Core Insights - The global kitchen appliance market is under pressure, yet Haier's kitchen appliances are experiencing growth, achieving a 32% increase in the high-end market compared to an industry decline of 3% in the first ten months of the year [1][2] - Haier's global strategy has established a strong market foundation, with the company being the largest kitchen appliance manufacturer globally, selling over 10 million units annually for three consecutive years from 2022 to 2024 [3] - The "comprehensive ToC transformation" strategy has driven Haier's global market growth, with significant market shares in various regions, including 34% in the US and leading positions in Australia, Italy, Morocco, and notable growth in the Middle East and Southeast Asia [3][4] Company Performance - Haier's kitchen appliances have achieved breakthroughs in the domestic high-end market, with the Casarte brand being the fastest-growing high-end brand in the industry [3] - The Casarte full-embedded range hood has maintained the highest market share in the high-end segment on JD.com for five consecutive months, while the Casarte drawer dishwasher has seen a 130% increase in sales, securing the top market share [3] Innovation and Technology - Haier has introduced AI products and solutions, showcasing its leadership in the industry with the new generation of AI kitchens, which include features like automatic fire adjustment and intelligent cooking capabilities [4] - The integration of AI technology in kitchen appliances reflects Haier's commitment to enhancing user experience and product innovation [4] Strategic Insights - The reverse growth trend is attributed to the company's strategic transformation and market practices, demonstrating a systematic approach to enhancing brand value and resilience in a complex market environment [6] - The 2026 "comprehensive ToC" strategy outlines a clear path for Haier's high-end transformation, providing a practical example of resilience in the home appliance manufacturing sector [6]

Group 1 - The Hang Seng Index opened with a slight decline of 0.07% [1] - The Hang Seng Tech Index experienced a minor increase of 0.08% [1] - Baidu Group saw a significant rise of over 3% [1] - Contemporary Amperex Technology Co., Ltd. (CATL) increased by more than 2% [1] - Haier Smart Home Co., Ltd. experienced a drop of 2% [1]

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 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。 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。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 ...

Summary of the China Consumer Appliances Sector Conference Call Industry Overview - **Industry**: China Consumer Appliances Sector - **Focus**: White goods, specifically air conditioners (AC), washing machines (WM), and refrigerators Key Points from the Expert Call 1. **4Q25 Shipment Revisions**: - Shipments for AC, WM, and fridges have been revised down to -20%, -1%, and -3% year-over-year (YoY) respectively. - This decline is attributed to weak domestic demand due to fading trade-in subsidies, a high base from 4Q24, and rising copper prices [3][4]. 2. **Domestic Subsidies Outlook**: - There are diverging opinions on whether domestic trade-in subsidies will be extended into 2026. - Some experts believe extensions are likely due to unreleased replacement demand and the 2027 recycling target, while others argue for an end to subsidies due to diminishing impacts and low availability in the second half of 2025 [3][4]. 3. **2026 Domestic Shipment Forecast**: - Expected changes in shipments with subsidies: AC -2.0%, WM +1.9%, fridge -1.5% YoY. - Without subsidies, the forecast is: AC -5.4%, WM -2.2%, fridge -4.1% YoY. - The outlook is lower than previous forecasts due to recent cuts in 2025 shipment numbers. - The demand for WM is expected to remain stronger than for refrigerators in 2026, influenced by product upgrades and previous demand pull-forward during COVID [4]. 4. **Overseas Market Outlook**: - Global white goods volume is expected to grow by 1.5% YoY in 2026, with specific growth rates for AC, WM, and fridges at +2.5%, +1.2%, and +0.5% YoY respectively, assuming stable US tariffs. - Chinese export volumes for AC, WM, and fridges are projected to decline by -4.0%, +0.2%, and -4.3% YoY due to rising overseas capacities and high US tariffs. - Key export markets for China in 2026 include Latin America, Africa, Indonesia, and Japan, although increased production capacities in Southeast Asia may reduce reliance on Chinese exports [4]. Stock Implications - **Caution on Sector**: The outlook for the China home appliance sector is cautious due to a post-subsidy down-cycle expected from Q3 2025 to 2027, with intensified competition. - **Preferred Stocks**: Midea and Haier are favored for their overseas growth potential and strong defensiveness, while Gree is viewed with caution as it is primarily a domestic AC player [5]. Risks Identified - **Sector Risks**: - Risks include a downturn in the property market affecting demand, elevated raw material prices, and global supply chain constraints impacting exports [7]. - **Company-Specific Risks**: - **Gree**: Risks include reduced demand due to property policy tightening, rising raw material prices, foreign exchange losses, increased competition, and lower-than-expected dividends [8]. - **Midea**: Risks include tighter property market policies, RMB exchange rate fluctuations, and slowing growth in the global robot market [9]. - **Haier**: Risks include declining refrigerator demand, slow adoption of smart appliances, and high raw material costs [9]. This summary encapsulates the key insights and forecasts from the conference call regarding the China consumer appliances sector, highlighting both opportunities and risks for investors.

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [11]. Core Insights - The Federal Reserve announced a 25 basis point reduction in the federal funds rate to a target range of 4.00%-4.25% on September 18, 2025, marking a return to a rate cut cycle after nine months. This cycle is expected to continue for the remainder of the year and into the next two years [2][5]. - The impact of the rate cut on the supply side of the U.S. home appliance industry is significant and has a higher transmission efficiency compared to the demand side, which typically shows improvement with a delay of 1-2 quarters after the end of the rate cut cycle [6][24]. - The revenue contribution from the recent rate cut to domestic appliance companies may not be evident in the short to medium term, necessitating further observation of the U.S. economic fundamentals [8][48]. Summary by Sections Introduction - The report analyzes the effects of the Federal Reserve's monetary policy easing on domestic appliance companies that have established a significant presence in the U.S. market [5][16]. Response of the U.S. Home Appliance Industry to Rate Cuts - On the supply side, U.S. appliance manufacturers typically see a turning point in new order amounts immediately following the initiation of a rate cut cycle, with shipment growth rates usually aligning with new orders or lagging by one quarter [6][22]. - On the demand side, while historical data shows that demand for home appliances improves after rate cuts, this improvement is often delayed until 1-2 quarters after the last rate cut [24][30]. Stock Performance of Appliance Companies During Rate Cuts - Anticipation of rate cuts tends to boost stock prices of U.S. appliance companies initially, but actual performance is often driven by valuation post-announcement. Recent cycles have shown muted stock performance due to the industry's maturity [7][34]. - Historical analysis of Whirlpool's stock performance indicates that while the stock tends to perform well before rate cuts, it often experiences a pullback after the cuts are implemented [34][38]. Investment Recommendations - The report suggests focusing on high-quality industry leaders with structural growth and high dividend returns, recommending companies like Midea Group, Haier Smart Home, and Gree Electric for their strong domestic and emerging market sales [8][48]. - Additionally, it highlights brands with global reach and product diversification, such as Anker Innovations and Ninebot, as potential investment opportunities [8][48].

行业研究丨深度报告丨家用电器 [Table_Title] 如何看新兴市场白电景气度与格局？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 受益于居民户均收入突破临界拐点，过去几年东南亚、拉美及中东非等新兴市场家电渗透率迎 来加速提升，行业长期保持高景气，同时国内企业凭借深入的本地化布局与产品及性价比等方 面优势正逐步抢占日韩系与欧美系企业份额。展望后续，国内市场面临潜在的基数与需求前置 压力，增长中枢或边际放缓，海外成熟地区家电也已基本进入存量阶段，而新兴市场当前渗透 率仍处于相对低位，且国内品牌保有较大份额提升潜力，有望为国内家电企业规模增长贡献长 期势能。 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 / 20 %% %% %% %% research.95579.com 2 [Table_Title2] 如何看新兴市场白电景气度与格局？ [Table_Summary2] 新兴市场家电景气度如何？ 国内出口表现与上市公司财报的交 ...

Investment Rating - The report indicates a positive investment outlook for the home appliance sector, with a recommendation to focus on undervalued stocks with high dividends and stable growth potential [3][4]. Core Insights - The home appliance sector index outperformed the CSI 300 index, rising by 1.8% compared to the 1.3% increase in the CSI 300 [3][4]. - Key companies such as Lek Electric, Stone Technology, and Huaxiang Co. led the gains, while companies like Yitian Intelligent and Zhejiang Meida faced declines [3][8]. - Stone Technology reported significant sales growth during the Black Friday period, with a 41% increase in vacuum cleaner sales and a 361% increase in washing machine sales in Europe [3][12]. - The report highlights three main investment themes: 1. **Self-Electric**: The reversal of real estate policies is expected to benefit the white goods sector, which is characterized by low valuations and high dividends [3]. 2. **Exports**: Companies like Ousheng Electric and Dechang Co. are recommended due to their stable profitability and expanding customer orders [3]. 3. **Core Components**: The demand for key components is expected to exceed expectations, with recommendations for companies like Huaxiang Co. and Shun'an Environment [3]. Industry Dynamics - The report notes a decline in domestic sales for major appliances in October 2025, with air conditioning production down by 27.9% year-on-year and sales down by 20.1% [34]. - Refrigerator production and sales also saw declines, with production down by 9.8% and sales down by 6.11% [40]. - Washing machine production remained stable with a slight decline of 0.2%, but exports increased by 6.41% [43]. - The report emphasizes the impact of rising raw material prices, particularly copper and aluminum, which have increased by 22.52% and 7.50% year-on-year, respectively [14]. Data Observations - The home appliance sector's performance in October showed a mixed picture, with air conditioning and refrigerator sales declining, while washing machine exports increased [34][40][43]. - The report provides detailed statistics on the sales performance of various appliances, indicating a challenging market environment for domestic sales [34][40][43].

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]

Investment Rating - The report maintains a positive outlook on the home appliance sector, with the sector index outperforming the CSI 300 index, increasing by 1.8% compared to the 1.3% rise of the CSI 300 [4][5]. Core Insights - The report highlights significant sales growth for Stone Technology during the Black Friday period, with a 41% increase in vacuum cleaner sales and a 361% increase in floor washing machines in Europe [4][13]. - Luck Electric announced its participation in a private equity fund, investing 20 million yuan, which represents 62.40% of the total subscription amount, focusing on equity investment in Shenzhen Cloud Leopard Intelligent Co., a semiconductor company [4][14]. - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and low valuations, recommending companies like Hisense, Midea, and Gree [4]. 2. Export-driven companies like Ousheng Electric and Dechang Co. are expected to see revenue growth due to large customer orders [4]. 3. Core components in the white goods sector are expected to see increased demand, with recommendations for companies like Huaxiang and Shun'an [4]. Data Observations - In October 2025, the air conditioning sector saw a total production of 10.13 million units, a year-on-year decrease of 27.90%, with domestic sales down 21.30% [4][36]. - The refrigerator sector reported a production of 8.27 million units, down 9.8% year-on-year, with domestic sales decreasing by 10.76% [4][42]. - The washing machine sector experienced a slight production decrease of 0.2%, but exports increased by 6.41% [4][46]. - The report notes that raw material prices for copper and aluminum have risen, with copper prices up 22.52% year-on-year [4][16].

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]