投资建议与投资标的 地缘冲突导致成本上行，AWE 将至关注黑 电技术迭代 核心观点 投资建议：地缘冲突加剧，家电行业原材料/欧线运费成本上行，经营效率更高、全球供 应链韧性更好的白电集团抗风险能力更强；AWE2026 将至，关注黑电产业技术迭代。 主线一：龙头公司经营效率更高，成本上行周期经营更稳健，结合较高股息率可作为稳 健配置首选，相关标的：海尔智家(600690，未评级)、海信视像(600060，增持)。 主线二：出海仍为长期主线，2026 年有望迎来估值切换，相关标的：石头科技 (688169，买入) 、莱克电气(603355，买入)。 主线三：AWE2026将至，黑电产业技术迭代值得关注，相关标的：TCL电子(01070，未 评级)。 风险提示 以旧换新补贴政策持续性存在不确定性、关税扰动反复、地缘冲突加剧导致成本进一步 上行。 家电行业 行业研究 | 动态跟踪 国家/地区 中国 行业 家电行业 报告发布日期 2026 年 03 月 02 日 看好（维持） | 曲世强 | 执业证书编号：S0860525100004 | | --- | --- | | | qushiqiang@orientsec.c ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海爾智家股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600690 | 說明 | | 普通股- A股面值每股人民幣1元 (於上海證券交易所上市) | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,253,028,411 | RMB | | 1 RMB | | 6,253,028,411 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 6,253,028,411 | RMB | | 1 RMB | | 6,253,028 ...

行 业 及 产 业 家用电器 2026 年 03 月 02 日 内外销共振，家空出货重回双位数 增长 行 业 研 究 / 行 业 点 评 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 行业点评 表:家用电器行业重点公司估值表 | 板块 | 代码 | 名称 | 评级 | 2 月 27 日收盘 2025E | 净利润（百万元） 2026E | 2027E | 股本 （亿） | 2025E | 每股收益（元/股） 2026E | 2027E | 2025E | PE 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 价(元) | | | | | | | | | | | | 000333 | ...

Core Viewpoint - The home appliance industry is currently facing a market downturn, but Haier's specialty stores have achieved impressive results by breaking through the challenges [1] Group 1: Haier's Initiatives - Haier Smart Home launched the 2026 Health Renewal Festival from February 25 to 26, starting in Zhengzhou and expanding nationwide [1] - To empower Haier specialty stores, the company introduced the "Five Good Policies," focusing on good products, good policies, good experiences, good models, and good activities [1] Group 2: Product Strategy - The good products initiative is based on stable pricing and supply, creating a differentiated product layout to address the issue of product homogeneity [3] - Key product series like "Zhijing" and "Mailang" cover various consumer tiers, enhancing the competitiveness of store offerings [3] Group 3: Policy and Operational Efficiency - The good policies aim to simplify complex store policies, ensuring that incentive benefits reach the end point directly [5] - Haier Smart Home focuses on comprehensive retail TC as a core directive, unifying policy formulation and achieving instant execution to improve store operational efficiency [5] Group 4: Customer Experience and Marketing - The good experience initiative leads service upgrades through standards, helping Haier specialty stores achieve comprehensive traffic generation and efficient customer acquisition [5] - By integrating online and offline channels and utilizing platforms like Douyin and Gaode, the brand's visibility is amplified, bringing more precise customer traffic to stores [5] Group 5: Operational Model - The good model emphasizes cost reduction and efficiency enhancement through a unified warehouse TC model, providing free warehousing and delivery services [5] - This model, combined with Haier Mall, facilitates an integrated online and offline operational approach, making business operations easier for stores [5] Group 6: Marketing Activities - The good activities ensure continuous marketing for Haier specialty stores throughout the year, maintaining sales momentum [5] - A "5+3" activity matrix is established to provide full-process material support for each event, ensuring successful execution and safeguarding sales [5] Group 7: Future Developments - The 2026 Health Renewal Festival will unfold across various regions, with Haier Smart Home leveraging its smart home strategy to introduce more AI products, scenarios, and lifestyles [7] - This initiative aims to further empower the operations of Haier specialty stores [7]

2026年3月2日星期一 ➢ 美以空袭伊朗；中国两会前瞻。A股午后 上涨。上证指数收涨0.39%报4162.88点， 深证成指跌0.06%，创业板指跌1.04%。算 力硬件股集体调整，资源股走强。港股单 边 走 强 。 香 港 恒 生 指 数 收 涨 0.95% 报 26630.54点；恒生科技指数涨0.56%；恒生 中国企业指数涨0.51%。科技金融股多数回 暖，生物医药股活跃。大市成交额2884.21 亿港元。外盘方面，欧洲三大股指收盘涨 跌不一，美国三大股指全线收跌，道指跌 1.05%报48977.92点，标普500指数跌0.43% 报6878.88点，纳指跌0.92%。美国和以色 列联手打击伊朗，伊朗最高领袖哈梅内伊 身亡，国际油价应声飙涨。中国两会本周 拉开帷幕，政策重心料聚焦科技本土化、 扩大内需和建设金融强国。 资料来源：彭博 | 26630.54 | 0.95 | 3.90 | 8859.49 | 0.51 | -0.61 | | --- | --- | --- | --- | --- | --- | | 5137.84 | 0.56 | -6.86 | 118.17 | -0.54 | -4 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The home appliance industry has shown a relative return of 12.0% over the past 12 months, with an absolute return of 21.1% [3] - The industry has a low valuation with a PE ratio of 15.33, ranking 28th among 31 industries, indicating potential for upward movement [5] - The "old-for-new" policy has been strengthened, leading to a 21.7% year-on-year increase in sales of six categories of home appliances and four categories of digital products during the Spring Festival holiday [6] Summary by Sections Industry Performance - The home appliance industry experienced a decline of 0.42% this week, ranking 26th among its peers, while the CSI 300 index rose by 1.08% [4][9] - Over the past month, the industry gained 1.02%, ranking 20th, and has a year-to-date increase of 0.04%, ranking 27th [9] Valuation Analysis - The PE ratio of the home appliance industry is 15.33, compared to the CSI 300 index's 13.41, with a valuation percentile of 34.2% [5][26] - The industry is positioned at a historical low valuation, enhancing its investment attractiveness [5] Consumer Trends - The Spring Festival is a significant period for appliance upgrades, with a reported 510.6 million units sold during the holiday, reflecting strong consumer demand [6] Investment Recommendations - Focus on leading white goods companies with strong R&D capabilities, stable market positions, low valuations, and high dividend yields [7] - Identify niche sectors that can leverage new products and technologies to create demand, such as smart projectors and cleaning robots [7] - Monitor component manufacturers with strong R&D capabilities in response to the trend of replacing copper with aluminum due to rising copper prices [7] - Pay attention to "hidden champion" companies in the small appliance sector [7][56]

晨会速递 2026 年 3 月 2 日 分析师点评 市场数据 总量研究 【宏观】如何看待"HALO 交易"？——《光大投资时钟》第三十篇 近期美股迎来一轮"HALO 交易"，从追逐"成长性"转向拥抱"确定性"和"稀缺 性"。在 AI 技术持续迭代趋势下，真正稀缺的是支撑算力的能源和电力体系以及维 持社会运行的基础设施。而中国拥有全球最完备的供应链体系，在新能源、电力设备、 战略金属、化工材料、造船等行业具备全球领先优势，将成为 AI 时代的硬资产。在 全球供应链重构和法币贬值背景下，其战略价值或迎来系统性重估。 【策略】节后表现值得期待——2026 年 3 月 A 股及港股月度金股组合 2026 年 3 月 A 股金股组合：中际旭创、科大讯飞、盛弘股份、杰瑞股份、南京银行、 华菱钢铁、川恒股份、中国巨石、太阳纸业、海尔智家。 2026 年 3 月港股金股组合： 鸿腾精密、汇聚科技、中石化油服。 【债券】中东局势紧张，转债如何应对？——2026 年 3 月 1 日可转债观察 中长期看 A 股市场稳中向好，短期看风险可控，近期中东局势的紧张甚至还会给一些 板块带来投资机会。例如，军工、航运、油汽、煤化工、黄金、战 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4163 | 0.39 | 0.56 | 1.98 | | 深证综指 | 2764 | 0.3 | 1.67 | 3.1 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | -0.49 | -0.24 | 6.25 | | 中盘指数 | 0.95 | 1.7 | 25.16 | | 小盘指数 | 0.95 | 1.92 | 18.74 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 小金属Ⅱ | 7.69 | 16.7 | 74.62 | | 焦炭Ⅱ | 4.86 | 12.97 | 28.07 | | 普钢Ⅱ | 4.11 | 9.76 | 12.59 | | 酒店餐饮 | 3.92 | 2.52 | 11.1 | | 燃气Ⅱ | 3.14 ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese consumer industry**, particularly the global expansion strategies of Chinese consumer companies in response to slowing domestic growth and competitive strengths [1][6] - The expansion strategy is evolving from cost and supply chain advantages to a focus on **innovation and brand power** [1][6] Current Globalization Stage - Chinese consumer companies are at different stages of globalization, with sectors like **home appliances, auto, and consumer electronics** being pioneers, while others like **restaurants, jewelry, and cosmetics** are still in early stages [8][9] - The report identifies **seven successful stocks** in the coverage: Midea, Pop Mart, Roborock, Miniso, and potential success stories like Anta and Eastroc [6][8] Path to Success - A **five-dimensional framework** is introduced to evaluate success in global markets: 1. Product strength 2. Competition landscape 3. Channel build-up complexity 4. Branding 5. Policy and regulation risks [6][10] Triggers and Accelerators - **Triggers** for overseas expansion include a mix of 'push' and 'pull' factors, while **accelerators** consist of cross-border e-commerce, social media, outbound direct investment (ODI), and mergers & acquisitions (M&A) [6][10] Margin Trajectory - Margin dilution is common during the early stages of overseas expansion, but long-term margin accretion is achievable with strong pricing power, favorable cost structures, and scale enlargement [6][10] Key Risks - Risks involved in going global are categorized into **external** (geopolitical, legal compliance, competition, cultural) and **internal** (organization/talent, partner relationships, cost management, supply chain/operation) [6][10] Market Positioning - Chinese consumer companies show different positions in developed vs. emerging markets, with a shift towards a **Brand-Premium quadrant** as brands develop core competitiveness [10][17] - Significant international revenues are concentrated in OEM-heavy categories, with **83%** of apparel/footwear OEMs and **56%** of pet care brands expected to derive revenues from overseas by FY25E [17][19] Historical Context - The overseas footprint of Chinese consumer companies has evolved through four phases since the 1980s, with the current focus on localization, brand building, and risk management [9][10] Comparative Analysis - Compared to Japanese consumer companies, Chinese brands have a more concentrated overseas revenue exposure, particularly in OEM-driven categories, while Japanese brands show more diversified success across various sectors [17][21] Future Expectations - The report anticipates a shift in positioning dynamics towards premium branding as Chinese companies enhance their competitiveness through the outlined five dimensions [10][21] Conclusion - The report emphasizes the importance of understanding the evolving landscape of the Chinese consumer industry as companies navigate their global expansion strategies, highlighting both opportunities and risks involved in this transition [1][6][10]

股 票 研 究 上海楼市政策放宽加码，春节错期白电产销均有增长 [Table_Industry] 家用电器业 家电行业 2026W08 周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 蔡雯娟(分析师) | 021-38031654 | caiwenjuan@gtht.com | S0880521050002 | | 成浅之(分析师) | 021-23183327 | chengqianzhi@gtht.com | S0880525110002 | 本报告导读： 上海新"沪七条"发布，楼市政策放宽加码，春节错期下白电产销均有增长。 投资要点： [Table_Summary] 投资建议：1）地产链业绩修复拐点+股价底部向上：老板电器（13.8 X，2026PE，下同）、公牛集团（15.9X）；2）国补有望平稳过渡，黑 白电龙头稳健经营叠加高股息，配置具备性价比,推荐美的集团 （12.2X）、海尔智家（10.5X）、TCL 电子（10.9X）、海信视像（10.6X）； 3）智能家电出海核心驱动，推荐扫地机器人双雄石头科技(1 ...