1987年，俞浩出生于江苏南通一个电子工业蓬勃发展的乡镇。那一年，改革开放的春风让江苏南通的创 业精神彻底复苏，"宝石花"收音机与"桃花"电风扇拉开这座南方小城的"制造业"大幕。可以说，中国制 造业的蓬勃发展伴随了俞浩的成长，也为其悄然埋下了痴迷技术的种子。 童年的俞浩痴迷飞机，他甚至能根据飞机飞过的画面和声音，就能准确辨别飞机型号。而为了未来的飞 机制造梦想，俞浩在初中时就自学了流体力学知识。遗憾的是，俞浩的飞机制造梦想至今都没有实现， 但他在中国智能清洁领域却培育了一个估值超200亿元的"独角兽"——追觅科技。 01 "飞天梦"与"天空工场" 2005年，俞浩因为物理竞赛获奖被保送清华大学，为了圆自己造飞机的"飞天梦"，他毅然选择了航空航 天专业。那时的他对于"造飞机"，几乎到了痴狂的地步，笔记本上画满了机翼与气流线。 2009年，为了全身心地投入到飞行器的研发之中，俞浩在清华园创办了国内最早的创客空间"天空工 场"，主攻飞行器研发。三旋翼、四旋翼无人机在当时还鲜为人知，但是俞浩和他的团队已经能够做出 稳定飞行的原型机。 俞浩的常规成长路线应该是进入飞机制造企业，成为一名研发工程师。但在与一位从事飞机制造 ...

随着消费者健康意识的日益增强，以及对家居美学需求的不断提升，健康类与嵌入式家电正加速"破圈"，成为市场新宠。国庆首轮销售数据显示，能够高效 去除细菌、病毒等有害物质的台式净饮机销售额同比增长231%；支持分区洗涤、精细护衣的多筒洗衣机，成为洗衣机品类中增长最快的单品；洗地机与扫 地机器人的销售额也分别实现了99%、42%的同比增长。同时，家电与家居一体化趋势凸显，带动嵌入式洗碗机、百吋壁纸电视及集成灶等品类销售快速攀 升，增幅分别达到86%、153%和359%。 以"首"促新，紧抓国庆消费旺季契机，苏宁易购积极推进首店入驻、新品首发、活动首秀，在南昌、无锡、哈尔滨、合肥、杭州、上海、南京等城市加速核 心地标门店落位、焕新，激发实体消费活力。9月27日，Suning Max江西首店在南昌八一广场亮相，开业当日客流突破5万人次，多个品牌销售额超百万元， 经营实现量质齐升，客单价较当地门店平均水平提升20%。9月30日，Suning Max上海五角场店正式开业，累计销售突破7000万元，卡萨帝、老板、联想等 品牌单日销售均超300万元。依托新场景、新业态、新体验，苏宁易购推动门店从购物场所向体验式消费中心转型升级。 ...

来源：环球网 随着消费者健康意识的日益增强，以及对家居美学需求的不断提升，健康类与嵌入式家电正加速"破 圈"，成为市场新宠。国庆首轮销售数据显示，能够高效去除细菌、病毒等有害物质的台式净饮机销售 额同比增长231%；支持分区洗涤、精细护衣的多筒洗衣机，成为洗衣机品类中增长最快的单品；洗地 机与扫地机器人的销售额也分别实现了99%、42%的同比增长。同时，家电与家居一体化趋势凸显，带 动嵌入式洗碗机、百吋壁纸电视及集成灶等品类销售快速攀升，增幅分别达到86%、153%和359%。 以"首"促新，紧抓国庆消费旺季契机，苏宁易购积极推进首店入驻、新品首发、活动首秀，在南昌、无 锡、哈尔滨、合肥、杭州、上海、南京等城市加速核心地标门店落位、焕新，激发实体消费活力。9月 27日，Suning Max江西首店在南昌八一广场亮相，开业当日客流突破5万人次，多个品牌销售额超百万 元，经营实现量质齐升，客单价较当地门店平均水平提升20%。9月30日，Suning Max上海五角场店正 式开业，累计销售突破7000万元，卡萨帝、老板、联想等品牌单日销售均超300万元。依托新场景、新 业态、新体验，苏宁易购推动门店从购物场所向体验 ...

Core Viewpoint - The competition landscape for Chinese cleaning appliance manufacturers has shifted from online traffic and technology iteration in the domestic market to channel coverage and service capabilities in overseas markets like Vietnam [1][14]. Group 1: Market Dynamics in Vietnam - In Vietnam, the sales strategy for cleaning appliances, particularly robotic vacuums, relies heavily on offline channels, with approximately 70% of sales coming from physical stores [6][10]. - The local market is characterized by a trust network built on specific locations and personal relationships, making face-to-face service crucial for consumer confidence [9][12]. - The penetration rate of robotic vacuums in Vietnam is currently below 10%, indicating significant growth potential as the market matures [16][18]. Group 2: Competitive Landscape - Chinese brands like Ecovacs, Roborock, and others have captured over 80% of the Southeast Asian robotic vacuum market, with Ecovacs holding a market share exceeding 40% in Vietnam [6][13]. - The competitive pressure from traditional brands like iRobot has diminished in the robotic vacuum segment, allowing Chinese companies to dominate [13][14]. Group 3: Sales and Distribution Strategy - Ecovacs employs a "single country single agent" model in Vietnam, partnering with a local distributor to manage marketing, sales, and after-sales service, which allows for a more localized approach [11][12]. - The company has established over 1,000 sales points in Vietnam, primarily through small family-run stores, enhancing community engagement and trust [10][12]. Group 4: Future Outlook - The cleaning appliance industry is expected to experience intense competition for the next three to five years, with opportunities for growth in overseas markets as domestic markets stabilize [16][17]. - The average income in Vietnam allows consumers to invest in cleaning appliances, with a willingness to spend on products that enhance their lifestyle [13][16].

Core Insights - The article discusses the strategic shift of Chinese cleaning appliance manufacturers, particularly Ecovacs, in adapting their business model for the Vietnamese market, emphasizing the importance of offline sales and local trust networks over online sales strategies that dominate in China [3][4][5][10]. Group 1: Market Entry Strategy - Ecovacs has opened a new store in Ho Chi Minh City, showcasing its products alongside its sister brand, Tineco, with prices for popular models ranging from approximately 2,600 RMB to 6,000 RMB [2]. - The company has established over 1,000 sales points in Vietnam, primarily through a "single country single agent" model, allowing a local distributor to manage marketing, sales, and after-sales service [7][8]. - The Vietnamese market is characterized by a high reliance on offline sales, with about 70% of Ecovacs' sales coming from physical stores, contrasting with the online-heavy strategy used in China [3][4]. Group 2: Consumer Behavior and Market Dynamics - Vietnamese consumers exhibit a high acceptance of new technology, with a significant portion of their income allocated to consumption, making them willing to invest in cleaning appliances [10]. - The retail environment in Vietnam is shaped by a trust-based network, where consumers prefer to purchase from local stores where they can establish personal relationships with sellers [5][9]. - The market for robotic vacuum cleaners in Vietnam is expected to grow significantly, with retail sales projected to increase by over 70% year-on-year in the first half of 2025 [10]. Group 3: Competitive Landscape - Ecovacs currently holds over 40% market share in Vietnam, competing primarily with other Chinese brands like Roborock and Dreame, as well as the American brand iRobot [11][12]. - The competitive focus has shifted from online traffic and pricing in China to channel coverage and service capabilities in Vietnam [12][20]. - The overall market for cleaning appliances in Vietnam remains underpenetrated, with a current penetration rate of less than 10% for robotic vacuums, indicating substantial growth potential [17]. Group 4: Production and Product Strategy - Companies like Roborock have begun establishing local manufacturing facilities in Vietnam to meet demand and mitigate risks associated with supply chain disruptions [18]. - The trend is moving towards higher-value products, with manufacturers aiming to develop multifunctional devices that can command higher prices, moving away from price wars [19]. - Ecovacs and other companies are leveraging their experience in the Chinese market to replicate successful product strategies in Vietnam, focusing on high-value offerings [20].

Market Overview - In September, both A-shares and Hong Kong stocks exhibited a volatile pattern, with domestic economic recovery showing uneven momentum and real estate chain drag persisting[5] - The Federal Reserve's interest rate cut led to short-term market fluctuations, while sectors like batteries and semiconductors outperformed due to policy expectations and price rebounds[5] Investment Focus - The focus for October is on "technology growth," with A-shares confirming a tech narrative and Hong Kong stocks advancing in both technology and non-ferrous metals[5] - Key events include the unveiling of Xiaopeng's fifth-generation humanoid robot on October 24 and new drug progress announcements from Chinese pharmaceutical companies at the ESMO conference in mid-October[5] Policy and Economic Outlook - October is a critical policy layout window, with the 20th Central Committee's Fourth Plenary Session focusing on the "14th Five-Year Plan," leading to rising capital market expectations[5] - The market anticipates another interest rate cut from the Federal Reserve in October, which could benefit the Hong Kong market due to its linked exchange rate system[5] Key Investment Themes - **Technology Growth and High-End Manufacturing**: Emphasis on digital economy, aerospace information, and high-end equipment, with recommendations to focus on satellite internet and AI[5] - **Resource Cycle Optimization**: Global inventory cycles are bottoming out, with industrial metals like copper and cobalt expected to see price increases driven by demand from new energy[5] - **Structural Recovery in Consumption**: Anticipated strong consumption data during the Mid-Autumn Festival and National Day, with a focus on high-quality segments like medical consumption and travel chains[5] Risk Factors - Risks include unexpected policy changes, commercialization outcomes falling short of expectations, and delays in product development and market entry[5]

智通财经APP获悉，国联民生证券发布研报称，2025Q3空/冰/洗内销量分别同比+5%/-1%/持平，相比Q2 均有所降低，2024年8-9月政策弹性初步兑现，基数走高，符合预期。扫地机方面，奥维云网表明2025 年7-8月扫地机线上零售额同比+73%，或得益于各省补贴及洗地机器人等新品推出，科沃斯、石头份额 明显提升；结合海外APP与亚马逊数据，2025Q3海外扫地机同比延续显著量价齐升，行业全球景气突 出，或主要由于中国品牌高端产品价位下沉与消费者主动升级相结合 奥维云网表明2025年7-8月扫地机线上零售额同比+73%，或得益于各省补贴及洗地机器人等新品推出， 科沃斯、石头份额明显提升；结合海外APP与亚马逊数据，2025Q3海外扫地机同比延续显著量价齐 升，行业全球景气突出，或主要由于中国品牌高端产品价位下沉与消费者主动升级相结合；此外2025年 7-8月洗地机内外销或同样实现增长；综合影响下，清洁电器板块Q3有望实现高双位数收入增长。 在此基础上，石头科技有望在坚定拓展全球市场的基础上执行更加灵活的竞争策略、第二增长曲线规模 效应或有望释放，科沃斯在享受洗地机器人产品红利的基础上或推进降本，且净利率 ...

Investment Rating - The report does not explicitly state an investment rating for the home appliance industry Core Insights - The home appliance industry in China is experiencing structural growth driven by the "old-for-new" policy, with a total of 162 billion yuan allocated in the first half of 2025 to stimulate consumer spending [5][7][10] - The impact of U.S.-China tariff policies has created short-term disruptions in exports, prompting companies to accelerate global capacity layout and enhance supply chain adaptability [5][12] - The overall credit risk in the home appliance industry remains controllable, with revenue growth and stable gross profit levels, although profitability varies across sub-sectors [5][35] Summary by Sections Key Points - The "old-for-new" policy has effectively stimulated consumer demand, with over 66 million consumers purchasing more than 109 million appliances, resulting in sales exceeding 1.4 trillion yuan [8][10] - The black appliance sector shows strong performance from leading brands, while the white appliance sector benefits significantly from national subsidies [5][6] - The kitchen and bathroom appliance market is constrained by ongoing adjustments in the real estate sector, but new subsidies are driving growth in this area [5][25] Major Focus Factors - The home appliance industry is a significant category of durable consumer goods, with a large scale and high degree of globalization [6] - The report analyzes the domestic and international policy environment, market performance of key segments (black appliances, white appliances, kitchen appliances, and cleaning appliances), and financial performance of 47 representative listed companies [6] Financial Analysis - In the first half of 2025, the home appliance industry saw a 9.74% increase in revenue to 770.69 billion yuan, with varying growth rates across sub-sectors [35] - The average operating profit margin decreased by 0.81 percentage points to 25.88%, with significant declines in kitchen appliance profitability [35][36] - The overall capital expenditure decreased by 13.58%, indicating a cautious investment approach in a mature industry [38] Conclusion - The home appliance industry is expected to maintain growth momentum in the domestic market, driven by policy support and product upgrades, despite challenges from international trade tensions and competitive pressures [5][10][20]

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, as evidenced by a 0.7% decline in the SWS home appliance index while the CSI 300 rose by 1.1% [3][4]. Core Insights - The report highlights three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by undervaluation, high dividends, and stable growth. The report anticipates a volume and price increase in the white goods supply chain, recommending companies like Hisense, Midea, Haier, and Gree [3][4]. 2. **Exports**: Companies with significant customer orders, such as Ousheng Electric and Dechang Shares, are expected to see revenue growth driven by overseas demand recovery and new domestic products [3]. 3. **Core Components**: The report notes that the demand for core components in the white goods sector is exceeding expectations, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages and growth potential in thermal management components [3]. Industry Dynamics - Haier's air conditioning industrial park in Thailand has officially commenced production, with an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia. The facility covers a wide range of air conditioning products and incorporates multiple intelligent production lines [9][56]. - Hisense's HHA smart manufacturing industrial park has begun construction, which is set to be the largest overseas industrial park for Hisense, aiming for completion by 2030. The park will utilize advanced technologies to enhance production efficiency and environmental standards [10][56]. Data Observations - In August, sales of cleaning appliances such as vacuum and washing machines saw significant year-on-year increases, with vacuum sales rising by 45.13% to 275,700 units and sales revenue increasing by 57.96% to 326 million yuan. The average price for vacuum cleaners rose by 8.84% to 1,181 yuan per unit [29][30]. - Conversely, sales of hair dryers declined by 19.04% to 1,160,500 units, with revenue dropping by 22.79% to 27 million yuan. The average price for hair dryers fell by 4.64% to 232.3 yuan per unit [37][38].

行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 评 相关研究 - 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.co m 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 2025 年 09 月 27 日 海尔泰国春武里空调工业园正式投 产，海信泰国智能制造工业园开工 看好 ——《2025/9/22-2025/9/26》家电周报 资料来源：iFinD，申万宏源研究 重点公司方面，海信视像（12.7%）、海信家电（7.2%）、比依股份（3.6%）领涨， 光峰科技（-8.7%）、亿田智能（-6.9%）、荣泰健康（-5.2%）领跌。 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 光峰科技 亿田智能 荣泰健康 老板电器 火星人 浙江美大 极米科技 华帝股份 苏泊尔 公牛集团 飞科电器 海尔智家 小熊电器 奥佳华 倍轻松 新宝股份 ...