2025年家电市场迎来新变局，立式冰柜凭借省空间、高颜值、强功能等优势跃升趋势品类，成为行业瞩 目的新风口。在这一浪潮中，海尔冷柜凭借前瞻的技术布局与美学设计，持续引领立式冰柜的产品创 新。 年轻用户的需求重构是立式冰柜风口形成的核心逻辑。与传统卧式产品相比，立式冰柜占地面积更小、 取物更便捷，同时外观更契合现代家居风格。市场数据显示，立式冰柜正从边缘品类跃升为厨房"新刚 需"。2025年上半年立式冰柜搜索量同比激增，其中"外形美观""占地面积小"成为高频关联词。 海尔麦浪立式冰柜的推出，正是对这一趋势的精准回应。设计上，其打破传统银灰工业风，首次把"暖 色美学"搬到了冰柜上，可适配奶油风、原木风等主流家装。技术层面，通过模块化功能配置，搭载原 创HCF鲜冻保湿科技、独立制冰技术等，精准回应年轻人对高品质、多功能储鲜以及冷冻保湿的多重需 求。 在年轻人主导的家电市场变革中，立式冰柜的风口效应将持续释放。企业唯有精准把握需求变化，打造 真正契合年轻人生活方式的产品，才能在这轮新风口中获得持续增长动力。海尔麦浪立式冰柜的成功， 不仅为行业提供了参考，也展现出以用户为中心的产品思路所带来的市场竞争力。 9月26日， ...

Core Viewpoint - Haier's Thailand production base in Chonburi officially commenced operations, marking a significant step in the company's green development strategy and global expansion in the air conditioning sector [1][2] Group 1: Production and Capacity - The Chonburi base has an annual planned production capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia [1] - The base utilizes photovoltaic power generation, with an estimated annual output of 9 megawatts, leading to a 70% reduction in energy consumption and significant savings on electricity costs [1] Group 2: Green Initiatives - The production facility aims for zero carbon operations, saving approximately 3,842.89 tons of standard coal annually and reducing carbon dioxide emissions by 6,913.87 tons, sulfur dioxide by 1.06 tons, and nitrogen oxides by 1.7 tons each year [2] - The base has received the highest A2+ certification from Thailand's BOI, positioning it as a benchmark for sustainable factory construction in the industry [2] Group 3: Product Innovation - Haier plans to launch several green products, including the UV Cool air conditioner in 2025, which features AI ECO functionality for real-time energy consumption display and automatic power adjustment to meet energy goals [1] - The new product also includes offline voice control and an air purification module, enhancing user convenience and comfort [1] Group 4: Social Impact and ESG Commitment - The production base is expected to attract around 110 domestic and international suppliers, creating over 3,000 jobs in the local area over the next three years [2] - The facility promotes cultural exchange and talent development between China and Thailand, contributing positively to the social fabric of both countries [2]

博主秦朔曾分享过一个耐人寻味的故事：一位跨国公司中国区高管翻新住了16年的房子，年轻设计师告 诉他，如今中国家电从品质到智能化早已脱胎换骨，不少曾经的国外品牌已被中国企业收购。 最终这位高管全屋换成中国品牌，其中最受信赖的，正是连续16年稳居全球大型家电销量榜首的海尔。 人们往往聚焦于海尔从传统家电厂商到横跨智慧住居、大健康、数字经济三大产业生态巨头的蜕变，却 鲜少深究背后的支撑逻辑。 实则驱动其持续进化的核心密码，是已走过20年的"人单合一"管理模式，这套模式不仅让海尔成为行业 标杆，更给困扰管理学界一个多世纪的"组织难题"，交出了一份中国答案。 家电换新的背后 16年间，家电市场从"国外品牌主导"到"中国品牌崛起"，表面是产品的迭代，内核却是企业组织逻辑的 革新，即如何处理组织与人的关系。 互联网普及前，全球企业普遍沿用20世纪初确立的管理范式：金字塔式层级架构、标准化作业流程、明 确的分工与控制体系。 这套模式在工业时代展现出强大效率，但当"变化成为唯一不变"的数字时代到来，其僵化弊端便暴露无 遗。 正如彼得・德鲁克早在上世纪末便警示，传统科层制组织若不适应时代变化，终将失去活力。 在不少老牌制造企业中 ...

Investment Rating - The report indicates a cautious outlook for the home appliance sector, with the sector underperforming compared to the CSI 300 index, as evidenced by a 0.7% decline in the SWS home appliance index while the CSI 300 rose by 1.1% [3][4]. Core Insights - The report highlights three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, which is characterized by undervaluation, high dividends, and stable growth. The report anticipates a volume and price increase in the white goods supply chain, recommending companies like Hisense, Midea, Haier, and Gree [3][4]. 2. **Exports**: Companies with significant customer orders, such as Ousheng Electric and Dechang Shares, are expected to see revenue growth driven by overseas demand recovery and new domestic products [3]. 3. **Core Components**: The report notes that the demand for core components in the white goods sector is exceeding expectations, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages and growth potential in thermal management components [3]. Industry Dynamics - Haier's air conditioning industrial park in Thailand has officially commenced production, with an annual planned capacity of 6 million units, making it the largest air conditioning manufacturing base for Chinese brands in Southeast Asia. The facility covers a wide range of air conditioning products and incorporates multiple intelligent production lines [9][56]. - Hisense's HHA smart manufacturing industrial park has begun construction, which is set to be the largest overseas industrial park for Hisense, aiming for completion by 2030. The park will utilize advanced technologies to enhance production efficiency and environmental standards [10][56]. Data Observations - In August, sales of cleaning appliances such as vacuum and washing machines saw significant year-on-year increases, with vacuum sales rising by 45.13% to 275,700 units and sales revenue increasing by 57.96% to 326 million yuan. The average price for vacuum cleaners rose by 8.84% to 1,181 yuan per unit [29][30]. - Conversely, sales of hair dryers declined by 19.04% to 1,160,500 units, with revenue dropping by 22.79% to 27 million yuan. The average price for hair dryers fell by 4.64% to 232.3 yuan per unit [37][38].

行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 评 相关研究 - 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.co m 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 2025 年 09 月 27 日 海尔泰国春武里空调工业园正式投 产，海信泰国智能制造工业园开工 看好 ——《2025/9/22-2025/9/26》家电周报 资料来源：iFinD，申万宏源研究 重点公司方面，海信视像（12.7%）、海信家电（7.2%）、比依股份（3.6%）领涨， 光峰科技（-8.7%）、亿田智能（-6.9%）、荣泰健康（-5.2%）领跌。 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 光峰科技 亿田智能 荣泰健康 老板电器 火星人 浙江美大 极米科技 华帝股份 苏泊尔 公牛集团 飞科电器 海尔智家 小熊电器 奥佳华 倍轻松 新宝股份 ...

Group 1 - The core viewpoint of the article highlights the projected decline in China's electronic computer production in 2025, with an expected output of 27.64 million units, representing a year-on-year decrease of 8.2% [1] - In the first seven months of 2025, the cumulative production of electronic computers in China reached 207.021 million units, showing a cumulative growth of 5.7% compared to the previous year [1] Group 2 - The report referenced is the "2025-2031 China Computer Industry Market Production and Sales Pattern and Future Outlook Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [2]

今年以来该股累计进行73次回购，合计回购4202.25万股，累计回购金额10.57亿港元。（数据宝） 证券时报 数据宝统计，海尔智家（600690）在港交所公告显示，9月26日以每股24.760港元至25.240港 元的价格回购80.00万股，回购金额达2003.07万港元。该股当日收盘价24.840港元，下跌0.88%，全天成 交额5.83亿港元。 自9月25日以来公司已连续2日进行回购，合计回购140.00万股，累计回购金额3519.86万港元。 其间该 股累计下跌5.62%。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.09.26 | 80.00 | 25.240 | 24.760 | 2003.07 | | 2025.09.25 | 60.00 | 25.440 | 25.100 | 1516.79 | | 2025.09.23 | 40.00 | 26.160 | 25.760 | 1037.35 | | 2025.09.22 | 35.00 | 26.400 ...

海尔智家回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.09.26 | 80.00 | 25.240 | 24.760 | 2003.07 | | 2025.09.25 | 60.00 | 25.440 | 25.100 | 1516.79 | | 2025.09.23 | 40.00 | 26.160 | 25.760 | 1037.35 | | 2025.09.22 | 35.00 | 26.400 | 26.180 | 920.69 | | 2025.09.19 | 30.00 | 27.000 | 26.720 | 807.81 | （文章来源：证券时报网） 证券时报·数据宝统计，海尔智家在港交所公告显示，9月26日以每股24.760港元至25.240港元的价格回 购80.00万股，回购金额达2003.07万港元。该股当日收盘价24.840港元，下跌0.88%，全天成交额5.83亿 港元。 自9月25日以来公司已连续2日进行回购，合计回购140.00万股， ...

而随着高端生鲜需求不断扩大，用户对食材风味、口感也有了更高要求。对此，海尔冰箱联合中科院， 历时5年、经过超10000次实验研发，创新出"磁控全空间保鲜科技"，达到了冷鲜肉放冷藏10天红嫩鲜 香，深海鱼虾放冷冻60天新鲜如初的效果。 来源：环球网 【环球网科技综合报道】9月26日，在海尔麦浪冰箱9系新品发布会上，海尔集团副总裁、制冷产业总经 理吴勇道出了答案："我们只是做了一件事，就是听劝。" "听劝"不仅是捕捉用户需求，更是让用户成为麦浪冰箱的设计师。这一共创故事始于2024年底，在数字 化转型战略指导下，海尔冰箱通过自研AI交互平台链接百万用户，精准锁定"传统冰箱难融于暖色家 装"的痛点。随后，研发团队远赴江布拉克采集4000多组自然色，最终由用户投票选定"日出麦浪色"作 为主色，"麦浪"之名也由此而来。 此前，通过原创的阻氧干湿分储、冷冻智能恒温科技，海尔冰箱率先实现了果蔬存储7天堪比第一天， 珍品干货9个月营养如初、冻肉存30天仍原汁原味，达到"一级健康保鲜效果"。 此外，海尔麦浪冰箱新品外观升级为动态渐变面板，呈现风吹麦浪的视觉律动，结合594mm专业超薄 零嵌科技，能够完美融于不同家居风格。体验官 ...

格隆汇9月26日丨海尔智家(06690.HK)公告，9月26日耗资2003万港元回购80万股。 ...