格隆汇2月26日｜中金公司研报指出，苏泊尔业绩快报2025年归母净利润同比-6.6%，公司业绩低于我们 预期，主要是外销业务承压及费用投放拖累业绩。2025年内销表现优于外销。展望2026年，龙头韧性有 望继续彰显。内销方面，虽然2026年小家电面临国补退坡，但此前国补对公司核心品类需求透支较弱， 认为公司有望凭借产品创新和品类拓展，实现内销韧性增长。外销方面，公司公告2026 年计划向关联 方SEB集团销售商品总额72.80亿元，预计较2025年实际水平可实现个位数稳步提升。当前股价对应 16.3/15.6x 2026/2027年P/E。维持"跑赢行业"评级，考虑盈利预测调整和跨年估值切换，下调目标价9% 至60.45元。 ...

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 ...

"马"上发力 招商引资迎来"开门红" 我市30个重大招商项目签约 总投资超600亿元 马年新春启新程，招商签约谱新篇。在2026年泉州市民营经济发展大会上，30个重大招商项目现场集中签约，总投资超600亿元，涵盖数字经济、新材 料、高端制造、新能源、海洋经济、文商旅产业等多个领域。 "数智"引领高端制造提速增效。总投资32亿元的全新智能化卫生用品生产基地项目选址惠安，拟建设生产车间、智慧仓库等，全面引入AI视觉检测系统、 5G物联网数字孪生等前沿装备，项目建成达产后预计年产能达50亿片，创造1000余个就业岗位；总投资20亿元的美的小家电智能基地项目拟选址德化， 建设数字智能自动化组装基地，引进数控中心和智能自动生产线，助力现代化小家电智能制造产业发展；位于泉州台商投资区的高速悬浮电动机及高速磁 悬浮离心机智能装备项目，总投资21亿元，项目投产后预计年生产5000台以上设备，产值超40亿元。 新能源与新材料聚势赋能。总投资26.8亿元中科睿升新能源材料项目，将在泉港建设高性能橡胶生产和相关配套设施；闽华新能源电池材料一体化供应链 基地选址安溪，将建设电池材料智慧仓储与配送中心以及综合配套等；中核绿色能源产业项 ...

近些年，国内物价总体保持着"平稳"的走势。数据显示：2025年全年，CPI与上年持平。既没有上涨，也没有下跌。不过，各种商品价格之前出现了明显分 化。像洗漱用品、食用油、生活用纸等商品价格出现了明显的上涨。而像房子、车子、奢侈品、电子产品、小家电等商品却呈现明显下降的趋势。 从2022年开始，各地房价进入到调整的趋势之中。先是郑州、石家庄等二三线城市房价出现下跌，随后上海、深圳等一线城市房价也加入到调整的队伍中 来。而在进入到2026年之后，房价仍然延续下跌之前下跌的趋势。数据显示：1月全国100个重点城市二手住宅平均价格为12905元/平方米，环比下降 0.85%，同比下跌5.2%。而在从今年3月开始，房子还会继续会有新一轮降价潮，这对于刚需家庭来说觉得赚了，但炒房者却更慌了。 导致各地房价长期下跌的原因有三个：①现在楼市仍存在较大的泡沫。通常二三线城市房子与收入之比是20-25，而一线城市房子与收入之比超过40。这意 味着老百姓不吃不喝几十年，才能买得起一套房。未来房价逐步回归到合理区间也是必然结果。②现在很多人收入增长放缓或下降，已支撑不起高房价；③ 过去房价持续上涨，主要是房子有赚钱效应，现在房价连跌 ...

Core Insights - The article highlights the operational success and employee satisfaction at JD Logistics' Haikou Asian No. 1 warehouse during the Chinese New Year, showcasing the company's growth and commitment to its workforce [1][2] Group 1: Company Performance - JD Logistics' Haikou Asian No. 1 warehouse has increased its inventory capacity by nearly 50% ahead of the Chinese New Year, allowing for a significant boost in operational efficiency [1] - The daily outbound volume in the small items warehouse has increased by nearly one-third compared to the previous year, indicating strong demand for products such as beverages and small home appliances [2] Group 2: Employee Benefits - Employees at JD Logistics are receiving triple wages and a special Spring Festival bonus, resulting in an additional income of over 2,000 yuan compared to regular pay [1] - The company operates on a piece-rate pay system, meaning that as inventory and outbound shipments increase, employee earnings also rise, contributing to overall job satisfaction [1] Group 3: Future Plans - JD Logistics is optimistic about the future development of the Hainan Free Trade Port and plans to open a new warehouse in Lingshui this year, reflecting the company's growth strategy in the region [2]

据介绍，对台跨境电商的高峰期一般从"双十一"开始持续到春节前后，物美价廉的商品、快速直达的物 流、丰富多样的促销活动，明显带动了台湾民众网购大陆年货的热情。福州航通跨境电商监管中心负责 人江易介绍，近两年大陆的"双十一""年货节"等电商活动受到台湾消费者欢迎，去年十月以来迎来了好 几波业务高峰，仅"双十一"期间发运的包裹量就在30万件左右。 海关跨境电商管理平台数据显示，对台跨境电商出口增长势头显著，2025年通过马尾至马祖"小三通"直 航航线的跨境电商对台出口货值7.16亿元人民币。为保障"年货节"等消费高峰期的物流时效，福州海关 推出一系列精细化通关保障措施，确保货物即到即办、高效验放，让大陆优质年货快速送达台湾消费者 手中。 福州市已制定了跨境电商综合试验区相关的行动方案，发挥福马"同城生活圈"先行先试政策优势，积极 打造两岸跨境电商集散中心，力争到2027年新培育对台跨境电商海运航线3条，同时鼓励企业在马祖设 立集货仓，打造对台跨境电商海、空物流通道，做大榕台跨境电商业务规模。 （文章来源：新华社） 一辆辆装载跨境电商出口货物的集装箱货柜车在海关监管下快速完成验放手续，驶往码头，搭乘"福运 轮"经马祖 ...

Core Viewpoint - WOOK, a company founded by Xu Longhua, is seeking to list on the Hong Kong Stock Exchange, focusing on the Indonesian market where it generates over 90% of its revenue, despite efforts to expand into other Southeast Asian countries [1][2][3]. Group 1: Company Overview - WOOK was established in 2014 after Xu Longhua left TCL, initially focusing on selling 3C accessories and small appliances in Indonesia [1]. - The company has built a significant distribution network in Indonesia, with over 40 subsidiaries and more than 40,000 small and medium-sized retailers [5]. Group 2: Financial Performance - Revenue for the years 2023, 2024, and the first three quarters of 2025 is projected to be 908 million RMB, 1.049 billion RMB, and 880 million RMB respectively [4]. - The majority of revenue comes from sales to distributors, accounting for 82.8% in 2023, decreasing to 69.5% in the first nine months of 2025, while direct customer sales increased from 17.2% to 28.5% during the same period [5][6]. Group 3: Market Dependency - WOOK's revenue is heavily reliant on the Indonesian market, with over 90% of its income derived from this region [2][3]. - The company is actively working to reduce its dependency on Indonesia by expanding into Vietnam, Thailand, and the Philippines [2]. Group 4: Shareholding and Investment - Xu Longhua controls approximately 48.92% of WOOK's shares, with family members also holding significant positions within the company [8]. - Notably, Alibaba's subsidiary invested in WOOK in 2023, indicating strong interest from major capital players [9]. Group 5: Future Plans - WOOK plans to use funds raised from its IPO to enhance its supply chain, logistics, marketing, and brand influence [9]. - The company faces challenges in balancing its reliance on a single market and navigating the complexities of cross-border operations [9].

Group 1 - JD has signed a strategic cooperation agreement with Midea, Haier, Hisense, and TCL, aiming for a total sales target of 180 billion yuan across online and offline channels by 2026 [1][2] - The agreement emphasizes a customer-first approach, focusing on service experience upgrades, product co-creation, channel expansion, and marketing collaboration [1][2] - The partnership aims to drive sales growth in various categories, including televisions, air conditioners, refrigerators, washing machines, range hoods, water heaters, and small home appliances [1][2]

Group 1: Company Announcements - Lanzhou Lanzhi Heavy Industry (603169) announced that its Vice President Wang Bingzheng has been detained for suspected violations of discipline and job-related crimes, with the company stating that operations remain unaffected [2][4] - Tianji Co., Ltd. (002759) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, but the company claims that its production and operations are normal [6][8] Group 2: Financial Performance - Lanzhou Lanzhi Heavy Industry expects a net loss of approximately CNY 4.40 billion to CNY 3.70 billion for 2025, primarily due to a decline in gross margin from traditional energy equipment and impairment losses of about CNY 2.23 billion [4] - Tianji Co., Ltd. forecasts a profit of CNY 70 million to CNY 105 million for the year 2025, following a recovery in profitability due to rising sales prices of lithium hexafluorophosphate [8] Group 3: Stock Market Performance - As of February 11, Lanzhou Lanzhi Heavy Industry's stock price fell over 1% to CNY 10.63 per share, with a total market capitalization of CNY 139 billion, despite a nearly 38% increase over the last 120 trading days [4] - Tianji Co., Ltd.'s stock price rose over 7% to CNY 43.96 per share, with a total market capitalization of CNY 220 billion, reflecting a significant increase of 356% over the last 120 trading days [9]

Core Insights - The new duty-free policy in Hainan has been in effect for 100 days, resulting in a shopping amount of 11.585 billion yuan, a year-on-year increase of 14.71% [1] - The policy adjustments include expanding the range of goods, allowing domestic products to be sold duty-free, and increasing the eligible consumer base to include departing travelers and local residents [1] Group 1: Policy Impact - The new policy has led to a surge in consumer traffic and sales at duty-free stores, significantly boosting domestic economic circulation and stimulating the internal market [1] - Local residents can now enjoy the "buy and pick up" service for 15 categories of goods after just one departure record within a calendar year, enhancing their shopping experience [3][5] Group 2: Consumer Experience - Departing travelers can now benefit from a duty-free shopping limit of 100,000 yuan, with popular categories including cosmetics, digital products, and duty-free alcohol [5] - The convenience of picking up purchases at the airport has been highlighted by travelers, indicating a positive shopping experience [5] Group 3: Product Range Expansion - The number of duty-free product categories has increased from 45 to 47, with new additions including pet supplies and portable musical instruments, broadening consumer choices [6] - Domestic products, including clothing, scarves, coffee, and tea, are now allowed in duty-free stores, enhancing the selection available to both domestic and international travelers [7][9] Group 4: Regulatory Measures - The Hainan customs authority is implementing advanced regulatory measures to ensure the effective management of duty-free goods, including remote video inspections and automated auditing processes [9] - The customs authority aims to maintain a healthy shopping environment while preventing illegal activities related to the new policy [9]