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].

Core Viewpoint - The article highlights the effectiveness of the Zhigao lint trimmer in removing lint and pilling from clothing, providing a convenient solution for maintaining the appearance of garments and other fabric items [7][10][22] Group 1: Product Features - The Zhigao lint trimmer features a high-speed rotating blade that efficiently removes lint, likened to a "lint harvesting machine" [12] - The device is compact and portable, making it easy to carry during travel and use on various fabric items, including clothing, sofa cushions, and plush toys [18][20] - It operates with USB charging and has a smart display for battery life, enhancing user convenience [20] Group 2: User Experience - Users have reported that the lint trimmer is easy to use, requiring minimal effort to clean lint without damaging the fabric [14][16] - The cleaning process is straightforward, allowing users to quickly dispose of lint without needing to dig into crevices [16] - The product is suitable for a wide range of fabrics, making it a versatile cleaning tool for households [20][22] Group 3: Economic Benefits - The lint trimmer is an affordable solution, priced at only a few dozen yuan, which can save users from spending on dry cleaning services [22] - It allows users to rejuvenate old clothing, thus extending the life of garments and maintaining a polished appearance [22]

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]

元旦刚过，中央空调市场便迎来一波密集的涨价通知。一位经销商在朋友圈转发海信中央空调的调价函时，或许并未意识到，这仅是冰山一角——一场始于 2025年底的行业性价格调整，正全面铺开。 早在2025年12月，镁刻阳光和iCongo丨志高智能环境已率先宣布，自2026年1月1日起上调产品提货价。2026年1月初，TCL、奥克斯等品牌迅速跟进。至1月 下旬，日立、海信、约克VRF、科龙等品牌纷纷加入，另有美的、格力等品牌施行了区域性的涨价通知，形成行业性的集体调价浪潮，涨幅普遍介于3%至 10%。 鑲刻 阳光 | MEKER 铝、冷媒等大宗原材料 因铜√ 价格上涨 2026年1月1日起 镁刻阳光空调全系列价格上调 5% 2026年1月1日起 因核心原材料价格上涨 iCongo全系列产品价 RISE IN PR 0 200 8169007 总部地址:广东省佛山 iCongo 志高智能环境 # 奥克斯空调温馨提示 # 1月10日起热销机型价格上调 5%-8% 感谢理解与支持 TQ 英全中国雷值本部空间产品经营中心 关于 TCL 空调产品1 各大区战区、各经销商: 近期空调相关大来原材料价格持 且上涨趋势仍在持续。此外,其 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海信家電集團股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00921 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 459,589,808 | RMB | | | 1 RMB | | 459,589,808 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 459,589,808 | RMB | | | 1 RMB | | 459,589,808 | | 2. 股份分類 | ...

证券日报网讯2月4日，海信家电（000921）在互动平台回答投资者提问时表示，公司股价波动受资本市 场资金风格、宏观经济及产业变化等多重因素影响。 ...

Group 1 - The white goods sector increased by 2.29% on February 4, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the white goods sector showed varied performance, with Whirlpool rising by 7.62% to a closing price of 12.00 [1] Group 2 - The net inflow of main funds in the white goods sector was 629 million yuan, while retail funds saw a net outflow of 378 million yuan [1] - Midea Group had a main fund net inflow of 296 million yuan, but also experienced a retail net outflow of 205 million yuan [2] - Gree Electric experienced a main fund net inflow of 168 million yuan, with a retail net outflow of 118 million yuan [2]

Market Overview - The white goods sector increased by 0.05% on February 3, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up by 1.29%, while the Shenzhen Component Index closed at 14127.1, up by 2.19% [1] Stock Performance - Whirlpool (600983) closed at 11.15, with a rise of 2.39% and a trading volume of 77,200 shares, amounting to a transaction value of 85.91 million yuan [1] - Snowball Electric (001387) closed at 14.80, up by 1.86%, with a trading volume of 34,200 shares and a transaction value of 50.25 million yuan [1] - Hisense Home Appliances (000921) closed at 23.94, increasing by 1.70%, with a trading volume of 76,300 shares and a transaction value of 182 million yuan [1] - Haier Smart Home (600690) closed at 25.20, up by 0.80%, with a trading volume of 388,500 shares and a transaction value of 977 million yuan [1] - Midea Group (000333) closed at 77.91, with a slight increase of 0.08%, trading 345,000 shares for a total of 2.692 billion yuan [1] - Other notable performances include Gree Electric (000651) down by 0.47% and TCL Smart Home (002668) down by 0.81% [1] Capital Flow - The white goods sector saw a net inflow of 137 million yuan from institutional investors, while retail investors experienced a net outflow of 61.62 million yuan [1] - The capital flow for major stocks indicates that Midea Group had a net inflow of 26.3 million yuan from institutional investors, but a net outflow of 79.25 million yuan from retail investors [2] - Haier Smart Home had a net inflow of 38.57 million yuan from institutional investors, with a net outflow of 1.88 million yuan from retail investors [2] - Gree Electric experienced a significant net outflow of 143 million yuan from institutional investors [2] - Deep Kangjia A (000016) faced a substantial net outflow of 15.33 million yuan from institutional investors, while retail investors had a net inflow of 1.22 million yuan [2]

Core Viewpoint - Recent increases in raw material prices, particularly copper and aluminum, have raised concerns about the profitability of leading white goods companies, but historical data suggests that the negative impact on gross margins may diminish over time [1][2] Group 1: Raw Material Price Impact - Since 2008, the home appliance industry has experienced three significant raw material price increase cycles, with the impact on gross margins decreasing over time: the highest quarterly gross margin decline was 5-7 percentage points during 2009-2011, around 5 percentage points in 2016-2017, and approximately 2 percentage points from 2020-2022 [1] - In January 2026, copper and aluminum prices increased by 36.7% and 20.9% year-on-year, respectively, which is lower than the increases seen from 2020-2022, suggesting that the current raw material cost impact on white goods companies may be less severe [2] Group 2: Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, a 22.1% decrease compared to the same period last year, with a projected 5.0% decline for January-February combined [3] - The production performance of white goods has shown signs of recovery, with the impact of the Spring Festival timing affecting February production, but cumulative growth for January-February has slightly improved [3] Group 3: Retail Market Performance - In 2025, the retail scale of China's home appliance market is expected to decline by 4.3% year-on-year to 893.1 billion yuan, with specific categories like air conditioners and refrigerators experiencing declines of 0.4% and 11.5%, respectively [4] - Small home appliances are expected to perform better, with an overall retail growth of 3.8%, indicating a relative resilience compared to larger appliances [4] Group 4: Key Data Tracking - In January, the home appliance sector experienced a relative return of -2.6%, with raw material prices for copper and aluminum increasing by 7.8% and 4.8% month-on-month, respectively [5] Group 5: Investment Recommendations - Recommended stocks in the white goods sector include Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, while TCL Electronics and Hisense Visual are recommended in the black goods sector [6]

上述转变在上市公司公告中得到了印证。方大特钢2025年业绩预增公告显示，2025年公司非经常性损益 金额约1.3亿元，因投资的信托产品等公允价值变动收益增加。海信家电更是将信托配置推向更高水平 ——Wind数据显示，2025年以来公司累计斥资上百亿元认购信托产品，认购机构覆盖中粮信托、华能 信托等多家信托公司。 此外，2026年年初，厦门国际信托落地两单自主管理型上市公司法人财富管理服务信托，分别为一家强 调安全、流动性的国企和一家在安全性前提下，追求一定收益目标的民营上市公司。 ● 本报记者 吴杨 凭借相对较高的收益水平与灵活的资产配置模式，信托已成为上市公司提升资金使用效率、增厚利润的 重要工具之一。Wind数据显示，2025年以来，A股已有超50家上市公司配置信托理财，总规模近300亿 元。这一现象不仅反映出企业理财偏好的变化，也折射出信托行业在回归本源过程中对业务发展路径的 持续探索。 信托频现上市公司资产配置清单 "上市公司利用闲置资金购买理财产品并不少见。近两年，信托公司对这块业务的重视程度明显提 升。"南方地区某信托公司资管部主管说。 合作模式日趋多元 随着合作深入，上市公司与信托公司的合作内容 ...