一、空调滤纸行业概述 空调滤纸是用于空气过滤系统的关键材料，通过物理拦截或化学吸附去除空气中的颗粒物（如PM2.5、 花粉）、有害气体（如甲醛）和微生物（如细菌、病毒），广泛应用于家用空调、汽车空调、商用中央 空调及工业净化设备中。其核心性能指标包括过滤效率、风阻、容尘量和耐久性。空调滤纸按功能可分 为基础过滤型、高效PM2.5型和复合功能型；按应用场景可分为家用空调滤纸、车用空调滤纸以及工业 级滤纸等。 二、空调滤纸行业发展历程 从发展历程来看，中国空调滤纸行业经历了三个阶段，分别是2000年以前的萌芽阶段、2000-2015年的 快速成长阶段以及2016年至今的高质量发展阶段。2000年以前，国内空调滤纸市场完全依赖进口，主要 采用基础无纺布材料，产品功能单一，仅能实现基本的灰尘过滤，且主要应用于高端商用领域。这一阶 段国内企业以简单仿制为主，核心技术和关键设备均需从欧美日韩引进。随着中国制造业水平整体提 升，国产替代进程加速推进。特别是2013年前后全国性雾霾问题爆发，PM2.5防控需求呈现指数级增 长，直接推动了HEPA高效过滤技术的突破性发展。国内企业通过自主研发，在熔喷工艺、驻极处理等 关键技术领 ...

尽管格力在高端市场仍具技术壁垒——如其"风不吹人"系列采用分布式送风技术解决冷风直吹痛点，万元以上的"星空"系列占该价位段份额35%——但整体 增长疲软。一季度财报显示，格力空调业务营收同比仅增1.2%，而美的、海尔增幅分别为8.7%和6.3%。业内认为，格力需平衡高端产品溢价与大众市场渗 透率。 当前空调市场前三强合计份额达75.3%，较去年同期提升4.2个百分点，价格战与能效升级加速行业洗牌。奥维云网数据显示，1-26周线上均价同比降4.02% 至2604元，但小米凭借智能生态实现量价齐升（均价涨10.27%，份额15.55%），反观奥克斯份额降至5.1%，TCL、长虹均不足3%。 根据中怡康最新数据显示，2025年第26周（6月23日-29日）国内空调市场格局出现变动：美的以28.6%的零售量份额稳居首位，海尔以26.1%的份额跃居第 二，格力则以20.6%退至第三。这是自2019年以来格力首次跌出行业前二名。 格力份额下滑与其线下渠道战略调整直接相关。2024年起，格力加速关闭低效专卖店，年内净减少门店超1200家，导致三四线城市覆盖率下降约15%。 与此同时，其价格策略未能匹配市场需求变化。奥维云网 ...

值得注意的是，由于往期需求量较低，东北地区常年处于空调产业供给端布局洼地：从产能来看，东三省中仅有辽宁保有每年 百万台左右的空调产量；从销售端来看，面对今年的销售热潮，多次出现断货、物流滞后等情况，本地安装、售后人员严重吃 紧。 这种短期的供需错配也一定程度上为市场发展带来隐患：大件家电的跨区域调货易导致物流成本攀升，压缩产品的利润空间； 同时产业链响应速度滞后，终端销售可能出现断货或溢价的情况，损害用户体验。 南方财经记者 吴立洋 21世纪经济报道记者 翁榕涛 上海、广州报道 今夏以来，一向因地处高纬度地区而较少受夏季炎热天气困扰的东北，迎来史上罕见的持续高温，沈阳、长春、哈尔滨等城市 连续出现30℃以上天气，部分地区打破历史同期纪录。 突如其来的酷暑，使得平均空调保有率均位于全国下游的东三省，成为市场增量的主要来源之一。奥维云网数据显示，6月23日 —29日、6月30日—7月6日两周，黑龙江省线下空调市场销售额分别同比增长817.68%和438%，吉林省线下空调销售额分别同比 增长128.76%和788.4%。 东北空调的销售热，不仅是"热夏"下的应急难题，更是气候变迁带来的特殊情形下，区域产销布局不匹配 ...

Group 1 - The core index of the A-share market showed mixed performance, with the China Securities Index Home Appliance Index rising by 1.1% to 11,365.58 points, with a trading volume of 20.297 billion yuan [1] - Over the past month, the China Securities Index Home Appliance Index has increased by 0.84%, and over the past three months, it has risen by 4.48%, while it has decreased by 0.27% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the sample, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weighted stocks in the China Securities Index Home Appliance Index include Gree Electric Appliances (15.44%), Midea Group (14.89%), Haier Smart Home (12.88%), and others [1] - The market segments of the index holdings show that the Shenzhen Stock Exchange accounts for 64.26%, while the Shanghai Stock Exchange accounts for 35.74% [1] - The sample for the index is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] Group 3 - The entire sample of the index is categorized under consumer discretionary, with a 100% allocation [2] - Public funds tracking the home appliance index include various funds such as GF China Securities Index Home Appliance Link A, and others [2]

Core Viewpoint - The article emphasizes that Haier's innovation is driven by understanding and addressing user pain points rather than merely upgrading technical specifications. This user-centric approach has been a fundamental principle for Haier over the past 40 years [2][12][21]. Group 1: User-Centric Innovation - Haier's CEO, Zhou Yunjie, actively engages with user feedback on social media, viewing suggestions as valuable sources of innovation [2][3]. - The recent launch of Haier's washing machine products at the 2025 event exemplifies the company's commitment to a user-first philosophy [3][4]. - The historical evolution of washing machines shows a trend where technological advancements often overlooked actual user needs, leading to a disconnect [5][6]. Group 2: Redefining Product Functionality - Haier's new washing machines are designed to address specific user pain points, such as space constraints and the need for specialized care for different fabrics [6][8]. - The "Haier Fusion Washing and Drying Home" model offers four independent washing and drying zones in a compact design of only 0.36 square meters, catering to diverse family needs [8][10]. - The introduction of the V-rotor washing machine eliminates the traditional agitator, addressing long-standing cleanliness issues associated with conventional designs [8][10]. Group 3: Technological Advancements - Haier's AI-driven washing technology enhances cleaning efficiency, allowing for a significant reduction in wash time while maintaining high cleaning standards [10][12]. - The integration of smart features, such as voice recognition and proximity sensors, reflects Haier's commitment to understanding and meeting user needs [10][12]. Group 4: Global Leadership and Standards - Haier has maintained its position as the world's leading washing machine brand for 16 consecutive years, with a strong presence in over 20 countries [14][16]. - The company has played a pivotal role in establishing international standards for multi-tub washing machines, showcasing its leadership in the industry [14][16]. - Over the past decade, Haier has led the development of 120 international standards, significantly influencing global manufacturing practices [16]. Group 5: Strategic Shift in Innovation - Haier's approach to innovation has shifted from a technology-driven mindset to a demand-driven one, focusing on what users truly need [18][19]. - The company's open innovation system connects 250,000 experts globally, facilitating rapid transformation of user pain points into technological advancements [18][19]. - The adoption of Haier's standards by numerous countries marks a significant transition for Chinese manufacturing from merely exporting to leading global standards [19][21].

Core Viewpoint - The article highlights the growing issue of disposing of old home appliances, emphasizing the environmental risks associated with improper disposal and the advantages of using professional recycling platforms like Haier's. Group 1: Industry Challenges - The rapid replacement of home appliances has led to a common problem of disposing of old appliances, with concerns about environmental pollution from harmful substances like refrigerants and heavy metals [1] - Traditional disposal methods often involve selling to informal collectors, which can result in illegal dismantling and resource wastage [1] Group 2: Company Solutions - Haier has launched the first comprehensive recycling platform in the industry, providing convenient and reliable door-to-door collection services for old appliances [1][3] - The newly established Haier Circular Industry Appliance Recycling Sorting Center ensures standardized and data-driven management, allowing for full visibility of the recycling process and preventing environmental pollution [3][5] - The new recycling method significantly improves efficiency by reducing intermediate steps, with each appliance's journey from collection to dismantling being systematically recorded [5] Group 3: Market Trends - The national policy promoting the replacement of old home appliances is driving an increase in discarded appliances, making professional recycling platforms a convenient and environmentally friendly option for consumers [6]

Core Insights - The extreme heat in Northeast China has led to a surge in air conditioning demand, but also revealed issues with some units failing to cool effectively or even shutting down under high temperatures [1] - Air conditioning units are designed to operate within a temperature range of -7℃ to 43℃, and prolonged exposure to high temperatures can cause them to overheat and trigger protective shutdowns [1] - Haier's air conditioning products, particularly those utilizing the "cool core bridge" technology, are highlighted for their ability to operate in temperatures exceeding 60℃ without shutting down, making them popular in the local market [1] Sales Performance - Haier's air conditioning sales in Northeast China have seen significant increases, with installation volumes in Jilin Province up 563% and retail sales up 355% year-on-year [3] - Retail sales in Heilongjiang Province increased by 333%, while in Liaoning Province, the retail sales growth reached 518% [3] - According to GfK data, Haier's market retail volume share increased by 0.7 percentage points in the first half of 2025, marking the highest growth among the top three brands in the industry [3]

Summary of Key Points from the Conference Call Industry Overview - The home appliance sector is expected to show strong performance in Q2 2025, with leading brands like Midea, Haier, and Gree projected to achieve double-digit growth due to stable profitability and market share gains. In contrast, second-tier brands may experience single-digit declines or marginal growth [1][3][4]. Key Insights and Arguments White Goods and Components - The white goods and components sector is anticipated to demonstrate robust operational resilience, with leading companies expected to achieve over 10% year-on-year growth. In contrast, second-tier white goods companies are likely to see weak performance, with revenue and earnings projected to decline slightly or grow marginally [4]. - Midea Group is recommended as a top pick, with expected revenue and earnings growth of over 15%. Haier is also expected to achieve double-digit growth due to strong domestic air conditioning performance and stable overseas business [4]. Home Appliance Performance - The overall performance of the home appliance industry in Q2 2025 is promising, with strong domestic demand driven by national subsidy policies. The air conditioning market saw a 36% increase in online retail volume, with Midea and Haier gaining market share [5]. - The kitchen small appliance sector is recovering, with a 25% growth during the 618 shopping festival, driven by improved average prices and sales volume [10]. Cleaning Appliances - The cleaning appliance sector is benefiting from national subsidy policies and global market share gains. Companies like Ecovacs and Roborock are experiencing strong revenue growth, while the price increase by a competitor has led to a decline in market share for others, providing growth opportunities for leading brands [1][6]. Black Goods - The black goods sector is stable, with an increase in Mini LED penetration driving price increases. TCL Electronics and Hisense are expected to see revenue and performance growth due to product structure optimization and overseas market expansion [1][13][15]. Export Manufacturing - Export manufacturing companies like Ousheng Electric and Lek Electric are expected to gradually recover their performance in Q3 and Q4 2025, benefiting from well-established production capacity in Southeast Asia [12]. Additional Important Insights - The air conditioning market remains competitive, but leading companies are managing costs effectively without sacrificing profit margins. The small appliance sector is seeing improved profitability due to capacity clearing and marginal improvements in traffic costs [2]. - The kitchen appliance sector is facing pressure from real estate completion demands, but national subsidy policies are providing support. Traditional products are stable, while integrated stoves are experiencing significant declines [17][19]. - Companies like Bull Group are facing growth pressures due to a weak macro environment, although their new energy and overseas business segments are growing rapidly [21]. - Ecovacs is projected to achieve a net profit of 485 to 515 million yuan in Q2, representing a year-on-year growth of 56% to 66%, driven by strong domestic market performance and international sales [7][8]. This summary encapsulates the key points from the conference call, highlighting the performance expectations and strategic insights across various segments of the home appliance industry.

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly highlighting the white goods sector as undervalued with high dividend yields and stable growth potential [4][5]. Core Insights - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, with a projected domestic production increase of 8% in the upcoming months. The report recommends stocks like Hisense Home Appliances, Midea, Haier, and Gree [5]. 2. **Exports**: Companies like Ousheng Electric and Dechang Co. are highlighted for their stable profit growth driven by large customer orders and recovering overseas demand [5]. 3. **Core Components**: The report emphasizes the unexpected demand for core components in the white goods sector, recommending companies such as Huaxiang Co., Shun'an Environment, and Sanhua Intelligent Control for their competitive advantages and growth prospects [5]. Summary by Sections A. Clean Appliances Data - In June 2025, online sales of sweeping machines reached 352,300 units, up 34.11% year-on-year, with sales revenue of 576 million yuan, an increase of 44.07%. The average price rose by 7.43% to 1,634.50 yuan per unit [4][31]. - For washing machines, sales were 257,400 units, up 32.43% year-on-year, with revenue of 411 million yuan, a 20.31% increase. The average price decreased by 9.15% to 1,598.10 yuan per unit [4][31]. B. Personal Care Data - In June 2025, hair dryer sales fell by 28.23% to 918,300 units, but revenue increased by 1.57% to 30.5 million yuan, with an average price rise of 41.52% to 332.0 yuan per unit [5][39]. - Electric shaver sales decreased by 1.81% to 1,140,900 units, while revenue grew by 5.76% to 25 million yuan, with an average price increase of 7.68% to 218.7 yuan per unit [5][39]. C. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with a 0.3% decline in the home appliance index while the CSI 300 rose by 0.8% [6][7]. - The announcement of a 50% tariff on copper imports by the U.S. is expected to impact the industry, as copper is a key material for many appliances [6][13]. D. Material Prices - As of July 11, 2025, copper prices were 78,730 yuan per ton, down 1.19% year-on-year, while aluminum prices rose by 3.25% to 20,785 yuan per ton [16][20].

Industry Overview - The humidifying fan market began to emerge in 2022, initially utilizing high-pressure nozzle technology, later evolving to centrifugal mist technology for improved portability [1][11] - The increasing living standards and heightened awareness of home comfort and health have driven demand for humidifying fans, which enhance air circulation and humidity, alleviating dryness-related issues [1][11] - The market size of China's humidifying fan industry was 550 million yuan in 2022, projected to grow to 1 billion yuan by 2024 [1][11] Application Areas - Humidifying fans are increasingly used in both residential and commercial settings, including offices, shopping malls, and industrial environments, expanding the market space [1][11] - The restaurant industry is a significant application area, where humidifying fans help reduce temperatures and enhance customer dining experiences, especially in summer [9][11] Industry Chain - The upstream of the humidifying fan industry includes components like electric motors, steel, and plastics, which directly affect manufacturing quality and costs [5] - The downstream applications encompass various environments such as outdoor restaurants, entertainment venues, and public transport stations [5] Competitive Landscape - Major brands dominate the humidifying fan market due to their brand influence, technological strength, and market expansion capabilities [13] - Key players include Haier Smart Home, Gree Electric Appliances, Bosch Home Appliances, and others, which have established strong R&D and production capabilities [13] Material Supply - Plastic is a primary component of humidifying fans, with the Chinese plastic products industry expected to produce 77.076 million tons in 2024, indicating a stable supply for the humidifying fan market [7] Market Trends - The industry is moving towards smart technology integration, allowing remote control of humidifying fans via mobile apps or voice assistants [19] - There is a growing demand for portable humidifying fans that combine cooling and humidifying functions, suitable for various spaces [19] - Increasing consumer focus on indoor air quality and health is expected to sustain market demand for humidifying fans [19]