行 华福证券 家用电器 2026 年 03 月 14 日 业 研 究 行 业 定 期 家用电器 AWE 专题：从生态协同到跨界融合 投资要点： 2026 年 AWE 专题：生态协同与跨界融合双线并行 2026 年 AWE 所呈现的核心变化在于，消费电子行业的竞争主线 正从单品功能参数的线性升级，全面转向以空间体验与生态协同为核 心的系统性竞争。 展会逻辑从"产品陈列"转向"空间表达"，具备统一审美语言、 智能联动能力与场景运营能力的品牌，正在"体验竞争"阶段构筑新 的护城河，有望获得更高的品牌溢价与用户心智份额。 报 告 此外，跨界融合加速，生态整合能力成为竞争核心。消费电子与 汽车、机器人、能源的边界快速模糊，"人-车-家-设备-机器人"统一 生态正加速形成。AI 新终端进入场景化落地阶段，智能眼镜正从"尝 鲜硬件"向"贴身终端"演进，围绕导航、生活服务等真实场景展开 应用；家庭机器人亦从工具向智能体跃迁。 总体而言，家电与消费电子正从单一硬件竞争走向生态体验的系 统竞争，围绕空间表达、跨界融合与 AI 新终端的布局，将成为下一阶 段超额收益的重要来源。 行情数据 本周家电板块涨跌幅+0.6%，其中白电/黑 ...

2026 年 03 月 13 日 南方基金林乐峰：宏观为锚，质量为核，始于客 户需求，打造多元可复制的固收+产品线 ——基金经理研究系列报告之九十二 相关研究 证券分析师 - ⚫ 清晰可复制的固收+产品谱系：围绕"收益率、回撤、规模"的不可能三角进行精细化管 理，形成从低到高风险、策略定位明确的产品线，实现投资框架在不同风险预算下的可复 制输出。1）低风险均衡型：以南方安康为代表，风险资产中枢仅 10%，呈现显著的低波 特征。2）中风险策略型：包含南方振元、南方安裕、南方宝丰、南方宝泰一年。3）中高 风险策略型：以南方宝元债券、南方宝昌、南方宝嘉为代表，风险资产中枢均>=25%。 ⚫ 始于客户需求，聚焦成长价值，立于平台赋能：1）投资理念：以产品风险收益特征为起 点，辅以模型进行宏观调节；行业配置层面，进行自上而下比较，无明确方向时保持均衡 配置；选股层面聚焦估值合理且成长价值兼顾的企业；2）投研体系支持，混合资产投资 部以超 30 人、平均从业超 15 年的专业团队为人才底座，依托"宏观—信用—权益—量 化"四维研究体系与数智化平台，将投资理念固化为系统规则，并贯彻"以客户需求为核 心"的品牌理念。3）严格 ...

Market Overview - The market shows a trend of simultaneous reduction in positions by both institutional and retail investors in the Sci-Tech Innovation Index, with a noticeable convergence in the outflow speed of institutional funds from the ChiNext Index and the entire A-share market since March 4 [6][7] - Institutional funds exhibited strong outflow momentum before March 4, which weakened afterward, indicating a volatile outflow pattern [6][7] - Retail investors displayed a gradual outflow from the Sci-Tech Innovation Index, maintaining a wait-and-see attitude [6][7] Fund Flow by Market Capitalization and Valuation Style - Institutional funds accelerated their outflow from high-valuation indices, while retail funds continued to flow into these indices, indicating a lack of style preference switch [16][17] - The divergence in net inflow rates between retail and institutional investors remains positive across various style indices, suggesting a more cautious approach from institutional investors [16][17] Fund Flow by Major Industry Style - Institutional funds are slowly returning to the cyclical manufacturing sector, with a shift from outflow to slow inflow observed after March 4 [22][23] - The market displays significant volatility in fund inflow acceleration for both technology and cyclical manufacturing sectors, reflecting strong market competition [22][23] Fund Flow by Primary Industry Upstream Resources - Institutional funds are experiencing significant outflows from non-ferrous metals, while the outflow from basic chemicals is stabilizing [28][29] - Retail funds are heavily flowing into non-ferrous metals, indicating a strong speculative interest [28][29] Midstream Materials & Manufacturing - The electric power equipment sector has seen cumulative net inflows from institutional funds, while defense and machinery sectors are experiencing fluctuating outflows [30][31] - Retail buying power has shown a phase of increase, with net inflow rates indicating stronger retail interest compared to institutional [30][31] Downstream Essential Consumption - Institutional funds have shown a slight net inflow into agriculture, forestry, animal husbandry, and fishery, while other sectors lack significant buying momentum [34][35] Downstream Discretionary Consumption - There is no significant inflow momentum from institutional funds in this sector, with notable outflows particularly in household appliances [37] TMT Sector - The TMT sector is characterized by strong small-order buying power, while institutional funds are showing fluctuating outflows in communication and electronics [40][41] Large Financials - Retail investors are favoring banks for defensive positioning, with significant net inflows, while institutional funds continue to show outflows in non-bank financials [48][49] Support Services - The public utilities sector is a trading hotspot, with institutional funds showing alternating net inflows and outflows, indicating significant volatility [54][55] Leverage Fund Situation - The growth rate of margin financing and securities lending balances has slowed, with the market average guarantee ratio showing adjustments, indicating manageable leverage risks [60][61] - As of March 12, the total margin financing and securities lending balance is approximately 2.66 trillion yuan, maintaining ample liquidity [60][61] - The overall trading activity in margin financing has declined, with the proportion of margin trading transactions decreasing to 9.67% [61][62]

证券研究报告 · 金融工程报告 2026年3月9日 江海证券研究发展部 金融工程定期报告 分析师：朱威 转债延续调整,可适当配置防守板块 核心内容: ◆可转债市场表现: 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续手术发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观胜的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 1.可转债跟踪周报:转股溢价回落, 转债调整后有望继续随权益上涨— 2026.02.09 2.可转债跟踪周报:权益延续回撤, 转债跑出超额—2026.02.09 3.可转债跟踪周报:转债随权益走 弱,整体或将维持震荡-2026.02.02 4.可转债跟踪周报：转债较权益超额 延续,可关注顺周期板块— 2026.01.26 近一周（2026-03-02 至 2026-03-06）,上证转债、深证转债、中证转债指数 A 周涨跌幅分别为-2.211%、-1.894%、-2.072%。权益市场中，上证指数周涨 跌幅为-0.929%，收于 4124.19 点；中证全指周涨跌幅为-2.283%，收于 6252.38 点 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for sectors benefiting from government policies aimed at boosting domestic consumption [2]. Core Insights - The government work report emphasizes the importance of expanding domestic demand and promoting consumption, which is expected to benefit the service consumption sector. Measures include issuing 250 billion yuan in long-term special bonds to support consumption upgrades and establishing a 100 billion yuan fund to promote domestic demand [2]. - The report highlights that the reform of the ChiNext board will support the development of innovative consumer enterprises by introducing more inclusive listing standards, which will facilitate financing for new consumption and modern service industries [2]. - The report suggests focusing on unique business models within the consumer sector, such as trendy toys, designer brands, and emerging small appliances, as these areas are expected to thrive under the new policies [2]. Summary by Sections Market Review - In the first week of March 2026, the consumer sector experienced a decline across various segments, with retail, social services, home appliances, beauty care, textiles, and food and beverage sectors showing declines of -3.91%, -3.63%, -3.00%, -3.04%, -2.80%, and -2.48% respectively [2]. - Notable gainers included CITIC Nia (up 4.66%) and Minbao Optoelectronics (up 13.43%), while significant losers included *ST Yanshi (down 10.53%) and Dongfang Electric (down 9.97%) [2]. Industry News and Key Company Announcements - The report discusses various industry news, including the establishment of a new offline trendy toy store by Alibaba in Beijing, which aims to explore diverse paths for IP commercialization [15]. - It also mentions the financial performance of companies like On and Amer Sports, highlighting significant growth in sales and profits, particularly in the Asia-Pacific region [15]. - Company announcements include revenue projections for Zhou Hei Ya and share buybacks by companies like Meidi Group and Yum China, indicating ongoing corporate activities in the consumer sector [16].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for sectors benefiting from government policies aimed at boosting domestic consumption [2]. Core Insights - The government work report emphasizes the importance of expanding domestic demand and promoting consumption, which is expected to benefit the service consumption sector. Measures include issuing 250 billion yuan in long-term special bonds to support consumption upgrades and establishing a 100 billion yuan fund to stimulate domestic demand [2]. - The report highlights that the reform of the ChiNext board will support the development of innovative consumer enterprises by introducing more inclusive listing standards, which will facilitate financing for new consumption and modern service industries [2]. - The report suggests focusing on unique business models within the consumer sector, such as trendy toys, designer brands, and emerging small appliances, as these areas are expected to thrive under the new policies [2]. Summary by Sections Market Review - The consumer sector experienced a decline across various segments from March 2 to March 6, 2026, with the following percentage changes: retail (-3.91%), social services (-3.63%), home appliances (-3.00%), beauty care (-3.04%), textiles and apparel (-2.80%), and food and beverage (-2.48%) [2]. - Notable gainers included CITIC Nia (+4.66%) and Minbao Optoelectronics (+13.43%), while significant losers included *ST Yanshi (-10.53%) and Dongfang Electric (-9.97%) [2]. Industry News and Key Company Announcements - The report discusses various industry news, including the establishment of a new offline trendy toy store by Alibaba in Beijing, which aims to explore IP commercialization [15]. - It also mentions the financial performance of companies like On and Amer Sports, highlighting significant growth in sales and profits, particularly in the Asia-Pacific region [15]. - Company announcements include revenue projections for Zhou Hei Ya and share buybacks by companies like Meidi Group and Yum China, indicating ongoing corporate activities in the consumer sector [16].

Macro Economic Background - Domestic consumption during the Spring Festival showed strong performance, with a 6.7% year-on-year increase in cross-regional personnel flow during the holiday period from February 7 to February 26, 2026 [11] - Retail and catering enterprises reported a daily sales increase of 8.6% year-on-year in the first four days of the holiday, with significant growth in smart wearable devices and duty-free sales in Hainan [11] - Real estate sales improved, with a 25.5% year-on-year increase in average daily transaction area of commercial housing in 30 major cities during the Spring Festival [11] - The box office revenue for the Spring Festival period decreased by 40% year-on-year, indicating a decline in movie-going enthusiasm [11] A-Share Market - In February, the A-share market experienced a high-level consolidation with a focus on small-cap and dividend stocks [8] - The market is expected to shift from a valuation expansion phase to a performance-driven phase as the "Two Sessions" policy discussions unfold [3] - The market is likely to focus on policy expectations and external geopolitical risks in March, with a potential rebound in economic data following the Spring Festival [3] Fixed Income Market - In February, bond market yields trended downward, with a focus on structural opportunities as the 10-year government bond yield is expected to remain above 1.80% [8] - The bond market may face profit-taking pressure, and investors are advised to look for specific opportunities [3] Currency Exchange Rates - The US dollar index is expected to fluctuate weakly, with increased volatility anticipated [8] - The Chinese yuan is expected to maintain a strong oscillation, although geopolitical uncertainties may lead to increased volatility [3] Overseas Markets - The US stock market is projected to exhibit a fluctuating pattern, with attention on the evolution of AI narratives [8] - The bond yields in the US are expected to have limited downward space in the short term, influenced by changes in risk aversion sentiment [3] - The Hong Kong stock market is likely to remain under pressure from external sentiments, with a significant pullback in the Hang Seng Technology Index [3] Commodities - The geopolitical situation in the Middle East may drive oil prices up in the short term, but there is a risk of a significant price drop if conflicts do not persist [4] - Gold prices are expected to remain strong in the short term due to ongoing geopolitical risks, with a long-term upward trend anticipated [4] - Copper prices are expected to rise as macroeconomic fundamentals improve [4]

Group 1 - The report highlights two main investment themes: cyclical price increases supported by economic recovery and the technology manufacturing sector [1] - In February, the A-share market experienced a volume contraction with small-cap and dividend stocks outperforming, while the technology sector shifted focus from AI to advanced manufacturing [8][4] - The report indicates that the semiconductor price increase trend continues, with the DXI index rising by 6.1% month-on-month and over 12 times year-on-year [2][3] Group 2 - In the upstream cyclical sector, prices for non-ferrous metals are fluctuating at high levels, while most petrochemical products are experiencing price increases [12][14] - The report notes that the cost pressure in the midstream manufacturing sector, particularly in new energy materials, is easing, but the recovery of domestic demand remains to be observed [17][2] - In the consumer sector, overall domestic demand is still weak, but there are optimistic signals in certain industries such as liquor and second-hand housing [3][11] Group 3 - The valuation comparison shows that the cyclical, manufacturing, and electronic sectors are experiencing valuation expansion, currently at historically high levels [5][6] - The report suggests that macroeconomic events and fundamental impacts will increase in March, with recommendations to focus on cyclical price increases and technology manufacturing as key investment themes [4][5] - The report emphasizes the importance of monitoring the recovery of domestic demand and the performance of specific sectors like innovative pharmaceuticals and second-hand housing [3][11]

Group 1: Core Insights - Commodity prices continue to rise, with the fundamental high-frequency index reaching 130.1 points, an increase of 6.0 points year-on-year [2] - The industrial production high-frequency index is at 129.0, showing a year-on-year increase of 5.1 points, indicating stable production growth [2] - The inventory high-frequency index stands at 165.1, reflecting a year-on-year increase of 7.4 points, suggesting a healthy inventory level [2] Group 2: Industry Performance - The coal industry showed a performance increase of 14.5% in March, while the steel industry increased by 20.1%, indicating strong demand [1] - The oil and petrochemical sector experienced a significant rise of 35.0% in March, reflecting robust market conditions [1] - The non-ferrous metals sector saw a remarkable increase of 44.7% in March, highlighting a strong recovery in this industry [1] Group 3: Agricultural Sector Insights - The agricultural sector is facing increased attention due to geopolitical factors, with rising production costs driven by higher crude oil prices [8] - The price of live pigs has dropped below 11 CNY/kg, leading to deeper losses for producers, suggesting a potential reduction in supply [8] - The mushroom market remains strong, with prices for enoki mushrooms maintaining a positive trend, indicating growth opportunities in this segment [8] Group 4: Media and Internet Sector Analysis - The media sector underperformed, with a 5.1% decline in the media index, lagging behind the Shanghai Composite Index by 7.1% [5] - The gaming sector is expected to perform well, with a focus on major titles and high demand in Q1, suggesting investment opportunities [6] - AI applications are anticipated to drive growth in the media sector, with several companies launching new products and upgrades [6]

Market Performance - The A-share market showed positive performance with the Shanghai Composite Index increasing by 1.98%, the CSI 300 rising by 1.08%, and the Wind All A Index up by 2.75% during the period from February 24 to February 27, 2026[23] - The cyclical sector outperformed with an average increase of 1.23%, driven by rising international oil prices and increased demand for precious metals due to geopolitical tensions[13] Geopolitical Impact - The recent US-Iran conflict on February 28 had a limited impact on the market, as it was largely priced in beforehand, with noticeable adjustments in high-valuation sectors like US tech stocks[18] - The conflict is expected to be short-term, with the US likely focusing on limited strikes rather than full occupation, and Iran's economy heavily reliant on oil exports, making long-term blockades impractical[18] Inflation and Monetary Policy - The US January CPI rose by 2.4% year-on-year, with core CPI dropping to 2.5%, the lowest since March 2021, easing inflationary pressures and lowering the threshold for potential Fed rate cuts[20] - Market expectations for Fed rate cuts have increased, with a 63.79% probability of a cut in June and a 98% probability in July 2026[20] Investment Strategy - Focus on technology and advanced manufacturing sectors, particularly electronics, software, and communication services, as well as power equipment and defense industries, due to favorable policy signals from the upcoming "Two Sessions"[24] - Emphasis on boosting domestic demand, with the National Development and Reform Commission planning to enhance the effectiveness of new policies, including a special bond issuance of 625 billion yuan to support consumption[24] Risk Factors - Key risks include economic underperformance, industry-specific risks, exchange rate fluctuations, data inaccuracies, trade protectionism, global liquidity risks, and potential black swan events[39][40]