（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司是否有AI应用业务？数云智联今年能做出多 少业绩？ 亿田智能（300911.SZ）1月29日在投资者互动平台表示，杭州数云智联科技有限公司是公司全资子公 司，定位为 AIGC 解决方案提供商，目前收入占公司整体收入比例较低，处于投入培育期。2026年度公 司未对其设定业绩指引，后续进展请关注定期报告，注意投资风险。 ...

格隆汇1月29日丨亿田智能(300911.SZ)在投资者互动平台表示，目前庆阳智算中心可以提供算力服务， 客户主要有无问芯穹等公司。 ...

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 1.46% on January 28, with "Rising Sun" leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with "Zhejiang Meida" down 3.29% and "Rising Sun" down 3.81% [1] - "Boss Electric" closed at 20.09, down 0.10%, with a trading volume of 60,800 shares and a transaction value of 122 million [1] - "Mars Man" saw a decline of 2.10%, closing at 11.64, with a trading volume of 48,900 shares and a transaction value of 57.22 million [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 132 million from main funds, while retail investors contributed a net inflow of 108 million [1] - "Rising Sun" experienced a significant net outflow of 899.64 million from main funds, but a net inflow of 894.40 million from retail investors [2] - "Mars Man" had a net outflow of 1,223.97 million from main funds, with a net inflow of 565.22 million from retail investors [2]

从资金流向上来看，当日厨卫电器板块主力资金净流出2114.68万元，游资资金净流入3680.22万元，散户 资金净流出1565.54万元。厨卫电器板块个股资金流向见下表： 证券之星消息，1月27日厨卫电器板块较上一交易日下跌0.57%，帅丰电器领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。厨卫电器板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603366 | 日出东方 | 10.75 | 4.07% | 95.63万 | 10.15 Z | | 002508 | 老板电器 | 20.11 | -0.69% | 6.92万 | · 1.39亿 | | 002677 | 浙江美大 | 9.12 | -0.87% | 13.10万 | 261T | | 300894 | 火星人 ▼ | 11.89 | -0.92% | 5.35万 | 6330.28万 | | 603551 | 奥普科技 | 11.18 | -1.06% ...

Group 1 - The kitchen and bathroom appliance sector experienced a decline of 1.42% on January 26, with Shuaifeng Electric leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Notable stock performances included Rising Sun Oriental with a gain of 5.30% and Shuaifeng Electric with a loss of 9.97% [1] Group 2 - The kitchen and bathroom appliance sector saw a net inflow of 72.895 million yuan from main funds, while retail investors experienced a net outflow of 51.9875 million yuan [1] - Main fund inflows and outflows for specific stocks showed that Rising Sun Oriental had a net inflow of 1.3 billion yuan, while Shuaifeng Electric had a significant outflow of 8.7112 million yuan [2] - The overall trading volume for the sector was highlighted, with Shuaifeng Electric's trading volume at 15,700 shares and a transaction amount of approximately 24.7965 million yuan [1]

Group 1 - Shuangliang Energy is expected to report a net loss of between 1.06 billion to 780 million yuan in 2025 [1] - Oujing Technology has halted production at two subsidiaries to reduce losses [1] - Blue Sky Technology's controlling shareholder plans to transfer 2% of shares through inquiry [1] Group 2 - Zhongchong Co. plans to repurchase shares worth 100 million to 200 million yuan for convertible bond conversion [1] - Yitian Intelligent anticipates a total loss of between 186 million to 152 million yuan for the year 2025 [1] - Wannianqing received administrative regulatory measures from Jiangxi Securities Regulatory Bureau due to information disclosure violations [1] Group 3 - Jiangshan Oupai expects a pre-loss of 180 million to 230 million yuan in 2025 [1] - Hebang Bio received a warning letter due to revenue recognition and information disclosure issues [1] - Huazheng Convertible Bond is subject to forced redemption [1] Group 4 - Daotong Convertible Bond will not be forcibly redeemed [2] - Several convertible bonds including Huazheng, Ta21, and others will not undergo adjustments [2] - Lianrui Convertible Bond is set to be listed on January 28 [1]

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly recommending leading companies with low valuations, high dividends, and stable growth potential [2][3]. Core Insights - The home appliance industry is experiencing a decline in sales across both air conditioning and kitchen appliances, with significant drops in both online and offline retail volumes [33][34]. - The report highlights three main investment themes: 1. **Dividend**: Leading white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and elasticity in stock prices. The domestic market is expected to remain stable due to the continued effects of the trade-in policy, while export opportunities are bolstered by global production base layouts and strong demand in emerging markets [2][3]. 2. **Technology**: Core component manufacturers are diversifying into emerging tech fields such as robotics and data center temperature control, seeking cross-industry transformation [2][3]. 3. **Demand Recovery**: The report anticipates a recovery in external demand and sustained high demand for new products in the domestic market, particularly for robotic vacuum cleaners [2][3]. Summary by Sections Sales Data - Air conditioning sales saw a significant decline in December 2025, with online retail volume down 38.5% year-on-year and offline retail volume down 42.9%. The average price for online sales decreased by 4.2% to 2981 RMB per unit, while offline prices fell by 20.1% to 3801 RMB per unit [33]. - Kitchen appliances also faced declines, with online sales of range hoods down 16.8% and dishwashers down 10.2% year-on-year. The average price for online range hoods increased by 14.4% to 1739 RMB per unit, while offline prices decreased by 14.4% to 3813 RMB per unit [34][38]. Company Dynamics - Major companies such as Haier, Midea, and Gree are recommended for their current low valuations and strong dividend yields. The report also highlights the potential of companies like Dong'an Environment and Huaxiang Co. in emerging tech sectors [2][3]. - The report notes that the home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with companies like Aojiahua and Hisense leading in stock performance [5][8]. Industry Trends - The report indicates that raw material prices for copper and aluminum have risen, with copper prices up 34.79% year-on-year and aluminum prices up 19.36% year-on-year as of January 23, 2026 [12]. - The report also mentions that the sales of rotary compressors decreased by 13.6% year-on-year, while refrigerator compressor sales increased by 7.2% [27][28]. Economic Environment - As of January 23, 2026, the exchange rate of the US dollar to the Chinese yuan has decreased by 0.51% since the beginning of the year [42]. - The report highlights a decline in the sales area of commercial housing, with residential existing homes down 6.33% and new homes down 24.55% year-on-year [44].

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly on leading companies in the white and black goods sectors, highlighting their low valuations, high dividends, and stable growth potential [2][3]. Core Insights - The report identifies three main investment themes: 1. **Dividend and Growth**: Leading companies in the white and black goods sectors are characterized by low valuations, high dividends, and stable growth, providing a high safety margin and significant price elasticity. The impact of the trade-in policy is expected to continue positively into 2026 [2][3]. 2. **Technological Transition**: Key upstream component manufacturers are diversifying into emerging technology sectors such as robotics, data center temperature control, and semiconductors, seeking cross-industry transformation [2][3]. 3. **Market Demand**: Both domestic and international markets show promising demand, with established companies expanding production bases globally to mitigate trade fluctuations and capture growth in emerging markets [2][3]. Sales Data Summary - **Air Conditioning**: In December 2025, online retail sales volume was 720,000 units, a year-on-year decrease of 38.5%, while offline sales volume was 162,000 units, down 42.9%. The average online retail price decreased by 4.2% to 2,981 yuan per unit, and the offline average price fell by 20.1% to 3,801 yuan per unit [2][3][35]. - **Kitchen Appliances**: - **Range Hoods**: Online sales volume was 443,000 units, down 16.8%, while offline sales were 57,000 units, down 32.1%. The online average price increased by 14.4% to 1,739 yuan per unit, while the offline average price decreased by 14.4% to 3,813 yuan per unit [3][41]. - **Dishwashers**: Online sales volume was 49,000 units, down 10.2%, and offline sales were 5,000 units, down 44.2%. The online average price decreased by 1.1% to 4,245 yuan per unit, while the offline average price increased by 1.4% to 7,990 yuan per unit [3][41]. Company Updates - **Yitian Intelligent**: Forecasts a net loss of 186 to 152 million yuan for 2025, compared to a profit of 26.54 million yuan in 2024 [5][11]. - **Roborock Technology**: Launched new products including the G30S Pro and P20 Ultra, featuring advanced cleaning technologies and high efficiency [5][12]. - **Stock Performance**: The home appliance sector outperformed the CSI 300 index, with notable gains from companies like Aojiahua (10.1%) and Hisense Visual (5.7%) [5][6][8]. Macro Economic Environment - As of January 23, 2026, the USD to RMB exchange rate was 6.9929, reflecting a decrease of 0.51% since the beginning of the year [46][48]. - In December 2025, the total retail sales of consumer goods reached 45,135.90 billion yuan, a year-on-year increase of 0.86% [48][49].

Core Viewpoint - The company Yitian Intelligent (300911.SZ) expects a significant decline in net profit for 2025, projecting a loss between 186 million to 152 million yuan, with a further adjusted loss of 204 million to 167 million yuan after excluding non-recurring gains and losses [1] Group 1: Financial Performance - In 2025, the company anticipates a decrease in overall sales revenue and profit due to a slowdown in the real estate market, leading to fluctuations in orders and reduced demand [1] - The projected net profit attributable to shareholders will be negatively impacted by asset impairment losses as per accounting standards, contributing to the decline in both net profit and adjusted net profit [1] Group 2: Product and Market Dynamics - The company is adjusting its product structure in response to consumer downgrading, increasing the proportion of cost-effective products like disinfection cabinets compared to the same period last year, although the average product price has decreased [1] - The initial phase of the computing power business has not yet achieved economies of scale, resulting in profit pressure [1] Group 3: Financial Obligations - The payment of interest related to the convertible bonds issued by the company will have a certain impact on the current performance [1]

智通财经APP讯，亿田智能(300911.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净亏损 1.52亿元至1.86亿元;扣除非经常性损益后的净亏损1.67亿元至2.04亿元。 ...