行业轮动 TF策略周报 (20260223-20260301) | 基金代码 | ETF名称 | ETF市值 | 持有情况 | 重仓申万 行业 | | 周度择时信号 日度择时信号 | | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | | 及权重 | 参考 | 参考 | | 159707 | 地产ETF | 6. 65 | 继续持有 | 房地产开发(100%) | -1 | -1 | | 159745 | 建材ETF | 26. 61 | 调入 | 水泥(45.24%) | 1 | 1 | | 159796 | 电池ETF汇添富 | 84. 32 | 调入 | 电池(64.18%) | -1 | =1 | | 512800 | 银行ETF | 114.46 | 调入 | 股份制银行 (42.01%) | -1 | -1 | | 159869 | 游戏ETF | 122. 27 | 调入 | 游戏 (83.85%) | 1 | -1 | | 159766 | 旅游ETF | 78.92 | 继续持有 | 航空机场(33.21%) | 0 | 0 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The report emphasizes the empowerment from major shareholders, particularly Whirlpool Group and Galanz Group, which enhances operational capabilities and profit margins for the company [1][2]. - The company is expected to benefit from strategic adjustments at Whirlpool Group due to financial pressures, leading to potential order releases in both domestic and international markets [1][15]. - The company is projected to achieve significant profit growth, with net profits expected to reach 505 million, 610 million, and 729 million yuan from 2025 to 2027, reflecting year-on-year growth rates of 150.4%, 20.8%, and 19.4% respectively [3]. Summary by Sections 1. Empowerment from Whirlpool Group - The strong supply chain capabilities and product advantages of the Chinese home appliance industry position the company well for international expansion [1]. - Whirlpool Group's high local self-manufacturing rate and recent financial pressures are expected to drive strategic adjustments, potentially releasing specific orders in the U.S. market and seeking external suppliers in non-U.S. markets [15]. - The deep binding of commercial agreements and innovative product development based on overseas insights are key reasons for choosing Whirlpool China [1][29]. 2. Empowerment from Galanz Group - Galanz Group's comprehensive supply chain support and order collaboration are expected to significantly enhance profit margins for the company [2]. - The company is the only listed platform for Whirlpool, providing substantial opportunities for order and customer development [2]. - Galanz's strong supply chain autonomy and "Industry 4.0" smart manufacturing capabilities are foundational for optimizing component procurement and achieving cost reductions [2][41]. 3. Industry Competition and Financing - The resolution of industry competition issues allows the company to return to a conventional regulatory framework, potentially creating more capital operation opportunities [3]. - The company is expected to leverage orders from Whirlpool Group and OEM growth in Japan and Southeast Asia, alongside cost reductions from Galanz's influence, to drive future growth [3].

2026 年 03 月 01 日 策略周报 研究所： 证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn [Table_Title] 近期涨价链行情观点及 3-4 月布局思路 最近一年走势 相关报告 《流动性周报 2 月第 3 期：社融同比增速放缓，权 益基金发行回暖*赵阳》——2026-02-24 《年报预报落地后，市场如何演绎？*赵阳》—— 2026-02-01 《流动性周报 1 月第 3 期：宏观资金均衡偏松，ETF 继续大幅净流出*赵阳》——2026-01-28 本篇报告解决了以下核心问题：1、怎么看待近期涨价链行情；2、即将 到来的三月该配置什么风格和主题。 | 2、 | 三月中旬开始可能要关注风格切换 6 | | --- | --- | | 3、 | 三月的三个配置思路 8 | | 4、 | 风险提示 14 | 核心要点: 国海证券研究所 请务必阅读正文后免责条款部分 《流动性周报 2 月第 2 期：宽基流出明显收窄*赵 阳》——2026-02-10 《流动性周报 2 月第 1 期：宽基 ETF 继续大幅流 出*赵阳》——2026-02-02 2 月份涨价是 ...

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44个，较去年同期增加了22.22%。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 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"用于空 调冷媒置换的方法"，专利申请号为PCT/CN2025/119771，国际公布日为2026年2月26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。 ...

来源：新浪证券-红岸工作室 2月27日，海尔智家跌1.00%，成交额10.05亿元，换手率0.62%，总市值2410.05亿元。 异动分析 主力持仓 超级品牌+证金持股+无线充电+家用电器 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔品牌全球 零售量份额为10.2%，连续六年蝉联全球大型家电第一品牌。 2、公司前十大流通股东中包含中央汇金资产管理有限责任公司或中国证券金融股份有限公司。 3、控股股东海尔集团旗下的海尔无线专注无线充电,参与制定了无线电能传输在电磁兼容性电磁辐射等 方面的国家行业标准,并投资前Intel无线充电技术团队成为其控股股东 4、公司的主营业务是家电的研发、生产及销售工作，涉及冰箱/冷柜、厨电、空调、洗衣设备、水家电 及其他智能家庭业务，以及提供智能家庭全套化解决方案。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-1.04亿，占比0.14%，行业排名9/10，连续3日被主力资金减仓；所属行 ...

国盛证券研报指出，惠而浦拟认购惠而浦集团普通股，进一步深化合作。认为本次认购有利于强化惠而 浦中国与集团的全球绑定与协同，进一步提升其话语权，深化合作，且当前WHR股息率TTM为 4.95%，财务回报率较好。公司承接惠而浦集团订单+日本、东南亚地区OEM增量释放+格兰仕入主后降 本增效+同业竞争落地格兰仕诉求变化，未来增长可期。预计公司2025-2027年实现归母净利润 5.05/6.16/7.43亿元，同比增长150.5%/21.8%/20.7%，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The subscription of shares by Whirlpool China is expected to strengthen the global collaboration and influence of the company, enhancing cooperation with the group [2] - The current dividend yield for WHR is 4.95%, indicating a favorable financial return [2] - Future growth is anticipated due to the company's ability to secure orders from Whirlpool Group, increased OEM releases in Japan and Southeast Asia, cost reduction and efficiency improvements after the acquisition of Galanz, and changes in competitive dynamics [2] Financial Projections - The company is projected to achieve net profits of 505 million, 616 million, and 743 million yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 150.5%, 21.8%, and 20.7% [2] - Revenue is expected to grow from 4,455 million yuan in 2025 to 6,454 million yuan in 2027, with corresponding growth rates of 22.1%, 21.1%, and 19.7% [3] - The latest diluted EPS is projected to increase from 0.66 yuan in 2025 to 0.97 yuan in 2027 [3] Financial Metrics - The company’s total revenue for 2023 is reported at 4,004 million yuan, with a projected decline of 6.1% year-on-year [3] - The net profit for 2023 is reported at 81 million yuan, with a significant year-on-year increase of 190.4% [3] - The return on equity (ROE) is expected to rise from 3.2% in 2023 to 29.9% in 2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The proposed subscription of $30 million in common stock by Whirlpool China aims to strengthen global collaboration with the Whirlpool Group, enhancing its influence and deepening cooperation. The current dividend yield for WHR is 4.95%, indicating good financial returns [2] - The company is expected to benefit from increased orders from the Whirlpool Group, growth in OEM releases in Japan and Southeast Asia, cost reduction and efficiency improvements following the acquisition by Galanz, and changes in competitive dynamics within the industry. Future growth is anticipated [2] Financial Projections - Revenue is projected to grow from 4,004 million yuan in 2023 to 6,454 million yuan in 2027, with year-on-year growth rates of -6.1% in 2023, 22.1% in 2025, 21.1% in 2026, and 19.7% in 2027 [3] - Net profit attributable to the parent company is expected to increase from 81 million yuan in 2023 to 743 million yuan in 2027, with significant growth rates of 190.4% in 2024, 150.5% in 2025, 21.8% in 2026, and 20.7% in 2027 [3] - The latest diluted EPS is forecasted to rise from 0.11 yuan in 2023 to 0.97 yuan in 2027 [3] - The return on equity (ROE) is projected to improve from 3.2% in 2023 to 29.9% in 2027 [3] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 113.7 in 2023 to 12.4 in 2027, indicating a more attractive valuation over time [3] - The price-to-book (P/B) ratio is projected to remain relatively stable, ranging from 3.6 in 2023 to 3.7 in 2027 [3]

时隔六年，高瓴资本决定减持格力电器。 根据当时公告，"首个提款日后60个月，经全体贷款人同意后可延至84个月。其中，前36个月为宽 限期，宽限期内无需还本。" 随后在2021年4月，珠海明骏为偿还该笔贷款，又与三家银行签订了新的 贷款协议。贷款期限为60个月，可延长至72个月，前24个月为宽限期，无需还本。 也就是说，从时间线来看，随着宽限期已过，进入2026年，这笔贷款将进入本金偿还的阶段。 2月25日晚间，格力电器发布公告，公司于近日收到第一大股东珠海明骏投资合伙企业（有限合 伙）（简称"珠海明骏"）的《上市公司股东股份减持计划告知函》，珠海明骏拟自公告披露之日起15个 交易日后的3个月内以大宗交易方式减持公司股份不超过1.12亿股（不超过公司剔除回购专用账户股份 后的总股本的2%）。 珠海明骏持有股份占格力电器总股本比例为16.11%，这部分股份的来源为2020年1月23日从格力集 团以协议转让方式受让的股份。 回顾过往，珠海明骏于六年前成为格力电器第一大股东。 2019年12月2日，珠海明骏与格力集团签署股份转让协议，前者以46.17元/股的价格受让后者持有 的格力电器9.02亿股股份，合计转让价款为 ...

来源：新浪证券-红岸工作室 2月26日，海尔智家跌0.57%，成交额9.31亿元，换手率0.57%，总市值2434.43亿元。 异动分析 超级品牌+证金持股+无线充电+家用电器 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入341.65万，占比0%，行业排名1/10，该股当前无连续增减仓现象，主力趋势不明显；所 属行业主力净流入-5.05亿，连续2日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-2353.42万-1.17亿-1.21亿-7837.58万796.94万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额2.62亿，占总成交额的6.46%。 技术面：筹码平均交易成本为25.86元 该股筹码平均交易成本为25.86元，近期该股获筹码青睐，且集中度渐增；目前股价靠近压力位26.01， 谨防压力位处回调，若突破压力位则可能会开启一波上涨行情。 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔 ...