资料显示，从安徽省第一台冰箱到中国第一台大冷冻室冰箱，从全球第一台十字四门冰箱到全球最冷冰 箱，从第一台长效保鲜冰箱到第一台商厨变频冰箱。美菱用一次又一次的第一台向全球展示了中国家电 乃至中国制造的创新动力。 创新是企业发展的不竭动力，也是美菱多年坚守的经营方针之一。事实上，企业发明专利的创新就是企 业彰显品牌创新实力的重要体现。此次，美菱斩获制造业发明专利50强企业，不仅向全社会展示了美菱 雄厚的创新实力，更展现出企业技术体系的积累正在开出丰硕的成果。 记者了解到，2025年美菱始终坚持通过企业创新，实现企业稳步发展。从产品创新角度上，美菱相继开 发了M鲜生Ultra570S冰箱, Ultra501S冰箱，通过五大保鲜技术的加持，打造行业首创的全场景保鲜冰 箱。同时在核心产业洗衣机产品上，进一步深耕，推出了如手洗大白鲸系列洗衣机，厨卫小家电产品 上，则通过布局新鲜厨房，打造了小风翼系列产品，以科技创新满足厨房用户产品需求。 从80年代成立以来，美菱始终坚持自主创新、中国创造。从一家专业制造冰箱的家电制造厂，到走向全 球的综合家电企业，美菱矢志不渝的坚持发展新质生产力，坚持以用户为中心，用产品创新、技术创新 ...

证券研究报告|专题报告 金融工程 2026年2月24日 基于胜率与盈亏比的行业博弈策略 —— 概率驱动的行业轮动决策框架 证券分析师： 李杨 执业证书编号： S0210524100005 熊晓湛 执业证书编号： S0210524100006 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 ➢ 概率思维 —将行业指数作为可重复博弈对象 我们将行业指数视为可重复参与的博弈对象，而非一次性的行情判断，以胜率 × 盈亏结构刻画行业在长期维度上的博弈价值。 在筛选阶段引入综合盈亏指标，对行业在不同市场环境中的成功概率与回报结构进行系统评估，优选具备正期望、能够穿越周期 的成功行业。 ➢ 逆周期筛选—选取历史上有成功经验的行业 在行业筛选过程中，不是仅依赖当期强弱做单期判断，而是对弱势行业引入历史排名记忆机制（参考其最近一次进入强势阶段时 的综合表现），并与当前强势行业统一比较。 该机制有助于在轮动与风格切换期间保留具备反转潜力的行业。 ➢ 应用凯利公式—进一步优化权重分配方案 Kelly 权重解决的是"在同一批入选行业中，资金该如何分配"。 在不改变行业筛选结果的前提下，基于各行业的胜率与盈亏结构进行差异化 ...

Core Viewpoint - The spring market excitement for 2026 has partially shifted to January, with a round of growth style realization before the festival, combined with regulatory easing and significant ETF outflows. It is expected that the overall index in February will mainly fluctuate, with a stronger performance anticipated after the festival. In this environment, a "structure-first, index-second" approach may be more suitable [1][8]. Group 1: Investment Focus Areas - **Technology Growth: AI + Humanoid Robots**: Focus on midstream components (gear reducers, servo motors, sensors, actuators), core materials, and some main body manufacturers. The resonance between the Spring Festival Gala and overseas world model progress may lead to a shift from "event-driven" to "scene landing" throughout the year. The computing chain includes storage chips, optical modules, PCB/IC substrates, and data center distribution and liquid cooling in power equipment, directly supporting the capital expenditure expansion of overseas cloud vendors. It is recommended to focus on large-cap leaders and some high-growth niche leaders while controlling overall valuation and position concentration to prevent short-term crowded trades and overseas volatility-induced pullbacks [2][9]. - **Cyclical Price Increases: Oil, Petrochemicals + Non-ferrous Metals + Building Materials/Chemicals**: Due to the rebound in oil prices and bulk commodity prices, marginal improvement in PPI, and the rhythm of the "14th Five-Year Plan" infrastructure commencement, it is suggested to pay attention to oil, petrochemicals, and oil and gas services. Additionally, focus on non-ferrous metals like copper and aluminum, steel building materials, and some chemical products with more sustainable price increases [3][10]. - **High Dividend Yield: Banks + Energy + Telecom/Public Utilities**: Before the festival, A-shares showed a clear preference for dividend and defensive sectors due to external disturbances and regulatory easing, with banks and food and beverage sectors being favored. After the festival, it may be beneficial to continue using high-dividend sectors like banks, energy, telecom, and public utilities as a base, which can hedge against overseas volatility and geopolitical risks while providing stable absolute returns in the context of macroeconomic stabilization and strong dividend yield and valuation attractiveness [4][11]. - **Domestic Consumption: Automotive Chain + Home Appliances + Travel Consumption**: Supported by the old-for-new policy and Spring Festival consumption data, the automotive and automotive electronics, home appliances, and white goods components benefit from the old-for-new policy and sales recovery. In the context of rising external demand and tariff uncertainties, these consumption directions, which are mainly driven by domestic demand and are policy-friendly, may exhibit both defensive and offensive characteristics [5][12].

Core Viewpoint - Panasonic Holdings has officially announced that it will transfer its television sales business in North America and Europe to Chinese home appliance manufacturer Skyworth Group starting from April 2026, while focusing on the domestic market in Japan and the development and production of high-end models [1] Group 1 - Panasonic will fully hand over its television sales operations in North America and Europe to Skyworth Group [1] - The transition is set to take effect in April 2026 [1] - Panasonic aims to concentrate on the Japanese domestic market and the research and development of high-end television models [1]

2）越南/印尼/泰国等国，应该从此前的20%/19%变更为15%，亦轻微下降。 墨西哥，如果符合美加墨关税协定，应无变化，仍保持0关税。 1）粗略看，国内家电出口从25%（18年）+10%（对等，25年6月开始）+10%（芬太尼，25年6月开始）=45%，变 成25%（18年）+15%（122条款）=40%，税率有所下降。 #但实际因为25年6月，美国开始对家电中的钢铁、铝（非美国产）单独征收50%的232关税，所以实际整机出口的 税率是要高于以上计算的，因为 【财通家电孙谦团队】美国关税点评— 关于美国对等关税的裁定，我们认为： 1）粗略看，国内家电出口从25%（18年）+10%（对等，25年6月开始）+10%（芬太尼，25年6月开始）=45%，变 成25%（18年）+15%（122条款）=40%，税率有所下降。 #但实际因为25年6月，美国开始对家电中的钢铁、铝（非美国产）单独征收50%的232关税，所以实际整机出口的 税率是要高于以上计算的，因为钢/铝是要拆出来单独申报的。 【财通家电孙谦团队】美国关税点评— 关于美国对等关税的裁定，我们认为： 综合来看，对等关税被裁定为非法，确实降低的出口至美国的关税 ...

昆明老街商圈人头攒动。 从各大商圈消费新场景、新业态持续上新，到有奖发票掀起"主动开票、扫码抽奖"全民热潮，再到政企 联动"真金白银"激发节日消费活力……这个春节假期，昆明紧扣"我在云南过大年·乐购新春"活动主 线，全面启动"购在中国·乐购春城"2026新春消费季活动，消费市场年味浓郁、活力迸发，呈现"商品提 质、服务扩容、场景焕新"的良好态势。数据显示，春节假期，全市重点监测样本企业商品销售额同比 增长5%，实现新春消费"开门红"。 政企联动 激发消费活力 春节期间，昆明市商务系统强化政策引领、市场主导，统筹各方资源推出一系列促消费举措。以旧换 新、消费券、有奖发票、企业让利等多重福利，点燃市民消费热情，推动消费市场持续升温。 聚焦汽车、家电、数码等以旧换新品类，全市组织零售企业、品牌供应商、电商平台等，在以旧换新补 贴基础上，叠加家电补贴、数码优惠、折扣满减等多重福利，以政府补贴与商家让利，让群众在辞旧迎 新中尽享实惠。各县(市)区组织重点零售企业全面承接"国补"政策"春节不打烊"，叠加企业促销与春节 礼赠活动，强力拉动智能家居与数码产品消费；联动重点车企开展"春节购车季·幸福不打烊"等活动， 提供无缝衔 ...

Group 1 - During the Spring Festival, overseas precious metals and crude oil prices collectively rose, with spot gold touching $5200 per ounce and WTI crude oil futures for March contracts increasing by 1.9%, while Brent crude oil futures for April contracts rose by 1.86% [1] - The current oil market is driven by geopolitical risks rather than supply and demand, with expectations of high volatility in prices over the next month due to the unclear situation between the US and Iran [1] - Companies with oil and gas resources and those in the offshore oil and gas service engineering sector are recommended for attention as they may benefit from the high industry prosperity [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI All Share Free Cash Flow Index (932365) include China National Offshore Oil Corporation, Gree Electric Appliances, SAIC Motor, China Aluminum, COSCO Shipping Holdings, TCL Technology, Muyuan Foods, Silver Nonferrous Metals, Baosteel, and Chint Group, collectively accounting for 51.19% of the index [2]

Group 1 - The core viewpoint of the article highlights the impact of technological elements showcased during the Spring Festival Gala on the A-share market, particularly in driving short-term sentiment and reinforcing long-term industry trends, especially in the robotics sector [2][3] - Analysts suggest that the Spring Festival Gala serves as a "stock selection guide," indicating strong performance in technology-related sectors post-festival, with a focus on companies with strong earnings certainty [3][4] - The overall sentiment in the A-share market is expected to improve post-festival, with analysts predicting a new upward trend driven by favorable policies and market conditions [5][6] Group 2 - The Spring Festival Gala featured significant technological elements, including robots, AI applications, and large-scale drone shows, which are expected to influence investor sentiment and market performance [3][4] - Analysts believe that the upcoming period will see a shift towards sectors benefiting from improved supply-demand dynamics and industry profit recovery, with a focus on materials, chemicals, and technology [6] - There is an emphasis on the importance of individual stock performance over broad market indices, suggesting a "light index, heavy stock" strategy for investors [6]

#板块涨跌幅：春节前一周上证指数上涨0.4%，家电（申万）指数上涨0.2%，白电板块下跌0.7%，厨电板块下跌 2.6%，黑电板块上涨3.5%，小家电板块下跌1.2%。 华创家电周观点（20260223） #周度动态更新：本周我们重点就【春节期间港股家电动态】、【美国关税政策】展开讨论。 #板块涨跌幅：春节前一周上证指数上涨0.4%，家电（申万）指数上涨0.2%，白电板块下跌0.7%，厨电板块下跌 2.6%，黑电板块上涨3.5%，小家电板块下跌1.2%。 #周度动态更新：本周我们重点就【春节期间港股家电动态】、【美国关税政策】展开讨论。 #春节期间港股家电龙头股价表现亮眼：2月16~2月23日，港股家电股涨跌幅，美的集团+3.6%，海尔智家+2.8%， 海信家电+2.6%，奥克斯电气- 华创家电周观点（20260223） #春节期间港股家电龙头股价表现亮眼：2月16~2月23日，港股家电股涨跌幅，美的集团+3.6%，海尔智家+2.8%， 海信家电+2.6%，奥克斯电气-11.6%，TCL电子+1.3%，三花智控+6.2%，雅迪控股+4.4%，创科实业+4.5%，JS环 球生活-2.2%（恒生指数+1.9%，恒 ...

智通财经APP获悉，奥克斯电器(02580)盘中涨超4%，截至发稿，涨4.36%，报12.22港元，成交额 2824.46万港元。 消息面上，据智通财经报道，奥克斯电气此前发布《关于2026年价格调整的通知》称，因自2025年初以 来主要原材料价格大幅上涨(其中铜价涨40%，铝价涨20%，制冷剂涨80%)，公司采购成本激增，经营 承压。为保障产品品质与稳定供应，自2026年3月1日起，AUX中央空调全系产品价格上调6%-10%，2 月28日前开单的订单仍按原价执行。 中国银河证券指出，家电面临成本驱动的提价，以及部分结构性升级。本轮成本上涨周期与2020Q3- 2022Q2连续8个季度的成本大幅上涨差异。空调提价坚决，该行预计2025年Q4是空调市场竞争、成本压 力最大的时期。2026年以来的提价将明显缓解行业成本压力。 ...