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 ...

数据整理：中金企信国际咨询 在智能技术深度赋能下，我国燃气灶行业正经历智能化转型。当前，不少燃气灶已具备定时关火、智能菜谱、语音交互、精准温控、远程操控等功能，在显 著提升燃气灶使用便捷性和安全性的。同时，也推动下游燃气具旋塞阀产品朝精密化、智能化方向发展。同时，在节能环保政策的驱动下，燃气灶高热效率 逐渐成为行业的主要升级方向，驱动燃气具旋塞阀产品实现精准的空燃比控制以适应精准调控需求。 （2）集成厨电行业现状分析：受集成厨电产品优势普及、消费升级推动等因素影响，2017至2022年我国集成厨电市场保持较好增长态势，零售规模由92亿 元增长至259亿元，CAGR达23%。受房地产持续低迷、消费降级影响，集成厨电市场需求持续减弱，2023年、2024年零售规模分别达249亿元、173亿元， 行业正从高速增长期转向结构优化期。随着国家对房地产市场的政策调整和市场的逐渐回暖，尤其是城中村与危旧房改造等政策的推进，新房装修和二手房 翻新市场将逐渐扩大，将为集成厨电等产品提供较为广阔的存量更新需求。 2017-2024年中国集成厨电零售额及增长率分析 数据整理：中金企信国际咨询 （1）燃气灶行业运行态势分析：受房地产 ...

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].

Group 1 - The founder and CEO of ZhiMi Technology, Yu Hao, publicly stated on Weibo that he does not engage in PUA behavior and shared his personal views on Tesla CEO Elon Musk [5][1] - Yu Hao was born in 1987 and graduated from Tsinghua University. He became one of China's earliest developers of quadcopters in 2007 and invented a tricopter in 2009, founding the "Sky Factory" at Tsinghua University. He established ZhiMi Technology in 2017 [4][7] Group 2 - Since the second half of last year, ZhiMi has expanded into various markets, including toothbrushes, monitors, automobiles, washing machines, refrigerators, mobile phones, air conditioners, gas stoves, water heaters, dishwashers, water purifiers, pet products, range hoods, aviation, headphones, car washing machines, shavers, smart TVs, speakers, smart rings, body fat scales, routers, power banks, smart glasses, home lighting, action cameras, air fryers, coffee machines, cooking machines, embodied robots, and travel services [3][7]

（原标题：港股概念追踪|以旧换新政策带动消费需求释放 机构普遍看好家电产业链估值回暖（附概念 股）） 国家税务总局利用税收大数据对消费情况进行跟踪分析显示，2025年我国消费市场活跃。 智通财经APP获悉，新一轮以旧换新行动正在各地火热进行。在济南市济阳区，这几天就开展起乡村国 补活动，上百款家电、3C产品走进村镇，当地政府专项下发国补资格码，村民不仅可以直接享受国 补，还能额外享受到商家补贴，上千名附近村镇居民涌入活动现场，热闹非凡。 中信建投发布研报称，2026年面临铜价中枢上移与人民币升值的双重考验，该行认为其对家电龙头盈利 的冲击整体可控。过往经验看，顺价是化解成本压力最为有效的核心手段。国补落地下需求有支撑，元 旦后提价存共识。凭借强大的终端定价权、成熟的成本传导机制以及完善的汇率风险管理体系，龙头企 业有能力穿越周期波动，维持盈利模型的稳健。 当前板块估值处于历史低位，兼具稳健增长与高分红特性，配置价值凸显。 中信证券指出，预期改善，2025Q4主动偏股型基金重仓家电比例环比回升，但仍处于历史较低水平。 其中重仓白电比例有所回升；黑电持仓比例持平；厨电、小家电、照明、零部件板块关注度分化。展望 未 ...

国家税务总局利用税收大数据对消费情况进行跟踪分析显示，2025年我国消费市场活跃。 家电（核心股）产业链相关港股： 美的集团(00300)、海尔智家(06690)、海信家电（核心股）(00921)、TCL电子(01070)、创维集团 （00751）、小米集团-W（01810） 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 2025年，在以旧换新政策带动下，冰箱等日用家电（核心股）零售业、燃气灶等厨具卫具零售业、手机 等通信设备零售业销售收入同比分别增长17.4%、12.9%和18.6%，消费需求加速释放。 智通财经获悉，新一轮以旧换新行动正在各地火热进行。在济南市济阳区，这几天就开展起乡村国补活 动，上百款家电（核心股）、3C产品走进村镇，当地政府专项下发国补资格码，村民不仅可以直接享 受国补，还能额外享受到商家补贴，上千名附近村镇居民涌入活动现场，热闹非凡。 中信建投发布研报称，2026年面临铜价中枢上移与人民币升值的双重考验，该行认为其对家电（核心 股）龙头盈利的冲击整体可控。过往经验看，顺价是化解成本压力最为有效的核心手段。国补落地下需 求有支撑，元旦后提价存共识。凭借强大的终端定价权、 ...