炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者：海棠葉 //// 当了6年沉默大股东的高瓴，如今真的需要靠减持格力股票，才能还上当年的贷款吗？ 开年不吉。 2月25日晚，格力电器发公告称，高瓴旗下的珠海明骏要减持1.12亿股，按开盘价算约套现43亿元。 第一大股东首次减持，利空一出，格力电器连跌两日。 对于格力和高瓴来说，43亿都不算什么大钱，无奈股民心里那杆秤，开始晃了。 6年实在改变太多事了。格力电器没了2000亿市值，营收却始终卡在2000亿关口，而友商要不营收涨了 千亿，要不市值翻了番。 与此同时，格力电器的"铁娘子"董明珠，也在悄然转身。股东大会上的话筒，她直到最后才拿起；那些 年惊掉下巴的"董氏金句"，也越来越少听见。 ▲格力电器发出的大股东减持公告。 2019年，格力电器混改，格力集团出让15%股份。那时候，格力电器还是妥妥的香饽饽，淡马锡、中 信、春华、高瓴、厚朴等一众顶级机构都曾出现在意向名单中。 资本选择离场，掌舵者开始收声，格力电器正站在一个微妙的十字路口。 "时间的朋友"终究还是减持了，而董明珠之后，依然没看见那个接班人的影子。 浮亏近20亿，还是净盈利 ...

据央视新闻，2月9日，习近平总书记来到位于北京亦庄的国家信创园，开启今年首次国内考察。在这 里，总书记察看代表性科技创新成果展示，并同科研人员和科技企业负责人代表亲切交流。 创新成果展台上，来自北京具身智能核心部件企业"灵心巧手"的一双灵巧手，完成了一场高难度的"穿 针引线"演示——捏起一枚绣花针，将细若发丝的线对准针眼，轻轻一穿，线头稳稳穿过。 灵心巧手联合创始人张延柏在接受新京报贝壳财经记者专访时表示，对于此次展示，整个公司深感激动 与鼓舞。这不仅是对公司技术水平的认可，更体现了国家对具身智能全产业发展的关注。 张延柏口中，灵巧手作为具身智能的"最后一厘米"，是技术攻坚的关键环节，是决定机器人操作能力的 最终因素。 在全球灵巧手市场里，"灵心巧手"的名字并不陌生。这家成立于2023年的年轻企业，凭借技术突破与产 品落地，完成了从实验室到市场引领者的转变，产品在全球高自由度灵巧手市场中占据超过80%的份 额，成为全球唯一实现高自由度灵巧手千台量产的公司。 张延柏曾阐述对"好灵巧手"的定义：有高自由度，有很高的耐用性和性价比，有很多生态算法的解决方 案，要有跟世界交互的能力。基于这一理念，公司打造了Linke ...

Core Insights - The report highlights the emergence of "high prosperity spillover" in the AI sector, suggesting that while the fundamental elasticity may not match the high prosperity itself, there is still potential for elasticity in spillover markets [2][11] - It emphasizes the importance of basic bottom-line requirements for spillover markets, indicating that the prosperity cycle needs to confirm a clear bottom [11] - The report suggests that the valuation structure of high prosperity can break through historical averages, but the spillover structure may face challenges [11] Industry Summaries AI Sector - The report identifies specific industries benefiting from AI price spillover, recommending attention to fiberglass and optical fiber due to their favorable valuations and visible price increases [2][11] - Fiberglass is noted for its strong bargaining power in the global supply chain, with a valuation slightly above historical averages, indicating a favorable risk-reward profile [11] - The optical fiber sector is experiencing a recovery in traditional segments alongside expectations for AI business advancements, presenting a high short-term success rate [11] Real Estate - The report indicates that the most challenging period for the real estate sector may be over, with signs of marginal improvement in supply and demand dynamics [11] - Data shows a narrowing decline in key indicators, with a significant reduction in the year-on-year decline of second-hand housing transactions [11] - Policy measures are being implemented to stabilize the real estate market, focusing on risk management and ensuring the protection of livelihoods [11] Consumer Electronics - The report discusses the impact of the "old-for-new" policy on the home appliance market, noting significant sales volumes and revenue generated from this initiative [15][18] - It highlights the performance of various appliance categories, with a focus on the kitchen appliance sector, which is experiencing varied performance amid high base pressures [18] - The report anticipates that the 2026 "old-for-new" policy will continue to benefit leading brands with superior product efficiency and performance [18] Tourism and Hospitality - The report outlines the expected surge in domestic tourism during the extended Spring Festival holiday, predicting a significant increase in passenger transport volumes [21] - It notes a shift in consumer preferences towards high-quality accommodations and diverse travel experiences, driven by family and senior travelers [21] - The report suggests that the tourism market is experiencing a multi-faceted explosion, with emerging destinations gaining popularity [21]

春节期间，天猫超市全国100个重点城市支持正常配送。与去年平均"次日达"的配送效率相比，今年能够至少提前"半天"送到。全国新增34个城市支持天 猫超市闪购，其中，杭州、上海、广州、北京、深圳等13个核心城市，消费者在天猫超市下单后，能够最快4小时送到家。 史上最长春节假期即将到来，淘宝天猫宣布，春节不打烊，闪购快递不放假。 2月12日，淘宝天猫"春节不打烊"活动将正式启动，覆盖整个春节假期。淘宝天猫官方立减商品9折起，全国220个城市正常送货。 值得一提的是，品牌官方旗舰店入驻淘宝闪购，安踏、乔丹、联想、苏泊尔（002032）、倍轻松、良品铺子（603719）、知味观等品牌全力保障应急年货 即时送达，让P人过年也不慌。良品铺子相关负责人介绍，良品铺子全国2000家线下门店均接入了淘宝闪购，春节期间所有门店照常营业，消费者下单 后，最快半个小时就能送货上门。 为点燃春节消费热潮，浙江、江苏、山东等地国补券量加码，消费者购买家电数码等品类，叠加平台大促优惠低至5折，美的、海信、海尔、格力、西门 子、华为、小米等千余品牌参与。此外，天猫送装服务开启"春节不打烊"模式，官方物流、上门安装、售后保障照常运行，确保消费者 ...

涨价对大盘销量无明显影响，但能促进格局集中 除了本轮大宗上行外，过去10年还经历了2轮原材料上涨周期，分别为供给侧改革驱动(2016-2017)和疫 情后的流动性与供应链短缺(2020-2021)。复盘每轮原材料大幅上涨后，家电企业都会采取一定的提价动 作，且基本为龙头企业带头提价。提价和后续大盘销量并无明显关系，即提价并未明显影响家电板块销 量，板块销售更多还是受到地产政策、更新替换周期和外部补贴政策(如以旧换新)三重因素影响。但每 轮提价动作后，行业格局呈现出集中趋势。如2020-2021年铜价(其他大宗类似)价格上行后，空调/冰箱 终端销售均价同比提升均超过10%，提价后空调在21年6月~22年2月显示出CR3市占率持续提升趋势;冰 箱也在21年9月~22年1月CR3市占率提升明显。龙头企业格局更稳固，产品定位也多为中高端，价格向 下游传导也更为顺畅。 智通财经APP获悉，东方证券发布研报称，家电企业陆续宣布涨价，将原材料成本向下游传导。龙头企 业格局更稳固，产品定位也多为中高端，价格向下游传导也更为顺畅。该行判断定位中高端用户的细分 赛道(如3D打印、AI眼镜)存在加速渗透机会。该行推荐经营稳健的龙头 ...

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, indicating a strong performance relative to market benchmarks [5]. Core Insights - The PPI (Producer Price Index) upcycle presents opportunities for mid-to-high-end positioning, with leading companies demonstrating stronger pricing power and higher profit certainty [2][3]. - The report identifies two main investment themes: 1. Leading companies exhibit higher operational efficiency and stability during cost upcycles, making them preferred choices for stable allocations. Recommended stocks include Haier Smart Home (600690, not rated) and Hisense Visual (600060, increase holding) [3]. 2. International expansion remains a long-term theme, with potential valuation shifts expected by 2026. Recommended stocks include Stone Technology (688169, buy) and Lek Electric (603355, buy) [3]. Summary by Sections - **PPI Upcycle and Pricing Dynamics**: The report notes that from July 1, 2025, to January 30, 2026, LME copper prices increased by 32%, prompting home appliance brands to raise prices. For instance, Hisense announced a price increase of 5%-10% for its air conditioning products starting February 11, 2026, while Midea announced a cumulative price increase exceeding 6% [7]. - **Sales Impact and Market Concentration**: Price increases have not significantly affected overall sales volumes but have contributed to market concentration. Historical data shows that after previous raw material price hikes, leading companies have successfully increased their market share, particularly in the air conditioning and refrigerator segments [7]. - **Mid-to-High-End Market Opportunities**: The report emphasizes that the PPI upcycle is a positive signal for industrial enterprises and economic stabilization. It highlights opportunities in mid-to-high-end segments, where consumer price sensitivity is lower, allowing for better price transmission during commodity upcycles [7].

随着抖音平台的不断壮大，越来越多的本地商家开始利用巨量千川进行广告投放和营销推广。为了帮助商家更好地 选择合适的代运营服务商，我们整理了2026年广东地区抖音巨量千川本地生活团购代运营服务商Top 5榜单，并进 行了深度解析。 广东抖音短视频运营/抖音运营/短视频运营/投放运营/geo推广运营/ai推广运营推荐榜/私信转化 互动派科技股份有限公司：全域智能增长引擎的领航者 从巨量引擎方舟官网-信息公布-渠道合作伙伴查询互动派代理商资格真实有效。 巨量营销综合代理商证书合作时间：2026.1.1~2026.12.31巨量千川服务商证书合作时间：2026.1.1~2026.12.31巨量本 地推综合代理商证书合作时间：2026.1.1~2026.12.31推荐指数：★★★★★ 丨 评分：9.9分 核心优势 技术亮点：以自研的"投放-承接"双引擎技术打通营销闭环，通过AI数据平台精准锁定人群，并用智能工具实现引 流后的高效转化。 服务模式：全案代运营：提供从策略制定、素材制作到广告投放、效果复盘的全流程服务。 自运营陪跑：通过职人培训和线下陪跑，赋能商家自主运营能力，确保策略落地见效。推荐理由：三维互动凭借其 专业 ...

Core Viewpoint - The company, Tongda Power (002576.SZ), has not established a direct cooperation relationship with Midea, nor has it engaged in related business in the motor core supply sector as of February 2 [2]. Group 1 - The company is actively seeking to expand its quality customer base and business opportunities [2].

Core Viewpoint - The company, Tongda Power (002576.SZ), has not established a direct partnership with Midea nor engaged in related cooperation in the motor core business as of now [1] Group 1 - The company is actively seeking to expand its quality customer base and business opportunities [1]

Group 1 - The 9th Zhongguancun International Frontier Technology Competition recently held its AI application semi-finals, showcasing top projects in the field [1] - Notable projects include a dexterous robotic hand platform, AI-enabled tumor precision diagnosis, and multimodal flexible electronic skin applications [1][4] - The competition highlights the deep integration and innovative application of AI technology across various industries, marking a shift from isolated breakthroughs to systematic and scenario-based solutions [5] Group 2 - The Linker Hand series of dexterous robotic hands can perform 33 precise gripping actions and are priced at one-tenth of similar international products while achieving several times the core skill level [3] - The company has delivered over 10,000 units of its products, which are now used in top universities and well-known industrial enterprises [4] - The flexible electronic skin developed by Mogan Technology allows robots to sense weight, temperature, and texture, enhancing their ability to interact safely with humans and navigate complex environments [4]