证券研究报告 2026 年 2 月 24 日 湘财证券研究所 行业研究 家电行业周报 2025 年地产配套家电市场下滑，2026 年或有低基数效 应 相关研究： | 1.《新国补落地首月成效显著》 | | --- | | 2026.2.9 | | 2.《板块下挫，咖啡机龙头递表港 | | 交所》 2026.2.1 | | 3. 《12月空调销售承压，行业洗 | | 牌加速》 2026.1.26 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.2% 0.4% -9.1% | | | 分析师：张弛 证书编号：S0500525110001 Tel：17621838100 Email：zc08241@xcsc.com 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： ❑ 2 月 9 日-2 月 13 日，家电行业上涨 0.16%，其他黑色家电等子行业领涨 2 月 9 日-2 月 13 日，家电行业涨跌幅为 0.16%， ...

资金动向 2025年12月5日公告显示，公司计划使用不超过3亿元自有闲置资金购买理财产品，以提升资金使用效 率。后续需关注资金实际投向及收益情况。 股价与资金表现 截至2026年1月26日，融资余额达808.48万元，占流通市值0.37%，处于近一年90%分位水平。融资活跃 度较高可能加剧股价短期波动，需关注后续资金流向变化。 以上内容基于公开资料整理，不构成投资建议。 经济观察网恒太照明发布业绩快报，预计2025年营收与净利润均出现下滑，同时公司理财计划、越南工 厂投资及融资余额高位波动等动态值得关注。 业绩经营情况 公司于2026年2月10日披露业绩快报，预计2025年营业收入5.54亿元，同比下降22.84%；净利润3982.99 万元，同比下降40.01%。需关注后续正式年报的详细财务数据及管理层对业绩下滑的解释。 公司项目推进 2025年半年度报告指出，公司正加大对越南制造工序的投资，以提升本土化服务能力、降低物流成本。 未来需跟踪越南产能释放进度及对北美订单交付的改善效果。 ...

证券代码：920339 证券简称：恒太照明 公告编号：2026-002 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 单位：元 项目 本报告期 上年同期 变动比例% 营业收入 554,000,955.36 717,961,065.95 -22.84% 利润总额 39,992,611.67 69,886,523.53 -42.77% 归属于上市公司股 东的净利润 39,829,879.05 66,393,907.39 -40.01% 归属于上市公司股 东的扣除非经常性 损益的净利润 37,827,066.96 63,890,657.22 -40.79% 基本每股收益 0.18 0.30 -40.00% 加权平均净资产收 益率%（扣非前） 6.61% 11.55% - 加权平均净资产收 益率%（扣 ...

Core Viewpoint - The lighting equipment sector experienced a decline of 0.2% on February 2, with *ST Xingguang leading the drop. The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1]. Group 1: Market Performance - The closing prices and percentage changes of key stocks in the lighting equipment sector are as follows: - Minbao Optoelectronics: 53.98, up 20.01% - Lianyu Co., Ltd.: 55.95, up 10.01% - Komatsu Co., Ltd.: 8.92, up 5.19% - OPPLE Lighting: 20.39, up 0.69% - Other stocks showed declines, with *ST Xingguang down 4.05% to 2.13 [1][2]. Group 2: Capital Flow - On the same day, the lighting equipment sector saw a net inflow of 6.692 million yuan from institutional investors, while retail investors contributed a net inflow of 18.248 million yuan. However, speculative funds experienced a net outflow of 24.9407 million yuan [2][3]. - The capital flow for specific stocks indicates: - Lianyu Co., Ltd.: 22.4838 million yuan net inflow from institutional investors - Minbao Optoelectronics: 14.3518 million yuan net inflow from institutional investors - Other stocks like *ST Xingguang and Hengtai Lighting experienced net outflows from both institutional and speculative investors [3].

Market Overview - The lighting equipment sector increased by 0.04% on January 28, with Ocean King leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1] Stock Performance - Notable stock performances include: - Ocean King (002724) closed at 7.67, up by 10.04% with a trading volume of 384,700 shares and a turnover of 286 million yuan [1] - Opple Lighting (603515) closed at 19.98, up by 0.55% with a trading volume of 23,400 shares and a turnover of 46.45 million yuan [1] - Other stocks like Sunshine Lighting (600261) remained unchanged at 3.65, while companies like Qunshang Co. (002638) and Foshan Lighting (000541) saw declines of 1.92% and 1.09% respectively [1][2] Capital Flow - The lighting equipment sector experienced a net inflow of 18.43 million yuan from institutional investors, while retail investors saw a net outflow of 17.56 million yuan [2] - The capital flow for key stocks shows: - Ocean King had a net inflow of 69.14 million yuan from institutional investors, while retail investors had a net outflow of 52.64 million yuan [3] - Other stocks like Opple Lighting and Sunshine Lighting faced net outflows from both institutional and retail investors [3]

Market Overview - The lighting equipment sector experienced a decline of 0.69% on January 27, with Lida Xin leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - OPPLE Lighting (603515) closed at 19.87, with an increase of 1.53% and a trading volume of 35,500 shares, totaling a transaction value of 69.83 million yuan [1] - Debang Lighting (603303) closed at 14.66, up 1.24%, with a trading volume of 32,300 shares and a transaction value of 46.73 million yuan [1] - Lida Xin (605365) closed at 20.77, down 3.44%, with a trading volume of 93,400 shares and a transaction value of 194 million yuan [2] - Sunshine Lighting (600261) closed at 3.65, down 2.14%, with a trading volume of 182,900 shares and a transaction value of 66.54 million yuan [2] Capital Flow Analysis - The lighting equipment sector saw a net outflow of 62.41 million yuan from institutional investors, while retail investors had a net inflow of 44.31 million yuan [2] - The overall capital flow indicates that retail investors are more active in the sector despite the institutional outflow [2] Detailed Capital Flow for Selected Stocks - OPPLE Lighting had a net inflow of 7.01 million yuan from institutional investors, while retail investors had a net outflow of 5.84 million yuan [3] - Debang Lighting experienced a net inflow of 2.21 million yuan from institutional investors, with retail investors seeing a net inflow of 1.23 million yuan [3] - Lida Xin had a net outflow of 1.01 million yuan from institutional investors, indicating a negative sentiment among larger investors [3]

从资金流向上来看，当日照明设备板块主力资金净流出8319.19万元，游资资金净流入4019.54万元，散户 资金净流入4299.65万元。照明设备板块个股资金流向见下表： 证券之星消息，1月22日照明设备板块较上一交易日下跌1.53%，立达信领跌。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。照明设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920641 | 格利尔 | 21.56 | 2.91% | 3.07万 | 6534.83万 | | 300625 | 三雄极光 | 13.00 | 1.64% | 3.29万 | 4244.93万 | | 002638 | 勤上股份 | 3.20 | 1.27% | 41.43万 | 1.31亿 | | 920339 | 恒太照明 | 10.03 | 1.21% | 1.44万 | 1436.68万 | | 002724 | 海洋王 | 7.06 | 1.15% | 6.33 ...

证券代码：920339 证券简称：恒太照明 公告编号：2026-001 江苏恒太照明股份有限公司 关于注销募集资金专项账户的公告 公司于 2025 年 12 月 3 日、2025 年 12 月 24 日分别召开了第二届董事会第 三十次会议、2025 年第二次临时股东会，审议通过了《关于募投项目结项并将 节余募集资金永久补充流动资金的议案》，为提高募集资金使用效率，公司将募 投项目结项后的节余募集资金永远补充流动资金。具体内容详见公司于 2025 年 12 月 4 日在北京证券交易所信息披露平台（www.bse.cn）披露的《江苏恒太照 明股份有限公司关于募投项目结项并将节余募集资金永久补充流动资金的公告》 (公告编号：2025-089）。 截至本公告披露之日，公司已将节余募集资金及利息合计 7,440,428.79 元 转入公司一般账户用于补充流动资金。其中，公司于交通银行股份有限公司南通 开发区支行开立的募集资金专项账户（银行账号：326008605011000221393、 326899999601000016555（通知存款账户））转出 4,729,679.26 元；公司于江苏 银行股份有限公司南通港闸 ...

Core Insights - The lighting equipment sector experienced a 1.11% increase on January 15, with Lida Xin leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Sector Performance - Lida Xin (605365) closed at 26.11, up 7.23% with a trading volume of 108,400 shares and a transaction value of 276 million [1] - Other notable performers include: - Lianyu Co. (001326) at 53.65, up 2.07% [1] - ST Xingguang (002076) at 2.15, up 1.42% [1] - Sanxiong Aurora (300625) at 12.66, up 0.88% [1] - Xiaosong Co. (002723) at 8.93, up 0.56% [1] - Decliners included: - OPPLE Lighting (603515) at 18.57, up 0.05% [1] - Debang Lighting (603303) at 13.73, down 0.07% [1] - Minexplosion Optoelectronics (301362) at 44.93, down 0.22% [1] Capital Flow - The lighting equipment sector saw a net inflow of 29.35 million from institutional investors, while retail investors experienced a net outflow of 16.90 million [2] - The capital flow for key stocks includes: - Lida Xin with a net inflow of 55.76 million, accounting for 20.23% of total inflow [3] - Lianyu Co. with a net inflow of 6.15 million, accounting for 8.31% [3] - Minexplosion Optoelectronics with a net inflow of 1.91 million, accounting for 3.08% [3] - Notable outflows include: - ST Xingguang with a net outflow of 1.01 million [3] - OPPLE Lighting with a net outflow of 1.58 million [3] - Debang Lighting with a net outflow of 2.16 million [3]

Market Overview - The lighting equipment sector increased by 0.27% on January 9, with Greely leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Stock Performance - Greely (code: 920641) saw a significant rise of 29.99%, closing at 23.84 with a trading volume of 120,800 shares and a transaction value of 275 million yuan [1] - Xiaosong Co. (code: 002723) increased by 4.53%, closing at 66.8 with a trading volume of 231,900 shares and a transaction value of 207 million yuan [1] - Foshan Lighting (code: 000541) rose by 3.44%, closing at 6.32 with a trading volume of 333,500 shares and a transaction value of 211 million yuan [1] - Other notable performances include ST Xingguang (code: 002076) up 0.90%, Sunshine Lighting (code: 600261) up 0.59%, and Lianhe Co. (code: 001326) up 0.54% [1] Capital Flow - The lighting equipment sector experienced a net inflow of 28.56 million yuan from main funds, while retail funds saw a net outflow of 25.43 million yuan [2] - The main funds' net inflow for Greely was 11.5 million yuan, accounting for 41.62% of its total trading volume [3] - Foshan Lighting had a main fund net inflow of 25.41 million yuan, but also saw a significant retail net outflow of 23.59 million yuan [3]