2月3日，海尔智家（600690）旗下Candy三筒洗衣机荣获"法国消费者年度最佳产品"。该奖项不仅是近 五年来洗衣机行业首次获得此项认可，更是海尔智家持续深化全球化布局、推进高端化战略的有力印 证。 在法国，这一奖项被视作消费领域的"金字招牌"。它由Consumer's Vote机构于1987年创立，历经39年积 淀，其标志在法国消费者中的知晓率超过95%。每年，主办方邀请超过15000名消费者参与产品实测， 并由德勤监督的调研机构执行严格筛选，因此被视为欧洲消费市场的重要风向标。Candy三筒洗衣机能 够从中脱颖而出，并非偶然，而是其精准洞察本土需求、高效整合全球资源的必然成果。 当前，法国年轻家庭日益注重健康生活与高效体验。然而市面上的洗衣机要么容量不足，要么无法实现 彻底分区洗涤。针对这一痛点，海尔智家依托研发、制造、营销等十大全球化能力深度协同，将全球技 术资源与法国本土需求深度融合，为当地用户量身打造了这款三筒洗衣机。 此次Candy三筒洗衣机获奖，还充分印证了海尔高端化战略的长期成效。这款洗衣机是海尔智家"全球 研发、本土落地"模式的典范，它既融合全球研发智慧，又紧密结合法国本土生活方式与消费偏 ...

Core Viewpoint - The Zibo Municipal Bureau of Commerce has announced the list of participating brands for the 2026 appliance recycling and new purchase activities, aiming to promote consumer goods recycling and stimulate local consumption [1][4]. Group 1: Appliance Recycling Program - The Zibo Municipal Bureau of Commerce has collected applications from brand manufacturers to establish a product model database for the 2026 appliance recycling program [4]. - A total of 87 home appliance brands, including Haier, Midea, and Gree, have registered to participate in the 2026 appliance recycling initiative [4][5]. - The participating brands cover various categories such as refrigerators, washing machines, air conditioners, and televisions [5][6]. Group 2: Digital and Smart Products Purchase Program - The program also includes a new purchase initiative for digital and smart products, with 21 brands, including Huawei and Apple, participating [4][8]. - The participating brands in the digital and smart products category offer a range of items including smartphones, tablets, and smartwatches [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Views - The real estate sector is expected to gradually stabilize, which may lead to a recovery in valuations for the home appliance industry. Current stock prices may have fully reflected short-term risks due to factors such as demand being pulled forward by national subsidies, upstream price increases, and currency appreciation [3][4] - The core pressure on domestic demand is likely to ease as signs of stabilization in the real estate market emerge. After a deep correction from 2022 to 2025, domestic housing inventory is gradually being reduced, with recent increases in second-hand housing transaction volumes in Shanghai and narrowing price declines in first-tier cities [4][8] - The leading companies in the white goods sector are currently valued at historically low levels, with projected P/E ratios for 2026 being 12 for Midea Group, 7 for Gree Electric Appliances, and 10 for Haier Smart Home. If the real estate market stabilizes, these companies may see a valuation recovery [14] Summary by Sections 1. Signs of Stabilization in Real Estate - Signs of stabilization in the real estate market are emerging, with domestic housing inventory gradually decreasing and recent increases in second-hand housing transactions in Shanghai. The drag effect of real estate on domestic demand is expected to gradually diminish [4][8] 2. Company Performance Forecasts - Ninebot Company is expected to achieve a net profit of 1.67-1.85 billion yuan in 2025, a year-on-year increase of 54.0%-70.6%. However, Q4 2025 may see a net loss of 120 million yuan to a profit of 60 million yuan due to factors like exchange losses [5][16] - Huabao New Energy is projected to have a net profit of 15.5-23 million yuan in 2025, a year-on-year decline of 90.4%-93.5%, with Q4 2025 expected to incur a net loss of 120-130 million yuan [5][16] - Ecovacs is expected to achieve a net profit of 1.7-1.8 billion yuan in 2025, a year-on-year increase of 110.9%-123.3%, with Q4 2025 projected to yield a net profit of 280-380 million yuan [5][16] 3. Market Review - The home appliance sector saw a weekly increase of 1.3% from February 2 to February 6, outperforming the CSI 300 index by 2.6 percentage points. The white goods segment increased by 1.7%, while black goods decreased by 1.9% [17][19] 4. Key Data Tracking - As of February 6, 2026, the RMB appreciated by 88 basis points against the USD, continuing its upward trend. This short-term fluctuation is not expected to affect the core competitiveness of export companies [21] - The LME copper spot price was $12,840 per ton, down 4.0% week-on-week, indicating a slight decline in raw material prices [21][22]

Investment Rating - The report suggests a "Buy" rating for the industry, anticipating a price increase exceeding 15% over the next 3-6 months [55]. Core Insights - The global TV market is expected to experience a slight decline in total shipments by 0.5% in 2026, despite a 1.6% increase in shipment area in 2025, driven by structural improvements and a shift from scale-driven to value-driven growth [11][15]. - The average TV size has increased to 53.6 inches, with OLED TV shipments growing by 6.9% year-on-year, indicating a trend towards higher-end products [11][12]. - The market is seeing a significant regional disparity, with emerging markets like Latin America, Middle East & Africa, and Asia-Pacific showing growth rates of 5.8%, 3.0%, and 2.3% respectively, while the Chinese market has declined by 8.8% [15]. - TV panel prices have seen a slight increase in early 2026, with demand from top brands rising by 5% in January, although a 7% decline was noted in February due to seasonal factors [17][18]. Market and Sector Performance - The Shanghai and Shenzhen 300 Index increased by 1.98%, while the home appliance index rose by 2.11% during the week [22]. - Notable stock performances included Sichuan Changhong (+22.33%), Skyworth Digital (+17.52%), and Ecovacs (+17.40%), while Galaxy Electronics (-6.73%) and *ST Tongzhou (-5.18%) saw declines [22]. Raw Material Prices - Copper prices decreased by 1.13%, while aluminum prices increased by 0.10% during the week of February 2-6, 2026 [28]. - Year-to-date, copper prices have risen by 2.14%, and aluminum prices by 1.98%, indicating fluctuating raw material costs that could impact the industry [28]. Real Estate Data - In December 2025, new residential construction, construction in progress, completions, and sales all showed significant year-on-year declines of -19.9%, -10.4%, -20.3%, and -10.0% respectively, indicating ongoing pressure on the home appliance sector [37][43]. Investment Recommendations - Leading brands are expected to achieve stable growth due to their integrated advantages and strong pricing power. The report recommends TCL Electronics, Hisense Visual, Midea Group, and Haier Smart Home as key investment opportunities [53].

证券之星消息，根据企查查数据显示海尔智家（600690）公布了一项国际专利申请，专利名为"搁物 架、搁物架的控制方法及装置、计算机可读存储介质"，专利申请号为PCT/CN2025/105905，国际公布 日为2026年2月5日。 专利详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 图片来源：世界知识产权组织（WIPO） 今年以来海尔智家已公布的国际专利申请28个，较去年同期增加了7.69%。结合公司2025年中报财务数 据，2025上半年公司在研发方面投入了57.9亿元，同比增11.73%。 数据来源：企查查 ...

Core Viewpoint - Haier Group's ecological layout is facing a significant test as its industrial internet subsidiary, Kaos, has submitted an IPO application to the Hong Kong Stock Exchange, marking a critical moment for the company's strategic transformation and its leadership transition [2][3]. Group 1: Haier's Strategic Moves - Haier has aggressively pursued capital market ambitions, acquiring major stakes in companies like Shanghai Laishi and Auto Home, and currently holds interests in eight listed companies, forming a robust "ecological empire" [3]. - The complexity of Haier's diversified ecosystem raises questions about the actual market competitiveness of its subsidiaries versus their reliance on the group's support [4]. Group 2: Kaos's Business Model and Performance - Kaos offers a combination of digital operating systems, AI, and IoT devices, serving over 160,000 enterprises, with a market share of 1.2% in China's industrial data intelligence solutions market [5]. - Despite generating approximately 5 billion in revenue from 2023 to 2025, Kaos has struggled with profitability, reporting a net loss of 82.72 million in 2023 and a net profit margin of only 1.3% in 2024 [6][7]. - The company's low gross margin, hovering around 17.8% to 18%, is attributed to an imbalanced business structure, with the more profitable data intelligence solutions accounting for only 18.3% of revenue in 2023 [8][9]. Group 3: Revenue Dependency and Risks - A significant portion of Kaos's revenue comes from related party transactions, with over 80% of its income derived from its top five clients, primarily Haier itself, raising concerns about its independence and sustainability [10]. - The performance of Kaos in the capital market will largely depend on Haier's core business, which remains focused on home appliances [11]. Group 4: Haier's Core Business Challenges - Haier's home appliance segment, particularly its traditional products, is showing signs of fatigue, with growth rates lagging behind the overall market [12][15]. - In the first three quarters of 2025, Haier's revenue reached 234.05 billion, with a net profit of 17.37 billion, but its net profit margin of 7.4% is the lowest among its major competitors [18][20]. Group 5: Financial Health and Management Issues - Haier's high sales expense ratio of 10.6% compared to its competitors indicates potential inefficiencies in cost management [20]. - The increase in accounts receivable turnover days suggests that Haier may be extending credit terms to maintain revenue growth, which could pose risks in cash flow management [22]. Group 6: Diversification and Future Outlook - Haier's aggressive diversification strategy has led to significant goodwill on its balance sheet, with goodwill amounting to 27.6 billion, raising concerns about potential impairments if acquisitions do not meet performance expectations [25][26]. - The company's recent regulatory issues in its financial services division highlight the reputational risks associated with its rapid expansion [27][28]. - As Haier pushes for more assets to be listed in the capital market, the sustainability of its ecological narrative and the profitability of its subsidiaries remain in question [29][32].

Core Insights - Haier reported a global revenue of 426.8 billion yuan in 2025, representing a year-on-year growth of 6.3%, and a total profit of 32.2 billion yuan, with a growth of 6.7%, indicating a steady and high-quality growth trend [1] - The company aims to enhance its ecological competitiveness and innovation efficiency by focusing on three main strategies: ecological collaboration, user connection, and global depth in 2026 [1][2] - Haier's AI application year in 2025 introduced a three-tier system of AI, including "large models," "intelligent agents," and "AI terminals," leading to advancements in smart home solutions and digital transformation for enterprises [1] Group 1: Business Performance - In 2025, Haier achieved a global revenue of 426.8 billion yuan, a 6.3% increase from the previous year [1] - The total profit for 2025 was 32.2 billion yuan, reflecting a 6.7% year-on-year growth [1] Group 2: Strategic Focus - Haier will focus on three main lines in 2026: ecological collaboration, user connection, and global depth, aiming to transition from "parallel fleets" to "organic life forms" in ecological collaboration [2] - The company plans to evolve from "transactional users" to "lifetime partners" in user connection and deepen its local presence globally [2] Group 3: AI and Innovation - 2025 marked the year of AI application for Haier, with the launch of "AI Eye" for smart home solutions, moving from "household chores" to "no household chores" [1] - The company has committed to a minimum of 100 billion yuan in R&D investment over the next five years, focusing on AI, chips, and IoT security [3] Group 4: Capital Market and Ecosystem - Haier has established eight listed companies under its umbrella, covering various sectors including smart home, health, digital economy, and automotive [3] - The company is initiating the listing process for Haier New Energy and has submitted a listing application for Kaos to the Hong Kong Stock Exchange [3]

2月6日，海尔集团董事局副主席、总裁梁海山在2025年工作总结表彰大会暨第八届职工代表大会第七次 会议上表示，2025年，海尔集团全球收入4268亿元，增长6.3%；利润总额322亿元，增长6.7%，业绩再 创新高。 "海尔将围绕生态协同、用户链接、全球纵深三大主线，打赢三场关键战役，在产品服务、流程运营、 组织人才、决策创新等层面发力，全面构建AI原生组织，提升生态竞争力，释放每一个人的创新潜 能，共同构筑生生不息的海尔生态。"面向2026年，海尔集团董事局主席、首席执行官周云杰说。 周云杰在会上以《生态无界 创变永恒》为主题发布了"海尔集团2026年度创新方向"。 他表示，2026年是海尔从世界海尔向生态海尔进化的开局之年，要围绕生态协同、用户链接、全球纵深 三大主线，打赢三场关键战役，构建面向未来的生态竞争力。 三是AI赋能组织与人才，让每个人拥有"AI副驾驶"。继续推行"全员AI赋能计划"，不仅让每一位创客学 会使用AI工具，更要鼓励大家成为用AI重构自己的"设计师"。 四是AI驱动决策与创新，让"数据智能"成为决策核心。通过"战略智慧大脑"，对市场趋势、技术路线、 投资方向进行模拟预测和科学分析，实 ...

Investment Rating - The report maintains a "Recommended" rating for the home appliance industry [1] Core Insights - The report highlights that the nominal appreciation of the RMB is expected to have limited impact on export recovery and external sales profitability, as leading brands have strong pricing power, overseas production capacity, and effective foreign exchange hedging [8][11] - The report emphasizes that the home appliance sector is likely to benefit from increased foreign capital inflow due to RMB appreciation, with the sector's valuation and holdings at historical lows, indicating significant upside potential [7][8] Summary by Sections 1. Industry: Nominal Appreciation and Dollar Price Elasticity - Since Q2 2025, the RMB has appreciated approximately 5% due to the easing of trade tensions and economic recovery expectations, with the CFETS index remaining close to its 3-5 year average [11][12] - The report discusses the impact of exchange rates on export volume and pricing, noting that during appreciation phases, exporters may adjust dollar prices or lower RMB prices to mitigate the effects of appreciation [12][22] 2. Financial Statements: External Sales Profitability and Hedging - External sales gross margins have been under pressure, with historical data showing that external sales margins are generally weaker than domestic sales margins [4][6] - The report indicates that major companies have high foreign exchange hedging ratios, which effectively mitigate the impact of exchange rate fluctuations on their financials [4][6] 3. Capital: High Foreign Ownership Proportion - The report notes a strong correlation between RMB appreciation and net inflows of foreign capital, with the home appliance sector consistently attracting significant foreign investment [7][8] - The sector's Northbound trading and public fund holdings are at historical lows, suggesting ample room for upward movement [7] 4. Industry Perspective and Investment Recommendations - The report suggests that under the expectation of moderate appreciation, the competitive edge of leading companies backed by domestic supply chain advantages and proactive overseas capacity expansion will remain intact [8] - Recommended stocks include high-quality white goods leaders such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and global leaders in robotic vacuum cleaners like Roborock and Ecovacs [8]

海尔智家（600690）(06690)发布公告，于2026年2月5日斥资8.12万欧元回购4万股。 ...