中金发布研报称，根据百川盈孚数据，1H25制冷剂R32/R134a/R125产量分别为13.8/7.6/5.7万吨，约占 全年配额的49%/37%/34%。8月末空调新冷年临近，尽管空调产量7月以来有所走低，但终端消费量持 续走高，结合当前销售形势，空调进入新冷年后排产量预计维持高位，制冷剂需求有望得到提振。25年 中及26年政策端预期稳定，制冷剂价格淡季涨势不改，空调新冷年需求有望维持高位，市场预期有望逐 步改善，板块估值有望得到修复。 空调相关概念港股：美的集团（000333）(00300)、海尔智家（600690）(06690)、海信家电（000921） (00921)、小米集团-W(01810) 《央视财经》报道，拱北海关所属中山海关驻石岐办事处企业管理科科长许丹侠：今年前7个月，中山 市对欧洲出口空调24.8亿元，同比增长36.8%。广东顺德一家企业在发展欧洲市场的同时，还进一步加 大非洲和中东市场的开拓力度。近日，企业成功拿下了7万台迪拜空调的订单。今年1至7月，企业累计 向非洲和中东市场出口空调30万台。 海关最近公布数据显示，在去年较高基数基础上，今年1至6月，我国空调累计出口额达93.5亿美 ...

Core Viewpoints - The home appliance sector is expected to show steady growth in domestic sales despite the diminishing effects of national subsidies, with a return to stable growth anticipated in the second half of 2025 [3][25] - The valuation of the home appliance industry remains at a low level, with the industry index PE (TTM) at 14.45X, placing it at the 39.0 percentile since 2020 [13] - The report maintains an "outperform" rating for the home appliance sector, highlighting the resilience of major appliances and the recovery of small appliances [1][3] Summary by Sections 1. Overall Market Performance - In the first half of 2025, the home appliance sector slightly underperformed the market, with the sector index down 1.2% compared to the Shanghai and Shenzhen 300 index, which remained stable [10] - The home appliance sector's valuation is at a five-year low, with significant growth in home appliance components, which saw a rise of over 17% [10][11] 2. White Goods - Domestic sales of white goods benefited from national subsidy policies, showing strong resilience, with a projected steady growth in the second half of 2025 despite a slowdown in growth rates [4][19] - Major brands like Midea, Haier, Gree, and Hisense are recommended for investment due to their strong market positions and global production capabilities [4][17] 3. Black Goods - The black goods segment, particularly televisions, is experiencing stable demand with a shift towards Mini LED technology and decreasing panel prices, which are expected to enhance profitability for leading companies [40][44] - The domestic retail volume of televisions increased by 1.8% in the first half of 2025, with retail revenue growing by 7.5% [44] 4. Kitchen Appliances - The kitchen appliance sector is seeing a recovery in demand, particularly for traditional cooking appliances, driven by national subsidies, with retail sales of range hoods and gas stoves showing significant growth [53][54] - The overall demand for kitchen appliances is expected to stabilize as the effects of national subsidies wane, with a focus on the recovery of the real estate market to support future growth [55][57] 5. Small Appliances - The small appliance market, particularly kitchen appliances, is witnessing a notable recovery, with retail sales reaching 31.9 billion yuan, a year-on-year increase of 9.3% [65] - The demand for new cleaning products, such as robotic vacuum cleaners, has surged, with sales increasing by over 40% due to national subsidies [68][66] 6. Technology Integration - Leading home appliance companies are focusing on their strengths and expanding into emerging application areas, such as smart home technology and AI products, which are expected to drive long-term growth [4][28]

转自：连线Insight 要知道，这份半年报是高玉玲接任董事长后的首份完整答卷。这位80后女舵手，在去年11月成为海信家 电史上最年轻且首位女性董事长后，如今又兼任总裁职务。除了一号位的变化，海信引入美的系高管殷 必彤任空气事业部总裁，并提名有海外背景的方雪玉为董事候选人。 组织变化往往伴随战略调整。眼下，高玉玲带领的新一届领导班子，面临的是挑战更为严峻的海信家 电。 对新上任领导来说，要同时应对内部管理重组、核心业务增速放缓、国际市场竞争加剧等多重挑战。更 关键的是，想要跻身第一梯队，吴玉玲要带着海信家电讲出新故事。 文｜连线Insight 王慧莹 1、海信家电半年报：还在增长，但挑战仍在 编辑｜子夜 提到海信，很多人的印象是海信电视。 这是因为海信电视品类的市场地位处在第一梯队，海信的宣传也更多围绕电视品类展开，例如在2025年 世俱杯喊出"海信100吋，世界第一"的口号。 相比之下，同属于"海信系"的海信家电，发展则面临挑战。2025年海信家电上半年报显示，海信家电营 收与净利润双增，但增速与去年同期相比有所下降。 白电业务是个竞争极为激烈的市场，当对手都在狂奔，海信家电却还卡在第二梯队。更重要的是，贡 ...

京东平台数据显示，今年6月至今，空调整体成交额同比增长超过60%，下单用户数同比增长近90%。 其中，7月中上旬，吉林省、辽宁省、黑龙江省成交额同比增长分别达到25倍、10倍、8倍，东北三省首 次购买空调的用户数同比增长超过800%；华北、华中、西北、西南等地区的空调成交额同比增长均超 过500%。 不过，空调制造商股价近期反映平淡。今年6月至8月13日收盘，格力电器、美的集团、海信家电的A股 股价在期间分别变动+2.82%、-4.95%、-8.28%。 华泰证券研究员樊俊豪认为，空调零售迎来结构性改善，"收入—利润"协同弹性或在第三季度释放。 北方市场需求激增 "今年夏天太热了，靠风扇都不行，都八月份了还在洗'汗'澡。忍了一个夏天最后没忍住，前两天还是 下单买了几台空调。"辽宁省盘锦市的董先生说。今夏以来，"北凉南热"格局被打破，东北及胶东等北 方滨海城市持续出现35℃+高温天气，往年可有可无的空调，突然成了北方人的"救命神器"。 海关总署数据显示，今年前7个月，我国出口空调468.1亿元，同比增长4.9%；其中，我国对欧洲出口空 调129.2亿元，同比增长28.9%，尤其7月单月对欧空调出口同比增长19. ...

Company Overview - Hisense Home Appliances' stock price as of August 11, 2025, is 25.45 yuan, with a slight decrease of 0.01 yuan, representing a drop of 0.04% from the previous trading day [1] - The company reported a trading volume of 129,400 hands and a transaction value of 329 million yuan on the same day [1] Business Operations - Hisense Home Appliances specializes in the research, manufacturing, and sales of home appliances, including air conditioners, refrigerators, and washing machines [1] - The company holds a significant position in the home appliance manufacturing industry, particularly in the Guangdong region [1] Financial Performance - In the first half of 2025, Hisense Home Appliances ranked among the top ten listed companies in terms of net profit scale based on disclosed interim reports [1] - In the second quarter, the company saw new holdings from pension accounts amounting to 4.5961 million shares, which constitutes 0.50% of the circulating shares [1] Market Activity - On August 11, the net inflow of main funds into Hisense Home Appliances was 20.0563 million yuan, with a cumulative net inflow of 12.3702 million yuan over the past five trading days [1]

Investment Rating - The report maintains a recommendation for the home appliance industry [2] Core Viewpoints - The report analyzes the impact of the USMCA (United States-Mexico-Canada Agreement) and the potential risks posed by the U.S. government's tariff policies on Chinese home appliance companies operating in Mexico [6][8] - It emphasizes that the concerns regarding the USMCA's risks are primarily focused on two aspects: the potential for the U.S. government to invoke national security clauses and the upcoming review of the agreement in 2026 [6][8] - The report suggests that the short-term impact of the USMCA's implementation is limited, as many leading Chinese home appliance companies have already established significant production capacities in Mexico that comply with the agreement's rules [6][7] Summary by Sections Industry Basic Data - The home appliance industry consists of 80 listed companies with a total market value of 185.1 billion yuan and a circulating market value of 165.1 billion yuan [2] Relative Index Performance - The absolute performance of the industry over the past 1 month, 6 months, and 12 months is 0.3%, 1.1%, and 21.4% respectively, while the relative performance is -3.2%, -5.6%, and 3.0% [3] USMCA Agreement Analysis - The USMCA is designed to encourage regional production and supply chain integration, with specific rules for determining the origin of products [12][14] - The agreement provides trade benefits only to goods certified as originating from the USMCA region [12][14] - The report outlines two potential scenarios for the future of the USMCA: the continuation of the current tariff framework and the tightening of origin certification rules [55][58] Company Strategies - Leading Chinese home appliance companies like Haier, Midea, Hisense, and TCL have established substantial production capacities in Mexico, which allows them to mitigate tariff risks effectively [6][7][56] - The report highlights that these companies have the capability to meet the USMCA's origin certification requirements, thus reducing potential tariff impacts [6][7][57] - The white goods sector, particularly Haier, is expected to strengthen its market position in North America due to its localized production and supply chain flexibility [7][60] Market Dynamics - The report notes that while black goods manufacturers face challenges due to the concentration of LCD panel supply chains in Asia, they can still expand their market share through product upgrades [7][61] - The overall competitive landscape for Chinese home appliance companies has shifted from relying on cost advantages to focusing on brand development, operational efficiency, and product innovation [60]

Core Insights - Pension accounts have shown a significant investment presence in the capital market during the second quarter, appearing in the top ten shareholders of six stocks with a total holding of 51 million shares valued at 1.344 billion yuan [1][3]. Pension Holdings Distribution and Scale Characteristics - The holding structure of pension accounts at the end of the second quarter displayed a clear concentration, with Hongfa Co., Ltd. being the most held stock, where two pension fund combinations held a total of 28.22 million shares, accounting for 1.93% of the circulating shares [3]. - Other notable stocks favored by pension accounts include Jerry Holdings, Dongmu Co., Ltd., Hisense Home Appliances, Rongzhi Rixin, and Guomai Culture, with holdings of 6.27 million shares, 4.60 million shares, 3.50 million shares, and 1.93 million shares respectively [3]. - Five stocks held by pension accounts had a market value exceeding 100 million yuan, indicating a preference for sectors related to the real economy, such as power equipment, machinery, and home appliances [3]. Investment Strategy Adjustments and Changes in Holdings - Pension accounts demonstrated an active strategy of adjusting holdings in the second quarter, with three new entries and two increased holdings among the six stocks [4]. - New entries included Jerry Holdings, Hisense Home Appliances, and Guomai Culture, reflecting a positive outlook on these companies' growth prospects [4]. - Increased holdings were noted in Hongfa Co., Ltd. and Dongmu Co., Ltd., with share quantities growing by 64.93% and 43.23% respectively, indicating confidence in their long-term value [4]. - Rongzhi Rixin, the longest-held stock by pension accounts, maintained a holding of 3.50 million shares despite a 5.41% decrease from the previous quarter, representing the highest holding ratio at 4.04% of circulating shares [4]. - The distribution of the six stocks held by pension accounts included four from the main board and one each from the Sci-Tech Innovation Board and the Growth Enterprise Market, showcasing a balanced approach between stability and growth potential [4].

Core Viewpoint - Hisense Home Appliances reported disappointing half-year results, marking the lowest revenue growth in six years and the lowest net profit growth in three years, raising concerns about the company's performance under the new leadership of Gao Yuling [1][2][12]. Financial Performance - In the first half of 2025, Hisense Home Appliances achieved revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% year-on-year [1]. - The air conditioning segment, which contributed 48.02% of total revenue, saw revenue growth slow to 4.07% from 7.59% in the previous year, with product gross margin declining by 1.56% [1][5]. Management Changes - Gao Yuling was appointed as the new chairman of Hisense Home Appliances, taking over from Dai Huizhong, and also assumed the role of president following the resignation of Hu Jianrong [4][5]. - The company announced several key personnel changes, including the appointment of Yin Bitong and Fang Xueyu to the new management team [4]. Market Competition - The home appliance market is becoming increasingly competitive, with Hisense facing challenges from both established brands like Gree and Midea and emerging players like Xiaomi, particularly in the online sales channel [7][8]. - Hisense's online market share for air conditioning products has declined, while its offline market share has improved, indicating a significant gap in e-commerce performance compared to competitors [7][8]. Regional Performance - In the first half of 2025, domestic revenue decreased by 0.31% year-on-year, while international revenue grew by 12.34%, but at a slower rate than the previous year [9]. - The gross margin for domestic sales fell by 0.06%, reflecting broader challenges in both domestic and international markets [9]. Investor Sentiment - Following the release of the half-year report, Hisense's stock price dropped by 5.5%, with several major shareholders reducing their stakes in the company, indicating a shift in market confidence [11][12].

Core Viewpoint - Hisense Home Appliances has reported disappointing financial results for the first half of 2025, with the lowest revenue growth in six years and the lowest net profit growth in three years, raising concerns about the company's future under the leadership of its new chairwoman, Gao Yuling [2][3]. Financial Performance - In the first half of 2025, Hisense Home Appliances achieved revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% year-on-year [2]. - The air conditioning segment, which contributed 48.02% of total revenue, saw a revenue growth of 4.07%, down from 7.59% in the same period last year, with product gross margin declining by 1.56% [6][11]. Management Changes - Following the resignation of former chairman Dai Huizhong, Gao Yuling was appointed as the new chairman and also took on the role of president, amidst significant management changes including the resignation of other key executives [5][12]. - The appointment of new management, including former Midea Group vice president Yin Bitong, aims to enhance the company's strategic direction and operational efficiency [5][8]. Market Challenges - The competitive landscape in the home appliance market has intensified, with Hisense struggling to keep pace with rivals like Gree and Midea, particularly in online sales channels [11][12]. - Data indicates that while Hisense's offline market share increased, its online market share decreased by 0.33% in the first half of 2025, highlighting a significant weakness in e-commerce performance [9][11]. Shareholder Sentiment - Following the release of the half-year report, Hisense's stock price fell by 5.5%, reflecting a negative market sentiment, with several major shareholders reducing their stakes in the company [12][13]. - Notable reductions in shareholdings were reported from entities such as Hong Kong Central Clearing Limited and the National Social Security Fund, indicating a lack of confidence in the company's future performance [12][14].

Group 1 - MSCI China Index added 14 new stocks, including companies like 3SBio (01530), CITIC Financial Assets (02799), Horizon Robotics (09660), and others, reflecting strong performance in sectors such as technology, innovative pharmaceuticals, and new consumption [1][2] - The changes will take effect after the market closes on August 26, with 17 stocks being removed from the index, including Hisense Home Appliances (00921) and Zhongsheng Holdings (00881) [2][5] - The new additions are expected to attract more incremental capital to the related listed companies [1] Group 2 - The MSCI Global Standard Index added 42 stocks and removed 56 stocks, with the largest new additions in developed markets being Rocket Lab (USA), SoFi Technologies (USA), and Affirm Holdings (USA) [8] - In the emerging markets index, the top three new constituents include CITIC Bank, Dian Swastatika Sentosa, and Laopuhuangjin [8]