行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 家用电器 刘嘉玲 A0230522120003 liujl@swsresearch.com 2026 年 02 月 28 日 格力电器大股东减持，多家公司发 布业绩快报 看好 ——《2026/02/24-2026/02/27》家电周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 极米科技 三花智控 石头科技 格力电器 科沃斯 欧普照明 海信视像 华翔股份 飞科电器 小熊电器 老板电器 苏泊尔 九阳股份 美的集团 海信家电 火星人 奥普科技 荣泰健康 海尔智家 倍轻松 莱克电气 光峰科技 万和电气 公牛集 ...

祖国北疆,位于黑龙江的亚布力滑雪旅游度假区,蜿蜒雪道上人影攒动,滑雪爱好者们尽享"速度与激 情"。"今年受冬奥氛围感染,雪场上的人明显多了,大家都在用运动贺岁。"来自上海的雪友毛博文兴奋地 说。 敞开放怀抱,迎四海宾朋。丙午马年第一天,中国对加拿大、英国持普通护照人员实施免签政策,单方面免 签"朋友圈"增至50国。 "过了一个最地道的春节,我感到很满足。"在中国感受新春氛围的英国游客约瑟夫笑着说。在免签国家 范围扩大、离境退税优化升级、社交媒体"种草"等推动下,"到中国过春节"成为众多海外游客的新风 尚。国家移民管理局预测,今年春节假期全国口岸日均出入境旅客将超205万人次,较去年同期增长 14.1%。 人享其行,货畅其流。交通运输部数据显示,2月16日至2月22日,国家铁路累计运输货物6568.7万吨；邮政 快递累计揽收量约8.06亿件,累计投递量约6.3亿件。 大年初一,安徽蚌埠南站出站口,王悦带着儿子踮脚张望,爱人乔文杰拎着年货的身影刚一出现,一家三口便 笑着挤进人群。"今年爸妈从老家过来,团圆饭比去年早了半个月!"这样的场景,在2026年"最长春节假 期"里不断上演。9天假期里,超28亿人次的跨区域人 ...

●新华社记者 王雨萧 叶昊鸣 王聿昊 骏马添新岁，山河沐春晖。 在二〇二六年春节团拜会上，习近平总书记的讲话激励人心："希望全国各族人民更加紧密地团结在党 中央周围，坚定必胜信心，保持昂扬斗志，在中国式现代化新征程上策马扬鞭、勇往直前，共同开创更 加美好的未来。" 丙午新春，神州大地流光溢彩，涌动的人潮、火热的消费，生动诠释着国内大市场的强劲韧性；"中国 红"点亮世界、免签政策联通中外，尽显大国开放的包容胸怀；无数奋斗者以只争朝夕的拼搏实干，为 高质量发展积蓄磅礴动能…… 透过春节这扇窗口，世界看见一个活力澎湃、蒸蒸日上的中国。 敞开放怀抱，迎四海宾朋。丙午马年第一天，中国对加拿大、英国持普通护照人员实施免签政策，单方 面免签"朋友圈"增至50国。 在免签国家范围扩大、离境退税优化升级、社交媒体"种草"等推动下，"到中国过春节"成为众多海外游 客的新风尚。国家移民管理局预测，今年春节假期全国口岸日均出入境旅客将超205万人次，较去年同 期增长14.1%。 人潮流动，暖意随行。春节假期，河北引入无人机巡查与智能调度系统，疏堵保畅处置更加高效；山东 青岛机场部署航空器除防霜设备和作业力量；安徽蚌埠南站增开高峰时段 ...

Group 1 - The core initiative is the "Year of the Horse New Year Shopping in Changchun" campaign, which aims to stimulate consumer spending through the distribution of digital consumption vouchers totaling 10 million yuan [1][2] - The campaign will distribute 5 million yuan in vouchers for online platforms and 5 million yuan for offline physical stores [1] - The first phase of the voucher distribution will run from February 14, 2026, to March 3, 2026, while the second phase will be from March 6, 2026, to March 31, 2026 [2] Group 2 - The target beneficiaries of the subsidy are individual consumers [3] - The subsidy standard offers a 15% discount on the final sales price, with a maximum limit of 1,000 yuan per purchase [4] - Eligible product categories include various home appliances such as range hoods, gas stoves, dishwashers, water purifiers, microwaves, and more, while certain categories like refrigerators and televisions are excluded [5] Group 3 - For online purchases, consumers must log in to the UnionPay Cloud Flash Payment APP to claim vouchers and can redeem them on platforms like JD.com and Taobao [6][8] - For offline purchases, consumers can claim vouchers through the same APP and redeem them at designated merchants by showing the payment code [9] - Each consumer can claim one voucher per day, which is valid for that day only, and can redeem up to two vouchers during the campaign period [6][9] Group 4 - The campaign includes strict rules against the buying and selling of vouchers, with penalties for violations [10] - Any changes to the subsidy activity rules will be announced by the government [10]

Investment Rating - The report maintains a positive outlook on the home appliance industry, with a focus on the "buy" and "outperform" ratings for specific companies within the sector [10]. Core Insights - The "old-for-new" policy implemented in 2024 has significantly stimulated the home appliance market, expanding the subsidy scope to include eight categories, resulting in notable retail growth for certain products [4]. - The report highlights a divergence in performance among kitchen appliance categories, with traditional products facing declining sales while emerging categories show mixed results [4]. - The 2026 "old-for-new" policy is expected to benefit leading brands with superior energy efficiency and performance, particularly in the kitchen appliance sector [4]. Summary by Sections Retail Data Analysis - In 2024, the retail sales of kitchen appliances are projected to reach CNY 362 billion for range hoods (up 14.9% YoY), CNY 204 billion for gas stoves (up 15.7% YoY), CNY 236 billion for electric water heaters (up 1.3% YoY), and CNY 296 billion for gas water heaters (up 8.8% YoY) [4]. - For 2025, the overall retail sales of kitchen and bathroom appliances are expected to decline to CNY 1,613 billion (down 8.5% YoY), with a total volume of 89.77 million units (down 5.3% YoY) [4]. Market Share Insights - In the offline market, leading brands like Boss and Fotile dominate with nearly 60% market share in range hoods and gas stoves, while online competition is intensifying with brands like Midea and Xiaomi rapidly gaining market share [4]. - The report notes that in the dishwasher category, Boss and Fotile each hold close to 20% market share, disrupting the previous dominance of Siemens [4]. Investment Recommendations - The report recommends investing in established brands such as Boss Electric and Huashang Co. in traditional categories, and Wanhe Electric in the water heater segment, which are expected to benefit from the new subsidy policies [4].

行 业 及 产 业 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 家用电器 2026 年 02 月 13 日 25H2 厨电换新高基数压力渐显， 26 年补贴聚焦核心品类 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 - ⚫ 24 年以旧换新激活家电消费市场。2024 年"以旧换新"政策落地后，家电品类补贴范 围扩容，拉动需求成效显著：除了 09 年已经涉及的彩电、冰箱、洗衣机、空调、电脑 5 个补贴品类外，新增热水器、家用灶具、吸油烟机 3 个品类，共计补贴 8 大品类。根 据奥维云网推总数据，2024 年油烟机实现零售额 362 亿元，同比增长 14.9%，燃气灶 实现零售额 204 亿元，同比增长 15.7%，电热实现零售额 236 亿元，同比增长 1. ...

Core Insights - The report highlights the emergence of "high prosperity spillover" in the AI sector, suggesting that while the fundamental elasticity may not match the high prosperity itself, there is still potential for elasticity in spillover markets [2][11] - It emphasizes the importance of basic bottom-line requirements for spillover markets, indicating that the prosperity cycle needs to confirm a clear bottom [11] - The report suggests that the valuation structure of high prosperity can break through historical averages, but the spillover structure may face challenges [11] Industry Summaries AI Sector - The report identifies specific industries benefiting from AI price spillover, recommending attention to fiberglass and optical fiber due to their favorable valuations and visible price increases [2][11] - Fiberglass is noted for its strong bargaining power in the global supply chain, with a valuation slightly above historical averages, indicating a favorable risk-reward profile [11] - The optical fiber sector is experiencing a recovery in traditional segments alongside expectations for AI business advancements, presenting a high short-term success rate [11] Real Estate - The report indicates that the most challenging period for the real estate sector may be over, with signs of marginal improvement in supply and demand dynamics [11] - Data shows a narrowing decline in key indicators, with a significant reduction in the year-on-year decline of second-hand housing transactions [11] - Policy measures are being implemented to stabilize the real estate market, focusing on risk management and ensuring the protection of livelihoods [11] Consumer Electronics - The report discusses the impact of the "old-for-new" policy on the home appliance market, noting significant sales volumes and revenue generated from this initiative [15][18] - It highlights the performance of various appliance categories, with a focus on the kitchen appliance sector, which is experiencing varied performance amid high base pressures [18] - The report anticipates that the 2026 "old-for-new" policy will continue to benefit leading brands with superior product efficiency and performance [18] Tourism and Hospitality - The report outlines the expected surge in domestic tourism during the extended Spring Festival holiday, predicting a significant increase in passenger transport volumes [21] - It notes a shift in consumer preferences towards high-quality accommodations and diverse travel experiences, driven by family and senior travelers [21] - The report suggests that the tourism market is experiencing a multi-faceted explosion, with emerging destinations gaining popularity [21]

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

Core Viewpoint - The recent launch of the new dishwasher capacity standard by JD aims to enhance industry norms and provide clearer purchasing guidelines for consumers, addressing the confusion caused by vague capacity parameters in the growing Chinese dishwasher market [1][9]. Industry Overview - The Chinese dishwasher market has seen significant growth, with a 69% year-on-year increase in transaction volume as of January 2026, and the number of brands rising to 101, a growth of 12 brands [3]. - Despite the market's expansion, issues such as misleading marketing and poor user experience persist, particularly regarding the effectiveness of cleaning and the confusion surrounding capacity measurements [5][6]. New Standards Implementation - JD, in collaboration with various industry leaders and standardization bodies, has introduced a new capacity standard that replaces the ambiguous "set number" concept with a more quantifiable system based on internal volume (liters) and key installation dimensions [9][11]. - The new standard categorizes dishwashers based on effective volume rate (R), with three levels defined: Level 1 (R≥60%), Level 2 (58%≤R<60%), and Level 3 (R<58%). Higher levels indicate better space utilization and cleaning capacity [11]. Consumer Focus - The new standards aim to align dishwasher designs with the needs of Chinese households, moving away from Western-centric designs that do not accommodate common Chinese dishware [8][12]. - JD's initiative is expected to enhance consumer confidence by providing clear and reliable information, allowing for informed purchasing decisions [16][19]. Service Enhancements - JD has introduced a "5-year replacement at 50% off" service for certain kitchen appliances, ensuring that consumers have a safety net for performance issues or accidental damage [17]. - The service is part of a broader strategy to improve customer experience and satisfaction, making it easier for consumers to upgrade their kitchen appliances [18]. Conclusion - JD's efforts to standardize dishwasher capacity and enhance consumer services are set to transform the market, making dishwashers more accessible and suitable for Chinese households, ultimately promoting a more efficient and enjoyable kitchen experience [19].

来源丨凤凰网财经《公司研究院》 作者丨DW 近日，一则人事变动在家电行业激起涟漪：长虹美菱，这家承载着中国家电业最初梦想与荣光的民族品牌，即将迎来其首位80后董事长。 据野火财经报道，2月11日，长虹美菱将举行股东会选举董事，不出意外，李小东将在春节前就出任董事长。他将是公司2000年后第八任董事长， 也是首位80后掌门人。 在这份人事更迭背后，长虹美菱正面临增收不增利的尴尬、产品质量争议的困扰，以及创始人精神传承的深层拷问。 01 看懂美菱沉浮，就看懂了中国家电三十年 时光回溯至1983年，安徽合肥。在濒临倒闭的"合肥第二轻工机械厂"里，50岁的技术员张巨声临危受命。为了在生死线上力挽狂澜，他带领团队日 夜钻研图纸与零件，甚至不惜四处举债。 他们以日本三菱的技术为蓝本奋力攻关，并将新产品命名为"美菱"。这个名字里，藏着一个朴素而宏大的愿望：要让中国的产品，美过三菱。 当时，冰箱对于绝大多数中国家庭而言，还是停留在电影里的奢侈品。张巨声敏锐地嗅到了改革开放后人民生活改善带来的巨大需求，毅然决定带领 工厂转型。 没有技术，就去国外考察学习；没有图纸，就对着进口冰箱一点点测绘、琢磨。1984年，伴随着一条自主设计 ...