金吾财讯 | 中国银河证券发研报指，清洁电器潜力大，但竞争依然激烈：1）2026年1月初，扫地机企业试图结束自补。但由于2026年初以来部分省份恢复对扫地机的补贴，JD、TMALL也倾向于给予补贴，目前已经全面恢复“国补”（补贴来自于国家、平台、企业），即清洁电器市场的费用投放依然较高。2）2025年下半年，追觅在中国市场提价，导致份额明显下跌；但当时石头、科沃斯通过推自补，导致激烈的竞争。2026年以来石头、科沃斯之间的竞争趋于缓和；但追觅营销力度的加大，抢夺了石头和科沃斯的份额，尤其是石头线上扫地机零售额份额于26W08降至21.7%；在规模导向背景下，我们预计扫地机中国市场的竞争依然激烈。清洁电器行业渗透率仍然处于低位，全球市场规模将继续保持快速增长。目前市场处于石头、科沃斯、追觅三个龙头主导的激烈竞争中。我们预计随着全球第一和第二份额差距的逐渐扩大，市场竞争将逐渐趋于缓和。
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