证券研究报告 2026 年 2 月 24 日 湘财证券研究所 行业研究 家电行业周报 2025 年地产配套家电市场下滑，2026 年或有低基数效 应 相关研究： | 1.《新国补落地首月成效显著》 | | --- | | 2026.2.9 | | 2.《板块下挫，咖啡机龙头递表港 | | 交所》 2026.2.1 | | 3. 《12月空调销售承压，行业洗 | | 牌加速》 2026.1.26 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.2% 0.4% -9.1% | | | 分析师：张弛 证书编号：S0500525110001 Tel：17621838100 Email：zc08241@xcsc.com 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 2 月 9 日-2 月 13 日，家电行业上涨 0.16%，其他黑色家电等子行业领涨 2 月 9 日-2 月 13 日，家电行业涨跌幅为 0.16%， ...

Core Viewpoint - The Guangzhou consumer market is experiencing a surge in activity as the Spring Festival approaches, driven by multiple subsidy programs and promotional activities aimed at enhancing consumer spending and ensuring supply of essential goods [1][5]. Group 1: Consumer Subsidy Programs - The "Lego New Year" special event initiated by the Ministry of Commerce and nine other departments is providing substantial cash subsidies to consumers [2]. - The national subsidy for home appliances and digital products offers a 15% discount, with maximum subsidies of 500 yuan for digital products and 1500 yuan for home appliances [2]. - The Guangdong "优品购" program provides differentiated subsidies, including a 10% discount on digital and specialty products, and a 15% discount on home appliances, with maximum subsidies of 500 yuan and 1000 yuan respectively [2]. Group 2: Consumer Engagement and Promotions - Major retailers in Guangzhou, including 广百友谊, 京东MALL, and 苏宁易购, are implementing a "Spring Festival not closing" strategy, offering various promotional activities to enhance consumer engagement [3][4]. - Promotions include discounts ranging from 8.5% to 9.5% on regular-priced appliances, with additional benefits such as 100 yuan off for purchases over 800 yuan and up to 300 yuan off for bundled purchases [4]. - 京东MALL is offering a comprehensive discount system that combines government subsidies with store-specific promotions, allowing consumers to enjoy discounts of up to 50% during the promotional period [4]. Group 3: Market Supply and Consumer Experience - The Guangzhou Municipal Bureau of Commerce is committed to ensuring a stable supply of essential goods and enhancing consumer experience during the Spring Festival [5]. - The bureau is promoting various activities to encourage major commercial enterprises to remain operational during the holiday, ensuring that services are not compromised [5].

Core Insights - The report by the China Chamber of Commerce for Import and Export of Machinery and Electronic Products indicates that during the "14th Five-Year Plan" period, the overall export scale of China's home appliance industry has grown, entering a phase of high-quality exports. The export scale of home appliances is projected to increase from $93.5 billion in 2020 to $129.4 billion by 2025, achieving a compound annual growth rate (CAGR) of approximately 6.7% [1][4]. Group 1: Export Scale and Growth - The export scale of home appliances during the "14th Five-Year Plan" has surpassed $100 billion, becoming the third category of electromechanical products to do so after integrated circuits and electronic consumer goods [1][4]. - The CAGR of home appliance exports during this period is lower than the 7.8% growth rate during the "13th Five-Year Plan" and is on par with the growth rate of the "12th Five-Year Plan" [1][4]. Group 2: Market Dynamics and Challenges - The international trade environment has become increasingly complex, with trade protectionism impacting the industry. Despite these challenges, Chinese home appliance companies have maintained a focus on globalization, innovation, and brand development, acting as a stabilizer and mainstay in the foreign trade sector [1][7]. - The export volume experienced significant fluctuations, with a notable 25% increase in 2021 due to the demand from the home economy. However, a decline was observed in 2022 due to post-pandemic demand drop and geopolitical conflicts [7][8]. Group 3: Market Diversification - The primary growth regions for home appliance exports have shifted from Europe and North America to emerging markets such as ASEAN, the Middle East, Latin America, and countries along the "Belt and Road" initiative, with double-digit CAGR in these areas [8][9]. - The share of U.S. imports of Chinese home appliances has decreased from 36% in 2020 to 23% in 2025, with a significant drop in exports to the U.S. in 2025, particularly a 42.5% decline in May [9][12]. Group 4: Product Innovation and Structural Upgrades - The pace of innovation in the home appliance sector has accelerated, with a shift from traditional OEM models to ODM and OBM, reflecting a structural upgrade in export products [18][22]. - The CAGR for major appliances (5.7%), environmental appliances (8.1%), and personal care products (6.8%) has outpaced that of lifestyle appliances (3.6%) and kitchen small appliances (3.7%) [18][19]. Group 5: Specific Product Trends - The export volume of air conditioning products is projected to grow from 62.1 million units in 2020 to 82.3 million units by 2025, driven by increased demand due to global climate change [21]. - The export volume of washing machines (under 10 kg) is expected to grow at a CAGR of 10.6%, with the share of drum-type machines increasing from 40% in 2020 to 55% in 2025 [21][22].

Core Viewpoint - The rise of Generative Engine Optimization (GEO) is changing how brands market themselves, as businesses adapt to the increasing reliance on AI for information retrieval, leading to potential biases in AI-generated recommendations [3][5][9]. Group 1: Understanding GEO - GEO is a new marketing strategy that involves creating content tailored to be favored by AI, thereby increasing the likelihood of brand recommendations in AI responses [3][5]. - Businesses are showing significant interest in GEO services, with many inquiring about implementation and effectiveness [6]. - Research indicates that content with unique statistics, authoritative opinions, and high-density professional terminology is more likely to be recognized as credible by AI [6][7]. Group 2: Challenges and Concerns - The trust users place in AI responses may decline as awareness of potential commercial influences grows, leading to skepticism about the objectivity of AI-generated information [8]. - The covert nature of GEO processes makes it difficult for users to discern whether the information they receive has been optimized for commercial purposes [8][9]. - In sensitive sectors like healthcare and finance, the potential for misinformation due to commercial influences in AI responses is particularly concerning [9]. Group 3: Governance and Regulation - The governance of GEO requires a multi-faceted approach, involving clear responsibilities across various stakeholders as outlined in existing laws [11]. - AI platforms have obligations to filter out false or infringing content, label AI-generated content, and cooperate with regulatory investigations [13]. - Consumers misled by AI recommendations may seek compensation from brands, GEO service providers, or AI platforms, depending on the nature of the misleading information [14].

Core Viewpoint - The rise of Generative Engine Optimization (GEO) is changing how brands market themselves, as businesses adapt to the increasing reliance on AI for information retrieval, leading to potential biases in AI-generated recommendations [4][6][10]. Group 1: Understanding GEO - GEO is a new marketing strategy that involves creating content tailored to be favored by AI, thereby increasing the likelihood of brand recommendations in AI responses [4][6]. - Businesses are showing significant interest in GEO services, seeking ways to optimize their visibility in AI-generated content [7]. - Research from Princeton University indicates that content with unique statistics, authoritative opinions, and dense professional terminology is more likely to be recognized as credible by AI [8]. Group 2: Challenges and Concerns - As GEO becomes more prevalent, users are questioning the trustworthiness of AI responses, especially as awareness grows regarding potential commercial influences [9][10]. - The hidden nature of GEO processes makes it difficult for users to discern whether the information they receive has been optimized for commercial purposes [9]. - There are legal gray areas surrounding GEO, particularly when it comes to misleading AI with low-quality or false information, which could infringe on consumer rights [9][10]. Group 3: Regulatory and Ethical Considerations - The need for regulation in the GEO space is urgent, as many current practices may lead to the pollution of AI models and data [8][12]. - Legal experts emphasize the importance of clear labeling and accountability for AI platforms regarding the content they generate and recommend [14]. - The ethical implications of disguising commercial recommendations as neutral information pose significant challenges for the industry [11][12].

Group 1 - The founder and CEO of ZhiMi Technology, Yu Hao, publicly stated on Weibo that he does not engage in PUA behavior and shared his personal views on Tesla CEO Elon Musk [5][1] - Yu Hao was born in 1987 and graduated from Tsinghua University. He became one of China's earliest developers of quadcopters in 2007 and invented a tricopter in 2009, founding the "Sky Factory" at Tsinghua University. He established ZhiMi Technology in 2017 [4][7] Group 2 - Since the second half of last year, ZhiMi has expanded into various markets, including toothbrushes, monitors, automobiles, washing machines, refrigerators, mobile phones, air conditioners, gas stoves, water heaters, dishwashers, water purifiers, pet products, range hoods, aviation, headphones, car washing machines, shavers, smart TVs, speakers, smart rings, body fat scales, routers, power banks, smart glasses, home lighting, action cameras, air fryers, coffee machines, cooking machines, embodied robots, and travel services [3][7]

广货行天下！广 东以旧换新各项 核心指标走在全 国前列_南方+_ 南方plus 2026年2月6日上 午，广东省人民 政府新闻办公室 在广州市广东大 厦举行"'十四 五'广东成就"系 列主题新闻发布 会，介绍"十四 五"时期广东省 现代化产业体系 建设的进展与成 效。会上，广东 省商务厅副厅长 何军就以旧换新 政策落实情况、 举措及成效，回 应了媒体提问。 何军表示，以旧 换新政策是广东 链接"制造-流通- 消费"全链条的 关键抓手，更是 推动消费升级与 产业升级协同共 进的重要载体。 2025年，广东立 足自身雄厚的产 业基础与庞大的 消费市场优势， 通过以旧换新政 策精准发力，既 有效激活了消费 潜力，更为产业 高质量升级注入 了强劲动能，成 效显著。 以旧换新有力促 进商品生产。 2025年消费品以 旧换新圆满收 官，广东各项核 心指标均走在全 国前列：全省实 现销售额2642亿 元，占全国 10%；惠及人次 6100万人次，占 全国16.9%。家 电销售2700万 件，占全国 21.2%，家装厨 卫产品销售1900 万件，占全国 16.1%，手机数 码产品销售1268 万部，占全国 13.9%。消费品 ...

挖掘潜在需求 实现供需同频共振 在大会"行业趋势"环节，多位企业家达成共识，随着人口结构、居住形态和数字技术的变化，家电消费 呈现场景化、集成化、健康化特征，供给端创新须走在消费认知变化前列。行业的确定性机会，不再源 于简单模仿和价格竞争，而是来自对潜在需求的精准挖掘和满足。 转自：国际商报 □ 本报记者 何晓曦 1月22日，由中国家用电器商业协会主办的2026第十二届中国家电流通创新发展大会在北京召开。本次 大会以"供需适配与确定性机会"为主题，吸引了全国多地家电制造商、流通企业代表及行业专家、青年 企业家等参会，共同探讨新形势下家电产业转型升级与创新发展的路径。 产业升级的核心：解决供需错配问题 商务部原副部长张志刚在讲话中指出，家电产业是国民经济的重要组成部分，应顺应消费升级趋势，依 靠技术创新和模式创新双轮驱动，深化供给侧结构性改革，在智能、绿色、健康等领域挖掘新增长点， 为构建新发展格局贡献力量。他强调，产业升级的核心是解决供需结构性错配问题，通过技术与商业模 式的协同创新，在复杂市场环境中开辟可持续的增长路径。 中国家用电器商业协会党支部书记、理事长董芝表示，当前中国家电产业正处于从规模扩张向质量 ...

Core Insights - The kitchen appliance industry is shifting from "scale growth" to "high-quality development," with consumer demand evolving from merely owning products to enjoying a comprehensive and comfortable experience [1] - The new consumer philosophy emphasizes rational decision-making, focusing on "practicality of technology, adaptability to scenarios, and professionalism of service" as core decision-making criteria [1] Group 1: Market Trends - Online retail sales in the kitchen and bathroom market are projected to grow by 14.0% year-on-year by 2025, while offline sales are expected to increase by 21.9% [1] - The trend of "embedded and integrated" appliances is becoming a core focus in the kitchen appliance industry, driven by consumer demands for space efficiency and aesthetic appeal [5] Group 2: Company Strategy - Kaito Electric has expanded from a single product category (steam oven) to a full range of products including water purifiers, range hoods, dishwashers, and coffee machines, focusing on user value and technological extension [1][3] - The company has developed a "1㎡+N Kaito = ∞ beautiful kitchen life" concept, with designs that seamlessly integrate into modern home styles, addressing traditional kitchen appliance issues of space and aesthetics [6] Group 3: Technological Innovation - Kaito's multi-category expansion is driven by technological innovation, with significant advancements such as the dual hot air technology in steam ovens and the upcoming ZR Pro 2 multi-functional cooking machine [3] - The company has received recognition for its technological achievements, including awards based on extensive user data, validating its market acceptance [3][9] Group 4: User Experience and Service - Kaito addresses user pain points by creating a comprehensive service system that includes a 400 hotline and WeChat service, ensuring quick response times and additional value-added services [6] - The company focuses on young consumers' emotional needs and convenience, exemplified by its AI coffee machine that simplifies the coffee-making process while enhancing the user experience [7] Group 5: Competitive Positioning - Kaito's strategy of "segment breakthrough → technological extension → scenario coverage → service upgrade" has enabled it to achieve growth amidst increasing competition in the kitchen appliance sector [9] - The company has established itself as a market leader in embedded steam ovens and water purifiers, supported by technological achievements and brand recognition [9]

转自：北京青年报客户端 1月17日上午，朝阳区安贞街道第五届年货节开幕。本届年货节首次汇聚东城、西城、海淀、朝阳四区 多个街道的精选年货，从十多块钱的腊八米、几十元的家电清洗，到数千元的净水器，年货节上吃的到 用的一应俱全。 居民现场拍照打卡 年货大集设置"烟火年味""吉庆年礼""喜乐年趣"三大主题车厢，犹如一列年货列车驶到居民家门口。 写福字 小朋友最喜欢的糖化 居民舞蹈表演 文/北京青年报记者 赵婷婷 现场为为快递小哥送上礼物 ...