2月27日（大年十一），第一财经记者从多位家电业界人士处获悉，马年春节促销期间，中国家电市场 总体平稳，各地及各商家的销售情况冷热不均，智能产品、乡镇市场是主要的增长点，仍有潜力可挖。 上海交家电协会秘书长葛森向第一财经记者表示，今年国家启动新一轮补贴，年前，上海市家电以旧换 新、数码和智能产品购新补贴活动新增线下即时摇号举措，提升了消费者参与活动的便利度。2月15日 （年廿八）至2月22日（大年初六），上海家电、数码产品补贴带动销售2.99亿元，参与企业815家。 一位华东地区电器零售连锁商向第一财经记者表示，春节市场比较疲软，与去年春节前后20天相比，销 售额下降10%。当地一家县城电器店的店长告诉记者，春节生意比较平淡，其中60升快速加热的智能热 水器、大容积智能冰箱的销量相对较好。 而一位深圳的电器零售商告诉记者，今年春节市场整体相对平稳，没有大的起伏。受国补政策持续影 响，家电需求提前释放，未集中在春节期间。家电产品朝家居化、节能化、智能化、个性化方向发展。 后续市场仍有一定的增长压力，三四级市场还会有一些增长和下沉的机会，需要时间消化和引导。 另一位华南家电零售商也向记者说，春节市场同比有所下滑， ...

智能产品和品质消费尤为火爆。2026年，首次将智能眼镜纳入购新补贴范围，成为新春消费新宠，天 津、重庆、四川等地数码产品咨询量和购买量显著增长。同时，消费结构优化升级趋势明显，商务部数 据显示，中高端手机产品占比65.0%。中国银联数据显示，电脑、空调、电视机每笔平均核销金额较去 年同期也有较大幅度增长。 商务部全国家电以旧换新、数码和智能产品购新补贴资格校验系统数据显示（以下简称"商务部数 据"），今年春节9天假期，6类家电以旧换新产品、4类数码和智能购新补贴产品销售510.6万台，与去 年春节假期相比增长21.7%。 补贴政策支持线下实体发展。商务部数据显示，线下渠道销售家电、数码和智能产品占销售总额的 73.3%。中国银联数据显示，政策带动更多消费者走出家门，激发周边消费潜力。春节假期，南京市百 家湖、广州市长隆万博等政策参与主体较多的商圈，商户销售额同比增长超10%。 此外，商务部门认真做好组织实施。商务部数据显示，河北、广东、江苏、山东等地家电、数码和智能 产品消费强劲。北京、山西、江西、重庆等地春节假期服务"不打烊"，补贴申领通道全天候开放，资格 券储备充足。吉林、云南、青海、陕西等地推动"以旧换 ...

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. ...

Core Insights - The report highlights the emergence of "high prosperity spillover" in the AI sector, suggesting that while the fundamental elasticity may not match the high prosperity itself, there is still potential for elasticity in spillover markets [2][11] - It emphasizes the importance of basic bottom-line requirements for spillover markets, indicating that the prosperity cycle needs to confirm a clear bottom [11] - The report suggests that the valuation structure of high prosperity can break through historical averages, but the spillover structure may face challenges [11] Industry Summaries AI Sector - The report identifies specific industries benefiting from AI price spillover, recommending attention to fiberglass and optical fiber due to their favorable valuations and visible price increases [2][11] - Fiberglass is noted for its strong bargaining power in the global supply chain, with a valuation slightly above historical averages, indicating a favorable risk-reward profile [11] - The optical fiber sector is experiencing a recovery in traditional segments alongside expectations for AI business advancements, presenting a high short-term success rate [11] Real Estate - The report indicates that the most challenging period for the real estate sector may be over, with signs of marginal improvement in supply and demand dynamics [11] - Data shows a narrowing decline in key indicators, with a significant reduction in the year-on-year decline of second-hand housing transactions [11] - Policy measures are being implemented to stabilize the real estate market, focusing on risk management and ensuring the protection of livelihoods [11] Consumer Electronics - The report discusses the impact of the "old-for-new" policy on the home appliance market, noting significant sales volumes and revenue generated from this initiative [15][18] - It highlights the performance of various appliance categories, with a focus on the kitchen appliance sector, which is experiencing varied performance amid high base pressures [18] - The report anticipates that the 2026 "old-for-new" policy will continue to benefit leading brands with superior product efficiency and performance [18] Tourism and Hospitality - The report outlines the expected surge in domestic tourism during the extended Spring Festival holiday, predicting a significant increase in passenger transport volumes [21] - It notes a shift in consumer preferences towards high-quality accommodations and diverse travel experiences, driven by family and senior travelers [21] - The report suggests that the tourism market is experiencing a multi-faceted explosion, with emerging destinations gaining popularity [21]

中国轻工业联合会发布最新数据，2025年我国轻工业经济运行稳中向好。 2025年，我国规模以上轻工业增加值同比增长5.3%，实现营业收入23万亿元。营业收入利润率6.04%， 高于规模以上工业0.73个百分点、高于制造业1.34个百分点。90种主要轻工产品中35种实现产量增长， 数字化研发工具普及推动高附加值产品供给持续增加。 1月数码和智能产品购新补贴超1500万台 记者2月3日从商务部了解到，2026年，家电以旧换新及数码和智能产品购新补贴政策效应逐步显现。 2026年1月，6类家电产品及4类数码和智能产品销售量超1500万台，销售额近590亿元。其中，线下销售 接近八成，同比增长约20%。 绿色智能产品备受青睐。第三方机构数据显示，一级能效热水器、电视线上销售额同比分别增长 35.7%、28.9%。中高端手机机型销售占比超过70%。智能眼镜2026年首次纳入补贴范围，实现销售额 719.7万元。 消费市场方面，政策驱动效应突出。2025年，家电以旧换新超1.29亿件，电动自行车以旧换新超1250万 辆。受此带动，全年轻工11类商品零售额达86719亿元，同比增长7.8%，占社会消费品零售总额比重提 升至 ...

Core Insights - The implementation of the appliance trade-in and digital product subsidy policy has shown positive effects, with significant sales figures reported in January [1] Group 1: Sales Performance - In January, sales of six categories of home appliances and four categories of digital and smart products exceeded 15 million units, generating nearly 59 billion yuan in sales [1] - The trade-in program for home appliances resulted in 6.813 million units sold, driving sales of 29.71 billion yuan, while the purchase of new digital and smart products reached 9.115 million units, contributing 29.21 billion yuan in sales [1] - Offline sales for both home appliance trade-ins and new digital product purchases accounted for nearly 80% of total sales, showing a year-on-year growth of approximately 20% [1] Group 2: Policy Impact - The subsidy standard for home appliance trade-ins has been raised to first-level energy efficiency, accelerating the sales of high-performance appliances [1] - Online sales of first-level energy-efficient water heaters and televisions increased by 35.7% and 28.9% year-on-year, respectively [1] - The share of mid-to-high-end smartphone models in sales exceeded 70%, and smart glasses were included in the subsidy program for the first time, achieving sales of 7.197 million yuan [1] Group 3: Future Directions - The Ministry of Commerce plans to continue supporting the implementation of the trade-in and subsidy policies, focusing on enhancing support for offline retail and promoting the replacement of old products with new ones [1]

Group 1 - The new subsidy policy for replacing old home appliances and purchasing new digital and smart products has led to significant sales, with over 15 million units sold and nearly 59 billion yuan in sales revenue in January [1] - The sales breakdown shows that 6 categories of home appliances accounted for 6.81 million units sold, generating 29.71 billion yuan, while 4 categories of digital and smart products saw 9.12 million units sold, contributing 29.21 billion yuan [1] - The offline retail sector has experienced a strong performance, with nearly 80% of sales coming from the replacement and new purchase programs, reflecting a year-on-year growth of approximately 20% [1] Group 2 - The subsidy policy has favored green and smart products, with the standard for subsidies raised to first-level energy efficiency, resulting in significant growth in high-performance appliances [1] - Online sales of first-level energy efficiency water heaters and televisions increased by 35.7% and 28.9% year-on-year, respectively, while mid-to-high-end smartphone models accounted for over 70% of sales [1] - Smart glasses were included in the subsidy program for the first time, achieving sales of 7.197 million yuan [1] Group 3 - The Ministry of Commerce plans to continue supporting the implementation of the subsidy policies, focusing on enhancing offline retail support and promoting the replacement of old products with new ones [2]

据新华社北京2月3日电（记者谢希瑶）记者3日从商务部获悉，今年优化实施家电以旧换新及数码和智 能产品购新补贴政策以来，效应逐步显现。1月，6类家电产品及4类数码和智能产品销售量超1500万 台，销售额近590亿元。 实体零售呈现以旧换新引流、多元消费增收的特点。1月，家电以旧换新、数码和智能产品购新线下销 售接近八成，同比增长约20%。一些线下门店业绩增长、客流提升，同时对休闲娱乐、交通出行、特色 餐饮等跨场景消费有较强带动作用。 绿色智能产品备受青睐。今年家电以旧换新补贴标准提升至一级能效，带动高性能家电产品增长较快。 目前，家电及数码和智能产品补贴政策全面落地。1月，全国家电以旧换新681.3万台，带动销售297.1亿 元；数码和智能产品购新911.5万件，带动销售292.1亿元。 ...

Core Insights - The implementation of the appliance trade-in and digital product subsidy policy has shown positive effects, with significant sales figures reported in January 2023 [1] Group 1: Sales Performance - In January, sales of six categories of home appliances and four categories of digital and smart products exceeded 15 million units, generating nearly 59 billion yuan in sales [1] - The trade-in program for home appliances resulted in 6.813 million units sold, driving sales of 29.71 billion yuan, while the purchase of new digital and smart products reached 9.115 million units, contributing 29.21 billion yuan in sales [1] - Offline sales from the trade-in program and new purchases accounted for nearly 80% of total sales, showing a year-on-year growth of approximately 20% [1] Group 2: Consumer Trends - The trade-in program has led to increased foot traffic and sales in physical retail stores, positively impacting cross-scenario consumption in leisure, transportation, and specialty dining [1] - There is a growing preference for green and smart products, with the subsidy standards for the trade-in program raised to first-level energy efficiency, resulting in rapid growth in high-performance appliances [1] - Online sales of first-level energy-efficient water heaters and televisions increased by 35.7% and 28.9% year-on-year, respectively, while mid-to-high-end smartphone models accounted for over 70% of sales [1] - Smart glasses were included in the subsidy program for the first time, achieving sales of 7.197 million yuan [1] Group 3: Future Initiatives - The Ministry of Commerce plans to continue supporting the implementation of the trade-in and subsidy policies, focusing on enhancing offline retail support and promoting the introduction of new products and production capabilities [2]