证券研究报告 | 2026年03月02日 家电行业 2026 年 3 月投资策略 优于大市 2026 年以来大家电需求回暖，美关税降低有利家电出口 本月跟踪与思考：2026 年以来我国家电零售需求回暖，大家电零售额降幅明 显收窄；3 月白电排产降幅同样收窄。美国家电零售额延续稳健增长，家电 库存有所增加，叠加美国关税下降。家电内外销基本面有望企稳改善。 开年以来大家电零售需求回暖，以旧换新政策成效显现。据奥维云网数据显 示，2026 年前 8 周（2025/12/29- 2026/2/22），空调线上线下零售额同比 分别为-32.5%/-14.4%，冰箱线上线下同比-3.0%/-8.0%，洗衣机线上线下同 比+0.5%/-11.4%；油烟机线上线下零售额同比+6.6%/-18.9%，洗碗机线上线 下同比+21.8%/-4.4%；电饭煲线上线下同比-10.4%/-16.5%，空气炸锅线上 线下同比+11.5%/-6.4%；扫地机线上线下同比-12.5%/+3.5%，洗地机线上线 下-7.9%/+11.7%。除空调由于春节期间天气较暖影响零售额依然有一定下滑 外，大家电零售额降幅普遍收窄，冰洗、烟机、洗碗机等零售 ...

来源：新浪证券-红岸工作室 2月25日，星徽股份涨0.42%，成交额7787.43万元，换手率3.10%，总市值32.46亿元。 异动分析 区间今日近3日近5日近10日近20日主力净流入-54.02万-67.62万-1653.44万-4001.89万-1120.55万 主力持仓 跨境电商+家用电器+无线耳机+人民币贬值受益+消费电子概念 1、2024年4月16日互动易：公司跨境电商业务板块在售的产品包含小家电品类，产品有香薰机、咖啡 机、空气炸锅、奶泡机等，主要在海外销售。 2、根据2022年半年报，公司智能家电类产品实现销售收入 2.40 亿元，占公司电商业务收入 37.14%。 3、2019年11月18日公司在互动平台称：公司音频产品的主要品牌是TaoTronics，TWS技术现已普遍应 用于公司蓝牙耳机产品，年销售额达数千万美金 4、根据2024年年报，公司海外营收占比为67.99%，受益于人民币贬值。 5、广东星徽精密制造股份有限公司的主营业务是精密金属连接件的研发、生产、销售和自有品牌的智 能小家电类、电脑手机周边类、电源类、家私类等消费电子产品的研发、设计、销售。公司主要产品是 滑轨、铰链、拉篮、 ...

今天分享的是：2022年天猫烘焙厨电行业趋势白皮书 报告共计：7页 烘焙厨电迎来新变革：从"功能单一"到"体验至上"，年轻女性成消费主力 近日，天猫新品创新中心联合多家知名厨电品牌发布的行业趋势白皮书，揭示了烘焙厨电市场正在经历的一系列深刻变化。伴随"宅经济"的持续影响与消费 升级，这一细分领域不仅展现出强劲的增长潜力，其消费人群、产品功能与营销模式也呈现出鲜明的时代特征。 报告指出，当前烘焙厨电市场的核心消费力量是18至39岁、具备中高消费能力的年轻女性群体。这一群体在饮食上注重营养均衡，在烹饪方式上则显著偏向 于烘焙。她们已不再满足于传统的厨房电器，而是追求能够提升生活品质、兼具乐趣与实用性的烘焙工具。这一消费主力的崛起，直接推动了市场从供给到 营销的全方位迭代。 行业定 88888 联合出品 Midea Joyou SUPOR 苏泊尔 Bar小熊 LIVE BRUNO PHILIF Panasonic 烘焙厨电市场洞察 市场概况 22年初在疫情反复下,"宅经济"持续发力,天猫烘焙厨电市场又迎来新一轮由人郡 整体古场中国小由二日斗美九苏领头 在产品层面，市场呈现出"冰火两重天"的格局。空气炸锅品类一骑绝尘 ...

来源：中国消防 方便快捷的空气炸锅 很多家庭过年炸春卷、酥肉、丸子 是妥妥的"网红"厨具 都少不了它 不过，如果操作不当 这位"网红"也会露出它的"暴脾气" 大年初四饭飘香 厨房忙碌，安全不能忘 今天阿消就带您 近距离了解空气炸锅 避免踏入使用雷区 空气炸锅工作原理 1.空气炸锅上方的加热器产生高温热风，通过对流的方式到达食物表面，再通过热传导烹熟食物内部。 我们一起来看下面这组试验。 这些东西不能放进空气炸锅 1.不能放外壳封闭的食物，如蛋、栗子等，这些都有爆裂、致人烫伤的风险。 2.空气炸锅可以放耐热玻璃和不锈钢器皿，不能放普通玻璃和塑料容器。 塑料容器已被烤化。图源：央视新闻 空气炸锅使用指南 2.炸锅内部，热空气快速循环，迅速加热。 3.食物位于带孔的篮子中，增加与热空气的接触，表面水分迅速烘干，达到焦脆的口感。 空气炸锅垫纸使用不当 易引发火灾 空气炸锅工作时温度很高，烘焙纸、吸油纸这些燃点较低、重量较轻的纸，在空气炸锅里使用时，如果 没有被食材完整覆盖，很可能会被热风卷起，一旦触碰到发热管，极易被点燃，从而导致机器短路或起 火。 看完上面这些 大家有没有对空气炸锅 有了更进一步的了解？ 下面这份空 ...

Core Insights - The Guangzhou Railway Logistics Center has been actively facilitating the export of Chinese New Year goods to Europe, with a total of 57 freight trains dispatched since December, carrying over 5,000 containers valued at more than 1.3 billion yuan [1][2] Group 1: Logistics and Operations - The logistics center has implemented a "New Year Goods Supply" special mechanism to ensure efficient export, providing prioritized services for planning, space allocation, loading, and release of the New Year freight trains [1] - The logistics process for e-commerce goods at the logistics park is streamlined, allowing for completion of warehouse consolidation, security checks, customs clearance, and train dispatch within just four days [2] Group 2: Economic Impact - The logistics park is a key hub for the China-Europe freight trains in the Guangdong-Hong Kong-Macao Greater Bay Area, with plans to operate a total of 297 international trains by 2025, serving over 10,000 foreign trade enterprises and achieving a total cargo value exceeding 8 billion yuan [1]

Core Viewpoint - The article discusses the phenomenon of price inversion in county-level cities, where the cost of living has been rising and, in some cases, surpasses that of major cities like Beijing and Shanghai, particularly in consumer goods and services [3][8]. Group 1: Price Trends in County-Level Cities - The price index for consumer goods in county-level cities has consistently exceeded the national average over the past three years, aligning closely with first-tier cities [3]. - Specific examples of high prices in county-level cities include movie tickets at 79.9 yuan, specialty coffee at 58 yuan, and clothing items exceeding 1,000 yuan, with services like beauty and entertainment also being 30%-50% higher than in first-tier cities [3][8]. - In contrast, staple foods, dairy products, and household items have seen price decreases in county-level cities, with reductions of 4% for staple foods and 5% for dairy products from 2023 to 2025 [10]. Group 2: Consumer Behavior and Market Dynamics - The concept of "folded consumption" is introduced, indicating a dual market where high-end and affordable products coexist, reflecting a shift in consumer preferences in county-level markets [15][16]. - There is a notable increase in spending on quality goods, with county residents increasingly purchasing premium brands and services that were once exclusive to urban areas [20][21]. - The growth in disposable income in county-level cities is projected to outpace that of first-tier cities, with a 5.9% increase expected from 2023 to 2028 [30]. Group 3: Regional Consumption Characteristics - High-income counties are concentrated in provinces like Zhejiang and Jiangsu, with cities like Yiwu leading in disposable income, surpassing even Beijing [31][33]. - Different consumption patterns are observed across counties, with some exhibiting high spending comparable to first-tier cities, while others show significant growth potential despite conservative spending habits [33][38]. - The article highlights the emergence of new consumption trends in counties, such as increased demand for smart home appliances and beauty services, indicating a shift towards more sophisticated consumer behavior [21][28]. Group 4: Market Opportunities - The article emphasizes the untapped market potential in county-level cities, where major brands have yet to establish a strong presence, suggesting significant growth opportunities for businesses [42][43]. - The density of convenience stores and fitness centers in county-level cities is significantly lower than in urban areas, indicating a gap that can be filled by new entrants [43]. - The evolving consumer landscape in county-level cities presents a promising environment for innovative business models and services to thrive [44].

（来源：劳动午报） 空气炸锅是不是更健康，要看具体烹饪什么。想减少丙烯酰胺的摄入，建议少炸淀粉类的食物，比如土 豆、面包、油条等。空气炸锅适合烹调本身脂肪多一些或水分多一些的食物，如肉类、蔬菜。使用空气 炸锅时，食物的量要掌握好。既要盖住吸油纸，又不能放太满，以免食物顶住发热管，导致食物顶部烤 焦、底部不熟或损坏零部件。 转自：劳动午报 ...

Core Viewpoint - The article highlights the irony of a company event where a regular employee wins a grand prize, only to have it revoked under the pretext of a "bug" in the lottery system, which ultimately benefits the chairman instead, illustrating the lack of fairness in corporate practices [4][5]. Group 1 - The incident reflects a broader issue of power dynamics in the workplace, where the concept of fairness is often manipulated to serve the interests of those in authority [4][6]. - The chairman's actions demonstrate a lack of integrity, as he uses his position to alter the outcome of the lottery, showcasing a disparity between leadership and employee trust [5][6]. - The article suggests that the true value of such events lies not in the prizes but in revealing the underlying values and behaviors of the company's leadership [7]. Group 2 - The comparison made in the article between different leadership styles illustrates how some leaders use their winnings to foster goodwill, while others exploit their power to take from employees [3][5]. - The narrative emphasizes that employees are aware of how they are treated, and the perception of being valued or used as mere tools significantly impacts their trust in leadership [6]. - Ultimately, the article posits that a company's potential for success is determined more by the character of its leadership than by the material rewards offered at events [6].

Core Insights - The article highlights the evolving consumer behavior in Quzhou as the Spring Festival approaches, with younger generations leading the charge in diverse and experiential shopping [1][2][3] Category Changes - The boundaries of traditional New Year goods are blurring, with a wide range of products available, reflecting a shift from material satisfaction to spiritual experiences [1] - Brands are embracing cultural elements, launching festive products like "God of Wealth" snack gift boxes and themed pastries to meet consumer desires for good fortune and blessings [1] - Tech gadgets are becoming essential items on shopping lists for younger consumers, indicating a trend towards integrating technology into festive celebrations [1] Changing Consumption Patterns - Businesses are adapting to the shift from material to service-oriented consumption, focusing on personalized offerings rather than standardized products [3] - Innovative approaches, such as creating popular meal kits based on trending dishes, are being employed to attract consumers [3] - Local markets are utilizing consumer feedback to tailor their offerings, resulting in significant sales growth during promotional events [3] Supply Chain Innovations - Brands are shifting from traditional marketing to emotional engagement, with products like "crying horse" merchandise seeing a 200% increase in orders [4] - The rise of instant retail is prompting businesses to offer smaller, shareable product sizes and fresh items that align with current market tastes [4] Delivery and Logistics - Intense competition in instant delivery services is expected to peak during the Lunar New Year, with platforms enhancing their logistics and customer experience [5] Channel Diversification - Consumers are increasingly using multiple channels for shopping, including e-commerce platforms and live-streaming services, reflecting a shift from traditional shopping methods [6] - The integration of new retail models is transforming consumer behavior from stockpiling goods to seeking immediate satisfaction [6] - Instant retail channels are effectively meeting the fragmented lifestyle needs of consumers, contributing to local commercial evolution and economic vitality [6]

2026.02. 11 本文字数：2741，阅读时长大约5分钟 作者 | 第一财经 亓宁 又是一年冲击"开门红"，在国有大行"静悄悄"打起资产提升战、中小银行阶段性提升存款利率之 际，又有银行网点摆出了日用品和小家电——从珐琅锅、电饭煲、空气炸锅、电热火锅、电饼铛，到 烧水壶、加湿器、吹风机，再到米面油、洗衣液、抽纸。进入低利率时代，这类专属于"有钱 人"的"领鸡蛋"活动吸引力是否还能如昔？ 临近春节，第一财经记者走访北京地区多家银行网点发现，随着监管趋严和存款利率下行，多数银行 已经减少了传统的"存款送礼"活动，一方面通过激励机制"积分化"满足合规要求，另一方面则淡 化"揽储"概念，转而强调资产提升。而那些搬出实物礼品的银行网点，人流量似乎并未发生明显变 化。 "开门红"一般在每年的一季度，是银行抢占市场份额、提升业绩的关键时期。多位银行人士对记者 表示，相较于前几年，今年的"开门红"气氛不浓，一方面是因为严监管和经营压力下银行"卷不 动"了，另一方面则反映了当前银行缺负债紧迫性不强，AUM（资产管理规模）提升战略将成主流。 激励力度整体有限 "行外新增资金且配置6个月以上期限产品，可以领取对应积分的礼品。 ...