倍轻松目前市值19.43亿元。 扬子晚报网12月27日讯(记者范晓林薄云峰实习生潘伊笑)12月25日晚间，倍轻松(688793)发布公告称，公司于2025年12月25日收到中国证监会下发的《立 案告知书》，以及对实际控制人马学军下发的《立案告知书》，因公司及实际控制人马学军涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定 对公司及实际控制人马学军立案。 公司表示，目前公司各项经营活动和业务均正常开展。立案调查期间，公司将积极配合中国证监会的相关工作，并严格按照相关法律法规和监管要求及时 履行信息披露义务。 | 倍轻松 | | | | | + 0 1 | | | --- | --- | --- | --- | --- | --- | --- | | 688793 科園 √ | | | | | | | | 盈利状态:已盈利 表决权:无差异 | | | | | | | | 22.61 -3.89 -14.68% | | | | | | | | 行业 家用电器 -0.13% > | | | | | | | | 令开 23.99 最高 | | | 24.08 | 成交额 | | 1.61亿 | | BEIR 26 ...

Group 1 - The core point of the news is that the power equipment industry saw a significant net inflow of funds amounting to 77.52 billion yuan, which is notably higher than other sectors [1] - On December 26, the A-share market experienced a slight increase, with the Shanghai Composite Index achieving an eight-day consecutive rise [1] - Among the 25 industries with net outflows, the electronics, communications, and machinery sectors had the highest outflows, each exceeding 4 billion yuan [1] Group 2 - From individual stocks, 49 stocks had net inflows exceeding 2 billion yuan, with five stocks seeing inflows over 10 billion yuan [2] - Yangguang Electric Power led with a net inflow of 23.72 billion yuan, attributed to a surge in the photovoltaic sector following the "2025 China Photovoltaic Industry Annual Conference" [2] - Aerospace Development followed with a net inflow of 20.72 billion yuan, with significant buying from institutional investors [2] Group 3 - At the market close, there was a net outflow of 6.56 billion yuan, but the power equipment and defense industries attracted over 1 billion yuan in net buying [3] - Individual stocks such as Xiechuang Data and Yangguang Electric Power had net inflows exceeding 1 billion yuan at the close [3] - Other stocks like China Satellite Communications and Zhejiang Sebao also saw substantial net inflows, each exceeding 800 million yuan [3] Group 4 - On the outflow side, stocks like Xinwei Communication, Yingweike, and Lixun Precision experienced the highest net outflows at the market close [4]

Core Insights - The "China Online Consumption Brand Index" (CBI) for Q3 2025 was officially released, showing a value of 62.65, which represents a 0.92% increase compared to the same period last year, indicating a sustained growth trend in consumer emphasis on quality and brand during online shopping [1][2] Industry Performance - There are significant differences in CBI scores across various industries, with higher scores indicating fewer non-branded products and a concentration of sales among leading brands, while lower scores suggest greater competition for brand recognition [1] - The industries with the highest CBI scores include 3C digital products, home appliances, beauty products, and sports outdoor goods, reflecting a higher consumer demand for product quality, functionality, and brand recognition in these sectors [1] Brand Purchasing Power - Several industries, including women's clothing, 3C smart products, daily beauty products, sports outdoor goods, pet supplies, men's clothing, and home furnishings, have shown growth in their CBI scores compared to the previous year [2] - First-tier cities continue to lead in brand purchasing power rankings, emphasizing the importance of quality competition over mere cost competition [2] Consumer Trends - The CBI results indicate a growing trend among Chinese consumers towards preferring high-quality and branded products when shopping online [2] - Despite discussions around the rise of "white-label" products, the overall trend of the CBI suggests that brand consumption is still in an expansion phase, with many brands facing strategic dilemmas between low-cost customer acquisition and value innovation [2]

| 图1、2016年以来股价与美元兑人民币汇率负相关性居前的细分行业 | | --- | 智通财经APP获悉，兴业证券发布研究报告称，综合各行业2016年以来股价与美元兑人民币汇率的全时段相关性和滚动三个月相关性中位数，股价与美元 兑人民币汇率负相关性靠前(即人民币升值驱动股价上行)的细分行业，核心逻辑可归纳为三类：原材料进口依赖度较高、人民币升值驱动进口成本下降： 包括焦炭、钢铁、部分化工品(塑料、化学原料、农化制品、橡胶)、能源金属、造纸、航空机场、农产品加工等。 美元负债成本较高、人民币升值驱动美元负债成本下降：典型如通过海外融资降低融资成本、拓宽融资渠道的建筑地产链(房地产开发、房地产服务、专 业工程)、出于跨境业务货币匹配需求持有较高美元负债的物流、光学光电子、贸易、多元金融。人民币购买力提升带动内需/跨境消费需求：主要集中在 服务消费和高端消费领域，包括跨境电商、酒店餐饮、饰品等。 | 人民币升值受益逻辑 | 一级行业 | 二级行业 | | 股价与美元兑人民币汇率相关性 | | | --- | --- | --- | --- | --- | --- | | | | | 2016年以来-整体 | 2 ...

Core Insights - The report maintains a strong market rating for the home appliance sector, emphasizing the shift in consumer behavior towards a more present-focused consumption mindset, driven by the new generation of consumers [1] - The report highlights the expected leadership of the new consumption sector in 2025, while traditional consumption sectors are anticipated to show lackluster performance [4] Macro Consumption Trends - The report notes a significant transformation in consumer attitudes, moving from a culture of saving to one of cautious spending and living in the moment, which is expected to create new investment opportunities [4][11] - It identifies a structural opportunity in consumption, with the main drivers shifting from broad-based recovery to specific demographic groups, particularly the elderly and single-person households [32] Global Economic Landscape - The report emphasizes the importance of global emerging markets, suggesting that Chinese companies are well-positioned to lead in new product categories with significant growth potential [4] - It points out that the export structure is evolving towards innovation-driven categories, enhancing resilience against geopolitical risks [4] Domestic Consumption Dynamics - The report indicates that domestic consumption is entering a phase of refinement, with strong companies benefiting from the changing consumption landscape [4] - It highlights the ongoing growth in the pet economy and health supplements, suggesting that companies with e-commerce capabilities will be favored [4] Export Opportunities - The report discusses the resilience of exports, noting a shift from reliance on developed markets to emerging markets, with significant growth in exports to countries like India and Indonesia [49] - It highlights the importance of diversifying export markets and supporting new business models such as cross-border e-commerce [49] Sector-Specific Insights - The report identifies specific sectors poised for growth, including cleaning appliances, which are expected to benefit from government subsidies and increasing consumer demand [53] - It suggests that the pet economy and health products will continue to thrive, driven by changing consumer preferences and increased awareness [4] Consumer Income and Spending - The report notes that while income growth is stabilizing across different income groups, the spending power of high-income households is expected to drive consumption growth [35] - It emphasizes the importance of asset conditions, particularly housing, in influencing consumer behavior and spending patterns [35] Rural Consumption Potential - The report highlights the growing consumption potential in rural areas, where income growth is outpacing urban areas, suggesting a shift in focus towards rural markets [39] - It notes that rural high-income groups are likely to lead in spending on services, healthcare, and entertainment [39]

证券研究报告 行业深度（R3） 家用电器 积跬步以至千里 家用电器行业 2026 年年度策略 | 2025 年 12 月 25 日 | | | | --- | --- | --- | | 评级 | 同步大市 | | | | 评级变动： | 维持 | | 重点股票 | 2024A | | 2025E | | 2026E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） | | | | | | 海尔智家 | 2.00 | 13.45 | 2.30 | 11.67 | 2.47 | 10.89 | 买入 | | 九号公司 | 1.51 | 39.25 | 2.38 | 24.84 | 3.23 | 18.28 | 买入 | | 爱玛科技 | 2.29 | 13.16 | 2.98 | 10.10 | 3.63 | 8.30 | 买入 | 资料来源： iFinD ，财信证券 投资要点： 行业涨跌幅比较 % 1M 3M 12M 家用电器 2.44 0.66 6. ...

Core Viewpoint - The article emphasizes the necessity of integrating marketing into the operational chain of businesses, highlighting "effectiveness of grass planting" as a strategic choice for companies to enhance their commercial value and operational efficiency [4][5]. Group 1: Effectiveness of Grass Planting - Over the past four years, the narrative around Xiaohongshu's commercialization has evolved, with "product grass planting" emerging as a key marketing strategy, indicating that "everything can be grass planted" [9][10]. - Xiaohongshu aims to measure the effectiveness of grass planting through data feedback and tools, establishing a clear connection between grass planting and business operations [10][12]. - The concept of "effectiveness of grass planting" signifies that marketing is no longer an isolated action but is closely tied to the entire business operation chain, focusing on user needs and product development [10][14]. Group 2: Understanding Specific Users - Xiaohongshu's unique asset lies in its community of real and specific users, which enhances user-generated content (UGC) and fosters connections between people and products [16][17]. - The platform has identified over 2,500 interest tags, indicating a deep understanding of user needs, which has shifted from traditional "scenes" to "situations," encompassing emotional and relational aspects [18][19]. - The article highlights the importance of capturing emotional value in marketing, as brands face challenges in addressing the emotional needs of consumers [19][20]. Group 3: Strategic Implications for Businesses - The effectiveness of grass planting is reshaping marketing strategies, encouraging businesses to nurture target audiences before product launches, leading to natural conversion during product introduction [23][24]. - Companies are redefining their understanding of costs and assets, recognizing that effective content can create reusable and cyclical assets that contribute to long-term growth [24][25]. - The influence of grass planting extends to organizational structures, with some companies establishing dedicated teams to enhance user lifetime value, indicating a shift towards a grass planting-oriented organization [26][27].

m 2025 年 12 月 25 日 | 产业别 | | 家用电器 | | | --- | --- | --- | --- | | H 股价(2025/12/24) | | | 33.46 | | 恒生指数(2025/12/24) | | | 25,818.9 | | 股价 12 个月高/低 | | | 45.48/0 | | 总发行股数(百万) | | | 4,208.01 | | H 股数(百万) | | | 476.54 | | H 市值(亿元) | | | 0.00 | | 主要股东 | | 三花控股集团有 限公司(22.54%) | | | 每股净值(元) | | | 7.52 | | 股价/账面净值 | | | 4.45 | | 一年 | | | 三个月 一个月 | | 股价涨跌(%) | N/A | -16.06% | 3.55% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | -- | -- | -- | | 产品组合 | | | | 空调冰箱元器件 | | 63.8% | | 汽车零部件 | | 36.2% | 股价相对大盘走势 C o m ...

12月25日，由北京大学国家发展研究院牵头编制的最新季度"中国线上消费品牌指数"(CBI)、 "全球品牌 中国线上500强榜单"(CBI500)和 "线上品牌购买力指数"(BPI)发布。 本次研究基于2025年7月至9月淘宝天猫平台的真实消费大数据展开，结果显示，全国线上消费品牌指数 (CBI)为62.65，同比增长0.92%，意味着线上消费者对于品牌商品的偏好继续上升。具体品牌评分排名 方面，凭借在成交额、搜索、好评等维度的优异表现，大疆、泡泡玛特等国产原创品牌增长迅速，大疆 首次跻身"全球品牌中国线上500强榜单"前10，泡泡玛特名列第12位。 | 全球品牌中国线上500强 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年第三季度(前50名) | | | | | | | | | | | 北京大学国家发展研究院编制 淘天集团技术支持 | | | | | | | | | | | ▼ 综合评分由12项指标得分加权平均得出详见《中国消费品牌指数第三期（2025年3季度）》 | | | ...

Core Viewpoint - The company, Woan Robotics, is set to launch its global IPO on December 30, 2023, with an offering price range of HKD 63-81 per share, aiming for a base issuance scale of HKD 14-18 billion, potentially increasing to HKD 16.1-20.7 billion if the greenshoe option is fully exercised [1][19]. Group 1: Investment and Market Recognition - Seven cornerstone investors have collectively subscribed nearly USD 9 million, representing 50% of the base issuance scale, highlighting strong capital recognition [2][20]. - Notable investors include Hillhouse Capital (USD 30 million), Dongfang Asset Management (USD 10 million), and a multi-strategy fund from the Middle East (USD 15 million), indicating professional investment confidence in the company's value [2][20]. - The participation of investors with low core business overlap with Woan Robotics suggests a focus on financial investment rather than traditional industrial synergy [2][20]. Group 2: Product Performance and Market Strategy - Woan Robotics has shown strong market performance, with core products including enhanced execution machines and perception and decision-making systems, expected to see price and sales growth in 2025 [4][23]. - The company’s revenue from Japan, Europe, and North America accounted for 95.5%, 95.6%, 95.0%, and 96.6% of total revenue from 2022 to the first half of 2025, with Japan being the largest market [6][25]. - The company relies heavily on Amazon for sales, with revenue from the platform comprising 81.9%, 65.2%, 64.2%, and 67.0% of total revenue during the same period [6][25]. Group 3: Financial Performance - Revenue figures for Woan Robotics from 2022 to 2024 are approximately CNY 270 million, CNY 460 million, and CNY 610 million, reflecting a compound annual growth rate of 49% [5][24]. - The company achieved a net profit of CNY 27.9 million in the first half of 2025 after narrowing losses in previous years [5][24]. Group 4: Product Differentiation and Market Positioning - The company’s products are positioned closer to smart home appliances rather than high-end intelligent robots, with significant overlap in functionality with existing products in the market [7][26]. - The multi-functional home robot, primarily a combination of vacuuming and carrying functions, represents a niche innovation but does not reach the complexity of high-end robotic products [10][28]. - Future high-end products, such as an AI tennis robot and a humanoid household robot, are still in pre-sale or planning stages, lacking market validation [11][29]. Group 5: Industry Challenges and Valuation - Despite short-term performance, the company is expected to incur losses in 2025 due to ongoing investments in core technology and IPO-related expenses [14][32]. - The claim of being the "number one" in global retail sales by revenue is limited by the specific metrics used, which do not account for non-retail channels [15][33]. - The IPO valuation of at least HKD 14 billion corresponds to a price-to-sales ratio of 23x for 2024, significantly higher than comparable companies in the A-share market, which average below 4.5x [17][35].