Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting a "Buy" recommendation for key players in the white goods segment due to their low valuation, high dividends, and stable growth potential [4]. Core Insights - The home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with the sector index rising by 1.1% while the broader index fell by 1.1%. Key companies like Joyoung (26.6%), Lek Electric (12.2%), and Hisense (7.1%) led the gains, while companies like Sanhua Intelligent Control (-12.3%) and Roborock (-1.5%) faced declines [5][7]. - Stone Technology achieved significant sales growth during the Double Eleven shopping festival, becoming the top brand in the cleaning appliance category with a market share of 34.75% in the sweeping robot segment and a 25.02% share in the washing machine segment, with net sales increasing by 408.52% year-on-year [11]. - Joyoung's new plant-based beverage, "Haqimi Green Bean Soy Milk," has gained popularity in the market, indicating strong consumer interest and potential for growth [12]. Sales Data Summary - **Air Conditioners**: In October 2025, online retail sales volume was 1.99 million units, a year-on-year decrease of 22.2%, while offline sales were 378,000 units, down 42.3%. The average online retail price decreased by 1.9% to 3,073 yuan per unit, and the offline average price fell by 12.2% to 4,330 yuan per unit [30]. - **Kitchen Appliances**: - **Range Hoods**: Online sales volume was 1.166 million units, down 8.6% year-on-year, while offline sales were 128,000 units, down 34.3%. The online average price increased by 8.5% to 2,005 yuan per unit, while the offline average price decreased by 5.5% to 4,422 yuan per unit [35]. - **Dishwashers**: Online sales volume was 187,000 units, down 29.1%, and offline sales were 34,000 units, down 26%. The online average price rose by 3.6% to 4,790 yuan per unit, while the offline average price fell by 1.6% to 8,195 yuan per unit [39]. Industry Dynamics - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by low valuations and high dividends. The "trade-in" policy may catalyze growth, and rising copper prices are generating positive sentiment in the channel [4]. 2. **Exports**: Companies like Ousheng Electric and Dechang Co. are recommended due to their stable income growth driven by large customer orders and recovery in overseas demand [4]. 3. **Core Components**: The report highlights the increased demand for core components driven by the white goods sector's unexpected growth, recommending companies like Huaxiang Co. and Shun'an Environment for their competitive advantages and growth potential [4].

Core Viewpoint - The recent surge in stock price of Jiuyang Co., Ltd. is attributed to the popularity of a new plant-based drink named "Haqimi North-South Green Bean Soy Milk," despite the company clarifying that it has no direct association with the product [1] Group 1: Stock Performance - Jiuyang's stock price experienced a continuous rise from November 7 to 14, with closing prices hitting a daily limit on November 13 and 14, reaching 12.17 yuan per share and a single-day increase of 10.04%, resulting in a total market capitalization of approximately 9.286 billion yuan [1] Group 2: Product Clarification - Jiuyang Co. publicly stated on November 13 that it does not have any products related to "Haqimi," emphasizing that its main business focuses on kitchen small appliances and does not involve food or beverage products [1] - The "Haqimi North-South Green Bean Soy Milk" is a new product launched by Hangzhou Jiuyang Bean Products Co., Ltd., which operates independently from Jiuyang Co. but shares the same actual controller, Wang Xuning [1] Group 3: Related Transactions - In October 2023, Jiuyang Co. announced a patent transfer and trademark licensing agreement with Hangzhou Jiuyang Bean Products Co., Ltd., involving four authorized invention patents for a total transfer fee of 158,800 yuan and a permanent, non-exclusive trademark license for 36 million yuan [2] - The financial report indicates that there were related transactions between Jiuyang Co. and Hangzhou Jiuyang Bean Products Co. amounting to approximately 462,600 yuan for "purchased goods," along with rental income of about 1.6721 million yuan expected in the first half of 2025 for leasing services provided by Jiuyang Co. [2]

新京报贝壳财经讯（记者阎侠）近日，一款名为"哈基米南北绿豆豆浆"的植物饮料在消费市场掀起热 潮，并将九阳股份称为"哈基米第一股"。11月7日至14日期间，九阳股份的股价持续上涨，其中，13日 和14日均收盘涨停。11月14日，九阳股份的股票收盘价为12.17元/股，单日涨幅为10.04%，公司总市值 约为92.86亿元。 新京报贝壳财经记者梳理发现，九阳豆浆旗舰店背后是杭州九阳豆业有限公司，九阳股份的全称为九阳 股份有限公司。目前，杭州九阳豆业有限公司和九阳股份有限公司之间并无直接的股权关系，但二者存 在关联关系，实际控制人均为王旭宁。 2023年10月，九阳股份发布关于专利转让及商号使用许可暨关联交易的公告称，九阳股份及其子公司拟 与杭州九阳豆业有限公司开展专利转让及商号使用许可暨关联交易事项，本次专利转让涉及四项已授权 发明专利，转让费用总计为人民币15.88万元；本次拟授予杭州九阳豆业有限公司"九阳"商号的使用许 可系永久、非排他许可，商号许可使用范围仅限定于九阳豆业现有业务范围且不得转许可（对子公司转 许可除外），许可费用为人民币3600万元。 财报显示，今年上半年，九阳股份有限公司和杭州九阳豆业有限 ...