Core Viewpoint - The Shanghai Stock Exchange has actively promoted the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative this year, with listed companies and major shareholders responding positively to regulatory calls through "increases in holdings and buybacks" to enhance investor returns and stabilize market expectations [1] Summary by Category Increase in Holdings - From January to November, 210 companies on the Shanghai Stock Exchange disclosed new increase plans, with a total planned increase amount of 649.84 billion, representing a 25.43% increase compared to 518.10 billion in the same period last year [1] - Among these, 177 companies on the main board disclosed new increase plans, with a total planned increase amount of 628 billion, a 27% increase from 493 billion in the previous year [1] - Notable companies with significant planned increases include China Yangtze Power (40 billion to 80 billion), China Petroleum (28 billion to 56 billion), and China National Offshore Oil Corporation (20 billion to 40 billion) [1] Share Buybacks - From January to November, 252 companies on the Shanghai Stock Exchange disclosed new buyback plans, with a total planned buyback amount of 671.67 billion [1] - On the main board, 163 companies disclosed new buyback plans, with a total planned buyback amount of 582 billion [1] - Major companies with substantial planned buybacks include Kweichow Moutai (15 billion to 30 billion), Sany Heavy Industry (10 billion to 20 billion), and Haier Smart Home (10 billion to 20 billion) [1]

行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 2025 年 12 月 07 日 石头科技发布黑五战报，莱克电气 公告参与认购投资基金 看好 ——《2025/12/1-2025/12/5》家电周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 - ⚫ 本周家电板块指数跑赢沪深 300。本周申万家用电器板块指数上涨 1.8%，同期沪深 300 指数上涨 1.3%。重点公司方面，莱克电气（8.3%）、石头科技（6.6%）、华翔股 份（5.2%）领涨；亿田智能（-7.9%）、浙江美大（-6.9%）、火星人（-4.6%）领 跌。 ⚫ 行业动态：1）石头科技发布黑五战 ...

Core Insights - The air conditioning industry is undergoing a critical phase of "breaking through and restructuring," driven by policies promoting low-carbon transformation and extreme high-temperature weather, which together release market demand [1] - The report aims to provide a comprehensive overview of industry trends, consumer market dynamics, and user needs, while analyzing benchmark cases of comfortable and healthy air conditioning [1] Policy and Technology - The dual drivers of policy guidance and technological innovation are reshaping the air conditioning market, promoting energy-efficient products and supporting the green transformation of the industry [2] - National and local policies, such as the "Accelerating Energy Conservation and Carbon Reduction in the Building Sector," provide strategic guidance and policy support for energy-saving renovations [2] Market Dynamics - The air conditioning market is entering a mature phase with a stable scale, where online sales account for 60% of the market, highlighting the dominance of traditional e-commerce as a core traffic entry point [5] - Price differentiation is evident in online sales, with low-priced (below 1599) and high-priced (above 3000) 1.5P wall-mounted units both seeing increased market share [5] Consumer Demand - Social media discussions reflect the evolving consumer demands for air conditioning, with energy efficiency, comfort, cooling performance, aesthetics, and health becoming the top topics for 2025 [9] - The shift from basic temperature regulation to a focus on comfort, health, and aesthetics indicates a significant evolution in consumer expectations [11] High-End Market Trends - The high-end air conditioning segment is evolving towards a comprehensive experience that integrates extreme comfort, health purification, aesthetic design, and smart connectivity [13] - The transition from "selling products" to "selling lifestyles" emphasizes the need for air conditioning solutions that cater to specific living scenarios and emotional needs [15] Consumer Segmentation - The main consumer groups for air conditioning are shifting, with post-00s and post-90s families becoming the primary buyers, particularly in first-tier cities where comfort is a top priority [19] - The motivations for purchasing air conditioning are evolving from basic needs to a desire for higher quality, better experiences, and compatibility with home environments [21] Purchase Channels and Influences - JD.com has established itself as the leading information channel and ordering platform for air conditioning, with social media and short video platforms playing a significant role in consumer decision-making [24] - Performance and quality are the foundational concerns for consumers, with comprehensive experience becoming a key factor in purchase decisions [28] Product Features and Consumer Feedback - High satisfaction rates (over 99%) for features like "no-wind" and "quiet operation" indicate strong consumer preference for comfort and health functionalities in air conditioning products [56] - The integration of health features, such as air purification and self-cleaning technologies, enhances the overall value proposition of air conditioning units [55] Collaborative Innovations - JD.com collaborates with major brands like Gree, Haier, and TCL to promote air conditioning products that emphasize comfort and health, responding to the trend of upgrading consumer experiences [59][61][63][67][69]

青岛海尔电冰箱有限公司，成立于1994年，位于青岛市，是一家以从事电气机械和器材制造业为主的企 业。企业注册资本21171.126379万人民币。通过天眼查大数据分析，青岛海尔电冰箱有限公司共对外投 资了2家企业，参与招投标项目627次，财产线索方面有商标信息160条，专利信息5000条，此外企业还 拥有行政许可10个。 海尔智家股份有限公司，成立于1994年，位于青岛市，是一家以从事电气机械和器材制造业为主的企 业。企业注册资本943811.4893万人民币。通过天眼查大数据分析，海尔智家股份有限公司共对外投资 了59家企业，参与招投标项目1847次，财产线索方面有商标信息285条，专利信息5000条，此外企业还 拥有行政许可10个。 国家知识产权局信息显示，海尔智家股份有限公司取得一项名为"制冷设备的控制方法及制冷设备"的专 利，授权公告号CN116164485B，申请日期为2021年11月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 天眼查资料显示，大连海尔电冰箱有限公司，成立于2001年，位于大连市，是一家以从事仪器仪表制造 业为主的企业。企业注册资本 ...

Core Viewpoint - The article discusses the strategic opportunities presented by the upcoming closure of Hainan Free Trade Port, emphasizing how companies can leverage this to enhance global resource connectivity and business growth [1][3]. Group 1: Haier Group - Haier Group views the policy changes associated with Hainan's closure as a historic strategic opportunity, enabling significant cost reduction and efficiency improvements through policy benefits [3]. - The company aims to explore new technologies and business models in sectors like smart home, health, and digital economy, driving innovation for high-quality development [5]. - Haier has maintained its goal of creating a "world-renowned brand" from China, emphasizing the importance of long-term commitment and technological innovation in achieving global competitiveness [5][6]. - The company has established a "three-step" strategy for globalization, focusing on local market integration and building a global brand matrix to meet diverse consumer needs [6]. Group 2: Qianji Technology - Qianji Technology sees Hainan's closure as a chance to expand into international markets and build a global low-altitude economy innovation hub [8]. - The company plans to leverage duty-free shopping and low-altitude tourism to create immersive cultural experiences, integrating technology with cultural expression [10]. - Qianji emphasizes the need for a localized approach in global expansion, respecting local cultures and building sustainable overseas trust networks [11]. Group 3: Huya - Huya identifies Hainan's closure as a valuable policy window that aligns with its data-driven and content-exporting strategy, facilitating smoother cross-border data flows [13]. - The company has established a comprehensive service system for overseas users, enhancing user engagement and supporting domestic game developers in international markets [16]. - Huya advocates for deep localization in its overseas operations, ensuring content resonates with local audiences and fostering emotional connections [17]. - The company plans to utilize the advantages of the closure policy to enhance cross-border esports events and optimize content distribution efficiency [18].

海尔智家（600690）(06690)发布公告，于2025年12月5日，该公司斥资1219.91万港元回购45万股。 ...

智通财经APP讯，海尔智家(06690)发布公告，于2025年12月5日，该公司斥资1219.91万港元回购45万 股。 ...

格隆汇12月5日丨海尔智家(06690.HK)公告，12月5日耗资821.8万元回购30万A股，回购价格每股27.35- 27.45元。 ...

| | | 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 | | | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前 ...

Group 1: Haier Group - Haier Group views the policy of Hainan's full island closure as a historic strategic opportunity, enabling significant cost reduction and efficiency improvement through policy dividends [2][4] - The company aims to leverage its market hub position to optimize its global layout and provide new momentum for industrial upgrades [2][4] - Haier has maintained its goal of creating a "world brand" for Chinese products, emphasizing the importance of long-term commitment and technological innovation in achieving global competitiveness [4][5] - The company has established ten major R&D centers globally and has launched over 200 original products, positioning itself as a leader in international standard formulation [5][6] Group 2: Qianji Technology - Qianji Technology sees Hainan's closure as a springboard for expanding into international markets and building a global innovation hub for the low-altitude economy [7][9] - The company plans to integrate duty-free consumption scenarios in the free trade port to create immersive cultural tourism IPs [7][9] - Qianji Technology emphasizes the need for a cross-cultural approach, combining technology and creativity to resonate with diverse audiences [9][10] Group 3: Huya - Huya identifies Hainan's full closure as a valuable policy window that aligns with its data-driven and content-exporting strategy [12][14] - The company anticipates enhanced efficiency in cross-border live streaming and esports data synchronization, facilitating smoother content distribution to global audiences [12][14] - Huya has established a comprehensive service system that supports game publishers in overseas markets, enhancing user engagement and operational efficiency [14][15] - The company advocates for deep localization and building an ecosystem of interconnected services to ensure sustainable growth in international markets [15][16]