Investment Rating - The report assigns a "Buy" rating for the industry, indicating that the overall return is expected to exceed the market benchmark by more than 20% within the next six months [77]. Core Insights - Black Friday sales reached a record high, with total online sales during the shopping week (Thanksgiving to Cyber Monday) amounting to $44.2 billion, a year-on-year increase of 7.7%. Notably, Black Friday online sales hit $11.8 billion, up 9.1% year-on-year [3][13]. - The report highlights a significant performance in the cleaning appliance sector, with sweeping robot sales in Europe reaching 390,000 units, a 41% increase year-on-year, and in North America, sales reached 210,000 units, up 58% year-on-year [3][14]. - iRobot is facing bankruptcy, which may lead to further optimization of the overseas market landscape for sweeping robots. The report suggests focusing on domestic leaders in the sweeping robot market, such as Roborock and Ecovacs [5][20]. Summary by Sections Black Friday Sales Performance - Online sales during Black Friday reached a record $11.8 billion, with a year-on-year growth of 9.1%. The overall retail sales (excluding automobiles) increased by 4.1%, with e-commerce channels growing by 10.4% [3][13]. - The average selling price of goods increased by 7%, while the number of items purchased decreased by 2%, indicating a trend of consumer price sensitivity [14]. iRobot's Financial Situation - iRobot's main manufacturer, Picea, acquired $191 million of iRobot's unpaid loans, becoming its primary creditor. If iRobot fails to meet financial covenants by January 15, 2026, it may trigger a default [4][19]. - iRobot is currently negotiating with Picea for a solution to its debt issues, but the likelihood of reaching an agreement outside of bankruptcy is considered low [20]. Market Trends and Data - The home appliance sector saw a weekly increase of 1.7%, with specific segments like white goods and black goods showing gains of 2.0% and 0.1%, respectively [21]. - The report also notes fluctuations in raw material prices, with LME copper and aluminum increasing by 5.83% and 1.38% week-on-week [21].

行 家用电器 2025 年 12 月 07 日 业 研 究 家用电器 黑五销售额创纪录；iRobot 面临破产——25W48 周观点 投资要点： 黑五销售额创纪录，消费分化趋势显著 行 业 定 期 报 告 黑五网一销售额创纪录，线上增速远超线下。根据亿恩网、Adobe Analytics 数据，网络购物周（感恩节至网络星期一五天）总线上销售 额达 442 亿美元，同比增长 7.7%，其中黑色星期五线上销售额创纪录 达 118 亿美元，同比增长 9.1%，网络星期一线上销售额达 142.5 亿美 元，同比增长 7.1%。根据 21 世纪经济报道、Mastercard SpendingPulse， 美国黑五当天零售总销售（剔除汽车）同比增长 4.1%，其中电商渠道 增长 10.4%，线下门店销售增长 1.7%。根据出海网，黑五期间，玩具、 电子产品及运动用品领跑热卖榜单，乐高、宝可梦卡牌、任天堂 Switch、 PS5、AirPods、KitchenAid 等传统节日热销商品表现抢眼。 清洁电器黑五表现亮眼。根据石头科技黑五战报：1）欧洲：扫地 机全渠道销量达 39 万台，同比+41%，洗地机全渠道销量同比+36 ...

每经记者｜叶晓丹 每经编辑｜段炼 陈旭 它曾被誉为扫地机器人行业"鼻祖"，如今却濒临破产；它曾被全球互联网巨头亚马逊看中并意欲收购，如今却步入资不抵债的窘境⋯⋯ 美国当地时间12月1日，全球知名消费类机器人研发企业iRobot官网披露了一份提交给美国证券交易委员会的文件，这份文件暴露出iRobot当前正陷入极其 严峻的危机中。 由于面临严重的流动性危机和债务违约风险，iRobot的主要合同制造商Picea通过其子公司Santrum收购了iRobot总额1.91亿美元的未偿还贷款，成为其主要 债权人。而这家名为Picea的新债权人，实际是来自中国深圳的供应商——深圳市杉川机器人有限公司（以下简称杉川）。 iRobot是如何一步步从高光跌入低谷的？杉川为何在明知iRobot资不抵债且拖欠货款的情况下，仍愿意进场施以援手？《每日经济新闻》记者（以下简称 每经记者）就此展开了调查。 iRobot爆雷： 业绩亏损，资不抵债 早在2025年3月，iRobot就宣布，正在评估多项方案，包括但不限于考虑出售资产或进行战略交易，以及对债务进行再融资。 但到10月下旬，一位潜在买家经过长时间的独家谈判后，最终选择了退出。 此时， ...

【环球网科技综合报道】12月4日消息，戴森今日在中国市场推出两款清洁新品——戴森真Ai清洁机器人和戴森Clean+Wash Hygiene洗 地机｡这是继继德国柏林"戴森新科技 见分晓（Dyson Unveiled）"全球发布活动之后，戴森基于对中国消费者的深刻洞察，此次进一步 将机器人及湿拖领域的突破性科技和创新解决方案带给中国家庭，以满足不同人群的多元化需求。 该机器人通过多软硬件协同工作，可实时处理家居环境信息，智能识别近 200 种家庭物体，并凭借每秒万亿级信息处理能力的Ai处理 器，搭配HD摄像头、LiDAR双线激光及光学探测技术，实现多维度环境感知。根据《戴森2025年湿式清洁研究报告》显示的中国家庭 94%硬质地板占比特征，以及消费者面临的黏稠污渍、固液混合污垢等清洁痛点，这款机器人具备灵活应变能力：可根据污渍类型和脏 污程度，切换5cm贴边绕行及15cm远距离绕行模式；同时依据识别的脏污类型和感应的地面材质，自动切换干湿清洁模式，提供定制化 清洁方案。 深度清洁：往复作业+细节革新，攻克清洁顽疾 针对单次清洁难以彻底去除顽固污渍的用户痛点，戴森真Ai清洁机器人建立了"清洁－检测 - 复扫"的闭 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Industry**: Outbound Supply Chain, E-commerce Logistics, Manufacturing, Home Appliances, Cement, Pet Food - **Companies**: Financial Securities, Jitu Express, Beibu Gulf Port, Xiaogoods City, Zhongchong Co., Ltd. Core Points and Arguments - **Outbound Supply Chain Growth**: Financial Securities recommends leading companies in the outbound supply chain due to benefits from U.S. fiscal expansion, capital inflow from emerging markets, and a shift in policy focus towards manufacturing, which will drive growth through increased industry concentration and global demand recovery [1][3][4] - **"Running Horse 50" Portfolio**: The portfolio is constructed using the RCA competitive advantage index to select export-advantaged products, resulting in an excess return of approximately 4% since its launch [1][5] - **Jitu Express Performance**: Jitu Express is experiencing significant growth in Southeast Asia and Latin America, particularly driven by e-commerce platforms like TikTok, with package growth rates reaching 79% in Q3 [1][6][7] - **Beibu Gulf Port Growth**: The port has seen a 22.7% increase in cargo throughput and double-digit growth in container throughput, benefiting from trade with ASEAN countries [1][7] - **Focus on Mechanical Products**: In the current interest rate cut cycle, attention is drawn to mechanical products with significant alpha attributes, particularly tools and pet sales, which are showing signs of recovery [1][8][9] - **Home Appliance Export Trends**: The home appliance export chain is expected to show a trend of internal stability and external strength by 2026, with emerging markets projected to achieve double-digit growth [1][13][14] - **Xiaogoods City Export Performance**: Xiaogoods City reported a 26% year-on-year increase in import and export scale, with exports reaching 550 billion yuan [1][19][21] - **Cement Industry Opportunities**: The cement industry is focusing on overseas expansion, particularly in Southeast Asia and Africa, where per capita cement demand is still low [1][16][17] - **Zhongchong Co., Ltd. Global Supply Chain**: The company has established factories in various countries, benefiting from tariff exemptions under trade agreements, and is expected to see significant production value growth in the coming years [1][22][23] Other Important but Possibly Overlooked Content - **Market Adjustment Factors**: The market is experiencing adjustments due to unresolved overseas liquidity issues and uncertainties regarding future monetary policy, with the Shanghai Composite Index seen as a potential bottoming point around 3,800 [2] - **Emerging Market Investment**: Emerging markets like Mexico are benefiting from capital outflows from the U.S., leading to increased local employment and consumption [1][4] - **Pet Food Market Growth**: The global pet food market is valued at $150 billion, with significant growth potential for Chinese brands in overseas markets [1][23]

石头科技 20251203 摘要 石头科技预计 2026 年扫地机收入保持 30%增长，洗地机收入从 2025 年的 30 亿元增至 50 亿元，整体收入增速超 30%。受益于黑五期间亚 马逊免费流量和双十一期间 P20 Ultra Plus 价格稳定，四季度内销亏损 有望收窄。 iRobot 面临财务困境，凯雷集团不再展期债务，山川收购其债权但不会 大规模投入，预计业务无显著进展。云鲸传言可能出售，追觅因多元化 业务导致清洁板块资源减少，市占率下降。 科沃斯 2025 年专注于滚筒技术路径，成本低于石头科技，营销卖点易 于理解，具有竞争优势。但石头计划在 2025 年四季度推出低价滚筒产 品，并在 2026 年初扩展 SKU，以压制科沃斯的价格优势。 2025 年三季度，科沃斯通过自补策略保持盈利，石头国内市场亏损。 石头计划通过低价滚筒产品对抗科沃斯，并迭代双圆盘产品以区分价格 差距。 石头科技在美国市场前景乐观，有望抢占 iRobot 的市场份额和线下货 架位置。iRobot 缩减非核心区域业务，将进一步让出货架空间给中国品 牌，预计 2026 年美国市场线下渠道占比将提高。 Q&A 石头科技在 202 ...

家电行业 2026 年度策略：经营韧性，出海红利，左侧成 长 20251201 摘要 家电企业海外市场份额持续提升，欧美市场需求预计 2026 年下半年显 著回升，尤其美国降息及房地产需求将推动家电需求增长，利好相关企 业业绩。 出口链公司 2025 年业绩受海外产能爬坡影响，预计 2026 年修复。中 国家电企业在新兴市场抢占日韩份额，欧美市场增长潜力大，龙头企业 通过全球产能弹性应对关税影响。 黑电行业竞争格局改善，面板周期性减弱，国内面板产能接近垄断，成 本压力减轻，小米等竞争对手放缓竞争，中国黑电企业有望提升全球份 额和利润率。 2025 年双十一黑电行业整体下滑，但 Mini LED 渗透率提升至 47%， 均价提升 14%，表明高端产品需求稳健，预计 2026 年 Mini LED 与 LCD 价差收窄将继续推动渗透率提高。 北美市场库存趋于合理化，美国消费需求有望在降息周期下逐步恢复， 推动黑电行业复苏，欧洲市场价格竞争预计 2026 年放缓，利好中国黑 电龙头企业利润率稳定。 Q&A 2026 年家电行业的年度策略展望是什么？ 2026 年的家电行业投资策略主要围绕四条主线展开：经营韧性、出海 ...

Core Insights - The Chinese smart manufacturing sector is systematically entering overseas households, particularly in the cleaning appliance category, which has shown remarkable growth during the 2025 Black Friday promotion period [1] - The overall growth of cleaning appliances on AliExpress from January to November 20, 2025, reached 85%, making it one of the fastest-growing categories [1] - Chinese brands have surpassed international competitors in core technologies such as navigation algorithms and obstacle avoidance, leading to a significant increase in overseas sales [1][2] Industry Performance - ILIFE has applied high-end navigation and obstacle avoidance modules, originally used in $300-$400 models, to mid-range products priced over $100, achieving a breakthrough in cost-performance ratio [1] - ILIFE's sales on AliExpress during the overseas Double 11 event increased by 130% year-on-year, with total sales on the platform growing nearly threefold over the past year [2] - The Polish market has emerged as a highlight for cleaning appliance exports, with a 120% year-on-year growth in the category, making it the largest market for cleaning appliances [2] Future Outlook - The penetration rate of cleaning appliances is expected to increase significantly, with global vacuum cleaner shipments around 22 million units compared to approximately 2 billion households worldwide, indicating a market that is far from saturation [3] - The integration of AI technology is seen as crucial for the next phase of cleaning appliances, enabling personalized experiences for users [3] - The growth of the gardening tools category on AliExpress during the peak season in March 2025 saw a GMV increase of over 50%, with robotic lawn mowers experiencing a 153% year-on-year growth [3]

Group 1 - The demand for home appliances has significantly improved, with the white goods sector showing a rebound in valuation. In the first nine months of 2025, air conditioning sales reached 90.81 million units, a year-on-year increase of 8.4% [2][3] - The "old-for-new" policy implemented in July 2024 has positively impacted sales, particularly in the kitchen appliance sector, where retail sales of range hoods and gas stoves saw year-on-year increases of 14.9% and 15.7%, respectively [2][3][24] - The overall valuation of the home appliance sector has declined, but it is currently at a near-bottom level, indicating high cost-effectiveness for investment [2][3][29] Group 2 - Three main investment themes are identified: 1. **Dividend**: Leading white and black goods companies exhibit low valuation, high dividends, and stable growth, making them attractive for investment [4] 2. **Technology**: Core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling, seeking cross-industry transformation [4] 3. **Overseas Expansion**: The penetration rate of new consumer categories, such as clean appliances, is increasing, indicating substantial growth potential [4][5] Group 3 - The white goods sector is expected to maintain stable growth due to the ongoing effects of the "old-for-new" policy, with head companies like Haier, Midea, and Gree being recommended for investment [4][5] - The kitchen appliance sector shows a clear division in performance, with traditional categories benefiting from government subsidies while new categories like integrated stoves face challenges [24][25] - The export market is experiencing a gradual decline in demand, with air conditioning exports dropping by 12.9% year-on-year in Q3 2025, influenced by previous tariff policies and high base effects [3][9][18]

证 券 研 究 报 告 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：陆偲聪 邮箱：lusicong@hcyjs.com 执业编号：S0360525050002 家电行业 2025Q3 基金重仓分析 重仓家电比例下降，家电上游及清洁电器获 推荐（维持） 增配 行业研究 家电 2025 年 11 月 18 日 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,320.65 | 1.67 | | 流通市值(亿元) | 18,146.56 | 1.85 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.4% | 8.0% | 9.9% | | 相对表现 | 3.4% | -9.4% | -4.7% | -11% -2% 8% 18% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11 ...