据香港交易所披露，贝莱德对海尔智家股份有限公司 - H股的多头持仓比例于2025年11月17日从6.84% 增至7.03%。 ...

Core Viewpoint - The release of the new group standard for low-carbon measures in the home appliance industry, led by Haier Smart Home, addresses the industry's lack of clear definitions and standards for "green" or "low-carbon" products, providing a comprehensive guideline for green transformation [1][2]. Group 1: Industry Challenges and Solutions - The home appliance industry has faced issues with vague definitions and inconsistent standards regarding low-carbon products, making it difficult for consumers to identify genuine low-carbon options and leading to "pseudo-low-carbon" marketing practices [2]. - The new standard outlines a systematic approach to achieving low-carbon development, covering the entire lifecycle of home appliances from design to recycling, thus providing a comprehensive evaluation metric for carbon reduction [2][3]. - A unified low-carbon evaluation metric is established, offering an objective basis for measuring the "green content" of products, which helps consumers distinguish authentic low-carbon products and promotes fair competition in the market [2]. Group 2: Technological and Collaborative Advancements - The new standard is expected to drive companies to accelerate technological innovations in energy efficiency, renewable energy applications, and low-carbon material substitutions, shifting the focus from "energy efficiency first" to "carbon efficiency first" [3]. - It will also promote collaborative emissions reduction across the supply chain by facilitating carbon data sharing and cooperation, creating a complete green ecological loop [3]. Group 3: Global Standardization and Ecological Innovation - Haier Smart Home is recognized as a "standard giant" in the industry, having led and participated in the release of 116 international standards and 840 national/industry standards, establishing a strong foundation for its leadership in standard formulation [4]. - The introduction of the new standard is a result of Haier's ecological strategy, emphasizing that low-carbon transformation is a systemic project involving the entire supply chain rather than isolated actions by individual companies [4]. - The standard's implementation is part of China's exploration of a feasible green transformation path for the home appliance industry, providing a "Chinese solution" for global green transformation efforts [4].

Core Insights - The meeting held from November 18 to 20 in Wuhan focused on the standardization development of the home appliance industry in China, with over 150 participants from various sectors [1][2] - The meeting highlighted the achievements of the previous committees in key standard formulation and international cooperation, receiving high praise from leaders [1] - The new committees are expected to align with national strategies and industry trends, emphasizing innovation and internationalization in standard development [1][3] Group 1 - The four sub-committees reviewed the new committee charter and work guidelines, discussing plans for seven national standards and the review of six existing standards [2] - Haier Group, as the secretariat for the four sub-committees, plays a crucial role in supporting the home appliance industry's upgrade, covering product quality and cutting-edge technology [2] - A total of over 60 national standards have been formulated or revised by the four sub-committees, with 51 published and 16 under development [2] Group 2 - The sub-committees aim to enhance the standard system that supports high-quality development and focus on tackling key core technologies [3] - The goal is to lead the quality upgrade of the home appliance industry through standard enhancements, contributing to the global competitiveness and influence of the industry [3]

智通财经APP获悉，国联民生证券发布研报称，10月空调内销出货同比-21%，2024年同期为+24%，剔 除基数看，10月内销较2023/2019年同期CAGR分别-1%/持平，环比8-9月变化不大，需求内生趋势平稳 为主；展望后续，2024年11-12月空调内销同比+24%，基数仍高，短期或仍偏弱。外销方面，剔除基 数，10月空调外销出货2年CAGR+12%，规模仍在同期次高，趋势稳健；考虑2024年11-12月外销出货同 比+47%，据产业在线，11/12月空调外销排产分别-14%/-2%，短期或仍偏弱。 外销筑底，关税压力减轻 10月空调外销出货量同比-19%，仍在筑底。剔除基数，10月空调外销出货2年CAGR+12%，规模仍在同 期次高，趋势稳健；考虑2024年11-12月外销出货同比+47%，据产业在线，11/12月空调外销排产分 别-14%/-2%，短期或仍偏弱。而10月底中美谈判取得积极进展，关税压力减轻，美国降息开启，外销 预计在消化基数及前期出货节奏影响后，向中个位数历史中枢收敛；龙头外销接单有望持续稳健， OBM势能强劲，推进海外转产，经营韧性强于行业，修复阶段有望好于线性预期。 投资建议 ...

Core Insights - Haier Smart Home's stock price increased by 2.04% on November 20, reaching 27.06 CNY per share, with a total market capitalization of 253.835 billion CNY [1] - The company reported a year-to-date stock price decline of 0.69%, with a 1.02% drop over the last five trading days, but a 6.14% increase over the last 20 days and an 8.09% increase over the last 60 days [1] - For the first nine months of 2025, Haier Smart Home achieved a revenue of 234.054 billion CNY, representing a year-on-year growth of 15.31%, and a net profit of 17.373 billion CNY, up 14.64% year-on-year [2] Financial Performance - The company has cumulatively distributed 48.662 billion CNY in dividends since its A-share listing, with 24.273 billion CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 8.15% to 190,600, with an average of 0 circulating shares per shareholder [2][3] Shareholder Structure - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 361 million shares (a decrease of 8.909 million shares), and China Securities Finance Corporation, holding 183 million shares (unchanged) [3] - Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF have seen changes in their holdings, with the former holding 71.679 million shares (a decrease of 1.9576 million shares) and the latter exiting the top ten list [3] Business Overview - Haier Smart Home, established on March 31, 1994, specializes in the research, production, and sales of smart home appliances, including refrigerators, washing machines, air conditioners, and kitchen appliances [1] - The company's revenue composition includes refrigerators (27.17%), air conditioners (20.94%), washing machines (20.22%), kitchen appliances (13.10%), and other segments [1]

Core Insights - Haier Smart Building won the First Prize for Scientific and Technological Progress at the 2024 Beijing Science and Technology Awards, being the only equipment company among the eight awardees to achieve technology implementation [1] Group 1: Technological Breakthroughs - Haier Smart Building made significant advancements in low-grade heat source heat pumps, particularly with the introduction of the megawatt-level multi-condition magnetic levitation heat pump unit, addressing industry pain points and differentiating itself from competitors [3][7] - The COP (Coefficient of Performance) of the heat pump unit reached 5.1, representing a 20% efficiency improvement over traditional large heat pumps, thus meeting user demands for heating stability and energy savings in harsh and variable conditions [7] Group 2: Innovation and Recognition - Haier has received the National Science and Technology Progress Award three times, with notable projects including the variable frequency multi-unit technology in 1998 and the research on building thermal environment theory in 2021 [8][10] - The company has established an open innovation ecosystem, linking over 250,000 global technology experts and more than 1 million top resources, which facilitates rapid responses to user needs [10] Group 3: Market Performance - Haier's magnetic levitation central air conditioning has maintained the global number one position for seven consecutive years, while its multi-connected units and air source heat pumps have also led the Chinese market for five years [10] - Despite a double-digit decline in the industry, Haier Smart Building achieved double-digit growth, contributing new value to the HVAC market [10]

Core Insights - The strategic partnership between Haier Robotics and INDEMIND aims to promote the application of embodied robots in home scenarios, leveraging both companies' strengths in technology and market presence [3][6][10] Group 1: Company Overview - Haier has evolved into a leading provider of quality life solutions over the past 40 years, focusing on user-centric innovation [5] - Haier Robotics is positioned as the third growth curve for Haier Smart Home, integrating AI technology with home scenarios to create a product matrix that includes cleaning robots, household robots, and exoskeleton robots [5][8] Group 2: Technological Collaboration - INDEMIND specializes in AGI technology for robotics, with a focus on spatial intelligence and physical AI models, including the ROBOMIND model, which enables real-time 3D spatial perception and interaction [5][6] - The collaboration will leverage INDEMIND's advanced technology and Haier's extensive data and supply chain capabilities to develop and implement home service robots [6][8] Group 3: Future Developments - Both companies plan to introduce innovative products at the upcoming AWE (China Household Appliances and Consumer Electronics Expo), aiming to enhance user experience in smart home environments [8][10] - The partnership is expected to lead to the development of diverse smart home products that cater to various consumer needs, driving the evolution of the industry ecosystem [10]

证券研究报告 |报告要点 基数及经营节奏影响下，空调 10 月内外销压力如期释放，国内龙头终端表现好于出货，产业 健康运行，价格体系稳定为主，经营面α及积极变化值得关注；出口关税压力减轻，美国开启 降息，有望带动外需，龙头 OBM 势能强劲，海外转产持续推进，修复阶段或好于线性预期。 |分析师及联系人 行业研究|行业点评研究|家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 请务必阅读报告末页的重要声明 glzqdatemark1 2025年11月19日 证券研究报告 请务必阅读报告末页的重要声明 1 / 6 孙珊 管泉森 蔡奕娴 SAC：S0590523110003 SAC：S0590523100007 行业研究|行业点评研究 glzqdatemark2 2025年11月19日 家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -10% 3% 17% 30% 2024/11 2025/3 2025/7 2025/11 家用电器 沪深300 相关报告 1、《家用电器：从双十一看家电：韧性收官， 关注结构红利》2025 ...

Market Overview - The white goods sector increased by 0.11% on November 19, with Haier Smart Home leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Haier Smart Home (600690) closed at 26.52, up 0.68% with a trading volume of 201,300 shares [1] - Hisense Home Appliances (000921) closed at 25.90, up 0.39% with a trading volume of 59,200 shares [1] - TCL Smart Home (002668) closed at 10.79, up 0.37% with a trading volume of 105,000 shares [1] - Gree Electric Appliances (000651) closed at 40.16, up 0.12% with a trading volume of 218,000 shares [1] - Midea Group (000333) closed at 77.40, unchanged with a trading volume of 214,400 shares [1] - Other notable performers include Changhong Meiling (000521) down 0.15% and Whirlpool (600983) down 0.79% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net inflow of 57.36 million yuan [1] - Notable net inflows from institutional investors include Midea Group with 21.11 million yuan and Gree Electric Appliances with 27.48 million yuan [2] - Conversely, retail investors showed significant outflows from Midea Group (-19.62 million yuan) and Gree Electric Appliances (-43.29 million yuan) [2]

"奥克斯将以此次挑战为契机，持续深耕核心技术研发，为空调产业绿色低碳发展与国家双碳目标 落地提供可复制的实践样本。"该负责人表示。 在智能关爱领域，奥克斯开辟智能语音空调新赛道。其奥知音、沁音系列产品支持普通话与多地方 言交互，离线状态下也可轻松控制，有效解决了老年人操控空调的难题。该负责人说："我们希望通过 技术创新，让空调从'冰冷机器'转变为有温度的'情感交互伙伴'，让智能科技真正惠及每一位用户。" 在服务创新方面，奥克斯创立"小奥直卖"DTC模式，搭建起工厂到用户的直供通路，并推出"60天 无理由退货"与"10年免费包修"服务。 近日，奥克斯空调在火星1号基地发起智能省电科技吉尼斯世界纪录挑战赛。 "这场融合航天探索精神的赛事，不仅是企业坚持'品质与创新'31年科技创新实力的集中展现，更 是将科技向善理念与智能有爱关怀推向产业前沿的重要实践。依托全球7大生产基地、3大研发中心，我 们已构建起全产业链一体化创新体系，为技术突破奠定了坚实基础。"奥克斯空调相关负责人表示。 ...