中信建投研报指出，2025年炎夏侵袭全球，空调需求景气向好。今年夏季极端高温天气频发。根据历史数据 回溯，气温变化与空调销量显著正相关。受"热穹顶"效应和全球变暖趋势影响，北半球出现极端高温天气， 按历史经验有望大幅拉动空调内、外销量提升。同时，新一轮的限额式国补资金将陆续到位，有望接力刺激 国内需求释放，三季度夏季空调需求整体向好。 空调是白色家电行业重要组成部分。 从市场份额看，2023年空调线上市场形成"两超一强"格局：美的、格力零售额占比均达28.1%，海尔以 11.6%位列第三;线下市场则呈现"美格争霸"态势，美的以34.6%的占比微弱领先格力的32.4%，海尔14.4%的 份额稳居第三。 （图片来源：摄图网） 近期，我国东北地区及内蒙古出现罕见持续高温天气，部分地区最高气温超过35℃，甚至达到37℃以上。内 蒙古根河市6月27日气温飙升至33.4℃，其下属乡镇最高达36.5℃，呼伦贝尔市多地气温持续在35℃以上。东 北多所高校学生纷纷在社交媒体吐槽"热到怀疑人生"，极端天气不仅改变了人们对东北"避暑胜地"的固有认 知，更直接引爆了空调市场的消费热潮。 7月7日，小米集团副总裁、中国区总裁王晓雁微博 ...

Investment Rating - The report suggests a positive outlook for the home appliance industry, indicating a strong growth potential driven by domestic demand and favorable policies [7][47]. Core Insights - The 618 home appliance market in 2025 showed robust growth, with major categories experiencing increases in both retail volume and value, particularly in white goods and black goods [2][13]. - The recent US-Vietnam trade agreement is expected to boost sentiment in the Chinese home appliance export chain, providing greater policy certainty for regional export chains [3][21]. - The home appliance sector is transitioning from price-driven competition to a focus on user experience and product value, with significant upgrades in product structures [20][45]. Market Performance Tracking - The overall market is showing a recovery trend, with white goods maintaining stable prices and black goods experiencing significant growth, particularly in the TV market, which saw a 9.7% increase in volume and a 14.5% increase in value during the 618 period [2][13]. - The air conditioning segment demonstrated strong growth, with retail sales increasing over 15% both online and offline, driven by leading brands like Midea, Xiaomi, and Haier [15][20]. - The washing machine market also saw substantial growth, with online and offline retail sales increasing by 17.1% and 12.1% respectively, indicating a shift towards larger capacity and upgraded features [15][20]. Raw Material Price Tracking - Recent trends show a decrease in copper and aluminum prices, with copper down 0.69% and aluminum down 0.23% in the last week, while cold-rolled steel prices increased by 2.58% [29][34]. Exchange Rate and Shipping Price Tracking - As of July 4, 2025, the USD to RMB exchange rate was reported at 7.15, with a slight decrease of 0.01% week-on-week [35][36]. Investment Recommendations - The report highlights three main investment themes: 1) Opportunities in new product forms and industry phases 2) Quality companies with solid fundamentals focusing on robotics 3) Leading companies in the black and white goods sectors [7][47].

智通财经7月4日电，香港交易所信息显示，贝莱德在海尔智家的持股比例于06月30日从7.13%降至 6.92%。 ...

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

Core Insights - The "Top 500 Listed Companies in China" list for the first half of 2025 reveals the resilience and vitality of the capital market, with major companies maintaining stability and financial giants showing improved rankings [2][3]. Group 1: Market Overview - The number of companies with a market capitalization exceeding 1 trillion yuan remains at 14, indicating the strong market dominance of super-large enterprises [2]. - The average market capitalization of the top 500 companies reached 160.1 billion yuan, with a median of 69.2 billion yuan and a minimum of 35.5 billion yuan, reflecting a steady increase in overall market value [2]. - The Hong Kong market saw a total market capitalization growth of 9.67%, driven by strong performance in financial stocks and some A-share leaders choosing to list in Hong Kong [2]. Group 2: Sector Performance - The financial sector continues to dominate, with a significant market capitalization increase of 13.13%, reaching 21.121 trillion yuan [3]. - The healthcare and industrial sectors also exhibited strong growth, with market capitalizations increasing by 10.22% and 7.75%, respectively [3]. - Conversely, the consumer discretionary, consumer staples, and real estate sectors experienced a decline in market capitalization [3]. Group 3: Company Highlights - Shandong Province has 21 A-share listed companies in the top 500, with notable sectors including home appliances, chemicals, optical communications, equipment manufacturing, energy, and consumer goods [4]. - Haier Smart Home is the only company from Shandong with a market capitalization exceeding 200 billion yuan, reaching 213.49 billion yuan [4]. - Zhongji Xuchuang, a key player in high-speed optical interconnection solutions, achieved a remarkable market capitalization growth of 48.73%, reaching 16.21 billion yuan, placing it in the top 20 for market capitalization growth [4].

Group 1 - The total R&D investment of listed companies in 2024 reached 1.56 trillion yuan, an increase of 8.09% year-on-year, with over 200 companies showing a growth rate exceeding 50% [1][2] - Nearly 250 companies in A-shares invested over 1 billion yuan in R&D, with 22 companies exceeding 10 billion yuan [1][2] - The average R&D investment per company reached 377 million yuan, setting a new historical record, while the R&D intensity increased to 3.08%, up approximately 0.7 percentage points from the previous year [1][2] Group 2 - The main board led R&D spending at 1.29 trillion yuan, with a year-on-year growth of 8.4%, while the Sci-Tech Innovation Board saw the highest growth rate at 10.74% with 126.6 billion yuan in R&D investment [2] - Strategic emerging industries accounted for a significant portion of R&D growth, with a total investment of 312.2 billion yuan, reflecting an 11.32% increase year-on-year [2] - BYD topped the A-share companies with R&D investment of 54.2 billion yuan, showing a year-on-year increase of over 30%, while CATL invested 18.607 billion yuan, with a R&D ratio of 5.14% [2][3] Group 3 - Great Wall Motors and Changan Automobile both exceeded 10 billion yuan in R&D investment, with Great Wall's revenue surpassing 200 billion yuan for the first time [3] - Other notable companies with over 10 billion yuan in R&D investment include Midea Group, BOE Technology Group, Hikvision, and Haier Smart Home, many of which have maintained this level of investment for three consecutive years [3] - Cambrian's R&D investment reached 1.07 billion yuan, accounting for 91% of its revenue, with a significant revenue increase of 4230% year-on-year in Q1 [3]

Summary of Key Points from the Conference Call Industry Overview - The home appliance sector is experiencing a notable performance, particularly in the white goods segment, despite a decline in government subsidies affecting valuations [2][11] - The central government announced a new subsidy plan of approximately 130 billion, boosting market confidence [2] Core Insights and Arguments - **White Goods Performance**: The white goods segment showed strong sales demand in Q2, with leading companies like Midea and Haier experiencing significant growth in installation cards [1][2] - **Subsidy Impact**: The reduction in government subsidies has had a limited impact on performance, primarily affecting sentiment rather than actual results [3][11] - **Market Dynamics**: The shift in market style has led to a transition of funds from small-cap to large-cap stocks, contributing to the recent performance of the home appliance sector [2] - **Sales Trends**: Sales of small appliances have improved since Q4 of the previous year, with notable revenue growth for leading companies like Bear and Supor during the 618 shopping festival [1][4] Segment Performance - **Major Appliances**: The white goods segment is expected to maintain strong competitiveness, with leading companies achieving double-digit profit growth in Q2 [5] - **Black Goods**: The upgrade in product structure, particularly in high-end Mini LED TVs, has led to a significant increase in average prices for leading brands [3][4] - **Small Appliances**: The competitive landscape for small appliances has improved, with profit margins showing significant recovery [1][4][9] Valuation and Dividend Insights - **Valuation Metrics**: - Gree: Valuation around 7x, dividend yield approximately 7% [6] - Midea: Valuation around 12x, dividend yield including buybacks about 6% [6] - Haier: Valuation around 10x, dividend yield between 4-5% [6] - **Market Performance**: These valuation levels are expected to support market performance for these companies [6] Future Outlook - **Market Expectations**: The probability of continued government subsidies next year is high, although the marginal effect may weaken [5] - **Export Dynamics**: Leading white goods companies derive over half of their business from overseas markets, which may offset domestic fluctuations due to subsidy reductions [7][11] - **Investment Recommendations**: Companies with solid performance and elasticity, such as Hisense, Bear, and TCL, are recommended for investment [12] Additional Insights - **Competitive Landscape**: Stone Technology has emerged as a leading brand in the vacuum cleaner market, with expectations for profitability to improve in Q3 despite short-term pressures [10] - **Sector Resilience**: The home appliance sector is expected to maintain positive growth in annual or quarterly profits, even with potential short-term declines in retail sales [7]

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 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 股票简称：海尔智家 股票代码：600690 公告编号：临2025-047 海尔智家股份有限公司 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2025年7月2日 於本公告日期，本公司執行董事為李華剛先生及Kevin Nolan先生；非執行董事為 宮偉先生、俞漢度先生、錢大群先生及李少華先生；獨立非執行董事為王克勤先 生、李世鵬先生、吳琪先生及汪華先生；及職工董事為孫丹鳳女士。 * 僅供識別 1 月，即自 2025 年 7 月 3 日至 20 ...

Core Viewpoint - The CS Internet of Things Index (CS IoT, 930712) experienced a decline of 1.66%, closing at 2889.9 points, with a trading volume of 43.852 billion yuan, indicating a volatile market environment for IoT-related stocks [1] Group 1: Index Performance - The CS IoT Index has increased by 5.70% over the past month, decreased by 1.97% over the last three months, and has seen a slight increase of 0.23% year-to-date [1] - The index was established on June 29, 2012, with a base point of 1000.0 [1] Group 2: Index Composition - The top ten weighted stocks in the CS IoT Index are: Luxshare Precision (8.64%), Zhongji Xuchuang (6.2%), Huichuan Technology (6.1%), OmniVision Technologies (5.33%), ZTE Corporation (5.18%), Midea Group (4.98%), Haier Smart Home (4.82%), Hikvision (4.78%), iFlytek (4.77%), and Zhaoyi Innovation (4.03%) [1] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (69.63%) and the Shanghai Stock Exchange (30.37%) [1] Group 3: Sector Allocation - The sector allocation of the CS IoT Index includes: Information Technology (63.41%), Communication Services (17.77%), Consumer Discretionary (9.80%), and Industrials (9.02%) [1] Group 4: Index Adjustment and Tracking Funds - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the CS IoT Index include: E Fund CS IoT Theme Connection A, E Fund CS IoT Theme Connection C, Huaxia CS IoT Theme Connection A, Huaxia CS IoT Theme Connection C, and several ETFs [2]

Group 1 - BlackRock's stake in Haier Smart Home increased from 6.99% to 7.18% as of June 26 [1]