股 票 研 究 上海楼市政策放宽加码，春节错期白电产销均有增长 [Table_Industry] 家用电器业 家电行业 2026W08 周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 蔡雯娟(分析师) | 021-38031654 | caiwenjuan@gtht.com | S0880521050002 | | 成浅之(分析师) | 021-23183327 | chengqianzhi@gtht.com | S0880525110002 | 本报告导读： 上海新"沪七条"发布，楼市政策放宽加码，春节错期下白电产销均有增长。 投资要点： [Table_Summary] 投资建议：1）地产链业绩修复拐点+股价底部向上：老板电器（13.8 X，2026PE，下同）、公牛集团（15.9X）；2）国补有望平稳过渡，黑 白电龙头稳健经营叠加高股息，配置具备性价比,推荐美的集团 （12.2X）、海尔智家（10.5X）、TCL 电子（10.9X）、海信视像（10.6X）； 3）智能家电出海核心驱动，推荐扫地机器人双雄石头科技(1 ...

股 票 研 究 上海楼市政策放宽加码，春节错期白电产销均有增长 [Table_Industry] 家用电器业 家电行业 2026W08 周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 蔡雯娟(分析师) | 021-38031654 | caiwenjuan@gtht.com | S0880521050002 | | 成浅之(分析师) | 021-23183327 | chengqianzhi@gtht.com | S0880525110002 | 2 月 25 日上海市五部门联合印发《关于进一步优化调整本市房地产 政策的通知》。新"沪七条"主要涉及三个方面：调减住房限购、优 化住房公积金贷款政策和完善个人住房房产税政策，具体来看： 1）缩短非沪籍居民购买外环内住房所需缴纳社保或个税年限，年限 调整为购房之日前连续缴纳满 1 年及以上。 4）适度提高住房公积金最高贷款额度。家庭首套房公积金贷款最高 额度由 160 万提高至 240 万，叠加多子女/购买绿色建筑后最高可达 324 万元，购买第二套住房的最高贷款额度也相应予 ...

2月26日，深康佳A盘中下跌2.04%，截至14:12，报3.84元/股，成交1.14亿元，换手率1.83%，总市值 92.47亿元。 资金流向方面，主力资金净流出1525.84万元，特大单买入409.48万元，占比3.60%，卖出743.88万元， 占比6.54%；大单买入1116.32万元，占比9.82%，卖出2307.76万元，占比20.30%。 深康佳A今年以来股价跌22.74%，近5个交易日跌1.79%，近20日跌26.01%，近60日跌25.44%。 截至9月30日，深康佳A股东户数14.67万，较上期减少3.33%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，深康佳A实现营业收入76.79亿元，同比减少5.43%；归母净利润-9.82亿元，同比增长 38.89%。 分红方面，深康佳AA股上市后累计派现25.57亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，深康佳A十大流通股东中，香港中央结算有限公司位居第八大流 通股东，持股1277.81万股，相比上期增加187.57万股。招商证券(香港)有限公司退出十大流通股东之 列。 声明：市场有风险，投资需谨 ...

Core Viewpoint - The article discusses the decline of Konka, a once-prominent player in the Chinese television market, highlighting its significant financial losses and strategic missteps that have led to its current precarious position in the industry [5][11]. Financial Performance - Konka is expected to report a net profit loss of between 12.581 billion to 15.573 billion yuan for 2025, a staggering increase from a loss of 3.296 billion yuan the previous year, marking a year-on-year increase of 3.8 to 4.7 times [5][6]. - The company's revenue for 2025 is projected to be between 9 billion to 10.5 billion yuan, reflecting a decline of 5.53% to 19% compared to the previous year [5][6]. - As of the end of 2025, Konka's net assets are expected to turn negative, ranging from -5.334 billion to -8.001 billion yuan, which could trigger delisting risks under stock exchange regulations [10][11]. Business Strategy and Challenges - Konka's diversification strategy has led to a lack of focus on its core consumer electronics business, resulting in diminished market presence and competitiveness [5][17]. - The company has ventured into various sectors such as real estate, semiconductors, and environmental protection, but these efforts have not yielded profitable results and have instead strained its resources [17][18]. - The consumer electronics segment, which accounts for approximately 90% of Konka's revenue, has been underperforming, with a gross margin of only 3.23% and significant losses in its core television business [7][8]. Market Position - Once a leading brand in the television market, Konka has fallen to a position outside the top tier, with its brand recognition declining among younger consumers [8][11]. - The company's market share has diminished significantly, with its television shipments ranking it outside the top four in the industry [8][11]. Management Changes and Future Outlook - Following a change in control to China Resources Group, Konka's management has undergone significant restructuring, with hopes that the new leadership will stabilize the company and guide it through its financial difficulties [19][20]. - China Resources has provided financial support, including a low-interest loan of 3.97 billion yuan, aimed at alleviating Konka's cash flow issues and supporting its operational needs [22][24]. - The path to recovery for Konka involves focusing on its core consumer electronics business while also developing its semiconductor and PCB sectors, requiring time and strategic effort to regain market position [24].

证券研究报告 晨会 hyzqdatemark 2026 年 02 月 08 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年02月06日 华源晨会精粹 20260208 固定收益 长债收益率可能再度下行 5-10BP——2 月债市投资策略：1 月中旬以来 长债超跌反弹，主要靠配置盘驱动。截至 2 月 6 日，10Y 及 30Y 国债收益率较 1 月 7 日高点下行了近 10BP。2026 年 1 月 1 日-2 月 6 日，券商及基金合计净卖出超长 （剩余期限 20Y 以上）利率债 1086 亿元，上年同期仅净卖出 57 亿；同时期，险资 净买入超长利率债 1206 亿元，城农商行净买入 500 亿元，同比分别多增 554 亿元 及 688 亿元。尽管券商自营及基金等交易盘大幅净卖出超长利率债，但债券收益率 回升提升了超长债的配置价值，城农商行及险资加大了超长债的配置力度，使得超 长债收益率有所回落。当前，债券收益率曲线较为陡峭，城农商行负债成本虽大幅 下行，但配 7Y 以内国债的利差较低，适度拉长久期才能获取较高的债券配置收益率。 我们预计，2026 年一季度城农商行负债成本率不少降至 1.6 ...

Group 1 - The company, Deep Konka A, expects a significant net profit loss for 2025, projecting a loss between 15.573 billion yuan and 12.581 billion yuan, compared to a loss of 3.296 billion yuan in the previous year [1][2] - The projected loss is attributed to increased impairment provisions for inventory, accounts receivable, equity investments, financial assistance, and ineffective assets, leading to a negative net asset value for shareholders [2][3] - The company's consumer electronics business is experiencing revenue decline due to insufficient product competitiveness, resulting in continued losses despite a reduction in overall expenses [3] Group 2 - If the audited net assets for 2025 are negative, the company's stock may face a delisting risk warning, potentially being classified as *ST [3] - The investigation of former executives, including the former chairman and vice president, for serious violations of discipline and law marks the first case since China Resources took control of Konka in July 2025 [4] - The former chairman, Zhou Bin, has been with the company since 2001, rising through the ranks to become the chairman of the board, and has faced accountability for previous financial reporting inaccuracies [4]

Core Viewpoint - Konka Group Co., Ltd. (referred to as "Deep Konka A") is expected to report significant losses for the fiscal year 2025, with net losses projected between 12.581 billion to 15.573 billion yuan, compared to a loss of 3.296 billion yuan in the previous year [1][2][3]. Financial Performance Summary - The projected net profit attributable to shareholders is expected to be a loss of 12.581 billion to 15.573 billion yuan, compared to a loss of 3.296 billion yuan in the same period last year [1][2]. - The estimated net assets at the end of the fiscal year are projected to be between -5.334 billion to -8.001 billion yuan, down from 2.369 billion yuan at the end of the previous year [1][2]. - Estimated operating revenue is expected to be between 9 billion to 10.5 billion yuan, down from 11.147 billion yuan in the previous year [1][2]. - The net profit after deducting non-recurring gains and losses is projected to be a loss of 9.953 billion to 10.263 billion yuan, compared to a loss of 3.206 billion yuan in the previous year [1][2]. Reasons for Performance Decline - The company cites increased impairment provisions for inventory, accounts receivable, equity investments, financial assistance, and ineffective assets as a major reason for the projected losses [3]. - The consumer electronics business has faced declining revenue due to insufficient product competitiveness, leading to continued losses despite a reduction in overall expenses [3]. Corporate Governance Changes - In April 2025, China Resources and Overseas Chinese Town signed a share transfer agreement, resulting in China Resources becoming the new controlling shareholder with a 30% stake in Konka [6]. - Following the change in control, several executives with backgrounds in China Resources have joined the management team of Konka [7]. - The company has seen significant changes in its board of directors, with a majority of non-independent directors now affiliated with China Resources [7]. Regulatory Issues - The company has faced scrutiny from regulatory bodies, including warnings issued to former executives for inaccurate financial disclosures related to a 2018 transaction [9]. - Two former executives are currently under investigation for serious violations of discipline and law [7][8]. Market Performance - As of January 30, the stock price of Deep Konka A closed at 4.98 yuan per share, reflecting a decline of 0.60%, with a total market capitalization of 11.992 billion yuan [10].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the home appliance industry, particularly the white goods sector, and discusses the impact of various factors on its performance in 2026 [1][2][3]. Core Insights and Arguments - **Market Dynamics**: The home appliance sector's performance in 2025 was driven by passive funds like ETFs and insurance capital, leading to stock price fluctuations that diverged from fundamentals. The focus for 2026 will shift to opportunities from an insurance perspective [1][2]. - **Copper Price Impact**: Rising copper prices have increased production costs for white goods. However, leading companies can manage these costs through upstream negotiations, internal efficiency improvements, and price increases downstream. Historical data suggests that price transmission is the most effective method to mitigate short-term profit impacts [1][4][8]. - **Government Subsidies**: The continuation of national subsidy policies in 2026, with a focus on energy-efficient products, is expected to support demand for white goods. Rising raw material costs may lead to more cautious pricing strategies, potentially reducing competitive pressure [1][5][9]. - **Commodity Cycle Analysis**: Historical commodity cycles have significantly impacted the home appliance sector, with past copper price surges leading to a 3-4 percentage point decline in gross margins. However, the current cycle shows a more moderate copper price increase of about 30% since September 2025, with other raw material prices declining, resulting in manageable overall cost pressures [6][7][10]. Financial and Investment Insights - **Insurance Capital Trends**: There has been a notable increase in insurance capital investment in the stock market, driven by policy support and a preference for high-dividend stocks. The home appliance sector meets these criteria, being undervalued and cash-rich, making it a potential target for increased insurance capital allocation [3][15][18]. - **Potential Growth from Insurance Investments**: If 3%-15% of new insurance capital in 2026 is allocated to the home appliance sector, it could lead to an increase of approximately 100 billion RMB, resulting in an expected industry average growth of 5%-10% [3][21]. - **Valuation and Cash Position**: The home appliance industry is currently undervalued, with companies like Midea and Gree holding over 100 billion RMB in net cash. This strong cash position enhances their attractiveness as investment targets for insurance funds [19][20]. Additional Important Insights - **Exchange Rate Management**: The appreciation of the RMB reduces export revenues, but large home appliance companies can manage this risk through strategies like increasing overseas brand presence, establishing production capacity abroad, and employing foreign exchange hedging [12][14][13]. - **Competitive Landscape**: The competitive environment is shifting towards a more defensive stance, with smaller companies initiating price increases, which larger firms are likely to follow. This trend may help stabilize margins despite rising costs [9][10]. - **Future Outlook**: The overall outlook for the home appliance industry remains optimistic, with expectations of stable demand and potential for significant returns from high-dividend stocks in a defensive market environment [22][23].

Core Viewpoint - Konka, a historic Chinese electronics company, is undergoing a significant transformation driven by its new controlling shareholder, China Resources, amid a challenging market environment characterized by stock competition and declining industry growth [2][3]. Group 1: Shareholder and Management Changes - China Resources has become the controlling shareholder of Konka, with a shareholding exceeding 30% after a series of stock transfers [3]. - Key management changes have occurred, including the appointment of Dong Gang as Vice President and the resignation of former executives, indicating a shift towards a management style aligned with China Resources [3]. Group 2: Financial Adjustments - China Resources provided Konka with a low-interest loan of 3.97 billion yuan to alleviate long-standing financial pressures, with part of the funds allocated to repay debts to the previous controlling shareholder [4]. - Despite a net loss of 982 million yuan in the first three quarters of 2025, the company has reduced its losses by 38.89% year-on-year, indicating some positive impact from the financial adjustments [4]. Group 3: Business Strategy and Focus - Konka is narrowing its focus to core business areas, including consumer electronics, PCB, and semiconductors, in response to intensified competition in the home appliance market [6]. - The consumer electronics segment remains a priority for transformation, although it is currently facing profitability challenges due to various market factors [6][7]. - The PCB business is relatively stable, while the semiconductor sector is seen as a future growth area, despite being in the early stages of industrialization and facing short-term losses [7]. Group 4: Industry Context - The home appliance industry is experiencing structural adjustments, with a shift from price competition to value competition, which may influence Konka's business optimization efforts [6][7]. - The company must adapt to industry trends, enhance the profitability of its core businesses, and accelerate the commercialization of its emerging semiconductor operations to achieve a successful transformation [7].

Core Viewpoint - Konka, a historic Chinese electronics company, is at a critical transformation juncture as it faces ongoing losses and industry challenges, necessitating a strategic shift towards core business areas and operational efficiency [1][6]. Group 1: Corporate Restructuring - After China Resources took control, a comprehensive integration process began, affecting equity, personnel, and financial aspects to lay the groundwork for transformation [3]. - In April 2025, China Resources became the controlling shareholder of Konka, holding over 30% of the shares, which solidified control for subsequent adjustments [3]. - Key personnel changes included the appointment of Dong Gang as Vice President and the resignation of former executives, indicating a shift towards China Resources' management philosophy [3]. Group 2: Financial Support and Challenges - China Resources provided Konka with a low-interest loan of 3.97 billion yuan to alleviate long-standing financial pressures, with a portion allocated to repaying previous debts [4]. - Despite a net loss of 982 million yuan in the first three quarters of 2025, this represented a 38.89% reduction in losses year-on-year, indicating some progress [5]. - The company reported a negative operating cash flow of 1.086 billion yuan in the first half of 2025, highlighting ongoing liquidity challenges [5]. Group 3: Business Focus and Market Conditions - In response to intensified competition, Konka is narrowing its focus to three core areas: consumer electronics, PCB, and semiconductors, aiming for growth through business optimization [6]. - The consumer electronics segment remains a primary focus but is currently unprofitable, with a gross margin of only 0.39% due to various operational challenges [8]. - The PCB business is relatively stable, while the semiconductor sector is seen as a future growth point, although it is still in the early stages of industrialization and profitability [8][9]. Group 4: Industry Context - The domestic home appliance market is experiencing structural adjustments, with a shift from price competition to value-based competition, which may influence Konka's business strategies [7][9]. - The company must adapt to industry trends, enhance the profitability of core operations, and expedite the commercialization of emerging businesses to navigate the competitive landscape effectively [9].