"以旧换新"政策落地后，家电品类补贴范 围扩容，拉动需求成效显著：除了 09 年已经涉及的彩电、冰箱、洗衣机、空调、电脑 5 个补贴品类外，新增热水器、家用灶具、吸油烟机 3 个品类，共计补贴 8 大品类。根 据奥维云网推总数据，2024 年油烟机实现零售额 362 亿元，同比增长 14.9%，燃气灶 实现零售额 204 亿元，同比增长 15.7%，电热实现零售额 236 亿元，同比增长 1. ...

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Group 1 - The core point of the article highlights that Zhuhai Gree Electric Appliances Co., Ltd. has obtained a patent for a "cloud platform information verification method and cloud service device, storage medium, and electronic equipment," with the patent announcement number CN116668049B and an application date of February 2022 [1] - Zhuhai Gree Electric Appliances Co., Ltd. was established in 1989, located in Zhuhai City, and primarily engages in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB [1] - The company has invested in 98 enterprises, participated in 5,000 bidding projects, and has 5,000 trademark and patent information records, along with 923 administrative licenses [1] Group 2 - Zhuhai Lianyun Technology Co., Ltd. was established in 2018, also located in Zhuhai City, and focuses on software and information technology services, with a registered capital of 50 million RMB [1] - The company has participated in 9 bidding projects and has 4,640 patent information records, in addition to holding 14 administrative licenses [1]

Group 1 - The core viewpoint of the article highlights that Zhuhai Gree Intelligent Equipment Co., Ltd. and Zhuhai Gree Electric Appliances Co., Ltd. have obtained a patent for an "automatic processing system, automatic processing control method, device, and electronic equipment" with the authorization announcement number CN119658475B, applied for on November 2024 [1] Group 2 - Zhuhai Gree Intelligent Equipment Co., Ltd. was established in 2015, located in Zhuhai City, primarily engaged in the manufacturing of educational, industrial, sports, and entertainment products, with a registered capital of 100 million RMB [1] - The company has invested in 6 enterprises, participated in 78 bidding projects, and holds 4,242 patent records, along with 86 administrative licenses [1] Group 3 - Zhuhai Gree Electric Appliances Co., Ltd. was founded in 1989, also located in Zhuhai City, primarily involved in the manufacturing of electrical machinery and equipment, with a registered capital of approximately 601.57 million RMB [1] - The company has invested in 98 enterprises, participated in 5,000 bidding projects, and possesses 5,000 trademark records and 5,000 patent records, in addition to holding 923 administrative licenses [1]

Core Viewpoint - The Hainan province is launching over 200 Spring Festival promotional activities from now until March 3, aimed at boosting consumer spending across various sectors [2]. Group 1: Promotional Activities Overview - The promotional activities cover eight major categories: "Island-wide Discounts," "New Year Gifts," "Online Shopping," "Culinary Celebrations," "Duty-Free Benefits," "Invoice Lottery," "Financial Support," and "Cultural Tourism" [2][3]. - Activities include purchasing New Year goods, upgrading home appliances, duty-free shopping, dining experiences, live-stream shopping, and tourism [2]. Group 2: Specific Initiatives - In the "Island-wide Discounts" category, major shopping districts and supermarkets will host events such as markets, food tasting, and cultural performances, offering discounts, member rewards, and interactive lotteries [2]. - The "New Year Gifts" category features government subsidies and merchant discounts for purchasing home appliances and mobile phones, with brands like Gree, Midea, Huawei, and Xiaomi participating [2]. - The "Online Shopping" segment includes a live-streaming e-commerce festival, allowing consumers to shop for local products like tropical fruits and seafood [2]. Group 3: Culinary and Duty-Free Promotions - The "Culinary Celebrations" category will distribute dining vouchers for family reunion meals and feature food festivals and cultural experiences [3]. - The "Duty-Free Benefits" category includes the opening of five duty-free stores and various promotional activities such as gift boxes and consumption vouchers [3]. Group 4: Additional Incentives - The "Invoice Lottery" initiative in Haikou allows individuals to participate in a lottery with a maximum prize of 800 yuan by obtaining electronic invoices from various sectors [3]. - Financial institutions like China Construction Bank and Bank of Communications are offering consumer red envelopes and discounts at duty-free shops and restaurants [3]. - The "Cultural Tourism" category will feature events such as village performances and special exhibitions in museums [3].

Group 1 - The 800 Cash Flow ETF managed by Huatai-PineBridge opened at 1.317 yuan, experiencing a decline of 1.42% [1] - Major holdings in the ETF include China National Offshore Oil Corporation (CNOOC) down 2.93%, SAIC Motor Corporation down 0.14%, and China Aluminum Corporation down 1.82% [1] - The ETF's performance benchmark is the CSI 800 Free Cash Flow Index, with a return of 33.50% since its inception on April 30, 2025, and a return of 5.17% over the past month [1]

Group 1 - The State Intellectual Property Office of China has granted a patent to Zhuhai Gree Electric Appliances Co., Ltd. and Zhuhai Lianyun Technology Co., Ltd. for a method, device, and system for detecting defects in edge board perforations, with the patent announcement number CN118937341B and application date of September 2024 [1] - Zhuhai Gree Electric Appliances Co., Ltd. was established in 1989, located in Zhuhai City, primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB [1] - Zhuhai Gree Electric Appliances Co., Ltd. has invested in 98 companies, participated in 5,000 bidding projects, and holds 5,000 trademark and patent information records, along with 923 administrative licenses [1] - Zhuhai Lianyun Technology Co., Ltd. was established in 2018, also located in Zhuhai City, primarily engaged in software and information technology services, with a registered capital of 50 million RMB [1] - Zhuhai Lianyun Technology Co., Ltd. has participated in 9 bidding projects and holds 4,640 patent information records, along with 14 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Log Capture Method, Device, Electronic Equipment, and Storage Medium" to Zhuhai Gree Electric Appliances Inc. and Zhuhai Lianyun Technology Co., Ltd., with the authorization announcement number CN114185740B and an application date of December 2021 [1] - Zhuhai Gree Electric Appliances Inc., established in 1989, is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB. The company has invested in 98 enterprises, participated in 5,000 bidding projects, and holds 5,000 trademark and patent information records, along with 923 administrative licenses [1] - Zhuhai Lianyun Technology Co., Ltd., founded in 2018, focuses on software and information technology services, with a registered capital of 50 million RMB. The company has participated in 9 bidding projects and has 4,640 patent information records, in addition to holding 14 administrative licenses [1]

电子发表(香运发票) 第四步 完成发票上传后,系统自动识别发票信息, 重点核对发票抬头姓名、开票时间、价格等 关键字段 发票类型 发票代码 265020000000060229006 · 发票号码 2026-01-12 · 开票日期 · 价税合计 111.00 请仔细核对查验结果中发票代码号码等信息是否与发票票面一 致,如不一致,请手动修改。 确认 " 第五步 完成发票校验并上传后进入抽奖页面进行及 时抽奖,中奖红包将于7-10个工作日系统 派发至对应用户的云闪付账户 市民正在选购年货 00 未 付款码 收款码 n 重庆市 有奖发票活动 85 ll或雷度 政府消费发 日卡还意 曲漆信用卡 查银行 王相在信 借款 生活贴费 第二步 在活动专区点击"上传发票" 00 发言 单 上传发票 优惠奉领 立即抽奖 Go 中奖查询 选择"拍照"或"从相册中选择"上传电子 第三步 发票 请拍摄或相册上传发票 · 请确保发票影像清晰完整,拍摄时保持发 票水平或垂直摆放,无遮挡、无倾斜。 · 上传后系统将依据您所在地区的规则,对 发票信息进行自动核验,核验通过即可参与 摇奖。 · 若上传未成功,请检查发票状态后重新操 作。 上传 ...

Core Viewpoint - The home appliance market is experiencing a shift, with Gree gaining positive reputation not through price cuts but through a commitment to product quality and responsibility [2][5]. Group 1: Consumer Concerns - Consumers prioritize long-term reliability over short-term savings when purchasing appliances like air conditioners and refrigerators [4]. - The fear of frequent repairs and energy consumption influences buying decisions, making quality assurance crucial [4]. Group 2: Company Leadership and Responsibility - Gree's CEO, Dong Mingzhu, emphasizes the importance of using and standing behind one's own products, which resonates with consumers seeking transparency and accountability [5][7]. - Dong's straightforward communication style contrasts with the often flashy marketing tactics in the industry, enhancing consumer trust [7][13]. Group 3: Competitive Landscape - Gree and Midea represent two different product philosophies: Gree focuses on quality and durability, while Midea emphasizes efficiency and cost-effectiveness [9]. - Recent discussions in the industry highlight the tension between cost-cutting measures, such as using cheaper materials, and the potential impact on product longevity [11]. Group 4: Brand Image and Consumer Trust - Dong Mingzhu's personal commitment to Gree's products and her simple lifestyle contribute to a consistent brand image that appeals to consumers [14][16]. - Consumers are more likely to trust brands that demonstrate clear values and a willingness to take responsibility for their products [16].