智通财经APP获悉，国联民生证券发布研报称，近期黑五&网一大促结束，根据黑五数据表明，海外扫 地机大盘量价齐升，而在消费者主动选择升级背景下，中国品牌在海外各市场凭借产品力优势及进取的 价格策略，中国龙头均实现高速增长，在此基础上海外扫地机高成长性有望延续。内销端，尽管2025年 补贴带动扫地机渗透率加速提升、基数不低，但考虑到保有量仍较低，产品持续创新带动下，2026年扫 地机内销仍有望较快增长。 国联民生证券主要观点如下： 增长：海外市场全面开花，中国龙头引领增长 中国品牌正毫无疑问引领海外各区域扫地机高增长，近期黑五&网一大促结束，战报表明大促期间石头 欧洲销量整体同比+59%，北美销量整体同比至少+50%，追觅欧洲GMV整体同比或超+90%，北美GMV 整体同比+270%，科沃斯欧洲与北美GMV同比或介于石头与追觅的欧洲与北美增速之间，各品牌在海 外不同市场相互渗透。在下一轮技术与产品变革前，扫地机海外市场或进入渠道精耕细作阶段，挖掘增 量与固守既有市场、比拼终端动作细节，或将成为头部品牌未来一段时间的竞争主轴。 价格：升级与竞争共存，行业均价合力或向上 格局：海外龙头承压，中国品牌或迎格局红利 对于 ...

Key Insights - The macroeconomic environment shows strong export performance, with June exports reaching USD 325.18 billion, a year-on-year growth of 5.8% [2][4] - The trade surplus for June was USD 114.77 billion, indicating a positive trade balance despite challenges [2][4] - High-tech product exports increased by 9.2% in the first half of the year, contributing to overall export strength [8] Export Dynamics - The export growth is supported by three main factors: the "rush to export" effect due to tariff uncertainties, enhanced competitiveness of Chinese products, and a diversified opening-up strategy [8] - In June, exports to ASEAN countries grew by 16.8%, with significant increases in exports to Thailand, Vietnam, the Philippines, and Malaysia [4][8] - The export growth to the US continued to decline, with a year-on-year decrease of 16.1% in June, reflecting the impact of tariffs [4][8] Industry Analysis - The clean appliance market is experiencing rapid growth, with significant increases in online retail sales for vacuum and cleaning machines [25][27] - Major players in the clean appliance sector, such as Ecovacs, are showing improved performance, with a projected profit increase of over 57% in the first half of 2025 [27][28] - The competitive landscape is characterized by high entry barriers, with established brands like Ecovacs and Roborock leading the market [26][28] Company Insights - Qiuguang Cable has recently won contracts worth CNY 831.24 million from the State Grid, indicating strong market positioning [20][21] - The company has achieved a compound annual growth rate of 14.3% in revenue from 2020 to 2024, reflecting steady growth [22][23] - Qiuguang Cable's products are widely used in major national projects, enhancing its competitive edge in the industry [21][22] Banking Sector Outlook - The banking sector is expected to benefit from strengthened long-term assessments by insurance funds, enhancing dividend value [30][31] - The current PB ratio for the banking sector is 0.70, with a dividend yield of 5.54%, indicating attractive investment opportunities [30][31] - The adjustment in insurance fund regulations is likely to lead to increased allocations to equity assets, further supporting bank valuations [31][32]

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of performance that is stronger than the market benchmark by over 5% [6][12]. Core Viewpoints - The leading companies in the clean appliance sector have recently reported better-than-expected operational results, with Ecovacs anticipating a nearly 40% revenue growth in Q2, surpassing market expectations. The significant growth of over 60% in Ecovacs' brand business is a key factor for this outperformance [4][8]. - The recent Prime Day sales event showed remarkable growth for Stone Technology and Chasing in Europe, with sales growth exceeding 100%, indicating a robust demand in both domestic and international markets. The report suggests that the clean appliance sector is experiencing a dual growth phase [4][8]. - The report expresses optimism for continued domestic growth in clean appliances, supported by ongoing national subsidies, increasing category penetration, and active new consumer trends. The overseas performance is also expected to be promising [4][8]. Summary by Sections Investment Recommendations and Targets - The report recommends focusing on Stone Technology (688169, Buy) and Ecovacs (603486, Buy) due to their strong growth prospects and operational improvements [4][8]. Market Dynamics - The clean appliance market is currently witnessing a favorable environment with improved competition, innovation premiums, and internal management optimizations, which are expected to support profit margin recovery [4][8]. - The anticipated recovery in profit margins is attributed to a better competitive landscape and the potential for technology-driven price premiums in high-demand products like robotic vacuum cleaners [4][8].