⚫ 上半年出货增速向好，关注后续基数等因素的影响。回顾2024年，国补政策主要在四季度发力。进入2025年，从产业在线的出货 数据看，上半年尚未显现市场所担忧的透支效应。2025年上半年，空调内销需求延续较为旺盛的趋势。尤其从二季度来看，受益 于去年较低的同期基数以及旺季叠加"618"等促销备货的催化，出货增速有所加快。出货数据反映的是经销商的提货意愿。从零 售角度看，随着4月传统旺季启动，市场亦有回暖迹象，奥维云网数据显示，4月空调线上零售同比增长34.8%，线下零售同比增长 12.2%。暑期天气因素对空调销售有一定催化作用。例如，对华北、华东等地的持续高温预期，或带动渠道备货及终端购买。而从 基数看，2024年的二季度部分南方地区持续阴雨，致使空调零售基数较低。此外，今年头部品牌在以旧换新的背景下采取更为主 动的营销策略，折扣玩法及配套服务均有所优化；京东、苏宁等电商平台也加强了针对以旧换新的体验式营销。但同时，部分消费 者呈现出消费降级的意愿，购买决策周期延长，更倾向于等待"618"等大型促销节点集中释放需求。综合来看，考虑到2024年空 调出货"前低后高"的影响，以旧换新对短期出货的边际拉动作用或将有 ...

Group 1: Market Overview - Southeast Asia, particularly Thailand, is experiencing robust growth in the white goods market due to a large population and increasing consumer spending power, making it a competitive landscape for global appliance companies [1] - Samsung and LG have historically dominated the Thai market, holding over 60% market share in washing machines, but this is changing with the entry of Chinese brands [1] Group 2: Chinese Brands' Investment - In 2024, approximately 2,700 companies are expected to invest in Thailand, with major Chinese appliance manufacturers like Haier, Midea, and TCL announcing new investment plans for 2025 [1] - Midea established a new regional headquarters in Thailand, while TCL plans to invest 680 million yuan to build a refrigerator production line [1] - Haier's market share in Thailand's white goods sector reached the top position by early 2025, with a 72% year-on-year increase in washing machine retail sales by May [1] Group 3: Product Innovation and Localization - Haier launched three high-end washing machine series in Thailand, focusing on local user needs and incorporating innovative technologies to address specific challenges [2] - The L+ series features AI heat pump technology for large item care, while the X series offers rapid drying capabilities to combat humidity [2] - Local designers showcased how Haier's products solve everyday problems, enhancing market acceptance and demonstrating the company's commitment to localized innovation [2] Group 4: Future Growth Potential - The core strategy for sustained growth is to create user demand rather than merely follow existing trends, which is crucial for Haier's continued success in the Thai washing machine market [3] - The ongoing expansion of Haier's product lines raises expectations for a potential shift in market share dynamics, challenging the long-standing dominance of Japanese and Korean brands [3]

Market Performance - The market experienced an upward trend last week, with the CSI Xinhua National Brand Index rising by 1.39% to 1649.96 points [1][2] - The Shanghai Composite Index increased by 1.40%, the Shenzhen Component Index by 1.25%, the ChiNext Index by 1.50%, and the CSI 300 Index by 1.54% [2] Strong Stock Performances - Notable strong performers included Anji Technology, which rose by 7.98%, and WuXi AppTec, which increased by 7.58% [2] - Other significant gainers included Yiling Pharmaceutical, Tiger Med, and AVIC Shenyang Aircraft, all rising over 6% [2] - The overall trend showed many stocks in the index gaining over 1%, indicating broad market strength [2] Year-to-Date Performance - Since the beginning of 2025, notable stock performances include: - Xintai rising by 55.34% - Anji Technology increasing by 45.75% - WuXi AppTec and Marubi both rising over 30% [3] Market Outlook - Analysts from Xing Shi Investment suggest that the market will continue to perform positively due to strong trading sentiment and sector rotation opportunities [4] - The overall risk premium in the A-share market remains at historically low levels, indicating high value [4] - The macroeconomic environment is expected to remain stable, with ongoing domestic policy support and emerging opportunities in sectors like artificial intelligence and new consumption [4][5] Investment Strategy - Wangzheng Asset maintains a strategy focused on "technology blue chips + innovative growth," emphasizing quality of business operations and undervalued stocks in sectors such as internet, electronics, and automotive [5] - The focus is also on high-potential innovative growth sectors as they mature and enter rapid growth phases [5]

在北京四元桥的苏宁易购商场里，各种最新款的冰箱、洗衣机整齐排列，能耗标识和以旧换新补贴折扣 被醒目地展示。在以旧换新政策推动下，绿色产品受到消费者青睐；同时，家电产品回收服务不断拓 展，提升了资源复用效率。 中国证券报记者统计10家申万白色家电行业上市公司ESG信息披露情况后发现，白电上市企业ESG报告 披露率达80%，但不同公司在ESG信息披露的深度和广度上存在差异，ESG评级较高的公司ESG信息披 露较为全面，ESG评级表现不佳的企业相关信息披露较为简略；公司供应链(范围三)温室气体排放数据 披露情况有待改善。 披露水平关联评级表现 记者统计的10家白色家电上市公司中，有8家披露了2024年ESG报告(包括ESG报告、社会责任报告)，报 告披露率达80%，高于A股平均披露水平(截至2025年5月末，A股上市公司ESG报告披露率为45.7%)。 但在ESG评级表现方面，这些公司存在差异。根据妙盈科技ESG评级，海尔智家（600690）、海信家电 （000921）、美的集团（000333）ESG评级较高，自2022年以来评级多为A级或BBB级，同时行业仍有 部分公司自2022年以来的ESG评级持续处于CCC级 ...

行业研究丨深度报告丨家用电器 [Table_Title] 韧性与弹性 ——家电行业 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 站在当前节点，家电板块白电、黑电等主要细分领域估值处于相对低位，家电板块持仓水平处 于历史相对高位，而业绩是驱动家电板块超额收益率的核心。展望下半年，我们认为：内销在 国补助力下依然将保持较高韧性，外销在新兴市场大家电需求渗透率趋势性提升及中国品牌份 额提升作用下将保持较高弹性，共同驱动家电龙头较好的业绩表现。在内外环境仍处于不确定 性状态下，我们建议把握业绩确定性高的稳增长龙头及具备全球布局的优质成长龙头。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 2 / 36 %% %% %% %% research.95579.com 2 家用电器 cjzqdt11111 [Table_Title 韧性与弹性2] ——家电行业 2025 年度中期投资策略 [Table_Summary2] ...

618 家电零售增长稳健，美越关税落地有望带动出口链情绪回温 2025 年 618 家电市场整体表现稳健，主要品类均实现增长，内部结构持续优化。整体市场延续回暖趋势，白电品类 零售量和零售额双双提升，均价保持稳定；黑电品类表现亮眼，618 期间中国彩电市场销量同比增长 9.7%，销额同比 增长 14.5%，线上线下均实现量价双增。具体来看，空调品类增长势头强劲，线上线下零售额同比增幅均超过 15%， 头部品牌如美的、小米、海尔表现突出，品牌集中度提升，产品上"新一级能效"占据绝对主流（线上线下占比均超 95%），"舒适风"功能线上渗透率升至 27.66%。洗衣机市场线上线下零售额分别同比增长 17.1%和 12.1%，行业竞争 焦点转向大容量、分区洗等功能升级。冰箱品类增长稳健，全渠道零售额同比增长 3.3%，消费以刚需替换为主。彩电 则实现了销量与销额的双位数增长，产品结构升级显著，大尺寸、高刷新率、Mini LED 及艺术电视渗透率持续提升， 行业竞争正从价格导向转向用户体验和价值导向。 美越达成初步贸易协议，关税政策落地低于预期，有望显著提振中国家电出口链市场情绪。根据协议，美国将对大部 分越南出口商品 ...

Core Viewpoint - The future will be defined by the evolution of artificial intelligence (AI), which will reshape industry dynamics and require companies to embrace AI across all dimensions, including strategy, organization, and processes [1][8]. Group 1: Innovation and Leadership - Innovation is embedded in the company's DNA, with a focus on practical actions and decisions rather than abstract concepts [1][3]. - The company has a history of hands-on leadership, with the current CEO, Zhou Yunjie, starting as an apprentice and later becoming a factory manager, emphasizing the importance of understanding every aspect of production [2][7]. - The company has achieved significant milestones in innovation, including the development of China's first non-fluorinated refrigerator, breaking foreign monopolies in technology [3][4]. Group 2: Global Expansion and Brand Development - The company chose a challenging path of self-branding rather than relying on OEM (Original Equipment Manufacturer) models, entering developed markets first before expanding to developing countries [4][6]. - Strategic acquisitions, such as the purchase of Sanyo's white goods business and GE Appliances, have allowed the company to enhance its technological capabilities and expand its product lines [5][6]. Group 3: AI Integration and Future Vision - The company is actively integrating AI into its operations, emphasizing that businesses must either evolve with AI or risk being marginalized [8][9]. - AI is seen as a transformative technology that can enhance user experiences and drive corporate change, with the company focusing on creating intelligent ecosystems across its three main business areas: smart home, health, and digital economy [9][10]. - The company aims to develop specialized AI models that surpass existing technologies, fostering a culture of continuous innovation and adaptability [10].

行 业 及 产 业 家用电器 2025 年 07 月 05 日 白电企业集体布局机器人，特朗普 称美越达成贸易协议 看好 ——《2025/6/30-2025/7/4》家电周报 本期投资提示： ⚫ 数据观察：5 月白电内销延续增长，外销表现分化 A、空调出货端：总体销量增长，内外销表现分化。根据产业在线披露数据，2025 年 5 月空调行业实现产量 2081.20 万台，同比下降 1.8%；实现总销量 2203.38 万台，同 比上升 2.34%，其中内销 1412.50 万台，同比上升 13.39%，出口 790.88 万台，同比 下降 12.83%。分品牌出货端：空调总销量美的位列第一。根据产业在线披露，2025 年 5 月空调总销量市占率美的以 29.50%的市占率位列第一，格力、海信、奥克斯、海 尔市占率分别为 20.70%、6.50%、10.50%和 9.20%。 B、冰箱出货端：内销保持增长，外销有所下降。根据产业在线披露数据，2025 年 5 月冰箱行业实现产量 839.90 万台，同比上升 2.0%；实现销量 849.70 万台，同比上升 1.83%，其中内销 388.50 万台，同比上升 13 ...

Core Insights - The project "Development and Application of Thermoelectric Pile Infrared Array Sensors Based on Wideband Enhanced Metamaterials" led by Haier has been successfully launched, marking Haier's first undertaking in the "Smart Sensor" key special project and the first of its kind in the industry [1][2] - The project aims to address the urgent need for high-precision, long-distance array sensors in smart manufacturing, industrial inspection, and smart agriculture, aligning with national strategies for manufacturing and technological advancement [1] Group 1 - The project is a collaborative effort between Haier and the Institute of Microelectronics of the Chinese Academy of Sciences, forming a synergistic innovation consortium [1] - The expert group has reviewed the project implementation plan and provided constructive feedback on potential technical challenges, pathways for realization, and risk management [1] - The project outcomes are expected to provide essential technical support for the domestic thermoelectric pile infrared array sensor industry, promoting independent and controllable R&D of high-performance sensor products [2] Group 2 - From the "13th Five-Year Plan" to the "14th Five-Year Plan," Haier has led a total of 15 national key R&D projects, ranking first in the industry [2] - Haier has established over 20 national-level research platforms, including the National High-end Intelligent Home Appliance Innovation Center and the National Engineering Research Center for Digital Home Networks, the highest number in the industry [2] - The active leadership in national-level research projects and platforms demonstrates Haier's commitment to breakthroughs in "hard technology," aiming to enhance the core competitiveness of the national industry and support China's leading position in global innovation [2]

" 出海就是创业2.0，重资产投入必须要坚持长期主义 。 " 作者丨 席星 吴优 编辑丨 覃倩雯 28年前，海尔在菲律宾建立了海外第一家工厂，成为制造业品牌出海的首个里程碑。当时，团队中有人担 忧:"咱在人家地盘上建厂，能行得通吗？"创始人张瑞敏那句"怕什么！咱的产品过硬"的豪言，不仅成就 了一段中国企业出海的成功典范，更象征着那个充满机遇的黄金时代。 10年前，海信集团以2370万美元收购"液晶之父"夏普在墨西哥工厂的全部股权及资产，获得夏普电视美 洲地区品牌使用权和所有渠道资源。在墨西哥开工生产，相较从中国发货到美洲，节省了大量时间。这一 时期出海企业在当地经营上各种"水土不服"，他们就另辟蹊径，通过跨国并购的方式，加快打入海外市 场。 7年前，拼多多、阿里巴巴、字节跳动等大批电商平台开始探索海外市场，在全球建设分拨中心、物流枢 纽、跨境仓库。干劲十足的中国电商企业们让平静已久的海外市场开始暗流涌动，迎接他们的不仅仅是一 片蓝海，还有来自本土企业的凝视与反击，以及风雨飘摇的国际市场。 发展至今，中企已然经历了三次出海热潮。这三个出海案例，犹如一面镜子，折射的不仅仅是国际商业环 境的变化，更是中国企业在不同 ...