据香港交易所披露，贝莱德(BlackRock)对海尔智家股份有限公司-H股的多头持仓比例于2025年12月11 日从7.57%降至6.88%。 ...

Core Viewpoint - The ongoing debate over "aluminum replacing copper" in the air conditioning industry has intensified following comments from Gree Electric's chairman, Dong Mingzhu, emphasizing that aluminum has not yet reached the technical standards necessary to replace copper [1][7]. Group 1: Industry Standards and Developments - The China Refrigeration Society released a group standard for aluminum tube fin heat exchangers on December 11, 2023, with major manufacturers like Gree, Midea, Haier, Xiaomi, Hisense, TCL, and Aux participating in the standardization process [1][8]. - A new round of discussions on national standards for heat exchangers is expected to take place in January 2026 [1][8]. Group 2: Industry Disagreements - Several air conditioning companies, including Haier, Midea, and Xiaomi, have joined a self-regulatory agreement to promote aluminum heat exchangers while avoiding false claims and enhancing consumer trust [2][8]. - Gree has not joined this agreement, with Dong Mingzhu stating that the company will consider aluminum only when it can fully replace copper [2][9]. Group 3: Economic Factors - The debate over "aluminum replacing copper" has persisted for over a decade, often reignited by fluctuations in copper prices, which have recently reached historical highs, with LME copper prices exceeding $11,461 per ton [3][9]. - The copper-aluminum price ratio has remained between 2.5 and 4.5 since the supply-side reforms of 2017-2018, with the current ratio at 3.8 as of November 2025 [3][10]. Group 4: Technical Considerations - Concerns regarding aluminum's inferior thermal conductivity, strength, and corrosion resistance compared to copper have been raised, suggesting that using aluminum could negatively impact the lifespan and reliability of air conditioning units [3][6]. - The application of aluminum in refrigerators has progressed more rapidly, with aluminum accounting for nearly 90% of the cooling systems, while air conditioning remains more complex due to varying operational conditions [5][11]. Group 5: Policy Support - The Chinese government has elevated the "aluminum replacing copper" initiative to a policy level, with a plan issued in March 2025 to promote aluminum consumption in various sectors, including home appliances [4][10].

Group 1 - BlackRock's long position in Haier Smart Home Co., Ltd. H-shares increased from 6.95% to 7.43% as of December 9, 2025 [1]

从年度经济会议展望 2026 年消费趋势 20251214 摘要 2026 年需求端预计稳定，CPI 大概率上行，消费行业或有绝对收益，收 益大小取决于价格弹性。服务业预计优于大众消费，大众消费优于高端 消费。食品饮料大众品已企稳，高端白酒面临去库存压力。 短期看好旅游出行，元旦春节假期延长及春秋假推动旅游行业增长。黄 金珠宝短期景气，金价稳定则公司业绩增长可观。关注高分红标的如行 动教育、重庆百货及特来股份。 预计 2026 年国补政策延续，总金额或超预期。家电板块虽今年表现不 佳，但明年补贴资金预计与今年相当或略增。家电及相关产品预计获约 1,000 亿补贴，前景乐观。 预计 2026 年手机市场规模约 6,000 亿元，引导向高附加值产品。传统 家电和四大品类将继续获补贴，扫地机器人等高附加值产品也有望获补 贴。 预计 2026 年宏观经济环境总体稳健，前低后高。上半年或有压力，下 半年减小，一季度到二季度后或迎拐点。若两会后房地产市场有积极表 述，将带动需求。 Q&A 中央经济工作会议对内需和消费的重视体现在哪些方面？ 会议强调了内需的重要作用，特别是提振消费专项行动的实施，并制定了乡村 居民增收计划 ...

Core Insights - The home appliance industry is currently in a stock competition phase, where companies typically engage in price wars and marketing battles to gain market share. However, Haier Smart Home has demonstrated a different approach, achieving significant revenue and profit growth while reducing sales expenses [1][4]. Group 1: Financial Performance - Haier Smart Home's revenue increased from 227.1 billion yuan in 2021 to 285.9 billion yuan in 2024, a growth of 58.8 billion yuan [1][3]. - The company's profit rose from 13.067 billion yuan in 2021 to 18.741 billion yuan in 2024, an increase of approximately 5.7 billion yuan [1][3]. - Sales expense ratio decreased from 16.1% in 2021 to 11.7% in 2024, a reduction of 4.4 percentage points [3][4]. - Absolute sales expenses fell from 36.5 billion yuan in 2021 to 33.5 billion yuan in 2024, a decrease of 3 billion yuan [3][4]. Group 2: Cost Reduction Strategies - Haier Smart Home achieved cost reduction through comprehensive digital transformation across all processes, including R&D, manufacturing, supply chain, marketing, logistics, and service [4][5]. - The company improved logistics efficiency by increasing direct delivery from company to user, with 74% of orders from county specialty stores being directly delivered to users by the end of September [4][5]. - Global brand and channel expansion has reached a harvest period, leading to reduced costs in overseas sales as the brand matrix is now well-established [4][5]. Group 3: Product Strategy and Innovation - The company focuses on high-end brands and product suites, which enhance pricing power while lowering costs. For instance, the Casarte brand saw an 18% revenue growth in the first three quarters, leading in the high-end appliance market [5][6]. - The sales proportion of Casarte suite products increased to 36%, up 7% year-on-year, while Haier brand suite products rose to 15%, up 11% year-on-year [5][6]. - R&D investment has consistently increased from 8.364 billion yuan in 2021 to 10.74 billion yuan in 2024, indicating a significant annual growth rate [5][6].

文丨《BUG》栏目 周文猛 近日，海尔、美的、小米、TCL等多家企业联合发声将遵守空调《空调铝强化应用研究工作组自律公 约》（下称"自律公约"），表态将全面认同并严格遵守公约各项条款，共同维护行业整体形象与竞争 力，为空调"铝代铜"技术突破与高质量发展注入动力。 值得注意的是，此次发声遵守"自律公约"的企业中，除了格力电器外，其他头部空调企业均悉数到场。 今年以来，格力电器先后多次表态"没有空调'铝代铜'计划"，在行业集体发声遵循"自律公约"并有序推 动"铝代铜"的背景下，格力的做法有些格格不入。 在与《BUG》栏目沟通中，格力最新回应称："目前没有'铝代铜'计划，铜材在导热性、耐腐蚀性和长 期可靠性方面具有优势，在没有100%把握之前，格力空调不会铝代铜"。 一方面，是整个空调行业对于"铝代铜"进展的热切观望，另一方面，却是头部厂商明确表态"没有把 握"。空调行业的"铝代铜"推进工作，道阻且长。 美的、海尔等共推"铝代铜"，格力却"缺席"了 近日举办的2025中国家电科技年会上，空调领域"铝代铜"创新应用及产业标准落地成为一大重点。大会 期间，由海尔、海信等企业参与的《房间空调器用铝管翅式热交换器生产线建设 ...

责任编辑：安东 格隆汇12月10日丨海尔智家(06690.HK)公告，12月10日耗资454万元回购17万A股，回购价格每股26.63- 26.79元。 财经频道更多独家策划、专家专栏，免费查阅>> ...

智通财经APP讯，海尔智家(06690)发布公告，于2025年12月10日，该公司斥资454.02万元回购17万股A 股。 ...

海尔智家（600690）(06690)发布公告，于2025年12月10日，该公司斥资454.02万元回购17万股A股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 海爾智家股份有限公司 呈交日期： 2025年12月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600690 | 說明 | | 每股面值人民幣1元之普通股(A股) (於上海證券交易所上市) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事 ...