米兰冬奥会的高山滑雪场还在上演"冰雪奇迹"，细心留意便会发现，中国元素已经遍布赛场乃至城市的 方方面面——运动员从高台上一跃而下划过赛道时，阿里云系统迅速生成全方位慢镜头定格回放；国际 冰雪组织的裁判员和技术人员身着中国户外运动品牌伯希和为运动员提供服务；还有赛事的现场直播大 屏、奥运村和国际广播中心的转播大屏，全都来自广东企业TCL，高清还原雪道上的滑行、冰面上的舞 蹈。 每一个粤系家电品牌拿出来，都是"单打冠军"。美的系冷柜连续两年拿下世界第一，微波炉、移动空调 已做到欧洲销冠。格力稳坐沙特、阿联酋、巴西的空调市场老大。海信系冰箱目前在加拿大、法国等全 球12个国家实现销售量或销售额第一。格兰仕微波炉连续18年保持市占率全球第一；全球每100台滴漏 式咖啡机，就有约40台出自新宝电器。 而TCL身后站着的，是一个庞大的"家电王国"——广东。数据显示，2025年1-11月，广东家电出口额达 3033.5亿元，占全国近半，稳居全球第一。全国每3台空调、2台彩电就有1台"广东造"，大湾区产业集 群规模占全球30%。 （文章来源：21世纪经济报道） ...

2月13日，香港恒生指数收跌1.72%，恒生科技指数跌0.90%。 | 名称 | 涨跌幅 - | 现价 涨跌 | | --- | --- | --- | | 腾讯音乐-SW | -9.23% | 59.000c -6.000 | | 美团-W | -3.18% | 82.150c -2.700 | | 百度集团-SW | -3.07% | 135.800c -4.300 | | 理想汽车-W | -2.23% | 72.300c -1.650 | | 昨日昨日 | -2.20% | 240.600c -5.400 | | 携程集团-S | -2.10% | 419.800c -9.000 | | 阿里田-W | -2.02% | 155.400 c -3.200 | | 京东集团-SW | -1.85% | 106.400 c -2.000 | | 快手-W | -1.58% | 68.450 c -1.100 | | 商汤-W | -1.49% | 2.640c -0.040 | | 小鹏汽车-W | -1.00% | 69.350c -0.700 | | FMW HAND | -0.81% | 97.75 ...

Core Viewpoint - Luoketech has officially submitted its application for a mainboard listing on the Hong Kong Stock Exchange, with a significant reliance on Xiaomi for its ODM business, which poses risks to its profitability and cash flow [1][15]. Financial Performance - For the first three quarters of 2023-2025, Luoketech reported revenues of 1.015 billion yuan, 1.086 billion yuan, and 774 million yuan, with year-on-year growth rates of 7.0% and 11.5% respectively [14]. - Net profits for the same periods were 14.026 million yuan, 53.113 million yuan, and 31.981 million yuan, showing substantial year-on-year increases of 278.7% and 369.2% [14]. - Despite revenue growth, the company's profitability is declining, with gross margins falling from 35.2% in 2024 to 31.2% and net margins decreasing from 4.9% to 4.1% [14]. Business Structure - The revenue from Luoketech's own brand consumer products has been declining, accounting for 31.5%, 27.7%, and 20.5% of total revenue in the respective periods [16]. - The average selling price of its own brand smart locks fell below 1,000 yuan, a decrease of 18.4% compared to the same period in 2024, while sales volume only increased by 0.6% [16]. - ODM projects accounted for 66.2% of total sales volume and over 60% of total revenue, but the average selling price dropped significantly, leading to a gross profit margin of only 20.1% [3][16]. Customer Dependency - Xiaomi is identified as Luoketech's largest customer, contributing over 90% of the procurement from the top five clients, with its share of total revenue increasing from 48.6% to 60.6% over the periods [17]. - The reliance on Xiaomi gives it significant bargaining power, impacting Luoketech's pricing and profitability [17]. Cash Flow and Receivables - Trade receivables increased from 196 million yuan to 283 million yuan, a growth of 44.4%, with accounts receivable turnover days extending to 101 days, indicating cash flow challenges [20]. - Operating cash flow turned negative in 2025, with a net outflow of 38.307 million yuan, and cash reserves dropped by 57.2% compared to the end of 2024 [20]. Investment and Valuation - Luoketech has raised 845 million yuan from various VC/PE institutions since 2014, with 76.2% already utilized [21]. - The company's valuation reached 3.5 billion yuan after the last financing round in November 2025, representing a 262.56 times increase from the initial round [21]. - Several institutional investors have exited, with notable returns, indicating a trend of diminishing patience among early investors [21][22].

Core Insights - The consumer sector has seen a rise of over 3% in the Wind Consumer Major Index since the beginning of the year, indicating increasing market attention towards this sector. Consumer spending is fundamental to economic growth and serves as a lasting driver of the economy [1] Group 1: Characteristics of Consumer Indices - There are multiple consumer indices in the market, each focusing on different aspects such as traditional consumption (food and beverages) and emerging consumption. The CSI Consumer 50 Index and the CSI Hong Kong Stock Connect Consumer Theme Index are two representative indices, with a combined product scale exceeding 7 billion [2] - The CSI Consumer 50 Index selects large, high-quality listed companies from the A-share consumer sector, while the Hong Kong Stock Connect Consumer Index selects securities from the Hong Kong Stock Connect range. Both indices consist of 50 stocks, with individual stock weights not exceeding 15% [2] - The CSI Consumer 50 Index covers 11 consumer-related industries, with food and beverages and home appliances accounting for 75% of the index. In contrast, the Hong Kong Stock Connect Consumer Index covers 8 industries, with the same two sectors making up only 39.2% [2] Group 2: Composition of Indices - The top ten constituents of the CSI Consumer 50 Index include leading companies such as Kweichow Moutai, Wuliangye, and Midea Group. The top ten of the Hong Kong Stock Connect Consumer Index features companies like Pop Mart, Yum China, and Anta Sports, which complement A-share consumption leaders [4][5] - The CSI Consumer 50 Index has a cumulative weight of 74.81% for its top ten stocks, while the Hong Kong Stock Connect Consumer Index has a cumulative weight of 60.29% for its top ten stocks [5] Group 3: Valuation and Policy Support - As of February 11, the rolling P/E ratios for the CSI Consumer 50 Index and the Hong Kong Stock Connect Consumer Index are 17.0 and 18.6, respectively, both at historically low levels, with valuation percentiles of 7.91% and 3.87% over the past decade [6] - The low valuations are attributed to weak profit expectations for consumer sector companies amid insufficient domestic demand. The government has introduced various policies to stimulate consumption, including subsidies for replacing consumer goods and support for tourism and new energy vehicles [6] - The Central Economic Work Conference has included "deepening the implementation of special actions to boost consumption" as a key task for 2026, indicating ongoing policy support for consumption recovery [6] Group 4: Emerging Trends and Investment Opportunities - Positive structural changes in the consumer market include new consumption trends and overseas expansion, seen as a "second growth curve." Experience-based and emotional consumption led by younger generations is becoming popular, with companies like Pop Mart and Haier seeing over 40% of their revenue from overseas [7] - Index funds are highlighted as convenient and efficient investment tools for gaining exposure to the consumer sector. Given the current low valuations and policy support, investors are encouraged to consider opportunities in this sector, with products like the E Fund Hong Kong Stock Connect Consumer ETF and E Fund Consumer ETF available for tracking these indices [7]

Core Viewpoint - The Hong Kong Consumption ETF (159735) has shown positive growth in both share count and fund size since the beginning of the year, indicating increased investor interest and market activity [1][2]. Group 1: Fund Performance - As of February 12, 2023, the Hong Kong Consumption ETF has a total share count of 1.09 billion and a total size of 941 million yuan [1]. - The fund's share count has increased by 18.49% and its size has grown by 29.67% since December 31, 2022, when the share count was 920 million and the size was 726 million yuan [1]. Group 2: Trading Activity - The cumulative trading amount for the Hong Kong Consumption ETF over the last 20 trading days is 1.973 billion yuan, with an average daily trading amount of 98.67 million yuan [1]. - In the year to date, the cumulative trading amount over 30 trading days is 2.655 billion yuan, with an average daily trading amount of 88.51 million yuan [1]. Group 3: Fund Management - The current fund manager of the Hong Kong Consumption ETF is Li Yixuan, who has managed the fund since its inception on May 25, 2021, with a return of -12.98% during the management period [2]. - The fund's top holdings include Pop Mart, Yum China, Anta Sports, Nongfu Spring, WH Group, Haier Smart Home, Shenzhou International, Midea Group, Li Ning, and Mengniu Dairy, with varying ownership percentages [2].

Investment Rating - The report maintains a positive outlook on the home appliance industry, with a focus on the "buy" and "outperform" ratings for specific companies within the sector [10]. Core Insights - The "old-for-new" policy implemented in 2024 has significantly stimulated the home appliance market, expanding the subsidy scope to include eight categories, resulting in notable retail growth for certain products [4]. - The report highlights a divergence in performance among kitchen appliance categories, with traditional products facing declining sales while emerging categories show mixed results [4]. - The 2026 "old-for-new" policy is expected to benefit leading brands with superior energy efficiency and performance, particularly in the kitchen appliance sector [4]. Summary by Sections Retail Data Analysis - In 2024, the retail sales of kitchen appliances are projected to reach CNY 362 billion for range hoods (up 14.9% YoY), CNY 204 billion for gas stoves (up 15.7% YoY), CNY 236 billion for electric water heaters (up 1.3% YoY), and CNY 296 billion for gas water heaters (up 8.8% YoY) [4]. - For 2025, the overall retail sales of kitchen and bathroom appliances are expected to decline to CNY 1,613 billion (down 8.5% YoY), with a total volume of 89.77 million units (down 5.3% YoY) [4]. Market Share Insights - In the offline market, leading brands like Boss and Fotile dominate with nearly 60% market share in range hoods and gas stoves, while online competition is intensifying with brands like Midea and Xiaomi rapidly gaining market share [4]. - The report notes that in the dishwasher category, Boss and Fotile each hold close to 20% market share, disrupting the previous dominance of Siemens [4]. Investment Recommendations - The report recommends investing in established brands such as Boss Electric and Huashang Co. in traditional categories, and Wanhe Electric in the water heater segment, which are expected to benefit from the new subsidy policies [4].

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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Core Insights - Midea's air conditioning products are addressing specific consumer needs, such as quiet operation and even heating, which sets them apart from competitors focused on technical specifications [1][4][5] - The company emphasizes understanding human needs and providing innovative solutions, which is seen as a key driver of its competitive advantage [2][15] Product Innovation - Midea's "No Wind" air conditioning technology has received over 343 patents and has sold over 10 million units, effectively addressing consumer pain points related to direct airflow [5][14] - The "Fresh Air Machine T6" combines multiple functions such as air conditioning, purification, and humidification, making it highly valued among families, especially during flu seasons [6][14] Market Position - Midea has achieved the status of the world's largest air conditioner manufacturer for two consecutive years, with significant market share in various segments, including inverter air conditioners and eco-friendly models [13][11] - The company has consistently led the industry in technological innovation, starting from the introduction of inverter technology in the early 2000s to the recent advancements in "No Wind" technology [13][14] Consumer-Centric Approach - Midea's user research center has gathered extensive consumer feedback, which has directly influenced product development and innovation, ensuring that products meet real-life needs [14][15] - The company's focus on human-centered design and user experience is seen as a critical factor in its sustained growth and market leadership [8][15]

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].