Core Insights - The article discusses the 12th National After-Sales Service Conference held in Beijing, featuring a speech by Yu Bin, General Manager of Service Operations at Haier Smart Home [1] Group 1: Company Overview - Haier Service focuses on building a smart home service ecosystem, adhering to the service philosophy of "sincerity forever" [3] - The company implements a four-dimensional service system characterized by "ubiquitous, timely, meticulous, and capable" service, aiming to create impactful experiences for users [3] Group 2: Service Innovations - In the digital economy era, after-sales service has evolved beyond simple repairs and replacements to creating better living experiences through technology empowerment [3] - Haier Service emphasizes digital transformation by developing a digital service platform, allowing users to interact with service personnel via the Haier Smart Home APP and mini-programs using text, voice, and video [3] - The service process is transparent, with standardized online work orders for service standards and pricing details, enabling users to supervise and evaluate service quality in real-time [3] Group 3: Customer-Centric Approach - The company believes that maintaining a user-centric approach and continuously driving technological innovation and service upgrades is essential for gaining a competitive edge in the industry and creating real value for users [3]

Core Insights - The article emphasizes the importance of professional installation and ongoing service support for breakthrough technologies, particularly in the context of Haier's new 4Hz ultra-low frequency central air conditioning system [1] - Haier has established a comprehensive service guarantee system to ensure a seamless user experience from product launch to installation and maintenance [1] Group 1: Service Network - Haier's service network covers 336 cities and 2840 districts across the country, with over 3500 service points established to provide professional support to users in both urban and rural areas [3] - The foundation of this network consists of more than 20,000 trained and certified service engineers who possess comprehensive skills in central air conditioning system principles, precise matching of indoor and outdoor units, complex piping design, and intelligent debugging [3] Group 2: Installation Standards - Haier has standardized its service process into a "7-Star Precision Quality" system, which includes 41 major steps and 295 specific standards covering design, materials, craftsmanship, and supervision [4] - This standardization ensures that every hidden installation process, from measurement and design to pipeline welding and refrigerant filling, follows clear technical specifications and inspection points [4] Group 3: Continuous Training and Lifecycle Service - Haier has set up 2 comprehensive practical training bases and 16 training centers nationwide, completing over 30,000 professional skill training and certification sessions annually [5] - The service capability is designed to be continuously available, with a lifecycle service guarantee system that includes specialized materials and proactive maintenance options [6] - The company aims to elevate service value from mere post-installation response to proactive professional delivery and ongoing experience assurance, indicating a shift in competitive focus within the central air conditioning industry [6]

近期消费系列重要政策解读专题电话会议 20251221 摘要 扩大内需是应对挑战的关键，措施包括提高中等收入群体就业、社保和 收入，以及完善职业技能教育体系。供给端则注重质量与效率，创新消 费业态与模式，服务消费成为新增长点。 消费行业负贝塔效应减弱，CPI 数据转正，餐饮和社会零售数据改善。 政策预期商品消费向服务消费倾斜，市场期待业绩估值双重弹性，2026 年或是业绩兑现窗口期。 海南自贸港封关遵循一线放开、二线管住、岛内自由原则。免税商品种 类大幅增加，离岛免税新政包括即购即提、新增国产品类及扩展适用人 群，利好中免公司。 中免公司销售数据持续改善，12 月封关首日销售额同比增长超 90%， 得益于旅游宣传和消费券发放。尽管毛利率较低，但连续增长的数据对 业绩有积极作用，值得关注。 家电板块受益于刺激消费政策，包括延续国补和以旧换新，并可能扩大 规模。政策推动绿色智能家电转型，提升能效标准，优化产业环境，利 好美的集团、海尔智家等企业。 Q&A 康养经济与服务消费成为经济新增长点，企业通过 IP 打造附加值，跨行 业融合。泰迪威尼授权业务表现出色，今年实收已达 10 亿元，预计明 年继续保持增长。 生猪 ...

Core Viewpoint - The dehumidifier market in China is experiencing significant growth due to increasing awareness of indoor environmental quality, technological advancements, and expanding applications in various sectors such as biomedicine, data centers, and new energy battery production [1][6]. Industry Definition and Classification - Dehumidifiers, also known as moisture removers, consist of components such as compressors, heat exchangers, air duct systems, water tanks, controllers, and casings [2][4]. - They can be categorized based on usage scenarios (household, commercial, industrial), dehumidification methods (refrigeration, wheel, solution), and functionalities (standard, cooling, temperature control, multifunctional) [3][4]. Market Demand and Supply - In 2024, China's dehumidifier production is projected to reach 12.95 million units, with a demand of 1.83 million units and a market size of 2.566 billion yuan; by 2025, production is expected to be 12.09 million units, demand 1.75 million units, and market size 2.407 billion yuan [6][8]. - The household dehumidifier segment dominates the market, accounting for approximately 63.91% in 2024, with commercial and industrial dehumidifiers making up 18.36% and 17.73%, respectively [8]. Industry Development Environment - The Chinese government has implemented various policies to encourage the development of the dehumidifier industry, including measures to promote green and intelligent home appliance consumption [4][5]. Industry Chain - The upstream of the dehumidifier industry includes key raw materials and components such as compressors, fans, heat exchangers, water tanks, and controllers, while the midstream involves manufacturing, and the downstream applications span households, commercial, and industrial sectors [10][11]. Competitive Landscape - The domestic dehumidifier market features a mix of major home appliance companies (e.g., Midea, Gree, Haier) and specialized brands (e.g., Deye, Oujing) [14][15]. - The market is characterized by a "domestic-led + imported high-end coexistence" structure, with domestic brands focusing on mid-to-high-end markets and imported brands targeting high-end segments [14][15]. Key Companies - Deye Technology Co., Ltd. is a leading player in the dehumidifier market, focusing on innovation and high-end industrial dehumidifiers, with a projected total cost of 635 million yuan for its products in 2024 [12][17]. - Oulun Electric Co., Ltd. has established a comprehensive product system covering household, commercial, and industrial dehumidifiers, with dehumidifier revenue accounting for approximately 55.15% of its total revenue in 2024 [19]. Industry Trends - The dehumidifier industry is moving towards smart, energy-efficient, and environmentally friendly solutions, with a focus on enhancing user experience and expanding market demand [20][21]. - There is a trend towards customized products for specific scenarios and the integration of multiple functions, such as dehumidification combined with air purification and temperature control [21][22]. - The industry is expected to see increased concentration, with leading companies leveraging technology and scale to maintain competitive advantages, while niche players may find opportunities in specialized markets [22][23].

Group 1: Legal Framework Development in Shandong - The Shandong Provincial Committee held a meeting to promote comprehensive rule of law in the province, focusing on legislative, administrative, and judicial improvements [1][2] - Emphasis was placed on scientific legislation, optimizing the business environment, and enhancing public legal services [1][2] - The meeting aims to strengthen the rule of law as a foundation for high-quality economic and social development in Shandong [2] Group 2: Government Investment Fund Development - Shandong issued implementation opinions to promote the high-quality development of government investment funds, aligning with national guidelines [3] - The opinions stress a structured approach to fund management, emphasizing risk-sharing and regulatory compliance [3] - The initiative aims to enhance the effectiveness of government investment funds in supporting economic and social development [3] Group 3: Shandong's Top Enterprises - The 2025 list of Shandong's top 200 enterprises shows a total revenue of 10.34 trillion, with Shandong Energy Group leading at 866.48 billion [4][5] - The top ten companies include major players like Weiqiao Pioneering Group and Haier Group, reflecting a strong industrial base [4][5] - Industrial enterprises contribute 76.8% of the revenue among the top 200, highlighting the industrial characteristics of Shandong's economy [4] Group 4: Innovation in Power Generation - The world's first commercial supercritical carbon dioxide power generation unit was successfully commissioned in Guizhou, marking a significant technological milestone [6][7] - This technology improves efficiency by over 50% and reduces water consumption by 50%, showcasing advancements in energy generation [6][7] - The project represents a key step for Jinan Steel Group in transitioning from traditional manufacturing to green technology [7]

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The home appliance industry is experiencing pressure in both domestic and international sales, with iRobot announcing bankruptcy restructuring, which will be acquired by Chinese manufacturer Shanjun Robotics [2][5] - In November, the retail sales of home appliances and audio-visual equipment reached 100 billion yuan, a year-on-year decline of 19.4%, while the cumulative annual sales reached 1,074.9 billion yuan, with a year-on-year increase of 14.8% [5] - The production and sales data for home air conditioners in November showed a production of 10.577 million units, a year-on-year decrease of 36.7%, and sales of 10.492 million units, a year-on-year decrease of 31.8% [5] Summary by Sections Investment Recommendations - Key drivers for investment include overseas expansion and smart home technology, recommending leading companies in the robotic vacuum sector: Roborock (21.1X 2025 PE) and Ecovacs (21.5X) [5] - Companies with stable performance and upward potential include Ninebot (20.6X), Anfu Technology (41.7X), Hailong Cold Chain (14.6X), and Beiding Co. (30.4X) [5] - For companies with robust operations and high dividends, recommendations include TCL Electronics (12.2X), Hisense Visual (12.9X), Midea Group (13.5X), and Haier Smart Home (12.2X) [5] - Companies diversifying into new sectors include Rongtai Health (18.7X) and Wanlong Magnetic Plastic (18.9X) [5] Market Performance - The retail sales growth rate further narrowed in November, with the total retail sales of consumer goods reaching 43,898 billion yuan, a year-on-year increase of 1.3% [5] - The domestic market faces pressure from the decline in national subsidies and high base effects, while the export market is constrained by high base effects and inventory reduction in some overseas markets [5] Company Developments - iRobot has announced its bankruptcy and will be acquired by Shanjun Robotics, with the restructuring process expected to be completed by February 2026 [5] - The founder of Chasing Technology, Yu Hao, plans to acquire 54.90% of Jiamei Packaging, with a total transaction value of approximately 2.282 billion yuan [5]

Investment Rating - The report maintains a positive investment outlook for companies focusing on overseas markets, particularly in the Americas and emerging markets, despite challenges in domestic sales [4][5]. Core Insights - The report emphasizes the importance of "going abroad" as a key strategy for growth, with expectations for better investment returns from overseas-focused companies in 2026, especially as domestic demand faces pressures from policy and market conditions [4][5]. - It identifies three main factors suppressing domestic sales of durable goods: the depletion of government subsidies, high base effects, and weak housing transaction demand [5][6]. - The report suggests that companies with strong operational performance and low valuations, as well as those benefiting from policy or technological catalysts, are potential investment opportunities [5][6]. Summary by Sections 2025 Review - The report notes that the home appliance and light industry sectors have underperformed compared to the CSI 300 index, primarily due to weakening domestic demand and external tariff disruptions [9][11]. - It highlights that the home appliance sector has faced challenges from declining government subsidies and ongoing tariff issues, leading to a significant drop in export performance [9][10]. 2026 Outlook - The report anticipates that domestic housing demand will continue to decline, with new housing starts and sales expected to drop by 4.8% in 2026 [36][39]. - It predicts that the overseas sales performance of home appliance and furniture companies may improve in the second quarter of 2026, driven by base effects and potential recovery in the U.S. housing market [78][80]. - The report emphasizes that companies with significant exposure to the U.S. and emerging markets are likely to benefit from improving demand conditions [80][81]. Recommended Stocks - The report recommends furniture companies with a presence in the U.S., Latin America, and Europe, such as Kuka Home, which are expected to benefit from a recovery in U.S. housing transactions [7]. - It also suggests consumer electronics and home appliance companies with operations in Latin America, North America, and Southeast Asia, including Anker Innovations and Haier Smart Home, ranked by their exposure to these markets [7]. - Lastly, it highlights export-oriented companies in Europe, such as Ecovacs and Roborock, noting that while growth potential is strong, profitability may be pressured by increased competition [7].

Investment Rating - The report suggests a cautious outlook on the home appliance industry, indicating a potential for stable growth among leading brands due to their integrated advantages and strong pricing power [5]. Core Insights - The retail sales of consumer goods in November 2025 showed a total value of 43,898 billion yuan, with a year-on-year growth of 1.3%, reflecting a slowdown compared to October's 2.9% growth [11]. - The home appliance retail sales in November 2025 were approximately 100 billion yuan, down 19.4% year-on-year, marking a further decline from October's 14.6% drop [14]. - The air conditioning production for January 2026 is expected to rebound due to the holiday scheduling impact, with domestic production planned at 8.84 million units, up 32.0% year-on-year, while exports are projected at 11.13 million units, up 14.0% year-on-year [2][18]. Summary by Sections 1. Market Performance - The overall retail sales growth has been declining month by month since June 2025, with November showing a significant drop in home appliance sales due to high base effects from previous government subsidies and a decrease in subsidy intensity [11][14]. 2. Key Data Tracking - The Shanghai Composite Index decreased by 0.28%, while the home appliance index increased by 0.16% during the week [21]. - Raw material prices showed a mixed trend, with copper prices up 2.04% and aluminum prices down 0.29% [3]. - The exchange rate for USD to RMB was reported at 7.06, with a slight decrease of 0.01% for the week [33]. 3. Real Estate Data - In October 2025, new residential construction area decreased by 19.3% year-on-year, indicating ongoing adjustments in real estate investment and sales, which may suppress long-term demand for home appliances [40]. 4. Investment Recommendations - Leading brands are expected to achieve stable growth in domestic sales, while external sales may benefit from the US entering a rate-cutting cycle and a gradual recovery in European consumption [5][51].

Investment Rating - The report maintains a rating of "Outperform" for the industry [6] Core Insights - The acquisition of iRobot is beneficial for leading domestic brands, while the white goods domestic sales are under pressure due to high base effects [3][4] - Major home appliance categories have seen a decline in domestic sales due to the high base from last year's national subsidies and previous consumption pull-forward [3][11] - In November, the sales revenue for air conditioners, refrigerators, and washing machines decreased by -34.5%, -34.4%, and -19.2% year-on-year, respectively [3][11] - The sales volume for these categories also dropped significantly, with air conditioners and refrigerators down by -30.65% and -30.79% year-on-year [3][11] - The acquisition of iRobot, which has filed for bankruptcy, may allow brands like Roborock and Ecovacs to capture more market share in North America [4][18] Summary by Sections Domestic Sales Performance - Domestic sales of major home appliance categories are declining due to high base effects from last year's national subsidies [3][11] - November data shows significant year-on-year declines in sales revenue and volume across key categories [3][11] Brand Performance - In November, the market shares for Gree, Midea, and Haier in domestic sales were 32.1%, 29.6%, and 19.7%, respectively, with Haier showing significant growth [4][16] - Midea's export share increased to 40.4%, while Gree's share slightly decreased [4][16] Market Trends - The overall home appliance sector saw a slight increase of +0.2% this week, with white goods and small appliances showing mixed performance [5][19] - The report highlights the impact of raw material prices, with LME copper and aluminum showing fluctuations [5][19] Industry News - The report discusses the implications of iRobot's bankruptcy and acquisition on the competitive landscape in North America [4][18] - It also notes the ongoing trends in ESG ratings among leading home appliance companies, emphasizing their focus on green transformation [39]

Core Viewpoint - Haier Central Air Conditioning has officially launched the 4Hz ultra-low frequency stable operation technology, marking a significant step towards achieving the "dual carbon" goals and fulfilling the commitment to providing "good air" for users [1][3]. Strategic Response - The construction of "good houses" is evolving towards higher quality and greener living standards, necessitating a shift in product logic from merely providing heating and cooling to offering comprehensive, sustainable air solutions [3]. - The introduction of the 4Hz technology addresses the critical contradiction in central air conditioning regarding high energy consumption and compromised user experience, transforming green energy goals into tangible benefits for users [3]. Technical Breakthrough - Lower operating frequencies in air conditioning lead to reduced energy consumption and noise, with the 4Hz technology representing a significant advancement from previous low-frequency technologies [4]. - Achieving this 4Hz capability required the efforts of 118 engineers over 720 days, emphasizing that this improvement is not just a numerical change but a fundamental optimization of operational logic [4]. - The 4Hz technology allows for a minimum operating power of 124W, nearly halving the energy consumption compared to standard 6Hz models, enhancing both user experience and energy efficiency [4]. User Benefits - The 4Hz technology results in three key benefits for users: reduced electricity bills, quieter operation, and stable temperature control, eliminating the discomfort of temperature fluctuations [5]. Implementation of Commitment - Haier Central Air Conditioning has established a complete closed-loop system from advanced manufacturing to smart services, ensuring high quality and consistency in products equipped with 4Hz technology [6]. - The company focuses on every aspect of user experience, from energy savings to comfort, demonstrating a commitment to technological originality and the core responsibility of providing "good air" [6].