国联民生（601456）证券发布研报称，空调7月内销双位数增长，外销弱势运行，符合市场预期。政策/ 高温带动下，2025冷年空调内销量同比+11%至1.1亿台，历史新高。过去十年产业景气包括2017(地产 +热夏)及2023-2024(疫后修复+政策)，内销降幅超过10%仅在2015(去库)及2020(疫情)，无累库/需求冲击 时，基数影响有限。冷年内销景气收官，海外关税/地缘仍有不确定性，龙头转产持续推进，出海长逻 辑不改；白电龙头高质量且高股息，投资价值值得重视。 国联民生证券主要观点如下： 产业在线发布7月空调产销数据 当月家用空调产量1,612万台，同比-0.01%，销量1,644万台，同比+1.58%，其中内销1,058万台，同比 +14.34%，出口585万台，同比-15.47%，期末库存1,472万台，同比-7.47%；分公司销量，格力当月同 比-4.05%(内销持平，出口-15.00%)；美的同比-7.37%(内销+1.69%，出口-22.22%)；海尔同比+27.59% (内销+57.89%，出口-30.00%)；海信同比+19.58%(内销+62.50%，出口-11.93%)；长虹同比-1 ...

Core Insights - The "China Online Consumption Brand Index" (CBI) and "Global Brand China Online Top 500" (CBI500) indicate a continued growth in online consumer brand index, rising from 63.38 in Q1 2025 to 65.17 in Q2 2025, reflecting a trend towards purchasing quality brand products among Chinese consumers [1][2]. Group 1: Consumer Behavior Trends - During major shopping festivals like 618 and Double 11, consumers show a preference for quality brands over low-priced private labels, indicating that promotional events are crucial for brand management and quality consumption [1][4]. - The CBI index demonstrates significant seasonal fluctuations, with higher values recorded in the second and fourth quarters, which include these shopping festivals [2][3]. Group 2: Brand Rankings and Market Dynamics - The CBI500 list saw notable changes, with Apple, Midea, Xiaomi, Haier, and Huawei occupying the top five positions. Seasonal demand for summer products like air conditioners and fans contributed to shifts in rankings [5][11]. - The ranking methodology emphasizes real consumer behavior, focusing on sales, search volume, and customer reviews, rather than traditional metrics like revenue and profit [5][6]. Group 3: Emerging Brands and Market Opportunities - The introduction of the "Fast-Moving Consumer Goods New Brands List" highlights the growth potential of emerging brands, with 48 out of 50 listed brands being new entrants from mainland China [7][8]. - The study indicates that attracting high-value consumers and fostering repeat purchases are critical for new brands to transition from short-lived popularity to sustained success [8].

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [7][12]. Core Insights - The home air conditioning market showed continued domestic sales growth in July, while external sales were weak, aligning with market expectations. The overall air conditioning sector remains stable, with the white goods sector underperforming the market from May to July. Leading companies in the white goods sector exhibit significant valuation and dividend yield advantages, making them worthy of investment consideration. Recommended companies include Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances [4][12]. Summary by Sections Air Conditioning Market Performance - In July 2025, the domestic air conditioning sales volume reached 10.58 million units, a year-on-year increase of 14.34%, while exports were 5.85 million units, down 15.47% year-on-year. The total production for the month was 16.12 million units, nearly unchanged from the previous year [8][13][15]. - The cumulative production from January to July 2025 was 136.43 million units, reflecting a year-on-year increase of 6.05%, with domestic sales at 77.13 million units, up 9.68% [14]. Domestic and External Sales Trends - Domestic sales continued to show double-digit growth in July, with a stable growth rate compared to previous months. The retail sector also saw significant increases, with online and offline retail volumes rising by 32% and 37% respectively [9][10]. - External sales faced challenges due to ongoing tariff impacts, with a notable decline in exports. The report highlights that the external sales environment remains uncertain, particularly with the potential for tariff changes [11][12]. Company-Specific Performance - In July, Haier's domestic sales increased by 58%, while Gree and Midea saw declines of 4.05% and 7.37% respectively. Hisense and TCL reported increases of 19.58% and stable performance [10][21][25]. - The report emphasizes the strong performance of leading companies like Haier and Hisense, while noting the weaker performance of others like Gree and Midea [10][12].

Core Viewpoint - Haier Smart Home has shown a stable performance in the home appliance sector, with a focus on innovation in wireless charging technology and a diverse product range [2][6]. Company Overview - Haier Group, founded in 1984, has expanded from producing refrigerators to a wide array of products including home appliances, IT digital products, logistics, finance, real estate, and biopharmaceuticals, becoming a global leader in providing solutions for a better life [2]. - Haier Smart Home, established on March 31, 1994, specializes in the research, production, and sales of smart home appliances, including refrigerators, washing machines, air conditioners, and kitchen appliances [6]. - The company's revenue composition includes: refrigerators 29.11%, washing machines 22.04%, air conditioners 17.15%, kitchen appliances 14.38%, equipment and channel services 11.33%, water appliances 5.51%, and other businesses 0.49% [6]. Financial Performance - For the period from January to March 2025, Haier Smart Home achieved a revenue of 79.118 billion yuan, representing a year-on-year growth of 14.70%, and a net profit attributable to shareholders of 5.487 billion yuan, with a year-on-year increase of 14.95% [6]. - The company has distributed a total of 46.155 billion yuan in dividends since its A-share listing, with 21.766 billion yuan distributed in the last three years [7]. Market Activity - On August 20, Haier Smart Home's stock increased by 0.40%, with a trading volume of 1.36 billion yuan and a market capitalization of 237.388 billion yuan [1]. - The stock has experienced a net outflow of 62.4094 million yuan from major investors, indicating a reduction in holdings over the past two days [3][4]. Technical Analysis - The average trading cost of the stock is 25.41 yuan, with the current price approaching a resistance level of 25.34 yuan, suggesting potential for a price correction if this level is not surpassed [5].

凤凰网科技讯 8月20日，2025年第二季度"全球品牌中国线上500强（CBI500）"榜单发布。数据显示， 受夏季高温天气及国家补贴政策带动，空调品类销售显著增长，多家家电品牌排名大幅跃升。 榜单显示，美的排名升至全球第二，海尔升至第四。格力排名上升103位至第十八名，奥克斯、华菱、 TCL等空调品牌也集体进入百强。该榜单由北京大学国家发展研究院等机构编制，基于淘宝天猫平台消 费行为数据。 二季度空调销售增长得益于多重因素：全国持续高温天气刺激需求，国家"以旧换新"补贴政策落地，叠 加618大促期间平台及品牌联合让利。期间近200个家电企业总裁参与天猫旗舰店直播，董明珠直播带动 格力全系家电销售额增长300%。 ...

Group 1 - The State Intellectual Property Office of China granted a patent titled "Line Pressure Device and Air Conditioner with It" to Qingdao Haier Air Conditioning Co., Ltd., Qingdao Haier Air Conditioning Electronics Co., Ltd., and Haier Smart Home Co., Ltd. The patent authorization announcement number is CN114923259B, with an application date of April 2022 [1] - Qingdao Haier Air Conditioning Co., Ltd. was established in 1996, located in Qingdao, with a registered capital of 93,638.162532 million RMB. The company has invested in 19 enterprises, participated in 3,689 bidding projects, and holds 259 trademark records and 5,000 patent records [1] - Qingdao Haier Air Conditioning Electronics Co., Ltd. was established in 1999, also located in Qingdao, with a registered capital of 96,709.088914 million RMB. The company has invested in 15 enterprises, participated in 4,419 bidding projects, and holds 127 trademark records and 5,000 patent records [1] Group 2 - Haier Smart Home Co., Ltd. was established in 1994, located in Qingdao, with a registered capital of 943,811.4893 million RMB. The company has invested in 58 enterprises, participated in 1,724 bidding projects, and holds 285 trademark records and 5,000 patent records [2]

Group 1 - The "China Online Consumption Brand Index" (CBI) and "Global Brand China Online Top 500" (CBI500) show a growth in online consumer brand index from 63.38 in Q1 2025 to 65.17 in Q2 2025, indicating a trend towards purchasing quality brand products among Chinese consumers [1][2] - The CBI series, developed by Peking University and supported by Alibaba, is the first brand value assessment system based on actual consumer purchasing behavior, filling a gap in traditional macro indicators [2][6] - The CBI index reveals significant seasonal fluctuations in online consumption, with higher values in Q2 and Q4 due to major shopping events like 618 and Double 11, where consumers prefer quality brands over low-priced alternatives [3][5] Group 2 - The top five brands in the CBI500 for this quarter are Apple, Midea, Xiaomi, Haier, and Huawei, with Midea rising to second place due to increased sales and search volume in summer categories [7] - The CBI500 ranking reflects real consumer behavior, with seasonal changes in brand rankings driven by actual sales and search data during shopping festivals [7][8] - A new "Fast-Moving Consumer Goods (FMCG) New Brands List" has been introduced, highlighting the growth potential of emerging brands, with 48 out of 50 listed brands being new Chinese brands [8][9] Group 3 - The research indicates that attracting high-value consumer groups and encouraging repeat purchases are key factors for new brands transitioning from temporary popularity to sustained success [9] - Brands are advised to shift from a "traffic-driven" approach to "user lifecycle management" to effectively engage high-value users through product innovation and service experience [9]

Core Insights - The silver economy in China is projected to reach 30 trillion yuan by 2035, with increasing demand for age-friendly and health-oriented home appliances, expanding the industry consumption space [1] - Major home appliance brands such as Konka, Hisense, TCL, and Skyworth are accelerating their entry into the age-friendly appliance sector, creating a diversified competitive landscape [1] - The market currently faces a contradiction: traditional products are severely homogenized, while there is a significant supply gap in the age-friendly segment, presenting opportunities for companies [1] Group 1 - Haier has achieved full coverage of age-friendly living scenarios and is actively promoting scene renovations, collaborating with bathroom companies to launch products like assistive toilets and temperature-controlled showers [2] - Hisense has introduced a "silver mode" television equipped with medical-grade eye protection technology and has partnered with top hospitals to develop a health management platform [2] - Changhong has developed the "Lejia" smart elderly care system, enabling interconnectivity among home appliances, medical devices, and security systems [2] Group 2 - Despite some age-friendly products entering the market, the overall industry is still in its infancy, with many companies only implementing basic modifications like large buttons and handrails, leading to severe product homogenization [3] - There is a significant disparity in consumer preferences across different regions, with economically underdeveloped areas focusing on safety features, while first-tier cities seek advanced configurations like smart health monitoring [3] - The industry calls for "true intelligence" and "true age-friendliness," emphasizing the need for a comprehensive solution that addresses the entire demand-technology-scenario chain [3]

智通财经APP讯，海尔智家(06690)发布公告，于2025年8月19日斥资611.5万元回购24.1万股A股股份。 ...

"一号链接现在拍下，马上就可以发货，家人们不要错过！"19日，长江日报记者推开海尔智家AI直播中心直播间的大门，主播肆月正 介绍着身后空调的制冷功能，她所在的直播间仿佛一个商品房样板间，沙发、餐边柜、冰箱、空调一应俱全。 作为家电行业国内的首个AI直播中心，这里共有90个直播间，分布在江汉区越秀国际金融中心大楼的7—9层，每间直播间门口的电子 屏幕显示着当前的直播状态、主播、排班等，每天早上，主播们"刷脸"上班。 海尔智家AI直播中心。记者郝天娇 摄 Haier 当前直播 [江草文]海尔京东自营旗 舰店-Leader综合 直播人员 1 2 主播 江卓文 16:00 . 18:00 18:00 帅潜虎拿出一个操控手机演示给记者看，这些灯光按照场景划分为"厨电区域""冰箱场景"等，只需点击手机屏幕，便可以轻松更换灯 光。 记者看到，随着主播们边走边播，摄像机在滑轨上自动移动和调整角度，让主播始终处于屏幕正中央。而在直播间里，记者没有看到 传统直播间里满布的数据线、电源线。 编辑：宗夏 黄静介绍："这是专门为直播间配备的无线智能自动滑轨设备，是目前行业内最先进的设备之一，"主播仅需面向摄像头做出相应手 势，摄像头就 ...