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 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 - 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]

Core Viewpoint - The event "Dare to Dream, Dare to Act - Night of Chasing Dreams" organized by Chasing Technology and CCTV is a high-profile celebration that showcases the company's brand strength and deep care for its employees [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 concert featured a star-studded lineup of renowned Chinese singers, creating a vibrant atmosphere that reflects the brand spirit of "Dare to Dream, Dare to Act" [3][4]. - The event included a high-standard hosting by well-known CCTV presenters, adding to the overall prestige of the concert [3]. Group 2: Employee Engagement - The concert included multiple rounds of prize draws, distributing nearly a thousand products from Chasing Technology, showcasing the company's product range and commitment to employee welfare [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 [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 [5]. - 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 [5]. Group 4: Future Outlook - The concert serves as a milestone for Chasing Technology, marking its commitment to globalization and sustainable development while continuing to promote the integration of technology and culture [7]. - The company aims to uphold the spirit of "Dare to Dream, Dare to Act" in the face of global competition, collaborating with employees and users worldwide for a brighter future [7].

Core Viewpoint - The event "Guangdong Goods Go Global: Zhongshan Department Store Enters Shanghai" showcases nearly 800 high-quality products from around 300 Zhongshan enterprises, marking a significant step in the transformation and upgrading of the manufacturing industry and regional collaborative development [1][2]. Group 1: Event Overview - The event is not merely a product exhibition but a vital action to reconnect the historical commercial ties between Zhongshan and Shanghai, reflecting the evolution of modern retail in China [1]. - Zhongshan's participation in Shanghai represents a shift from "selling globally" to "manufacturing globally," highlighting the city's advancements in technology and intelligent manufacturing [1]. Group 2: Thematic Focus - The event features six thematic exhibition areas, showcasing a range of products from high-end manufacturing like robotics and home appliances to local delicacies, illustrating Zhongshan's diverse manufacturing capabilities [2]. - Zhongshan has developed a unique "Guangdong Goods" identity, supported by 18 provincial-level specialized towns that contribute to four trillion-level industrial clusters, indicating a clear path for the city to ascend the industrial chain [2]. Group 3: Regional Collaboration - The event signifies a deep collaboration between the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, two of China's most economically vibrant regions, aligning with national strategies to enhance domestic demand and market integration [2]. - The "Guangdong Goods Go Global" initiative aims to promote high-quality Guangdong products nationwide, facilitating a dual empowerment of market and manufacturing, and fostering deep integration of innovation and industrial chains [2]. Group 4: Future Outlook - The historical significance of this event is underscored by its potential to drive more "Guangdong Goods" into the global market, propelling Chinese manufacturing and brands towards high-quality development in a new blue ocean of opportunities [3][4].

2025年1月，随着春运高峰临近，天猫优品联合登峰联盟6大品牌——创维、安吉尔、方太、苏泊尔、松 下洗护、奥马，打造的"天猫优品只换不修专列"在南昌西站正式启程。这趟以"来天猫优品，买大家电 365天只换不修"为核心理念的高铁专列，不仅承载着天猫优品对消费者"只换不修"服务承诺的郑重传 递，也标志着天猫优品在家电服务标准升级与品牌影响力拓展方面迈出了坚实一步。 打造服务新标杆，只换不修引领家电用户心智 "只换不修"是天猫优品对家电售后服务的一次重大创新。传统家电维修流程繁琐、周期长，用户体验 差，而天猫优品通过"365天只换不修"服务承诺，彻底打破这一痛点，为消费者提供更高效、更安心的 家电消费保障。该服务已覆盖大家电全品类，"天猫优品只换不修专列"进一步强化了"来天猫优品，买 大家电365天只换不修"对春运消费者的品牌心智影响力。 此外，天猫优品持续深化"全屋家电家居，来一次就买齐"的品牌主张，致力于为消费者提供一站式家电 家居解决方案，满足消费者从厨房、客厅到卧室等全屋场景的家电需求。 春运营销全面启动，多重促销回馈用户 春节是家庭消费决策的关键节点。天猫优品以春运高铁为载体，将"只换不修"售后服务转化为 ...

本次活动由广东省工业和信息化厅指导，中山市人民政府主办，包括展销、互动、演出、挥春活 动，以及文旅与投资招商推介、项目签约等环节。 回溯百年，香山（今中山）先贤以敢为人先的开拓精神，在上海南京路缔造了先施、永安、新新、 大新"四大百货"传奇，开创中国现代商业的先河。从首推明码实价、女售货员制度到打造集购物、娱 乐、餐饮于一体的消费场景，香山商帮为当年的上海注入了鲜活的商业灵魂。而今，承载着百年商业基 因的中山，以"制造业当家"的硬核实力再赴申城，展现"中山智造"的硬核实力和岭南风物的独特韵味， 续写百年商脉全新篇章。 据了解，中山优品活动区是本次展销活动的核心亮点。围绕家电、家具、消费电子、服装、日化、 食品、文旅等重点类别，打造了"魅力中山""智造中山""美居中山""中山香农""文旅中山"等消费主题区 域，集中展现中山城市形象及科技创新、生产制造、美好生活、宜居宜乐等方面最新成果。其中，既有 机器人、大家电等高端制造成果，也有灯饰照明、五金锁具等家居产品，还不乏中山本土特色农产品和 食品。 活动现场设有消费抽奖、拍照打卡送赠品等互动，以及中山非遗表演、广东传统民乐等南粤特色表 演。中山本土书法家还将现场创作 ...

Group 1 - The event "Guanghuo Xing Tianxia: Zhongshan Department Store Enters Shanghai" will take place from January 31 to February 2 in Shanghai, showcasing Zhongshan's quality products and cultural charm, continuing the century-old commercial relationship between Xiangshan and Shanghai [1][7] - The event is guided by the Guangdong Provincial Department of Industry and Information Technology and hosted by the Zhongshan Municipal Government, featuring three days of exhibitions, interactions, performances, and investment promotion activities [3][5] - The exhibition will highlight various categories including home appliances, furniture, consumer electronics, clothing, daily chemicals, food, and cultural tourism, showcasing the latest achievements in Zhongshan's urban image, technological innovation, and quality of life [3][5] Group 2 - Zhongshan has a strong manufacturing base with 38 national-level industrial bases and 18 provincial-level specialized towns, emphasizing its robust real economy and active private sector [5] - The event will include interactive activities such as consumer lotteries, photo opportunities, and performances of traditional Guangdong music, enhancing the cultural atmosphere [5] - Online marketing efforts will be coordinated through major e-commerce platforms like Tmall and Douyin, promoting Zhongshan's industrial products and increasing brand influence [5]

Core Insights - The 2026 home appliance national subsidy policy will focus on core categories and rural markets [1] - The policy will cover six core categories of major appliances, with subsidies for level 1 energy efficiency at a rate of 15% [1] - An initial budget of 62.5 billion yuan will be allocated in advance, with nationwide coverage and a focus on rural market penetration [1] Market Strategy - JD.com is investing 30 billion yuan to implement the "three exemptions and four unlimited" strategy, which is expected to add coverage for 30 to 40 million rural residents [1] - The rural market is anticipated to be the main growth area in 2026 [1]