Investment Rating - The industry investment rating is "Synchronize with the market" and the rating has been maintained [3][7]. Core Viewpoints - The 2026 national subsidy program for home appliances has been launched, with a focus on promoting low-carbon smart products and upgrading product structures. The subsidy scope has been optimized from 12 categories to 6, including refrigerators, washing machines, televisions, air conditioners, computers, and water heaters. The subsidy standard has been adjusted to provide a 15% subsidy for level 1 energy efficiency products, with a maximum subsidy of 1,500 yuan per product [7]. - The home appliance industry is increasing investment in aluminum application technology for air conditioning to address rising raw material costs, particularly copper prices, which have increased by 39.18% year-on-year [7]. - The robotic vacuum cleaner industry continues to innovate around embodied intelligence, with a focus on deep cleaning capabilities. Sales of roller brush models have increased by over 300% year-on-year, capturing 41.20% of the market share, as they effectively address consumer demands for deep cleaning [7]. - The continuation of national subsidies is expected to bolster consumer confidence in domestic demand. Major players in the industry are better positioned to pass on cost increases to consumers, and advancements in aluminum application technology are anticipated to alleviate cost pressures on companies [7]. Summary by Sections - **Investment Rating**: The industry is rated as "Synchronize with the market" [3]. - **National Subsidy Program**: The 2026 national subsidy program has been detailed, focusing on fewer product categories and specific subsidy standards [7]. - **Raw Material Costs**: The industry is responding to rising copper prices by investing in alternative materials like aluminum for air conditioning [7]. - **Robotic Vacuum Cleaners**: Innovations in the robotic vacuum cleaner sector are driven by the need for deep cleaning, with significant sales growth in roller brush models [7]. - **Consumer Confidence**: The national subsidy program is expected to enhance consumer confidence, with leading companies likely to manage cost pressures effectively [7].

Market Overview - The small home appliance sector experienced a decline of 0.94% on January 20, with Lek Electric leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Beiyikang (Code: 6610Z6) with a closing price of 46.45, up 4.74% and a trading volume of 34,000 shares, totaling 154 million yuan [1] - ST Dehao (Code: 002005) closed at 3.13, up 3.64% with a trading volume of 303,400 shares, totaling approximately 93.59 million yuan [1] - Major decliners included: - Lek Electric (Code: 603355) closed at 35.09, down 2.91% with a trading volume of 52,800 shares, totaling 186 million yuan [2] - Stone Technology (Code: 688169) closed at 152.33, down 2.60% with a trading volume of 52,700 shares, totaling 812 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 140 million yuan from institutional investors, while retail investors experienced a net inflow of 56.31 million yuan [2] - Key stocks in terms of capital flow included: - Aikan Health (Code: 300272) with a net inflow of 17.69 million yuan from institutional investors, but a net outflow of 34.55 million yuan from retail investors [3] - Biyi Co. (Code: 603215) had a net inflow of 14.55 million yuan from institutional investors, with a net outflow of 29.66 million yuan from retail investors [3]

证券代码：603486 证券简称：科沃斯 公告编号：2026-013 转债代码：113633 转债简称：科沃转债 重要内容提示： 公司的股票自2025年12月1日至2026年1月13日连续三十个交易日的收盘价格低于 本公司可转换公司债券（以下简称"科沃转债"）当期转股价格的70%，且"科沃转 债"处于最后两个计息年度。根据《科沃斯机器人股份有限公司公开发行A股可转换 公司债券募集说明书》（以下简称《募集说明书》）的约定，"科沃转债"的有条件 回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上海 证券交易所股票上市规则》和《募集说明书》的约定，就回售有关事项向全体"科沃 1 ● 回售价格：100.26元人民币/张（含当期应计利息、含税） ● 回售期：2026年1月21日至2026年1月27日 ● 回售资金发放日：2026年1月30日 ● 回售期内"科沃转债"停止转股 ● 本次回售不具有强制性，"科沃转债"持有人有权选择是否进行回售。 ● 本次满足回售条款而"科沃转债"持有人未在上述回售期内申报并实施回售的， 计息年度即2025年11月30日至2026年11月29日不能再行使回售 ...

证券代码：603486 证券简称：科沃斯 公告编号：2026-014 转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 关于不向下修正"科沃转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （二）可转债上市情况 经上海证券交易所自律监管决定书【2021】488 号文同意，可转换公司债券于 2021 年 12 月 29 日起在上海证券交易所挂牌交易，债券简称"科沃转债"，债券代 码"113633"。 （三）可转债转股价格调整情况 1 根据有关法规的规定和《科沃斯机器人股份有限公司公开发行 A 股可转换公司债 券募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发行的"科沃转 债"自 2022 年 6 月 6 日起可转换为公司 A 股普通股。公司本次可转债的初始转股价 格为 178.44 元/股，最新转股价格为 173.80 元/股，历次转股价格调整情况如下： 1、因公司 2021 年股票期权与限制性股票激励计划限制性股票首次授予登记完 成，需对"科沃转债"的转股价格作出相应调整。自 ...

Group 1 - The core point of the article is that Ecovacs Robotics (科沃斯) has decided not to adjust the conversion price of its convertible bonds, despite triggering the downward adjustment clause [1] - The decision was made during the sixth meeting of the fourth board of directors of Ecovacs Robotics [1] - The company will not propose a downward adjustment plan for the conversion price in the next six months, from January 21, 2026, to July 20, 2026 [1] Group 2 - If the downward adjustment clause is triggered again after July 21, 2026, the board will hold another meeting to decide whether to exercise the downward adjustment right [1]

Group 1 - The core point of the article is that the company, Ecovacs Robotics Co., Ltd., has decided not to adjust the conversion price of its "Kewo Convertible Bonds" despite triggering the downward adjustment clause [1] - The decision was made during the sixth meeting of the fourth board of directors and will remain in effect for the next six months, from January 21, 2026, to July 20, 2026 [1] - If the conversion price adjustment clause is triggered again during this six-month period, the company will also not propose a downward adjustment [1] Group 2 - After July 21, 2026, if the conversion price adjustment clause is triggered again, the board will hold another meeting to decide whether to exercise the downward adjustment right [1]

Macro and Strategy - The bond market saw the 30-year to 10-year government bond yield spread rise to 46.2 basis points, the highest level since September 2022, driven by structural interest rate cuts signaling a dovish stance from the central bank [6] - The Ministry of Finance initiated the issuance of 30-year government bonds with a competitive bidding total of 32 billion yuan, raising concerns about supply pressure in the long-term bond market [6] - The increase in yield spread indicates a normalization of the bond market from extreme deflationary trading conditions, suggesting that the long-term bond's "scarcity" has been replaced by "scale" [6] Industry and Company Public Utilities and Environmental Protection - Shanxi Province has launched a bidding mechanism for the electricity price of new energy projects for 2026, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh for wind power and 6.049 billion kWh for solar power [12] - The public utilities index rose by 0.06%, while the environmental index increased by 0.27%, indicating a relatively stable performance in these sectors [11] - Recommendations include large thermal power companies and national renewable energy leaders, as well as companies involved in nuclear power and water utilities [14] Home Appliances - The home appliance sector is experiencing pressure, with a significant decline in domestic retail sales of major appliances, down over 20% in December [15] - Exports of home appliances also fell by 8% in December, with air conditioning exports particularly affected due to high base effects [16] - Recommendations focus on leading white goods companies, anticipating a recovery in sales driven by continued government subsidies and improved export conditions in 2026 [18] Food and Beverage - The food and beverage sector is expected to benefit from cost reductions, particularly in sunflower seed prices, which are projected to decline by over 10% in 2026, benefiting companies like Qiaqia Food [20] - The report highlights the importance of effective cost transmission to improve profitability, emphasizing the need for stable competitive environments and strong cost control capabilities [19] - Recommendations include companies that can leverage cost advantages and maintain strong market positions [19] Beverage Industry - Dongpeng Beverage is projected to achieve revenue of 20.76 to 21.12 billion yuan in 2025, reflecting a year-on-year growth of 31.07% to 33.34% [21] - The company is expected to face some profit pressure in Q4 2025 due to pre-holiday inventory adjustments and upfront freezer costs [22] - The issuance of H-shares aims to support strategic initiatives, including supply chain improvements and overseas market expansion [22] Technology Sector - Haopeng Technology anticipates a revenue increase of 12% to 17% in 2025, driven by growth in AI-related battery applications [27] - The company is actively expanding its production capacity for energy-dense batteries to meet rising demand in AI applications [28] - The strategic focus on AI positions the company for sustained revenue growth in the coming years [27]

Core Insights - The 2026 CES showcased a significant presence of humanoid robot manufacturers, particularly from China, indicating a shift from mere demonstrations to practical applications in household settings [1] - Companies like Ecovacs are focusing on practical solutions for everyday tasks rather than grand concepts, presenting a family of service robots that address specific household needs [2][3] Group 1: Company Strategy - Ecovacs is redefining its brand by emphasizing a comprehensive product matrix rather than focusing on individual standout products, showcasing a range of robots for various household tasks [4][6] - The company is transitioning from a focus on cleaning to a broader service-oriented approach, aiming to create a family of robots that can handle multiple household chores [7][12] - Ecovacs' new brand philosophy, "Created for Ease," highlights the goal of simplifying consumers' lives by saving time and effort through automation [7][11] Group 2: Product Development - The latest product, the Deebot X12, represents a shift towards robots that not only automate tasks but also possess advanced capabilities for understanding and responding to different cleaning needs [9][11] - The Deebot X12 utilizes AI and sensor technology to identify dirt levels and adapt cleaning strategies accordingly, moving beyond basic navigation and obstacle avoidance [11][12] - Ecovacs is leveraging its engineering expertise to ensure that its robots are not just one-off products but part of a scalable system that can be applied across various household tasks [13][15] Group 3: Market Positioning - The company is strategically avoiding the trend of humanoid robots, instead focusing on specialized robots that excel in specific tasks, thereby enhancing efficiency and reliability in household chores [16][21] - Ecovacs believes that the future of robotics lies in creating a division of labor among different robot types, each optimized for particular tasks, rather than trying to create a single, all-encompassing robot [8][20] - The introduction of a pet companion robot signifies Ecovacs' exploration into emotional and interactive aspects of robotics, aiming to integrate robots into family life beyond mere functionality [18][20]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12]. Core Views - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and stabilization of exports, suggesting a positive outlook for leading white goods companies [1][12][18]. - December retail performance for home appliances showed signs of bottoming out, with significant declines in major appliances but a relatively stable performance in small appliances [1][19]. - The report highlights the resilience of leading companies in the home appliance sector, with a focus on white goods, which are expected to maintain steady growth despite high base effects [12][13]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric Appliances, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [4][12][13]. 2. December Retail Performance - In December, the retail sales of major appliances saw declines exceeding 20%, while small appliances showed slightly better demand, with air fryers experiencing growth [1][19]. - The offline sales channels for major appliances faced declines of over 40%, while kitchen small appliances remained relatively stable [1][19]. 3. Export Performance - In December, China's home appliance exports decreased by 8.1% year-on-year, with air conditioners facing a significant decline of 20.7% [2][37]. - Other categories like refrigerators and washing machines showed modest growth, indicating a mixed performance across different product lines [2][37]. 4. U.S. Market Insights - U.S. retail sales for home appliances showed a slight increase of 0.8% in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][43]. - The inventory levels in U.S. appliance stores are returning to normal, suggesting improved market conditions [3][43]. 5. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating expected EPS growth for Midea Group, Gree Electric Appliances, and Haier Smart Home, among others, with all rated as "Outperform the Market" [5][76].

□ 本报记者 董 鑫 转自：国际商报 听力熊Teeni.AI是一家专注于青少年市场的多模态大模型随身智能体创新企业。这家来自北京的企业第 一次亮相CES，将面向青少年的AI随身机器人Mooni Pro带到全球用户面前。Mooni Pro可帮助孩子记录 生活碎片。难忘的外出、喜欢的物件都可以经过Mooni Pro的编码、解码，成为可被小孩子理解的内 容。而这些内容都会沉淀为可供回忆的成长记录，成为家庭亲子沟通中不断更新、不断延续的素材。 会爬楼梯的扫地机器人、搭载机械臂的割草机器人、能自主清洁泳池的智能设备……清洁家电企业 的"野心"早已不止于占领家庭地面，而是瞄准"全场景清洁"——从室内的墙角缝隙、高低楼层，到户外 的草坪打理、泳池维护，彻底解放用户的双手。《全球智能家居清洁机器人设备市场季度跟踪报告》显 示，2025年上半年，在全球扫地机器人市场份额TOP5榜单中，中国品牌占据4席。其中，石头科技以 20.7%的市场份额位列第一，科沃斯、追觅、小米紧随其后，4个品牌合计拿下57%的市场份额。 在刚落幕的2026年国际消费电子展（CES 2026）上，中国机器人军团格外吸睛，宇树科技、智元、傅 利叶、银河通用 ...