近日，市场监管总局正式发布了智能家电的两项国家标准，从"智能能力"和"场景效果"两个关键维度定义智能家 电新标准。海信作为这两项标准的主要参与企业，凭借在智能技术领域的多年深耕以及在场景化应用方面的创新实 践，为标准的制定提供了强有力的核心技术支撑，海信空调更是以"健康智慧风"为核心理念，引领智能空调行业实现 了全面升级。智能家电"新国标"首次构建了涵盖L1到L5的五级智能能力分级评价体系，科学量化家电产品的智能化水 平;同时还首次明确划分了九大典型智能家居应用场景，为产品创新和生态互联提供了统一指引，这标志着我国智能家 电行业迈入"标准引领" 的规范化发展新阶段。 在智能能力层面，"新国标"突出数据管理、人机交互、智能控制、智能运维等关键能力，海信空调作为标准制定 的重要参与者和技术实践的先行者，率先引领行业升级，于今年9月联合上海海思全球首发支持星闪人感2.0的智能空 调，树立高性能智能交互新标杆，海信空调璀璨U6柜机可以实现风随人动、风避人吹、人近柔风、无人节能的精准控 风智能体验，首次实现人与空调的快速精准无感交互，让空调送风更聪明，让呼吸体验更智慧健康。作为全球首款支 持星闪人感2.0技术的智能空调 ...

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东吴证券在研报表示，随着好房子和城市更新政策在供需两端作用，格局的改善将更加明显。在AI端 侧应用上，随着模型和算力的匹配，2026年智能家电有望快速发展， （文章来源：北京商报） 北京商报讯（记者翟枫瑞）11月24日，装修建材板块小幅上涨，以15983.6点收盘，涨幅为0.6%。 在板块带动下，多只装修建材股股价实现增长。永安林业以10.21元/股收盘，涨幅为10.02%，领涨装修 建材股。垒知集团以5.66元/股收盘，涨幅为4.24%，涨幅位列装修建材股第二。索菲亚以14.17元/股收 盘，涨幅为4.19%，涨幅位列装修建材股第三。 除此之外，好莱客以13.83元/股收盘，跌幅为10.02%，领跌装修建材股。华瓷股份以20.2元/股收盘，跌 幅为9.98%，跌幅位列装修建材股第二。万里石以34.72元/股收盘，跌幅为6.01%，跌幅位列装修建材股 第三。 ...

Core Insights - The kitchen and bathroom appliance industry is facing significant challenges, with major companies like Vanward Electric and Vatti Holdings undergoing leadership changes amid declining market performance [2][3][4] Industry Overview - The real estate market has negatively impacted the kitchen and bathroom appliance sector, with a reported 0.6% year-on-year decline in sales for kitchen and bathroom appliances in China for the first nine months of 2025, totaling 113.1 billion yuan [3] - Sales of integrated stoves plummeted by 40.9%, while electric and gas water heaters saw slight decreases of 0.4% and 1.3%, respectively [3] - The recent Double 11 shopping festival revealed a significant drop in sales, with offline sales of various kitchen appliances down by 35% to 40% and online sales down by 20% to 59% [3][4] Company Performance - Vatti Holdings reported a 9.13% decrease in revenue to 4.158 billion yuan and an 11.9% drop in net profit to 356 million yuan for the first three quarters of the year [4] - Vanward Electric achieved a 5.54% increase in revenue to 5.524 billion yuan and a 5.56% rise in net profit to 479 million yuan, with its new kitchen appliance segment growing by 23.46% [4] - Both companies are heavily reliant on the domestic market, with Vatti's domestic revenue at 2.4 billion yuan and overseas revenue at 347 million yuan, while Vanward's domestic revenue was 2.275 billion yuan and overseas revenue at 1.729 billion yuan [5] Strategic Adjustments - Both companies are family-controlled and are attempting to balance new business ventures with traditional product lines, focusing on practical and high-end product offerings [6][8] - The need for a balance between innovation and maintaining core business operations is critical for survival in the current market environment [6][8] - The companies are also exploring smart home solutions and integrating technology into their product offerings to stay competitive [8] Leadership Changes - Recent leadership changes at Vanward and Vatti signal a potential shift in strategy, with a focus on enhancing marketing and operational efficiency [2][7] - The appointment of new executives aims to streamline operations and improve the integration of online and offline marketing strategies [7]

Core Insights - The heating appliance market is undergoing significant transformation driven by technological innovation and consumer demand for enhanced comfort and health [1][3][4] - Suning.com has launched a "Warm Winter Subsidy" plan to promote popular heating products and improve service offerings, including a 365-day exchange policy and rapid delivery [1][6] Group 1: Market Trends - The demand for heating appliances has shifted from basic heating to a focus on comfort, health, and emotional connection during winter [1][3] - Smart features are becoming mainstream in heating appliances, providing convenience and safety, such as remote control and automatic temperature adjustment [3][4] Group 2: Product Innovations - New heating products integrate home aesthetics and advanced technology, such as realistic flame effects and multifunctional heating tables that enhance family interaction [3][4] - Health-focused features are being introduced, including air purification and humidity control, addressing common user complaints associated with traditional heaters [4] Group 3: Consumer Engagement - Suning.com is actively engaging consumers with diverse pricing strategies and promotional offers, including products priced at 89 yuan for rapid heating and 299 yuan for humidifying oil heaters [6] - The company is leveraging platforms like Meituan and Douyin for convenient ordering and fast delivery, enhancing the overall consumer experience [6]

Group 1 - The renovation and building materials sector experienced a slight decline, closing at 16,564.56 points with a drop of 1.22% [1] - Individual stocks within the sector showed varying degrees of decline, with Yong'an Forestry leading the drop at 8.10 CNY per share, down 10.00% [1] - Jingxue Energy closed at 25.82 CNY per share, down 7.72%, while ST Nachuan closed at 2.74 CNY per share, down 7.43% [1] Group 2 - Huaci Co. led the gains in the sector, closing at 20.61 CNY per share with an increase of 9.98% [1] - Youbang Ceiling closed at 32.67 CNY per share, up 7.22%, and Zhejiang Zhengte closed at 53.23 CNY per share, up 3.30% [1] Group 3 - Dongwu Securities highlighted the importance of technological self-reliance during the 14th Five-Year Plan, predicting accelerated development in domestic semiconductors, particularly in advanced processes [1] - The cleanroom engineering sector is expected to see high growth in orders, and AI applications are anticipated to develop rapidly in smart home appliances by 2026 due to improved model and computing power matching [1]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - Employment data shows improvement, and there are expectations for policy support [1] - The construction materials sector has shown resilience with a weekly increase of 0.97%, outperforming the Shanghai and Shenzhen 300 Index by 2.05% [3] - The cement market is experiencing a slight recovery in demand, particularly in southern regions, while prices are expected to remain stable [5][10] - The glass market is under pressure with high inventory levels and weak demand, but medium-term supply-side adjustments are anticipated [41][43] - The fiberglass sector is expected to see improved profitability due to supply constraints and increasing demand from new applications [5] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 352.3 RMB/ton, up 1.2 RMB/ton from last week but down 74.8 RMB/ton from the same period last year. The average cement inventory level is 69.8%, with an average shipment rate of 46.2% [11][18] - **Glass**: The average price for float glass is 1195.4 RMB/ton, down 1.9 RMB/ton from last week and down 258.4 RMB/ton year-on-year. Inventory levels are at 5962 million heavy boxes, a decrease of 54 million from last week [43][45] - **Fiberglass**: Prices for fiberglass remain stable, with a focus on high-end products. The market is expected to see improved profitability as supply constraints persist [5] 2. Industry Dynamics Tracking - The construction materials sector is expected to benefit from policy support and improving economic indicators, with a focus on companies involved in the export supply chain and home renovation [3][5] - The report highlights the importance of technological advancements and domestic semiconductor development, recommending companies in the cleanroom engineering sector [5] 3. Weekly Market Review and Sector Valuation - The construction materials sector has shown a positive trend compared to broader market indices, indicating potential for further growth [3] - The report suggests that the cement industry is at a historical low in terms of price-to-book ratios, presenting opportunities for investment as policies are expected to support recovery [5][10]

Core Viewpoint - The company has not yet participated in the smart home appliance sector [1] Group 1 - The company, Haon Electric, stated on November 5 that it has not engaged in the smart home appliance field [1]

Investment Rating - The report maintains an "Outperform" rating for the luxury goods sector [7]. Core Insights - The luxury goods sector is showing signs of recovery, particularly in the Greater China region, with brands reporting varying degrees of improvement in Q3 2025 compared to Q2 [2][3]. - LVMH's Q3 2025 revenue grew by 1% year-on-year to €18.28 billion, with significant improvement in the Chinese market [3][18]. - Hermes reported a 9.6% year-on-year revenue increase in Q3 2025, with growth across all regions [4][24]. - Kering's revenue decline narrowed significantly to 5% year-on-year in Q3 2025, indicating a recovery trend [5][28]. Summary by Sections Luxury Goods Performance - LVMH's revenue in Q3 2025 showed a year-on-year increase of 1%, driven by fashion and leather goods, with notable recovery in the Chinese market [3][18]. - Hermes achieved a revenue of €3.9 billion in Q3 2025, with a 9.6% year-on-year growth, outperforming analyst expectations [4][24]. - Kering's Q3 2025 revenue was €3.42 billion, reflecting a 10% decline year-on-year, but an improvement from previous quarters [5][28]. Regional Performance - In Asia (excluding Japan), LVMH, Hermes, and Kering reported year-on-year revenue changes of +2%, +6%, and -16%, respectively, indicating a mixed recovery across brands [2][3]. - Hermes experienced strong growth in Japan, with a 13.8% increase, while the Americas saw a 14.1% growth [4][24]. Brand-Specific Insights - LVMH's organic revenue growth varied by region, with the U.S. and Asia (excluding Japan) showing improvements of +3% and +2%, respectively [3][18]. - Kering's brands, including Gucci and YSL, reported declines of -14% and -4%, respectively, in Q3 2025, but showed signs of recovery compared to previous quarters [5][28].

Core Insights - The home furnishing industry is experiencing a surge in demand for green and smart products during the National Day holiday, indicating a significant trend towards sustainability and technology integration [1][2] - Sales data from major e-commerce platforms shows a 19% increase in energy-efficient appliances, a 20.7% increase in smart refrigerators, and a 16.8% increase in smart home products during the first four days of the holiday [1] - The government's policies promoting green consumption and the development of smart home appliances are driving the transformation of the home furnishing industry [1][2] Group 1 - The National Day holiday is viewed as a "golden observation window" for home furnishing consumption, with a notable rise in green and smart products reflecting precise market demands and industry upgrades [1] - The shift from selling individual furniture to offering comprehensive space solutions, including storage, smart technology, and after-sales services, is becoming essential for companies [1] - The implementation of home renovation policies in various regions, which include subsidies for smart toilets and water purifiers, is unlocking consumer potential and enhancing living standards [2] Group 2 - The smart home appliance market in China is projected to reach approximately 756 billion yuan in 2024, with a year-on-year growth of 3%, and is expected to grow to 793.8 billion yuan by 2025 [2] - The integration of green and smart technologies is anticipated to become a core competitive advantage in the home furnishing industry, driven by the dual carbon goals and continuous digital advancements [2] - Companies must increase R&D investments to develop more green and smart products that meet consumer demands to remain competitive in the market [2]