来源：新浪证券-红岸工作室 2月27日，海尔智家跌1.00%，成交额10.05亿元，换手率0.62%，总市值2410.05亿元。 异动分析 主力持仓 超级品牌+证金持股+无线充电+家用电器 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔品牌全球 零售量份额为10.2%，连续六年蝉联全球大型家电第一品牌。 2、公司前十大流通股东中包含中央汇金资产管理有限责任公司或中国证券金融股份有限公司。 3、控股股东海尔集团旗下的海尔无线专注无线充电,参与制定了无线电能传输在电磁兼容性电磁辐射等 方面的国家行业标准,并投资前Intel无线充电技术团队成为其控股股东 4、公司的主营业务是家电的研发、生产及销售工作，涉及冰箱/冷柜、厨电、空调、洗衣设备、水家电 及其他智能家庭业务，以及提供智能家庭全套化解决方案。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-1.04亿，占比0.14%，行业排名9/10，连续3日被主力资金减仓；所属行 ...

来源：新浪证券-红岸工作室 2月25日，海尔智家涨0.35%，成交额16.80亿元，换手率1.03%，总市值2448.50亿元。 异动分析 超级品牌+证金持股+无线充电+家用电器 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔品牌全球 零售量份额为10.2%，连续六年蝉联全球大型家电第一品牌。 2、公司前十大流通股东中包含中央汇金资产管理有限责任公司或中国证券金融股份有限公司。 3、控股股东海尔集团旗下的海尔无线专注无线充电,参与制定了无线电能传输在电磁兼容性电磁辐射等 方面的国家行业标准,并投资前Intel无线充电技术团队成为其控股股东 4、公司的主营业务是家电的研发、生产及销售工作，涉及冰箱/冷柜、厨电、空调、洗衣设备、水家电 及其他智能家庭业务，以及提供智能家庭全套化解决方案。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-8290.32万，占比0.05%，行业排名9/10，该股当前无连续增减仓现象，主力趋势 ...

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%， ...

来源：新浪证券-红岸工作室 2月24日，海尔智家涨1.25%，成交额9.59亿元，换手率0.59%，总市值2440.06亿元。 异动分析 4、公司的主营业务是家电的研发、生产及销售工作，涉及冰箱/冷柜、厨电、空调、洗衣设备、水家电 及其他智能家庭业务，以及提供智能家庭全套化解决方案。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-872.37万，占比0.01%，行业排名8/10，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入9724.01万，连续2日被主力资金增仓。 区间今日近3日近5日近10日近20日主力净流入1114.80万700.45万-1008.13万1.89亿2.53亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1.01亿，占总成交额的3.71%。 技术面：筹码平均交易成本为25.85元 超级品牌+证金持股+无线充电+家用电器 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔品牌全 ...

Core Viewpoint - Haier Smart Home's stock experienced a slight decline of 0.73% on February 13, with a trading volume of 688 million yuan and a market capitalization of 241.005 billion yuan [1]. Company Overview - Haier Group, founded in 1984, has expanded from producing refrigerators to a wide range of sectors including home appliances, IT, logistics, finance, real estate, and biopharmaceuticals, becoming a global leader in providing solutions for a better life [2]. - The company holds a 10.2% share of the global retail volume in 2014, maintaining its position as the world's largest home appliance brand for six consecutive years [2]. Shareholder Structure - The top ten circulating shareholders include Central Huijin Asset Management Co., Ltd. and China Securities Finance Corporation [3]. - Haier Wireless, a subsidiary focused on wireless charging, has participated in setting national industry standards for wireless energy transmission and has invested in Intel's wireless charging technology team [3]. Business Operations - Haier Smart Home's main business involves the research, production, and sales of home appliances, including refrigerators, kitchen appliances, air conditioners, washing machines, and smart home solutions [3][7]. - The revenue composition includes: refrigerators 27.17%, air conditioners 20.94%, washing machines 20.22%, kitchen appliances 13.10%, equipment and channel services 11.97%, water appliances 6.11%, and others 0.48% [7]. Financial Performance - For the period from January to September 2025, Haier Smart Home achieved a revenue of 234.054 billion yuan, representing a year-on-year growth of 15.31%, and a net profit attributable to shareholders of 17.373 billion yuan, up 14.64% year-on-year [7]. - The company has distributed a total of 48.662 billion yuan in dividends since its A-share listing, with 24.273 billion yuan distributed in the last three years [8]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth largest circulating shareholder with 361 million shares, a decrease of 89.039 million shares from the previous period [9]. - China Securities Finance Corporation is the sixth largest circulating shareholder with 183 million shares, unchanged from the previous period [9].

Core Viewpoint - Haier Smart Home's stock experienced a slight decline of 0.54% on February 12, with a trading volume of 590 million yuan and a market capitalization of 242.787 billion yuan [1] Company Overview - Haier Group, founded in 1984, has expanded from producing refrigerators to a wide range of sectors including home appliances, IT, logistics, finance, real estate, and biopharmaceuticals, becoming a global leader in providing solutions for a better life [2] - The company has maintained a global retail market share of 10.2% in 2014, ranking as the world's largest home appliance brand for six consecutive years [2] - Haier Smart Home's main business includes the research, production, and sales of home appliances such as refrigerators, kitchen appliances, air conditioners, washing machines, and smart home solutions [3][7] Financial Performance - For the period from January to September 2025, Haier Smart Home achieved a revenue of 234.054 billion yuan, representing a year-on-year growth of 15.31%, and a net profit attributable to shareholders of 17.373 billion yuan, up 14.64% year-on-year [7] - The company has distributed a total of 48.662 billion yuan in dividends since its A-share listing, with 24.273 billion yuan distributed over the past three years [8] Shareholder Structure - Among the top ten circulating shareholders, Central Huijin Asset Management and China Securities Finance Corporation are included, indicating institutional interest [3][9] - As of September 30, 2025, the number of shareholders was 190,600, a decrease of 8.15% from the previous period [7]

Core Insights - The event "Dare to Dream, Dare to Act: A Night with Chasing" was a grand celebration for the employees of Chasing, featuring performances from well-known artists and showcasing the company's commitment to employee engagement and morale [2][4] - Chasing has a strong focus on investing in its employees, exemplified by initiatives such as distributing 1 gram of gold to each employee and rewarding top performers with trips to Antarctica [4][6] - The company aims to maintain a startup-like innovation environment by providing emotional and material support to its workforce, believing that employee well-being directly influences technological advancement [4][12] Employee Engagement and Incentives - Chasing's annual event is not merely a celebration but a strategic move to enhance its employer brand and manage talent density, reflecting the company's belief that employee state affects technological limits [4][7] - The company has committed over 100 million yuan to reward incentives from May to July 2025, with monthly bonuses reaching up to 40 million yuan and multiple teams receiving million-yuan rewards [6] - Chasing's "Family Health Protection Plan" covers all employees and their immediate family members, providing significant health insurance benefits, including 1 million yuan for critical illness coverage [6][12] Recruitment and Talent Management - Chasing emphasizes a "founder mentality" in its recruitment process, seeking high-caliber talent globally and fostering a culture of cross-functional collaboration [7][8] - The company has partnered with Tsinghua University's Career Development Center and has hosted numerous talent exchange events, aiming to recruit 1,000 fresh graduates in 2026 [7][8] - Chasing's organizational structure promotes transparency and open communication, allowing employees to understand the company's strategic direction and contribute to decision-making [13][14] Strategic Vision and Market Position - Chasing is transitioning from a home appliance manufacturer to a comprehensive technology ecosystem, with over 10,000 patents and a presence in more than 120 countries [12][14] - The company holds the top market share for its robotic vacuum cleaners in 30 countries and for its floor washers in nearly 20 countries, with some markets exceeding 70% share [12] - Chasing's long-term strategy focuses on creating a resilient organization that attracts and retains top talent, ensuring sustained innovation and growth in a competitive landscape [14][15]

Core Viewpoint - Haier Smart Home has shown a positive stock performance with a 1.11% increase, reaching a market capitalization of 246.91 billion yuan, indicating strong investor interest and confidence in the company's growth potential [1]. Company Overview - Founded in 1984, Haier Group has expanded from producing refrigerators to becoming a global leader in various sectors including home appliances, IT, logistics, and biopharmaceuticals, maintaining a 10.2% global retail market share in large home appliances for six consecutive years [2]. - The company's main business includes the research, production, and sales of home appliances such as refrigerators, air conditioners, washing machines, and smart home solutions, with revenue contributions from refrigerators (27.17%), air conditioners (20.94%), and washing machines (20.22%) [7]. Shareholder Structure - The top ten circulating shareholders include significant entities such as Central Huijin Asset Management and China Securities Finance Corporation, indicating institutional confidence in the company [3]. - As of September 30, 2025, Haier Smart Home had 190,600 shareholders, a decrease of 8.15% from the previous period, suggesting a consolidation of ownership [7]. Financial Performance - For the period from January to September 2025, Haier Smart Home reported a revenue of 234.05 billion yuan, reflecting a year-on-year growth of 15.31%, and a net profit attributable to shareholders of 17.37 billion yuan, up 14.64% year-on-year [7]. - The company has distributed a total of 48.66 billion yuan in dividends since its A-share listing, with 24.27 billion yuan distributed over the past three years [8]. Market Activity - The stock has experienced a net outflow of 1.72 million yuan today, with a lack of significant trends in major shareholder activity, indicating a dispersed ownership structure [4][5]. - The average trading cost of the stock is 25.84 yuan, with the current price approaching a resistance level of 26.41 yuan, suggesting potential for upward movement if this level is surpassed [6].

Core Viewpoint - The event "Dare to Dream, Dare to Act - Night of Chasing Dreams" organized by Chasing Technology and CCTV is a significant celebration showcasing the company's brand strength and deep care for its employees, marking a transformation in the traditional corporate annual meeting format [1][3]. Group 1: Event Significance - The transformation of the annual meeting format symbolizes the enhancement of the company's capabilities, demonstrating Chasing Technology's strength and foresight as an industry leader [3]. - The high-profile concert featured renowned Chinese singers, creating a vibrant atmosphere that resonated with the company's brand spirit of "Dare to Dream, Dare to Act" [3][4]. Group 2: Employee Engagement - The concert included multiple rounds of prize draws, distributing nearly a thousand products from Chasing Technology, reflecting the company's commitment to employee care and its product strength in the smart home ecosystem [4]. - Chasing Technology has implemented various employee care initiatives, such as providing gold benefits, purchasing critical illness insurance for employees' families, and rewarding outstanding employees with trips to Antarctica, enhancing employee belonging [4]. Group 3: Market Performance - Since its establishment, Chasing Technology has adhered to a long-term strategy of "exchanging technology for volume," significantly increasing its investment in R&D and applying for over 10,000 patents globally [4]. - The company operates in over 120 countries and regions, with more than 6,500 physical stores and has served over 42 million households [4]. - Chasing Technology's core businesses rank among the top three globally, with its robotic vacuum cleaners holding the number one market share in 30 countries and its floor washing machines leading in 17 countries, with some markets exceeding a 70% share [6]. Group 4: Future Outlook - The concert not only celebrated the company's market achievements and comprehensive product lineup but also highlighted its deep affection for employees, marking an important milestone in its globalization and sustainable development journey [8]. - Chasing Technology aims to continue embracing the spirit of "Dare to Dream, Dare to Act," promoting the deep integration of technology and culture while collaborating with employees and global users for a brighter future [8].

Core Viewpoint - The concert "Dare to Dream, Dare to Pursue Night" held by Chasing Technology aimed to enhance employee cohesion and break traditional annual meeting formats [1] Group 1: Event Overview - The concert took place at Suzhou Olympic Sports Center and featured performances by artists such as Zhang Xinzhe, Mao Buyi, and Han Hong, along with a drone show and a children's choir [1] - The event was a collaboration between Chasing Technology and CCTV, with hosts including Sa Beining [1] Group 2: Employee Engagement Initiatives - The concert was primarily attended by employees of Chasing Technology and their families, highlighting the company's focus on employee welfare [1] - Chasing Technology has introduced various welfare measures, including critical illness insurance for employees' families and overseas travel rewards [1]