Investment Rating - The report maintains a "Recommended" rating for the home appliance industry, particularly focusing on air conditioning products [6]. Core Insights - The air conditioning production and sales data for January to February 2026 shows a production of 32.82 million units, a year-on-year decrease of 1.89%, and sales of 33.32 million units, down 3.49% year-on-year. Domestic sales were 14.07 million units, down 3.47%, while exports were 19.25 million units, down 3.50% [6][7]. - The inventory at the end of the period was 14.31 million units, reflecting a significant year-on-year decrease of 14.59% [6][7]. - The report indicates that the decline in domestic sales has narrowed, with a year-on-year decrease of 3% in January to February, which is an improvement compared to the previous quarter's decline of 29% [6]. - Major brands showed varied performance: Gree's sales decreased by 12.20%, Midea's increased by 5.50%, Haier's decreased by 4.11%, and Hisense's increased by 4.70% [6][9]. - The report highlights that the leading brands performed better than second-tier brands, with Midea's domestic sales market share increasing by 6 percentage points year-on-year [6]. Summary by Sections Production and Sales Data - January to February 2026 air conditioning production: 32.82 million units, down 1.89% year-on-year - January to February 2026 air conditioning sales: 33.32 million units, down 3.49% year-on-year - Domestic sales: 14.07 million units, down 3.47% year-on-year - Exports: 19.25 million units, down 3.50% year-on-year - Inventory: 14.31 million units, down 14.59% year-on-year [6][7]. Market Trends - Domestic sales decline has narrowed, with a year-on-year decrease of 3%, better than the previous quarter's decline of 29% - The report anticipates a gradual improvement in domestic sales due to early subsidy extensions in 2026 [6]. - The leading brands are outperforming second-tier brands, with Midea and Haier showing positive trends in market share [6][9]. Future Outlook - The report suggests that the overall export recovery trend is upward, with expectations of gradual improvement in air conditioning exports as the pressure from high bases decreases [6]. - The report emphasizes that the current valuation of white goods is at historical lows, recommending investments in Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric Appliances [6].

Investment Highlights - Three main investment themes are identified: "Dividends," "Technology," and "Overseas Expansion" focusing on leading companies in the white and black appliance sectors with attributes of low valuation, high dividends, and stable growth [5] - The domestic market is expected to benefit from the continued effects of the trade-in policy, while the export market is supported by leading appliance companies establishing production bases globally to mitigate tariff impacts [5] - Recommended companies include Haier, Midea, Gree, Hisense, and others, which are positioned well for value appreciation [5] Sector Review - The white appliance sector has shown significant improvement in demand, with both domestic and export sales returning to double-digit growth in January 2026 [8][9] - The market share of leading brands has slightly increased, with Gree and Midea holding 20.1% and 29.9% respectively, while Haier's market share has improved [13] - Channel inventory levels have been decreasing, indicating a manageable risk in inventory [14] Trend Analysis - The report anticipates a favorable market environment in 2026 driven by domestic policies and emerging market demand [7] - The white appliance sector is expected to see a rebound in valuations as the market stabilizes [30] Company Recommendations - Specific companies recommended for investment include: - Huazhi Technology, focusing on new business areas such as liquid cooling and robotics [5] - Minbao Optoelectronics, entering high-demand PCB drilling markets [5] - Ugreen Technology, capitalizing on the overseas consumer electronics market [5] - Anfu Technology, with stable cash flow from battery operations and expansion into semiconductors [5] Market Dynamics - The report highlights the correlation between the real estate market and appliance sales, noting that air conditioning sales tend to lag behind real estate sales by several months [49] - The introduction of favorable policies is expected to stimulate market demand and improve sales performance [52]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [2][48]. Core Insights - The AWE2026 exhibition highlighted the significant trends of "embodiment + AI" in home appliances, showcasing advancements in executing household tasks and enhancing user experience [7][48]. - The integration of AI is expected to make home appliances smarter and more humanized, with products featuring advanced perception and decision-making capabilities [26][48]. - New product categories such as consumer-grade 3D printing and smart mobility are emerging, indicating further growth potential for the industry [32][48]. Summary by Sections AWE2026 Showcases "Embodiment + AI" Trends - The AWE2026 event, held from March 12-15, 2026, in Shanghai, attracted over 1,200 exhibitors and 200,000 visitors, focusing on AI technology and smart living scenarios [7][48]. - The exhibition featured a dual-zone model, emphasizing both consumer electronics and upstream core components [7]. Embodiment Enhances Appliance Execution - Home appliances are increasingly capable of executing household tasks effectively, with companies like Haier and Hisense showcasing robots designed for various domestic scenarios [9][48]. - Haier's family service robots demonstrate advanced capabilities, such as recognizing and sorting food items, while Hisense introduced humanoid robots for commercial and domestic use [9][48]. AI Enhances Intelligence and Humanization - AI models are being integrated into home appliances to improve their decision-making and service capabilities, with products like Haier's AI Eye 2.0 and Boss Appliances' AI cooking glasses leading the way [26][48]. - The report anticipates that as AI capabilities evolve, appliances will become more intuitive and user-friendly [26][48]. Emerging Product Categories Worth Noting - The report highlights the growth of consumer-grade 3D printing, with companies like Anker and JD.com launching innovative products aimed at expanding the market [32][48]. - In smart mobility, new products such as electric scooters and water flying vehicles were introduced, showcasing advancements in personal transportation [37][48]. Investment Recommendations - The report recommends investing in leading companies with competitive advantages, including Midea Group, Haier Smart Home, Hisense, and Gree Electric for white goods; Hisense Visual for TVs; and Roborock and Ecovacs for cleaning appliances [48].

Performance Summary - Fuyao Glass (03606.HK) reported a revenue of approximately 45.787 billion yuan for 2025, representing a year-on-year increase of 16.65%, with a net profit of about 9.312 billion yuan, up 24.2% [1] - Hengan International (01044.HK) achieved a revenue of 23.069 billion yuan in 2025, a 1.8% increase year-on-year, and a net profit of 2.535 billion yuan, up 10.3%. E-commerce and new retail sales revenue grew by 10.1%, with an annual gross margin improvement to approximately 33.8% [1] - Sunac China (01918.HK) expects a loss between 12 billion to 13 billion yuan for 2025, a reduction compared to the previous year, primarily due to gains from overseas debt restructuring [1] - Tencent Music (01698.HK) reported total revenue of 32.9 billion yuan for 2025, a 15.8% year-on-year increase, with a net profit of 11.06 billion yuan, up 66.4% [2] - China Eastern Education (00667.HK) achieved a revenue of 4.616 billion yuan in 2025, a 12.1% increase, with adjusted net profit of 792 million yuan, up 50.9% [4] - Hong Kong Electric (02638.HK) reported a revenue of 12.125 billion yuan for 2025, a 0.6% increase, and a net profit of 3.149 billion yuan, up 1.2% [5] - Longjiang Life Science (00775.HK) reported a revenue of 5.41 billion HKD, a 2% decrease, with a net loss of 187 million HKD, an increase of 47.61% year-on-year [3] Company News - Weisheng Holdings (03393.HK) won a supply contract for reclosers from CEMIG, Brazil's largest power company, valued at 138 million Brazilian Reais (approximately 182 million yuan or 206 million HKD), to be delivered in batches over the next two years [9] - Hong Kong International Holdings (00480.HK) partnered with Jiaxing Xiutuo Construction Investment Group to acquire a commercial land plot in Jiaxing for approximately 216.4 million yuan, planning to develop a shopping center [9] Financing and Buyback Activities - Xindong Company (02400.HK) repurchased 108,000 shares at a cost of approximately 7.911 million HKD, with prices ranging from 72.00 to 75.05 HKD [16] - Yum China (09987.HK) repurchased 18,500 shares for about 7.714 million HKD, with prices between 414.8 and 420.6 HKD [16] - CNOOC Oilfield Services (02883.HK) completed the issuance of 5 billion yuan in bonds through its wholly-owned overseas subsidiary [17]

股票代码：000921 股票简称：海信家电 公告编号：2026-006 海信家电集团股份有限公司 H 股公告-认购理财产品 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于 2026 年 3 月 17 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规 则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 海信家电集团股份有限公司董事会 2026 年 3 月 17 日 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 4 月 9 日至 2026 年 3 月 1 ...

股票代码：000921 股票简称：海信家电 公告编号：2026-005 海信家电集团股份有限公司 H 股公告-董事会会议通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于 2026 年 3 月 17 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规 则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 公告 董事會會議通知 海信家電集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於 2026 年 3 月 30 ...

每份百瑞信託理財協議本身並不構成本公司根據上市規則第 14.06 條須予披露的交易。然 而，根據上市規則第 14.22 條，當該等百瑞信託理財協議下的認購金額合併計算時，相關適 用百分比率（定義見上市規則）超過 5%但低於 25%。因此，該等百瑞信託理財協議下的交 易按合併計算基準構成本公司的須予披露交易，並須遵守上市規則下的申報及公告規定。 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 4 月 9 日至 2026 年 3 月 17 日期間，本公司的附屬公司空調營銷公 司、古洛尼公司、廚衛公司及冰箱營銷公司（作為認購方）訂立百瑞信託理財協議，以認 購百瑞信託理財產品，認購金額為人民幣 1,762,000,000 元。 本集團使用自有閒置資金支付該等百瑞信託理財協議下的認購金額。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE H ...

HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，本公司的執行董事為高玉玲女士、賈少謙先生、于芝濤先生、方雪玉女士及 代慧忠先生；本公司的獨立非執行董事為李志剛先生、蔡榮星先生及徐國君先生；及本公司 的職工代表董事為殷必彤先生。 1 公告 董事會會議通知 海信家電集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於 2026 年 3 月 30 日（星期一）舉行董事會會議，以處理以下事項： 承董事會命 海信家電集團股份有限公司 董事長 高玉玲 中國廣東省佛山市，2026 年 3 月 17 日 1. 審議批准本公司及其附屬公司截至 2025 年 12 月 31 日止 12 個月經審計的年度業績； 2. 考慮利潤分配方案之建議（如有）；及 3. 處理任何其他事項 ...

Investment Rating - The investment rating for the home appliance industry is "Positive" and maintained [10] Core Insights - The report indicates that the overall home appliance market in Europe and the United States is expected to remain stable in 2025, with retail data showing marginal improvement. However, the U.S. inventory replenishment cycle is nearing its end, and the impact of interest rate cuts on the real estate market has yet to materialize, leading to a cautious outlook for traditional white goods demand in 2026 [2][8] - Emerging markets still have low penetration rates for white goods, and the long-term logic of increasing consumer purchasing power driving product penetration remains unchanged. However, short-term trends for air conditioning demand, which is highly correlated with climate conditions, are uncertain [2][8] Summary by Sections U.S. and European Appliance Demand - In Q4 2025, the shipment volume of core home appliance products in the U.S., Western Europe, and Eastern Europe is expected to grow by 1%, -1%, and 2% year-on-year, respectively. Retail sales in U.S. appliance stores are projected to increase by 6.3% year-on-year, continuing a positive growth trend [5][18] - U.S. consumer spending on durable goods has seen a year-on-year increase of 1.8%, marking the seventh consecutive quarter of positive growth. Retail inventory levels in the U.S. appliance sector are in a replenishment phase, with a sales-to-inventory ratio of 1.61, indicating that the current replenishment cycle may be nearing its end [5][18] Domestic Appliance Exports - In Q4 2025, China's appliance export volume is expected to decline by 4.8% year-on-year, with a corresponding value drop of 8.9%. The export performance varies significantly by product category, with air conditioning exports down by 25.3%, while washing machines see a growth of 17.9% [6][32] - The overall performance of Chinese white goods exports in emerging markets is better compared to mature markets, with significant growth observed in regions like Africa and Southeast Asia [6][35] Financial Performance of Overseas Leaders - Major overseas white goods companies, including Whirlpool and Electrolux, have reported stable performance, although they maintain a cautious outlook for 2026. The demand in regions like the Middle East, Africa, and Southeast Asia has shown good growth, while competition in Latin America is intensifying [7][40] - In 2025, Whirlpool's revenue is expected to decline by 6.5%, primarily due to external factors, while Electrolux's organic sales in Europe and Asia-Pacific are projected to grow by 1.6% [40][41] Investment Recommendations - The report suggests focusing on white goods leaders with strong global localization capabilities, established brands, channels, and production capacity in overseas markets. Key recommendations include Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances [8]

Group 1 - The report emphasizes the importance of boosting consumption and stabilizing the real estate market as highlighted in the recent Two Sessions [1] - The home appliance sector is expected to see a gradual improvement in both domestic and foreign sales, with key categories likely to benefit from continued subsidies throughout the year [3][12] - The report forecasts that the overall performance of the home appliance sector in 2026 will be stable, with domestic demand consolidating and foreign demand showing signs of recovery [3][12] Group 2 - In January and February, the domestic and foreign sales of air conditioners are projected to see a narrowing decline, with a significant increase in retail sales for washing machines and refrigerators [3][12] - The report identifies strong operational resilience among leading brands, with a notable emphasis on overseas expansion and capacity building in emerging markets [3][12] - The report suggests that the current relative valuation of the home appliance sector is at historically low levels, indicating potential for upward adjustment as fundamentals improve [3][12] Group 3 - Recommended stocks include leading white goods manufacturers such as Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric [3][12] - For the TV segment, the report recommends Hisense Visual and suggests monitoring TCL Electronics due to their strong market positions [3][12] - In the cleaning appliance category, Stone Technology and Ecovacs are highlighted as key players, while kitchen appliance leaders such as Boss Electric, Supor, and Bear Electric are also recommended for their innovative product strategies [3][12]