Group 1 - The core viewpoint of the report indicates that the home appliance sector is expected to experience a stable performance in 2026, with domestic demand stabilizing and external demand showing signs of improvement, despite the transitional year of national subsidy policies [1][2] - The report highlights that the home appliance sector's performance in 2026 may be promising due to upward expectations in fundamentals, easing trade tensions, and anticipated overseas interest rate cuts, which could lead to surprising performances from home appliance companies venturing abroad [1] - The report notes that the home appliance sector's relative valuation remains at historically low levels, with expectations for gradual improvement in fundamentals and upward potential in valuations as the value style warms up at the end of the year [2] Group 2 - The report recommends several leading companies in the home appliance sector, including Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric for their cost-performance advantages in white goods [2] - It also suggests focusing on Hisense Visual Technology for its comprehensive strength and steady improvement in market share and profitability in the color TV segment, while keeping an eye on TCL Electronics [2] - Additionally, the report recommends leading companies in the cleaning appliance sector, such as Roborock and Ecovacs, and kitchen appliance leaders like Boss Electric, Supor, and Bear Electric for their international expansion and product innovation strategies [2]

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].

证券代码：002959 证券简称：小熊电器 公告编号：2026-015 小熊电器股份有限公司 关于注销回购股份减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 小熊电器股份有限公司（以下简称"公司"）于 2026 年 1 月 22 日和 2 月 10 日分别召开了第三届董事会第二十三次会议及 2026 年第二次临时股东会，审议 通过了《关于变更回购股份用途并注销暨减少注册资本、修订〈公司章程〉的议 案》，同意变更公司于 2022 年 3 月 15 日审议通过的回购股份方案的回购股份用 途，由原计划用于"实施公司股权激励计划及/或员工持股计划"变更为"减少 公司注册资本"，该部分回购股份注销完成后，公司总股本将相应减少 1,453,000 股，由 157,286,503 股减少至 155,833,503 股；公司注册资本将相应减少 1,453,000 元，由 157,286,503 元减少至 155,833,503 元。具体内容详见《证券时报》和巨潮 资讯网（http://www.cninfo.com.cn）的《关于变更回购股份用途 ...

证券代码：002959 证券简称：小熊电器 公告编号：2026-014 小熊电器股份有限公司 2026 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会召开期间，未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、本次股东会的召开时间 （1）现场会议召开时间：2026 年 2 月 10 日 14:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为：2026 年 2 月 10 日 9:15-9:25、9:30-11:30 和 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为：2026 年 2 月 10 日 9:15-15:00 的任意时间。 2、会议召开地点：广东省佛山市顺德区勒流街道富安工业区富兴路 3 号小熊 电器新总部一楼会议室。 3、会议召开方式：现场表决和网络投票相结合的方式 4、会议召集人：公司董事会 5、会议主持人：董事长李一峰先生 6、本次股东会的召集和召开符合《公司法》《上市公司股东会规则 ...

关于小熊电器股份有限公司 2026 年第二次临时股东会的 法律意见书 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 4．本法律意见书仅供贵公司本次会议之目的使用，不得用作任何其他用途。本所 律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 本所律师根据《公司法》《证券法》《股东会规则》《证券法律业务管理办法》《证 券法律业务执业规则》等相关法律、行政法规、规章、规范性文件的要求，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，对贵公司提供的有关文件和有关事项进 行了核查和验证，现出具法律意见如下： 国枫律股字[2026]A0054 号 致：小熊电器股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司2026年第二次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东 ...

格隆汇2月9日丨小熊电器(002959.SZ)公布，股东龙少柔女士计划自本公告披露之日起15个交易日后的3 个月内通过大宗交易方式向其一致行动人泓诺兆峰一号私募证券投资基金（简称"泓诺一号"）转让公司 股份合计不超过213.27万股（占公司剔除回购专用证券账户持股数量的总股本比例1.37%）。本次内部 股份转让是龙少柔女士与其一致行动人之间的内部转让，龙少柔女士及其一致行动人在股份转让前后合 计持股数量和持股比例未发生变化，不涉及向市场减持。 ...

证券代码：002959 证券简称：小熊电器 公告编号：2026-013 小熊电器股份有限公司 关于公司股东增加一致行动人及在一致行动人之间内部转让股份的 提示性公告 本公司股东龙少柔保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有小熊电器股份有限公司（以下简称"公司"）8,823,511 股（占公司剔除回 购专用证券账户持股数量的总股本比例 5.69%）的股东龙少柔女士计划自本公告披 露之日起15个交易日后的3个月内通过大宗交易方式向其一致行动人泓诺兆峰一号 私募证券投资基金（以下简称"泓诺一号"）转让公司股份合计不超过 2,132,700 股（占公司剔除回购专用证券账户持股数量的总股本比例 1.37%）。本次内部股份 转让是龙少柔女士与其一致行动人之间的内部转让，龙少柔女士及其一致行动人在 股份转让前后合计持股数量和持股比例未发生变化，不涉及向市场减持。 5、转让数量及比例：龙少柔女士拟转让股份数量不超过 2,132,700 股，占公司 剔除回购专用证券账户持股数量的总股本比例 1.37% ...

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]

证券代码：002959 证券简称：小熊电器 公告编号：2026-012 小熊电器股份有限公司 成立日期：2006 年 03 月 16 日 法定代表人：李一峰 经营范围：一般项目：家用电器研发；专业设计服务；工业设计服务；家用 电器制造；家用电器销售；电子专用材料研发；电子元器件制造；电子元器件零 售；家用电器零配件销售；母婴用品制造；母婴用品销售；日用杂品制造；日用 杂品销售；日用品销售；商业综合体管理服务；销售代理；货物进出口；技术进 出口；企业管理；信息咨询服务（不含许可类信息咨询服务）；日用化学产品销售； 消毒剂销售（不含危险化学品）；食品用洗涤剂销售。（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动）许可项目：第二类增值电信业务。（依法须经 批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 小熊电器股份有限公司（以下简称"公司"）分别于 2026 年 1 月 5 日和 2026 年 1 月 22 日召开了第三届董事会第二十二次会议和 2026 年 ...

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