Market Overview - The FTSE China A50 Index showed mixed performance with banks and insurance sectors declining, while energy and automotive sectors mostly advanced [1][6]. Banking Sector - Major banks like China Everbright Bank reported a market capitalization of 252.295 billion with a trading volume of 391 million, experiencing a slight decline of 0.03 (-0.70%) [3]. Insurance Sector - Key insurance companies such as China Pacific Insurance, Ping An Insurance, and China Life Insurance had market capitalizations of 369.27 billion, 349.31 billion, and 1,037.255 billion respectively, with trading volumes of 1.066 billion, 1.782 billion, and 0.345 billion. They experienced declines of 0.78 (-2.10%), 0.11 (-0.19%), and 0.04 (-0.48%) [3]. Alcohol Industry - Leading companies in the alcohol sector, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, had market capitalizations of 1,811.450 billion, 218.056 billion, and 475.070 billion respectively, with trading volumes of 2.287 billion, 1.577 billion, and 0.913 billion. Kweichow Moutai saw a slight increase of 5.01 (+0.35%), while the others faced declines [3]. Semiconductor Sector - Notable semiconductor firms like North Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 231.057 billion, 244.680 billion, and 317.063 billion respectively, with trading volumes of 1.070 billion, 2.435 billion, and 1.138 billion. North Huachuang experienced a decline of 4.99 (-1.53%) [3]. Oil Industry - Major players in the oil sector, including Sinopec, PetroChina, and China Railway, had market capitalizations of 273.495 billion, 715.347 billion, and 1,634.377 billion respectively, with trading volumes of 0.732 billion, 0.426 billion, and 0.427 billion. Sinopec saw an increase of 0.08 (+1.37%) [3]. Coal Industry - Companies like Shenhua Energy and Shaanxi Coal and Chemical Industry had market capitalizations of 749.639 billion and 189.440 billion respectively, with trading volumes of 0.536 billion and 0.911 billion. Shenhua Energy reported an increase of 0.33 (+0.88%) [3]. Automotive Sector - BYD, a leading automotive manufacturer, had a market capitalization of 1,827.526 billion with a trading volume of 2.984 billion, experiencing an increase of 3.49 (+1.06%) [3]. Securities Sector - Major securities firms such as CITIC Securities and Guotai Junan reported market capitalizations of 425.350 billion and 347.129 billion respectively, with trading volumes of 2.668 billion and 1.636 billion. CITIC Securities saw an increase of 0.36 (+1.27%) [4]. Consumer Electronics - Companies like Hon Hai Precision Industry and Luxshare Precision reported market capitalizations of 534.617 billion and 276.157 billion respectively, with trading volumes of 1.553 billion and 2.572 billion. Hon Hai experienced a decline of 0.19 (-0.70%) [4]. Home Appliances - Leading home appliance firms such as Haier Smart Home and Gree Electric Appliances had market capitalizations of 266.739 billion and 243.580 billion respectively, with trading volumes of 0.713 billion and 0.309 billion. Haier reported a decline of 0.26 (-0.54%) [4]. Pharmaceutical Sector - Major pharmaceutical companies like Heng Rui Medicine and Muyuan Foods had market capitalizations of 255.221 billion and 384.958 billion respectively, with trading volumes of 1.833 billion and 1.230 billion. Heng Rui experienced a decline of 0.76 (-1.29%) [4].

Core Insights - The introduction of national subsidies for water purifiers in 2025 has led to explosive growth in the industry, with offline market sales increasing by 40% year-on-year in the first half of 2025 [1] - Haier Water Purification leads the market with an 18% share in sales and a 20.3% share in volume, achieving a remarkable sales growth of 68.2% compared to the previous year [1] Group 1: Market Trends - The demand for diverse water usage is evolving, with consumers seeking not only health benefits but also convenience and quality in their drinking water [3] - Haier has developed a comprehensive product matrix that includes various functions such as purification and softening, catering to different family scenarios and enhancing user experience [3] Group 2: Product Innovations - Haier's "Golden Mineral Spring" water purifier utilizes natural minerals from a specific geographic area to provide beneficial minerals for health, promoting the concept of "drinking is nurturing" [3] - The "Fresh Water" purifier offers a fresh and pure drinking experience, while the "Water Magic Cube" softener is designed for easy installation in various home types, making healthy soft water accessible to more households [3] Group 3: Service Excellence - Haier Water Purification addresses traditional service pain points by offering a one-stop solution from purchase to after-sales, ensuring a seamless user experience [5] - The company provides personalized installation plans based on water quality assessments and offers real-time monitoring through a smart app, enhancing customer convenience [5] - The new series of Haier's fresh water purifiers features an "8-year no filter change" capability and a "free replacement for exceeding standards" service, reducing user costs and concerns [5]

Core Viewpoint - The Chinese freezer industry has experienced significant technological advancements since the introduction of freezer technology in the 1980s, leading to a robust market growth driven by rising consumer demand and supportive policies. China has become the world's largest producer and consumer of freezers, with production expected to exceed 30 million units by 2025 [1][3][6]. Industry Definition and Classification - Freezers, also known as freezing cabinets, are devices that maintain low temperatures (typically below -18°C) to extend the shelf life of items. They can be classified by usage (household, commercial, medical/research), cooling method (compressor, absorption, semiconductor), structure (upright, chest, built-in), functionality (single-temperature, dual-temperature, smart), and energy efficiency [2]. Current Industry Status - The Chinese freezer market is thriving, with a production forecast of 27.615 million units in 2024, an increase of 3.242 million units from 2023. The retail scale is projected to reach approximately 11 billion yuan, with sales volume around 8.46 million units [3][6]. Industry Value Chain - The upstream of the freezer industry includes raw materials (metal, plastic, glass, chemical materials) and core components (compressors, condensers/evaporators, control systems). The midstream involves research and manufacturing, while the downstream encompasses sales through various channels, serving households, supermarkets, restaurants, and medical institutions [9]. Industry Development History - The Chinese freezer industry has evolved from imitation to innovation, undergoing four stages: technology introduction, domestic rise, large-scale production, and intelligent development. The industry is now globally leading in technology, with ongoing advancements expected in cold chain logistics and medical applications [11]. Competitive Landscape - The Chinese freezer market features numerous leading manufacturers, including Aucma, Haier, Midea, and Meiling. The competition is characterized by brand segmentation and differentiated market strategies, with major players targeting high-end household and commercial cold chain markets, while smaller brands focus on specific commercial applications [13]. Industry Development Trends - The Chinese freezer industry is entering a phase of technological upgrades and market segmentation, driven by urbanization and evolving consumer preferences. There is an increasing demand for performance, design, and smart features in both household and commercial sectors. Innovation will be the key driver for future growth, with companies focusing on smart, energy-efficient, and customized solutions [15].

Core Viewpoint - The air conditioning market in Northern China is experiencing significant growth, driven by rising temperatures and increased demand, with Haier solidifying its market position in the region [2][4][5]. Group 1: Market Performance - From July 7 to July 13, air conditioning sales in Northeast China surged, with sales revenue in Liaoning, Jilin, and Heilongjiang provinces increasing by 10, 25, and 6 times year-on-year respectively [2]. - In the first half of 2025, Haier's air conditioning products (including brands like Leader and Casarte) achieved a 16% market share in offline retail, ranking third overall, with market shares in Northeast, North China, and Northwest regions at 37%, 24%, and 21% respectively [3]. Group 2: Environmental Factors - The ownership of air conditioners per hundred households in Heilongjiang, Jilin, Liaoning, and Hebei is 24, 34, 80, and 160 units, showing increases of 75%, 86%, 64%, and 27% since 2018. In contrast, Guangdong, Chongqing, and Zhejiang have ownership rates of 232, 257, and 239 units, with growth rates of 15%, 23%, and 8% respectively [4]. - The summer of 2025 has seen unprecedented high temperatures in Northeast China, which, combined with global warming trends, is expected to lead to more frequent high-temperature events in the North, thereby accelerating the demand for air conditioning [4]. Group 3: Company Strategy - Haier's air conditioning division has strengthened its market position in Northern China, with a year-on-year increase in offline retail market share of 1.6% in Northeast and 2.7% in North China, while Midea's market share decreased by 6.0% and 3.8% respectively [5]. - Haier is focusing on high-efficiency, AI-controlled products and has adopted interactive live-streaming for marketing, directly engaging with end-users [7]. - The company is optimizing its supply chain with a new compressor factory in Zhengzhou, designed for an annual capacity of 15 million units, with the first phase expected to produce 3 million units by April 2024 [7].

Core Viewpoint - The article discusses the increasing presence and competitiveness of Chinese home appliance companies in the European market, highlighting their strategies and growth in sales, while also noting the response from South Korean companies like LG Electronics to this challenge [1][2][3]. Group 1: Market Dynamics - Chinese home appliance exports to Europe reached $15.57 billion from January to May 2025, marking a 12.3% year-on-year increase, with air conditioning exports growing approximately 20% due to rising temperatures in Europe [4][9]. - Haier's market share in the UK has reached 9%, positioning it among the top three brands, alongside Beko and Bosch [9]. - Midea's air conditioning sales in Europe increased by 35% in the first half of 2025, with a notable 68% growth in France [4][9]. Group 2: Competitive Strategies - LG Electronics plans to launch co-developed washing machines and refrigerators priced around $500 in Europe, moving from OEM to Joint Development Manufacturing (JDM) to enhance market share [2][4]. - LG Electronics has partnered with Chinese companies like Skyworth and Aucma to develop products, aiming to expand this model to other appliances like air conditioners [5][6]. - The article notes that LG Electronics is under pressure as its profits and appliance revenues have fallen below those of Midea, which reported a record revenue of 407.1 billion RMB in 2024 [7][8]. Group 3: Future Outlook - Chinese appliance companies are not only expanding in the low-cost segment but are also moving towards the mid-to-high-end market, creating a multi-tier brand matrix [8][10]. - The article predicts that the market share of Chinese companies in Europe will continue to rise as they focus on localizing production and enhancing brand value [10].

Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for key companies in the industry [3][4]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the Shenwan home appliance index rising by 1.9% compared to a 1.1% increase in the CSI 300 index [3][4]. - The issuance of 123 billion yuan in ultra-long-term special bonds is expected to support the "old-for-new" consumption policy, with a total of 300 billion yuan allocated for this initiative [9][62]. - Midea Group has become the official sponsor of the 2025 Africa Cup of Nations, indicating a strategic investment in the African market, which is seen as having strong consumer potential [10][11]. Summary by Sections 1. Market Performance - The home appliance sector has shown resilience, with key companies like Yitian Smart (up 25.0%), Ecovacs (up 20.9%), and Roborock (up 9.7%) leading the gains, while Huaxiang Co. (-4.8%) and Hisense Visual (-2.4%) faced declines [3][6]. 2. Industry Dynamics - The issuance of 123 billion yuan in ultra-long-term special bonds aims to bolster consumer spending through the "old-for-new" policy, with 3 billion yuan allocated for this purpose [9][62]. - Midea's partnership with the African Football Confederation marks a significant step in expanding its investment in Africa, with plans for new manufacturing facilities in Egypt [10][11]. 3. Data Observations - In June, the average retail price of white goods increased, with air conditioners seeing a 10.1% rise in retail volume and a 14.6% increase in retail value [28][30]. - The average price of refrigerators rose by 2.7% to 7,137 yuan, despite a 2.4% decline in retail volume [31][34]. - The kitchen appliance segment also saw growth, with range hoods and gas stoves experiencing retail volume increases of 18.4% and 9.9%, respectively [36][37]. 4. Economic Environment - As of July 18, 2025, the exchange rate of the US dollar against the Chinese yuan has decreased by 0.54% since the beginning of the year [39][40]. - The sales area of commercial housing in June 2025 increased by 11.84% year-on-year, indicating a recovery in the real estate market [41][42].

Group 1 - The Yunnan provincial party and government delegation visited Shandong from July 16 to 18 to strengthen cooperation and exchange [2] - Shandong aims to become an important economic growth pole in northern China, focusing on green, low-carbon, and high-quality development [2] - Yunnan is implementing Xi Jinping's important speech on its development and seeks to learn from Shandong's successful economic and social development measures [3] Group 2 - The two provinces plan to enhance collaboration in areas such as industrial transfer, green electricity combined with advanced manufacturing, modern agriculture, cultural tourism, and technological innovation [3] - During the visit, the delegation inspected key sites including Qingdao Port, Teruid Electric, Haier Group, and Shandong University [3]

Core Insights - Chinese consumer brands are rapidly expanding in Southeast Asia, challenging established players from Japan and Europe in the home appliance and cosmetics markets [1][2] - The market share of Chinese brands in Southeast Asia's electrical consumer market has increased from 3.6% in 2015 to an expected 8.6% in 2024, with significant growth in certain product categories [1] - The rise of Chinese brands is supported by a growing ecosystem that includes online shopping platforms, logistics providers, and marketing companies [2] Group 1 - Chinese brands are gaining market share at the expense of Japanese manufacturers, with Japanese companies' market share in air conditioning dropping by 7 percentage points from 2015 to 2024, while Chinese brands' share rose from 9% to 25% [2] - Companies like Haier and Midea are expanding globally through acquisitions and establishing local production bases, leveraging their domestic experience and efficient logistics [1][2] - The annual growth rate for Chinese mass skincare brands is projected to reach 115% from 2019 to 2024, despite the continued dominance of brands like L'Oréal and Unilever [2] Group 2 - The trend of Chinese consumer goods entering Southeast Asia may accelerate due to increasing tariffs imposed by the United States [3]

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 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18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 北京市中伦律师事务所 关于海尔智家股份有限公司 差异化分红事项的 专项法律意见 2025 年 6 月 1 关于海尔智家股份有限公司 差异化分红事 ...

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。 承董事會命 海爾智家股份有限公司 董事長 李華剛 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 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。 Haier Smart Home Co., Ltd.* 海爾智家股份有限公司 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。 中國青島 2025年7月18日 证券代码：600690 证券简称：海尔智家 公告编号：临 2025-049 海尔智家股份有限公司 2024年年度A 股权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 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 ...