NAS 行业专家交流 20260324 摘要 2025 年全球家用 NAS 市场增速超 30%，海外与中国份额比为 6.5:3.5，美德日增速领跑。 AINAS 成为核心趋势，NAS 凭借本地存储与运算优势成为 AIAgent 理 想载体，潜在需求巨大。 竞争格局剧变：2025 年绿联全球份额超 30%跃居第一，群晖退至第二 （约 28%），极空间位列第三。 本土厂商优势：硬件配置领先传统厂商 3-4 代，且通过集成式 APP 显著 降低用户使用门槛。 成本与定价：2025 年末硬件成本上涨带动终端提价，但因存储刚需属 性，销量未受明显影响。 盈利模式：国内毛利 10%-20%，海外超 30%；坚持硬件买断制，软件 及 AI 功能多为免费提供。 未来演进：NAS 将从私有云存储进化为家庭/小微企业计算中心及 AIoT 智能中枢，普及率持续看涨。 Q&A 2025 年及 2026 年全球与中国家用 NAS 市场的规模与增速分别是多少？家 用 NAS 在整个 NAS 行业中的占比情况如何？ 根据 2026 年 1 月和 2 月的数据，全球家用 NAS 市场的整体增速预计在 20% 至 30%之间，与调研机构的预期 ...

Core Viewpoint - The investment theme in the home appliance industry for 2026 is clear, focusing on seeking certainty amid uncertainty, identifying high growth in emerging categories, and seizing opportunities in a reshaped market landscape [1] Group 1: Market Performance - In the period from January to November 2025, the Shenwan home appliance industry index rose by 8%, with significant structural differentiation within the sector [2] - The home appliance components sector saw a remarkable increase of 62%, indicating a high premium on its growth logic [2] Group 2: White Goods - Domestic sales of white goods experienced a peak followed by a decline, influenced by national subsidies, with high base pressure expected in the second half of 2025 and the first half of 2026 [3] - Exports of white goods significantly slowed down from the second quarter of 2025 due to tariff uncertainties and high inventory levels after a rush to export [3] - With the expectation of U.S. Federal Reserve interest rate cuts and the overseas capacity layout of leading companies like Midea and Haier, white goods exports are anticipated to improve [3] Group 3: Black Goods - The global black goods market is undergoing a reshaping trend characterized by "Chinese brands advancing while Korean brands retreating," with companies like Hisense and TCL enhancing their market share through Mini LED technology upgrades and global capacity layouts [4] - The focus of competition is shifting towards technology, cost, and operational efficiency as the panel cycle weakens, allowing Chinese brands to capture more market space [4] Group 4: Emerging Categories - The global market for robotic vacuum cleaners is experiencing simultaneous growth in volume and price, although high price points are suppressing rapid penetration [5] - The competition in the robotic vacuum cleaner segment is expected to shift towards cost-effective products in 2026, with attention needed on the impact of subsidy reductions [5] - The smart lawn mower segment is seeing rapid penetration driven by mainstream technology routes, with Chinese brands like Ecovacs and Roborock leading in online market share [5] - The home NAS market has significant potential, with estimated sales growth capacity of about five times [5] Group 5: Investment Recommendations - Recommended stocks include major appliances such as Haier and Midea, small appliances like Roborock and Ecovacs, black goods like Hisense and TCL, and other appliances such as Shield Environment and Dechang [6]