Investment Rating - The report does not explicitly state an investment rating for the home appliance industry Core Insights - The home appliance industry in China is experiencing structural growth driven by the "old-for-new" policy, with a total of 162 billion yuan allocated in the first half of 2025 to stimulate consumer spending [5][7][10] - The impact of U.S.-China tariff policies has created short-term disruptions in exports, prompting companies to accelerate global capacity layout and enhance supply chain adaptability [5][12] - The overall credit risk in the home appliance industry remains controllable, with revenue growth and stable gross profit levels, although profitability varies across sub-sectors [5][35] Summary by Sections Key Points - The "old-for-new" policy has effectively stimulated consumer demand, with over 66 million consumers purchasing more than 109 million appliances, resulting in sales exceeding 1.4 trillion yuan [8][10] - The black appliance sector shows strong performance from leading brands, while the white appliance sector benefits significantly from national subsidies [5][6] - The kitchen and bathroom appliance market is constrained by ongoing adjustments in the real estate sector, but new subsidies are driving growth in this area [5][25] Major Focus Factors - The home appliance industry is a significant category of durable consumer goods, with a large scale and high degree of globalization [6] - The report analyzes the domestic and international policy environment, market performance of key segments (black appliances, white appliances, kitchen appliances, and cleaning appliances), and financial performance of 47 representative listed companies [6] Financial Analysis - In the first half of 2025, the home appliance industry saw a 9.74% increase in revenue to 770.69 billion yuan, with varying growth rates across sub-sectors [35] - The average operating profit margin decreased by 0.81 percentage points to 25.88%, with significant declines in kitchen appliance profitability [35][36] - The overall capital expenditure decreased by 13.58%, indicating a cautious investment approach in a mature industry [38] Conclusion - The home appliance industry is expected to maintain growth momentum in the domestic market, driven by policy support and product upgrades, despite challenges from international trade tensions and competitive pressures [5][10][20]

| 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002052 同洲电子 | | | 1.91亿 | 13.17% | -4638.45万 | -3.20% | -1.45 Z | -9.97% | | 002848 | *ST高斯 | | 843.70万 | 5.71% | -273.00万 | -1.85% | -570.70万 | -3.86% | | 301578 辰奕智能 | | | 166.18万 | 1.32% | 551.89万 | 4.40% | -718.07万 | -5.72% | | 688696 极米科技 | | | -318.30万 | -3.10% | 224.76万 | 2.19% | 93.54万 | 0.91% | | 000801 | 四川九洲 | | -2039.92万 | -5.05% | 76.43万 | 0.19% | 1963.49万 | 4.86% | ...

从资金流向上来看，当日黑色家电板块主力资金净流出826.18万元，游资资金净流入3071.39万元，散户 资金净流出2245.21万元。黑色家电板块个股资金流向见下表： 证券之星消息，9月25日黑色家电板块较上一交易日下跌0.45%，*ST高斯领跌。当日上证指数报收于 3853.3，下跌0.01%。深证成指报收于13445.9，上涨0.67%。黑色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002052 | 同洲电子 | 16.12 | 5.08% | 97.64万 | | 15.83 Z | | 301578 | 辰奕智能 | 39.95 | 2.36% | 4.15万 | | 1.65亿 | | 600060 | 海信视像 | 25.13 | 0.64% | 62.33万 | | 15.84亿 | | 688696 | 极米科技 | 121.21 | -0.21% | 9995.39 | | 1.22亿 | | 600839 | 四川长虹 | 1 ...

Market Performance - The black home appliance sector increased by 1.87% on September 22, with Sichuan Jiuzhou leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Highlights - Sichuan Jiuzhou (000801) closed at 16.59, up 6.69% with a trading volume of 592,500 shares and a transaction value of 980 million [1] - Chuangwei Digital (000810) closed at 14.30, up 4.46% with a trading volume of 544,800 shares [1] - Feichi Co., Ltd. (002429) closed at 7.07, up 3.51% with a trading volume of 2,392,700 shares and a transaction value of 1.712 billion [1] - JiuLian Technology (688609) closed at 10.88, up 2.93% with a trading volume of 172,500 shares [1] - Chenyi Intelligent (301578) closed at 38.70, up 2.46% with a trading volume of 19,500 shares and a transaction value of 74.96 million [1] Fund Flow Analysis - The black home appliance sector saw a net inflow of 26.59 million from main funds, while retail funds experienced a net outflow of 28.85 million [1] - Sichuan Jiuzhou had a main fund net inflow of 10.71 million, but retail funds saw a net outflow of 82.91 million [2] - Chuangwei Digital experienced a main fund net inflow of 74.69 million, with retail funds also seeing a net outflow of 56.35 million [2] - Haier Vision (600060) had a main fund net inflow of 15.08 million, while retail funds saw a net inflow of 3.18 million [2] - Sichuan Changhong (600839) had a main fund net outflow of 64.57 million, but retail funds saw a net inflow of 62.06 million [2]

Market Overview - On September 19, the black home appliance sector rose by 0.09% compared to the previous trading day, with Tongzhou Electronics leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Tongzhou Electronics (002052) closed at 15.42, up 9.99% with a trading volume of 607,200 shares and a turnover of 896 million yuan [1] - Beichi Co., Ltd. (002429) closed at 6.83, up 2.25% with a trading volume of 2,231,800 shares and a turnover of 153.5 million yuan [1] - Other notable performances include: - *ST Gauss (002848) up 1.58% - Chuangwei Digital (000810) up 0.66% - Sichuan Changhong (600839) down 2.13% [1] Capital Flow - The black home appliance sector experienced a net outflow of 55.23 million yuan from institutional investors, while retail investors saw a net inflow of 206 million yuan [1] - Detailed capital flow for key stocks includes: - Tongzhou Electronics had a net inflow of 24.42 million yuan from institutional investors but a net outflow of 76.01 million yuan from retail investors [2] - Sichuan Changhong faced a significant net outflow of 321 million yuan from institutional investors [2] - Other stocks like Chuangwei Digital and Beichi Co., Ltd. also showed mixed capital flows with varying net inflows and outflows [2]

从资金流向上来看，当日黑色家电板块主力资金净流入1637.75万元，游资资金净流出3318.93万元，散户 资金净流入1681.17万元。黑色家电板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600839 四川长虹 | | 2.19 Z | 4.80% | -1.20 Z | -2.64% | -9833.48万 | -2.16% | | 002052 同洲电子 | | 28.40万 | 0.04% | 4001.04万 | 6.01% | -4029.44万 | -6.05% | | 688696 极米科技 | | -246.68万 | -1.37% | 162.87万 | 0.91% | 83.81万 | 0.47% | | 002848 | *ST高斯 | -429.29万 | -6.59% | -269.97万 | -4.14% | 699.25万 | 10.73% | | 68 ...

Market Overview - The black home appliance sector experienced a decline of 1.02% on September 16, with Skyworth Digital leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Notable stock performances in the black home appliance sector included: - Jiulian Technology (688609) rose by 2.39% to 10.73 [1] - Cheny Intelligent (301578) increased by 1.28% to 38.69 [1] - Sichuan Jiuzhou (000801) gained 0.64% to 15.70 [1] - Skyworth Digital (000810) fell by 3.44% to 13.76, with a trading volume of 604,600 shares and a transaction value of 831 million [1] Capital Flow - The black home appliance sector saw a net outflow of 406 million yuan from main funds, while retail funds had a net inflow of 277 million yuan [1] - The capital flow for individual stocks showed significant outflows for: - Skyworth Digital with a net outflow of 54.43 million yuan [2] - Hisense Visual (600060) with a net outflow of 30.37 million yuan [2] - Sichuan Changhong (600839) with a net outflow of 61.00 million yuan [2] Individual Stock Analysis - *ST Gauss (002848) had a main fund net inflow of 488,200 yuan but a retail net inflow of 234,660 yuan [2] - Jiulian Technology (688609) experienced a main fund net outflow of 7.73 million yuan and a retail net outflow of 10.09 million yuan [2] - Sichuan Jiuzhou (000801) faced a main fund net outflow of 17.55 million yuan but a retail net inflow of 11.27 million yuan [2]

Market Overview - On September 15, the black home appliance sector rose by 0.36% compared to the previous trading day, with Skyworth Digital leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the black home appliance sector showed varied performance: - Skyworth Digital (000810) closed at 14.25, up 3.56% with a trading volume of 890,500 shares and a turnover of 1.278 billion yuan - Non-Chi Co., Ltd. (002429) closed at 6.68, up 2.30% with a trading volume of 3.8729 million shares and a turnover of 2.556 billion yuan - Other notable stocks included Tongzhou Electronics (002052) at 14.82, up 0.75%, and Sichuan Changhong (600839) at 10.72, up 0.56% [1] Capital Flow - The black home appliance sector experienced a net inflow of 163 million yuan from institutional investors, while retail investors saw a net outflow of 1.02 billion yuan [1] - Detailed capital flow for key stocks indicated: - Non-Chi Co., Ltd. had a net inflow of 144 million yuan from institutional investors, while retail investors had a net outflow of 1.22 billion yuan [2] - Skyworth Digital saw a net inflow of 75.1 million yuan from institutional investors, with retail investors experiencing a net outflow of 36.73 million yuan [2] - Other stocks like Hisense Visual (600060) and ST Gauss (002848) also showed significant net outflows from retail investors [2]

Market Overview - The black home appliance sector increased by 1.28% on September 12, with Zhao Chi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Zhao Chi Co., Ltd. (002429) closed at 6.53, with a rise of 9.93% and a trading volume of 2.18 million shares, amounting to 1.391 billion yuan [1] - Other notable performers include: - Jiu Lian Technology (688609) at 10.87, up 3.13% [1] - Chen Yi Intelligent (301578) at 38.68, up 2.38% [1] - Chuangwei Digital (000810) at 13.66, up 2.02% [1] - Ji Mi Technology (688696) at 127.89, up 1.76% [1] Capital Flow - The black home appliance sector saw a net inflow of 86.4281 million yuan from main funds, while retail funds experienced a net outflow of 22.4917 million yuan [1] - Detailed capital flow for selected stocks includes: - Zhao Chi Co., Ltd. with a net inflow of 37.2743 million yuan from main funds [2] - Chuangwei Digital with a net outflow of 28.2129 million yuan from retail funds [2] - Sichuan Changhong (600839) with a significant net outflow of 97.0309 million yuan from main funds [2]

Market Performance - On September 11, the black home appliance sector rose by 2.0%, with Jiulian Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Jiulian Technology (688609) closed at 10.54, up 4.05% with a trading volume of 169,500 shares and a turnover of 175 million yuan [1] - Sichuan Changhong (600839) closed at 10.73, up 3.27% with a trading volume of 2.18 million shares and a turnover of 2.31 billion yuan [1] - Non-Axis Co., Ltd. (002429) closed at 5.94, up 4.03% with a trading volume of 1.81 million shares and a turnover of 1.06 billion yuan [1] Capital Flow - The black home appliance sector saw a net inflow of 350 million yuan from main funds, while retail funds experienced a net outflow of 307 million yuan [1] - Main funds showed varying net inflows and outflows across different stocks, with Sichuan Changhong receiving a net inflow of 23.3 million yuan [2] - Jiulian Technology had a net inflow of 3.3 million yuan from main funds, while retail investors showed a net outflow of 626,000 yuan [2]