21世纪经济报道 吴立洋 1月6日，2026年国际消费电子展（CES 2026）在美国拉斯维加斯拉开帷幕，多家家电、消费电子厂商 集体参展。其中，携旗下清洁电器、大家电、智能硬件等多品类产品追觅，成为本届CES的焦点厂商之 一。 2025年下半年，追觅曾密集发布旗下多品类智能家电新品，除清洁电器外，涵盖黑电、白电、厨电、穿 戴设备等多个领域，CES 2026也成为追觅旗下全系产品亮相的首个大型展会。据悉，本届CES追觅 以"AlldreamsInOneDreame"为主题， 次完整呈现"追觅全屋智能 态"。 作为追觅的核心业务，洗地机本次也展出了获得CES 2026创新奖的H15 Pro Heat、面向北美地区的首发 新品Aero系列等产品，展现出加速拓展海外市场的发展策略。 在全球清洁电器渗透率不断提升、家电产业智能化转型加速的大背景下，追觅如何巩固清洁电器龙头地 位，并通过布局全屋智能生态扩展市场发展空间？就此，21世纪经济报道与追觅科技洗地机事业部负责 人许成锋，追觅品牌副总经理、创新业务负责人庾仁宗进行了交流。 其在交流中表示，全屋智能是家电产业的发展潮流，用户对智慧生活场景的需求正在从"单点智 能" ...

概要：冲刺 "A+H" 双平台的石头科技，交出了一份 "反差感" 十足的成绩单：2025 年三季 度营收同比激增 72.3% 破百亿，却伴随净利下滑 29.51%。看似 "增收不增利" 的背后，是全 球化布局的渠道投入、全价格带的市场抢占与前沿技术的持续攻关 —— 短期利润让渡的背 后，藏着这家全球智能清洁龙头的长期盈利重构逻辑。 其二，成本端的双重压力进一步压缩利润空间。海外市场方面，关税及国际物流运费上涨直接推高履约 成本，导致海外业务毛利率同比下降10.1个百分点至50.1%；国内市场为承接政策红利下的增量需求、 扩大用户基数，在终端促销与渠道拓展上加大投入，使得毛利率同比下滑10.5个百分点至36.2%。 2025年12月31日，石头科技在港交所二度披露招股说明书，摩根大通与中信证券担任联席保荐人。这份 收官之日的递表，不仅为公司2025年的资本动作画上句点，更成为其2026年冲击"A+H"双平台的关键铺 垫，彰显出清晰的跨年度资本布局思路。 一组核心财务数据勾勒出鲜明反差：截至2025年9月30日，石头科技实现总营收120.55亿元，同比激增 72.3%，已超越2024年全年119.18亿元的营收规 ...

Core Insights - The report indicates that the A-share market welcomed a strong start in 2026, with trading volume exceeding 2.5 trillion yuan over two consecutive trading days, driven significantly by the non-bank financial sector [7][3] - The current market is characterized by a healthy upward trend, with a focus on mid-cap blue chips in cyclical and manufacturing sectors, particularly in chemicals and non-ferrous metals, as well as smart vehicles and robotics [7][3] - The upcoming CES event is expected to showcase significant innovations in AI glasses, robotics, and other smart consumer hardware, indicating a strong pipeline of new products [7][4] Industry Strategy - The home appliance sector is witnessing price increases from leading companies, with CES acting as a catalyst for upcoming innovations [4] - In the consumer electronics space, there is a focus on the integration of AI at the edge, with expectations for accelerated adoption and breakthroughs in hardware products [5][7] - The report highlights potential uncertainties regarding the sustainability of trade-in subsidies, tariff fluctuations, and the pace of AI implementation, which could impact downstream demand and upstream raw material prices [6] Investment Focus - Key investment themes include mid-cap blue chips in cyclical industries and technology growth, with specific ETFs recommended for sectors such as chemicals, non-ferrous metals, robotics, and smart vehicles [7][3] - The report emphasizes the potential for AI to enhance traditional consumer electronics, with innovations in AI glasses and headphones expected to improve user interaction experiences [7][5] - Notable companies mentioned for potential investment include Stone Technology and various semiconductor firms, indicating a focus on innovative hardware solutions [7][5]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - Rising raw material prices have led some brands to initiate price increases, with leading companies demonstrating stronger pricing power and higher profit certainty. The upcoming CES event is expected to catalyze interest in smart consumer hardware [2] - The report highlights two main investment themes: 1. Leading companies exhibit higher operational efficiency and stability during cost-up cycles, making them preferred choices for conservative allocations. Recommended stocks include Midea Group (000333, not rated), Haier Smart Home (600690, not rated), and Hisense Visual (600060, increase holding) [2] 2. International expansion remains a long-term focus, with a potential valuation shift expected in 2026. Recommended stock is Stone Technology (688169, buy) [2] Summary by Sections - **Price Increases**: Midea announced price hikes of 2% and 4% for certain models starting January 3 and January 5, 2026, respectively, due to significant increases in copper prices, which have risen by 11% over the past month and 42% over the past year. Copper is a key raw material, accounting for approximately 20% of air conditioner costs [6] - **Profitability Mechanism**: The report estimates that a 30% increase in copper prices would necessitate a 5% price increase to fully offset cost increases, while Midea's price hikes exceed 6%, indicating effective cost management strategies [6] - **CES Focus Areas**: The report identifies three main areas of interest for CES: 1. AI glasses with over 50 brands showcasing new products 2. Robotics, including new laser radar lawnmowers and advanced cleaning robots 3. Other smart consumer hardware innovations such as AI companion robots and 3D printing [6]

Group 1 - Xiaomi's Vice Chairman Lin Bin plans to sell up to $2 billion of his shares starting December 2026, aiming to establish an investment fund focused on emerging technologies and sports [3] - IBM's former CEO Lou Gerstner passed away at 83, credited with transforming the company from hardware to services, increasing its stock price from $13 to $80 and market cap from $29 billion to approximately $168 billion during his tenure [4] - ZhiMi Technology has achieved a compound annual growth rate exceeding 100% for six consecutive years, rewarding employees with gold as a bonus due to its explosive growth [6] Group 2 - A U.S. judge ruled that Apple can continue selling its smartwatches in the U.S. despite a patent dispute with Masimo, allowing Apple to import and sell its updated smartwatch designs [7] - Coupang's founder apologized for a data breach affecting customer information and promised to announce a compensation plan [9] - Tesla CEO Elon Musk expressed concerns over the recent surge in silver prices, which have risen over 17% in the past week due to severe global supply shortages [11] Group 3 - Indian instant delivery platform Zepto has submitted an IPO application, aiming to capitalize on the growing demand for rapid delivery services in urban areas [12] - Suzhou Yixin Semiconductor completed a strategic financing round, focusing on advanced Micro-LED packaging technology [12] - Beijing Hengyu Technology announced a $7.1 million A-round financing to enhance core R&D and business expansion [12] Group 4 - The first domestically developed 6-ton tilt-rotor aircraft, the Lan Ying R6000, successfully completed its maiden flight in Sichuan, marking a significant breakthrough in tilt-rotor technology [12] - Leap Motor launched its first MPV model D99, with a dual power version and aims to achieve sales of 1 million vehicles next year [14] - The 2025 Chinese film box office for the New Year’s release has surpassed 5 billion yuan, setting a new record for the same period in the past eight years [16]

据每经，12月27日，追觅科技创始人俞浩宣布，公司年终奖加码，在常规年终奖金之外，额外奖励全体 员工1克黄金。追觅科技此次"派金"的底气源于其爆发式的业绩增长：公司已连续六年年复合增长率超 过100%，2025年上半年营收超2024年全年营收总额。基于高速数字马达、智能算法、仿生机械臂等核 心技术矩阵，追觅科技打造了覆盖高端智能家电、智能厨电、智能清洁、户外智能设备以及个人护理等 多个业务品类，其中扫地机、洗地机、割草机器人等产品在全球超过20个国家与地区市占率第一。 ...

责任编辑：韦子蓉 新浪科技讯 12月28日午间消息，追觅科技创始人俞浩宣布，公司年终奖加码，在常规年终奖金之外， 额外奖励全体员工1克黄金。 新浪科技讯 12月28日午间消息，追觅科技创始人俞浩宣布，公司年终奖加码，在常规年终奖金之外， 额外奖励全体员工1克黄金。 据悉，追觅科技此次"派金"的底气源于其爆发式的业绩增长：公司已连续六年年复合增长率超过 100%，2025年上半年营收超2024年全年营收总额。 目前，追觅科技已打造了覆盖高端智能家电、智能厨电、智能清洁、户外智能设备以及个人护理等多个 业务品类，其中扫地机、洗地机、割草机器人等产品在全球超过20个国家与地区市占率第一。（文猛） 据悉，追觅科技此次"派金"的底气源于其爆发式的业绩增长：公司已连续六年年复合增长率超过 100%，2025年上半年营收超2024年全年营收总额。 目前，追觅科技已打造了覆盖高端智能家电、智能厨电、智能清洁、户外智能设备以及个人护理等多个 业务品类，其中扫地机、洗地机、割草机器人等产品在全球超过20个国家与地区市占率第一。（文猛） 责任编辑：韦子蓉 ...

基于高速数字马达、智能算法、仿生机械臂等核心技术矩阵，追觅科技打造了覆盖高端智能家电、智能 厨电、智能清洁、户外智能设备以及个人护理等多个业务品类，其中扫地机、洗地机、割草机器人等产 品在全球超过20个国家与地区市占率第一。 追觅科技公司已连续六年年复合增长率超过100%，2025年上半年营收超2024年全年营收总额。 凤凰网科技讯12月27日，追觅科技创始人俞浩宣布，公司年终奖加码，在常规年终奖金之外，额外奖励 全体员工1克黄金。 ...

Group 1: Domestic Demand and Market Outlook - The home appliance sector is expected to show a "high first half and stable second half" trend in 2025, driven by policy continuation and consumption peaks [1] - In the first three quarters of 2025, air conditioner shipments increased by 8.4%, refrigerators by 2.4%, and washing machines by 4.1% year-on-year [1][13] - For 2026, the continuation of subsidies is anticipated to mitigate the impact of high base effects and demand pull-forward, with projected declines in overall appliance sales of -4% to -7.3% under various subsidy scenarios [1][16][19] Group 2: Export Performance and Global Market Trends - Home appliance exports have slowed down due to tariff policies and global supply chain adjustments, but still show resilience and structural highlights [2] - In 2025, the export growth rate for air conditioners is expected to be weaker than that of washing machines and refrigerators, primarily due to adverse weather conditions affecting overseas demand [2][39] - The U.S. market is projected to benefit from a rate cut, which may enhance demand for home appliances, while the European market is expected to maintain a slow recovery [42][44][50] Group 3: Investment Themes - The narrative in the black appliance sector is shifting from "market share chasing" to "profit and pricing power," with Chinese brands like Hisense and TCL expected to convert market share into higher profits [3][55] - White appliances are seen as having strong growth potential due to their historical resilience through cycles, with leading brands like Midea and Haier expected to maintain stable growth and generous dividends [3][83] - The global competition in new consumer products, particularly in smart imaging and robotic vacuum cleaners, is expected to favor Chinese brands, highlighting their competitive advantages [3] Group 4: Financial Metrics and Valuation - As of December 22, 2025, the home appliance sector's PE TTM is 16.27 times, remaining below the 10-year average of 32.8% [7] - The white appliance segment's current PE is 11.22, while black appliances stand at 25.94, indicating varying levels of market valuation [9] - The home appliance sector has seen a decline in public fund holdings, with a heavy allocation of only 2.46% in Q3 2025, reflecting concerns over demand in 2026 [9]

智通财经APP获悉，国金证券发布研报称，2025年家电行业内需"前高后稳"，白电量增为主，黑电结构 升级。2026年行业虽有压力但总体可控，国补延续或对冲部分压力。外需方面，家电出口展现韧性，黑 电表现突出。 国金证券主要观点如下： 内需方面，2025年家电在政策延续及消费旺季驱动下呈现"前高后稳"态势 分品类看，1）白电：量增为主，前三季度空调景气优于冰洗。据产业在线，25Q1-Q3空调、冰箱、洗 衣机出货量同比分别+8.4%、+2.4%、+4.1%，季度节奏来看，Q1存在国补资金的短暂空窗，后续在补 贴落地后增速维持在正常水平，Q2在国补+618催化下有所提速，Q3由于部分地区国补出现退坡，增速 环比降速。2）黑电：在国补催化下结构继续升级，Mini LED进展超预期。据奥维云网，25Q2Mini渗透 率达到33%，同比翻倍以上增长，25Q3虽然存在国补退坡的扰动，但Mini LED渗透率依然保持在28.3% 的相对高位，同时保持了相对于LCD产品的持续溢价。3）展望：对于26年，国补的延续有望在一定程 度上对冲高基数+透支压力。该行针对三种情形下的国补假设，对26年家电大盘及各品类增速进行测 算，该行预 ...