Group 1 - The core viewpoint is that Haier refrigerators are successfully penetrating the international market, particularly in Spain, achieving significant sales growth and market share [1][2] - In May, Haier's refrigerator sales share reached 13.3%, making it the top player in the refrigerator industry, with notable performance in both high-end and mainstream markets [1] - Haier's multi-door refrigerators excel in the high-end segment, capturing 35% market share with a premium positioning index (PI) of 146, driven by innovative features such as advanced preservation technology [1] Group 2 - The success of Haier refrigerators in Spain exemplifies the company's globalization strategy, focusing on local R&D, manufacturing, and service to enhance market integration [2] - Haier aims to continue deepening its presence in the Spanish market by offering higher quality products and services to solidify and expand its leading position [2]

Core Viewpoint - Haier Philippines launched a new Mini LED TV series in collaboration with local retailer Abenson, showcasing advanced display technology and enhanced audio features [1]. Group 1: Product Features - The new Mini LED TV series utilizes micron-level Mini LED backlight technology, with evenly distributed light beads on the back panel, allowing for more local dimming zones, which improves brightness and contrast [3]. - The TVs support HDR10 and Dolby Vision, resulting in finer picture quality [3]. Group 2: Audio Experience - Haier partnered with audio brand KEF to equip the TVs with Dolby Atmos and dbx-TV technology, providing a more immersive surround sound experience [4].

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances Key Points and Arguments Market Impact and Challenges - The North American market is minimally affected by U.S. tariffs due to local production in the U.S. and Mexico, where Mexico enjoys zero tariffs. However, overall Chinese appliance exports have declined since April and are expected to continue this trend in the coming months [2][3] - Domestic market faces challenges from reduced subsidy intensity and a price war in the air conditioning sector. The gradual implementation of the old-for-new subsidy may be controlled, raising market concerns, especially with recent adjustments in Jiangsu province's air conditioning subsidy policy [2][4] - In Q1 2025, Haier's refrigerator business grew by 8%, washing machines by over 10%, and air conditioning by 15%, outperforming industry averages [2][5] Strategic Initiatives - Haier is enhancing operational efficiency through digital inventory management, accelerating inventory turnover, and expanding online channels, particularly targeting younger consumers. The air conditioning business added 150 top customers, resulting in a 60% increase in retail volume [2][8] - The company launched the "Lazy Wash" washing machine, which has seen significant pre-sale success, with orders fully booked until July [2][9] Competitive Landscape - The recent price decline in air conditioning products, led by the Hualing brand, is not expected to last as long as previous price wars in 2019 and 2020. Prices have already begun to recover post-618 shopping festival [6][10] - Haier's air conditioning business is performing better than expected despite price war pressures, with significant improvements in product quality and cost efficiency achieved through increased R&D and self-manufacturing of core components [10][11] Regional Performance - Haier has shown strong performance in Southeast Asia and South Asia, with market shares nearing 40% in Turkey and Pakistan, and ranking third in India with a 7% market share. The company has improved profitability through product structure enhancements and digital transformation [3][18] - The company’s global building business unit achieved a significant milestone by surpassing 10 billion yuan in revenue for the first time in 2024, driven by self-manufacturing of key components and new product launches [12] Future Outlook - The overall home appliance market is expected to remain stable in 2025, despite a potential slowdown in growth rates due to high base effects from 2024. Haier aims to maintain its market share without engaging in price competition [21][22] - Investors express concerns about the cyclical nature of the appliance industry, but long-term stability is expected due to strong replacement demand for refrigerators, washing machines, and air conditioners [22] Valuation and Investment Perspective - Haier's current valuation is at a near ten-year low, with a dividend yield at a ten-year high, presenting an attractive investment opportunity. The company’s transformation and execution capabilities are expected to drive future profit and dividend growth [23][24] Conclusion - Haier Smart Home is navigating a complex market landscape with strategic initiatives aimed at enhancing operational efficiency and product offerings. The company is well-positioned to leverage its global production capabilities and local market insights to sustain growth and profitability in the home appliance sector.

Core Viewpoint - The article highlights the significant structural changes in the Chinese stock market, particularly the rise of new consumption sectors, with Haier Smart Home being a key player in the global home appliance industry, focusing on overseas market expansion and digital transformation. Group 1: Market Performance and New Consumption - The Shanghai and Shenzhen 300 index increased by 0.03%, while the Hang Seng index surged by 21.06%, indicating a strong interest in Hong Kong's new consumption sector [1] - The "Guozhen Hong Kong Stock Connect Consumption Index" was launched to better meet investor demand for new consumption enterprises, featuring a balanced industry distribution and including leading companies across various consumer sectors [1][2] Group 2: Haier Smart Home's Global Strategy - Haier Smart Home aims to capture 30% market share in overseas markets, particularly in South Asia and Southeast Asia, as stated by the chairman during the shareholder meeting [4] - The company has accelerated its overseas expansion, acquiring KLIMA KFT in Hungary and establishing a presence in South Africa with the Kwikot brand [5][6] Group 3: Revenue Growth and Market Share - Haier Smart Home's overseas revenue has shown a compound annual growth rate (CAGR) of 25.39% from 2015 to 2024, with overseas revenue share increasing from 21% in 2015 to 50% in 2024 [6][28] - In 2024, overseas revenue is projected to reach 143.8 billion, maintaining a 50% share of total revenue [8] Group 4: Regional Performance - Contributions to overseas revenue growth in 2024 are expected from Australia (0.5 billion), South Asia (2 billion), Europe (3.5 billion), and Southeast Asia (0.8 billion) [9] - In the first four months of 2023, Haier Smart Home achieved significant market share increases in Thailand (14.1%), Vietnam (16.5%), and Indonesia (12.3%) despite overall market declines [10][11][12] Group 5: Profitability Analysis - Haier Smart Home's net profit margin and return on equity (ROE) are at their highest in five years, indicating improved profitability [15] - The domestic market shows significantly higher profitability compared to overseas markets, attributed to product structure and management efficiency [16][17] Group 6: Global Market Position - Haier Smart Home has transitioned from a domestic leader to a global player, with over 50% of its revenue coming from international markets [19] - The company holds a global market share of over 20% in refrigerators, with significant shares in the Asia-Pacific (35%) and North America (25%) [20] Group 7: Future Growth Potential - There is substantial potential for growth in the washing machine segment, with many regions still showing unsaturated penetration rates [26] - The company is leveraging its successful domestic management practices and talent to enhance efficiency and competitiveness in overseas markets [31][32]

Group 1 - The report presents the "Shenwan Hongyuan Top Ten Gold Stocks" as a monthly updated selection reflecting market trends and investment strategies [1][10] - The previous gold stock combination achieved a return of 10.81% from June 1 to June 30, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 11.85 and 12.25 percentage points respectively [4][5] - Since the first release on March 28, 2017, the gold stock combination has cumulatively increased by 302.29%, with the A-share combination rising by 239.35% [5][4] Group 2 - The current strategy maintains a judgment of a high central oscillation market, with expectations for a bull market core period emerging in 2026-27 [13] - The report suggests focusing on growth sectors such as national defense, innovative pharmaceuticals, and robotics, while strategically favoring Hong Kong stocks as a leading market in a potential bull market [13] - The top recommended stocks include "Iron Triangle" stocks: Plater, Haier Smart Home, and China Life (Hong Kong), along with other selected stocks like Yiwei Lithium Energy and Alibaba-W (Hong Kong) [16][17] Group 3 - The report highlights the performance and rationale for each of the top ten gold stocks, emphasizing their growth potential and market positioning [19][21] - For instance, Yiwei Lithium Energy is expected to benefit from the electric heavy truck market, while Haier Smart Home is positioned to leverage high-end market trends and digital upgrades [17][19] - The report also provides valuation and profit forecasts for these stocks, indicating expected growth rates and earnings per share (EPS) for the coming years [21][22]

海爾智家股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 股份代號：6690 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條由海爾智家股份 有限公司作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Haier Smart Home Co., Ltd.* 重要内容提示： 以下公告的中文版本已於上海證券交易所網站(www.sse.com.cn)刊登，僅供參閱。 特此公告。 承董事會命 海爾智家股份有限公司 董事長 李華剛 中國青島 2025年6月30日 於本公告日期，本公司執行董事為李華剛先生及Kevin Nolan先生；非執行董事為 宮偉先生、俞漢度先生、錢大群先生及李少華先生；獨立非執行董事為王克勤先 生、李世鵬先生、吳琪先生及汪華先生；及職工董事為孫丹鳳女士。 * 僅供識別 – 1 – 证券代码：600690 证券简称：海尔智家 公告编号：临 2025-046 海尔智家股份有限公司 关于以集中竞价交易 ...

证券代码：600690 证券简称：海尔智家 公告编号：临 2025-046 海尔智家股份有限公司 关于以集中竞价交易方式回购 A 股股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/3/28，由董事会提议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2025 3 3 | 月 | 28 | 日~2026 | 年 | 日 27 | | 预计回购金额 | 100,000万元~200,000万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 31,830,800股 | | | | | | | 累计已回购股数占总股本比例 | 0.339% | | | | | | | 累计已回购金额 | 794,354,695.20元 | | | | ...

Group 1 - The A-share market showed signs of recovery in June, with major indices generally rising, particularly the ChiNext Index which increased by 6.1% [1][8] - The performance of various sectors was mixed, with telecommunications, non-bank financials, banks, and non-ferrous metals performing well, while consumer sectors like food and beverage, beauty care, and home appliances lagged [1][8] - The Hong Kong stock market also experienced a rebound, with the Hang Seng Index and other indices showing increases of 5.0%, 4.8%, and 4.4% respectively by June 26, 2025 [1][12] Group 2 - The report anticipates that the A-share index will maintain a volatile trend, with external risks potentially easing but still requiring vigilance regarding U.S. policies [2][16] - The upcoming earnings season is expected to highlight sectors with strong performance, particularly steel, computers, electric equipment, and defense industries, which are projected to have relatively high growth rates [2][18] - Stable assets such as high-dividend stocks and gold are recommended for attention, as they have historically performed well during uncertain market conditions [2][18] Group 3 - The Hong Kong market is expected to continue its volatile trend, influenced by liquidity constraints and uncertainties in U.S.-China relations [3][23] - Long-term investment strategies should focus on a "barbell" approach, emphasizing technology growth and high-dividend stocks, particularly in sectors like telecommunications, utilities, and banking [3][23] - The report identifies several key stocks for July 2025 in both A-shares and Hong Kong markets, including Newguang, Gree Electric, Tencent Holdings, and Xiaomi Group, among others [3][29][32]

Quantitative Factor and Model Analysis Quantitative Models and Construction 1. **Model Name**: GAN_GRU Model **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for generating realistic price-volume sequential features and Gated Recurrent Units (GRU) for encoding these sequential features into predictive signals for stock selection [2][9]. **Model Construction Process**: - **GRU Component**: - Input features include 18 price-volume features such as closing price, opening price, turnover, and turnover rate [10][13]. - Training data consists of the past 400 trading days' features, sampled every 5 trading days, forming a 40x18 feature matrix to predict the cumulative return over the next 20 trading days [14]. - Data preprocessing includes outlier removal and standardization at both time-series and cross-sectional levels [14]. - The GRU network consists of two layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet) [18]. - **GAN Component**: - The generator (G) uses an LSTM model to preserve the sequential nature of the input features, while the discriminator (D) employs a CNN to process the two-dimensional price-volume feature "images" [29][32]. - The generator's loss function is: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability [20][21]. - The discriminator's loss function is: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output for real data, and \( D(G(z)) \) is the output for generated data [23][25]. - Training alternates between updating the discriminator and generator parameters until convergence [26]. **Model Evaluation**: The GAN_GRU model effectively captures both sequential and cross-sectional price-volume features, leveraging the strengths of GANs and GRUs for stock selection [2][9][29]. --- Quantitative Factors and Construction 1. **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: The GAN_GRU factor is derived from the GAN_GRU model's output, representing the encoded price-volume sequential features as a stock selection signal [2][9]. **Factor Construction Process**: - The factor is derived from the predicted return (pRet) output of the GAN_GRU model [18]. - The factor undergoes industry and market capitalization neutralization, followed by standardization [18]. **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent performance in both IC and excess returns [36][40]. --- Model Backtest Results 1. **GAN_GRU Model**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37]. --- Factor Backtest Results 1. **GAN_GRU Factor**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37].

Core Viewpoint - The home appliance industry is expected to experience significant retail growth during the 2025 618 shopping festival, driven by low-priced small appliances and sustained growth in major appliance categories, with leading companies benefiting from policy incentives and leading the upgrade of product structures [1][2]. Group 1: Retail Growth and Performance - The overall retail performance of the home appliance industry has significantly improved, with online sales accelerating during the 618 shopping festival, showing a weighted average year-on-year growth of +15% across 20 representative categories [2]. - High-priced major appliances saw volume growth, while average prices remained stable, with air conditioners, washing machines, and black appliances experiencing retail growth rates exceeding 20% [2]. - Low-priced small appliances also showed strong performance, with online average prices for products like rice cookers, pressure cookers, and air fryers increasing by over 10% year-on-year [2]. Group 2: Leading Brands and Product Upgrades - Leading brands performed exceptionally well during the 618 shopping festival, with Midea's retail sales growing over 20% and Gree's air conditioner sales leading the market, particularly the "Wind Does Not Blow" series, which saw a 240% year-on-year increase [3]. - In the black appliance sector, Hisense maintained a 24% market share in television sales, with strong performance in the high-end market [3]. - The cleaning appliance segment saw strong growth, with Ecovacs and Roborock leading in sales, achieving first and second place in the 618 shopping festival [3]. Group 3: Subsidy Policies and Market Outlook - The continuation of the national subsidy program for appliance replacements is expected, with approximately 500 billion yuan in subsidy funds utilized by the end of May, indicating a faster-than-expected pace [4]. - An additional 138 billion yuan in central funds will be allocated in July and October 2025, ensuring a steady release of demand in the home appliance sector [4]. - The home appliance industry is anticipated to maintain stable demand release in the second half of 2025, supported by a more balanced use of subsidy funds [4].