Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][61]. Core Views - The home appliance sector shows resilience in domestic sales driven by promotional policies for high-end air conditioning units, while exports face challenges due to tariffs and market conditions [16][22]. - The overall performance of the home appliance industry is expected to stabilize as companies expand overseas sales channels and enhance brand influence [22][12]. Summary by Sections 1. Investment Recommendations - Key recommendations include major players such as Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [4][12]. 2. Research Tracking and Investment Thoughts - August air conditioning production and sales exceeded expectations, with domestic sales up 1.2% and total production at 12.881 million units, a 9.4% increase year-on-year [17]. - Home appliance exports in August decreased by 6.2% year-on-year, with air conditioning exports down 23.7%, while refrigerator exports increased by 4.4% [19][22]. - The U.S. home appliance retail sales grew by 2.6% in August, despite rising inventory levels due to tariff concerns [33]. 3. Key Data Tracking - The home appliance sector achieved a relative return of +2.04% this week, outperforming the broader market [36]. - Raw material prices showed a slight decrease, with copper and aluminum prices down by 0.9% and 0.4% respectively [39]. - Shipping indices for routes to the U.S. West Coast and East Coast increased by 6.37% and 4.14% respectively, while the European route saw a decrease of 4.31% [46]. 4. Company Announcements and Industry Dynamics - Haier Smart Home plans to grant up to 4.05 million restricted shares to 149 employees, with performance targets set for revenue and net profit growth [54]. - The industry faces challenges in the post-subsidy era, requiring companies to adapt strategies to regional market conditions [57].

Group 1: Event Overview - The 2025 China International Consumer Electronics Expo concluded successfully in Qingdao, with a theme of "Connecting Everything, AI Empowering the Future" and an exhibition area of 60,000 square meters, attracting over 330 domestic and international exhibitors, with international exhibitors accounting for more than one-sixth of the total [1] - The event received 45,000 visitors, launched over 50 new products and technological achievements, and involved 770 companies in industry discussions and trade connections, setting historical records in exhibition scale, number of brand exhibitors, and number of new product launches [1] Group 2: Local Industry Leadership - Qingdao's local enterprises showcased their transformation from "manufacturing" to "intelligent manufacturing" at the expo, with leading companies like Haier, Hisense, and Aucma demonstrating their global competitiveness through AI technology [2] - Haier's smart home technology, "AI Eye," utilizes an AI perception chip to enhance the functionality of home appliances, allowing for automatic adjustments based on visual recognition [2] - Hisense presented its advanced display technology, including a 116-inch RGB-Mini LED TV and a 100-inch rollable laser cinema, with its large-screen products achieving over 30% technical parameter superiority compared to industry peers [2] Group 3: International Participation and Trade Cooperation - The expo featured a significant increase in international participation, with 59 international companies from 17 countries showcasing products in consumer electronics, low-altitude economy, and artificial intelligence [4] - Canon and XOR presented customized solutions tailored to the Chinese market, with Canon optimizing its products for the live-streaming industry and XOR focusing on privacy protection technology [4] - The event facilitated trade connections, resulting in over 100 million yuan in domestic sales orders and a 40% sales increase for over 200 stores in Qingdao during the "old-for-new" consumption week [4] Group 4: New Scenarios and Interactive Experiences - The expo highlighted the expansion of consumer electronics into new scenarios, featuring humanoid robots and low-altitude economy innovations, with companies demonstrating advanced coordination and environmental perception technologies [6] - The event introduced an interactive experience model, combining exhibitions, competitions, and performances, attracting over 10,000 participants and bridging technology with the public [6] Group 5: Future Directions - The expo has evolved beyond a mere product showcase to become a "dissolver of industry boundaries" and a "city capability amplifier," with plans to focus on AI and industry integration to position Qingdao as an "innovation source" and "international link point" in the global consumer electronics landscape [7]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [8][13]. Core Insights - In August, domestic air conditioner sales remained stable while export declines narrowed, indicating a potential recovery in the export market. The overall valuation of the industry is at a historical low [4][13]. - The report highlights that the air conditioning sector is expected to experience a slowdown in growth from September to December due to high shipment bases, despite supportive policies for domestic demand [4][10][13]. - Leading companies in the white goods sector, such as Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric Appliances, are recommended for their high quality and dividends [4][13]. Summary by Sections Air Conditioning Market Performance - In August, the production of household air conditioners reached 12.88 million units, a year-on-year increase of 9.43%, while sales totaled 13.02 million units, a decrease of 1.04%. Domestic sales were 7.74 million units, up 1.22%, and exports were 5.29 million units, down 4.18% [9][15]. - The report notes that the domestic market showed stable performance, with a slight increase in sales, while the export market is showing signs of recovery [10][12]. Company-Specific Performance - Gree's sales in August decreased by 3.39% (domestic sales flat, exports down 10.53%), while Midea's sales fell by 9.21% (domestic down 17.31%, exports up 8.33%). In contrast, Haier's sales increased by 15.63% (domestic up 27.12%, exports down 16.67%) [9][27]. - Hisense reported a 6.71% increase in sales (domestic up 50%, exports down 22.95%), while TCL saw a 2.86% increase (domestic down 8%, exports up 6.25%) [9][22]. Future Outlook - The report anticipates that from September to December, air conditioning shipments will likely see a year-on-year decline of 6%-7% due to high shipment bases, despite policy support [10][13]. - The external sales decline is expected to narrow further, with a projected year-on-year increase of 47% in air conditioning exports from September to December 2024 [12][13].

Core Viewpoint - Haier Smart Home announced a share buyback on September 22, involving an expenditure of 6.412 million yuan for repurchasing 246,000 A-shares and 9.2 million Hong Kong dollars for 350,000 H-shares [1] Group 1 - The company spent 6.412 million yuan to buy back 246,000 A-shares [1] - The company also spent 9.2 million Hong Kong dollars to repurchase 350,000 H-shares [1]

于2025年9月22日该公司斥资920.69万港元回购35万股，回购价格为每股26.18-26.40港元。 智通财经APP讯，海尔智家(06690)发布公告，于2025年9月22日该公司斥资人民币641.28万元回购24.63 万股A股，回购价格为每股人民币25.66-26.17元。 ...

Summary of Key Points - Haier Smart Home (600690)(06690) announced a share buyback plan on September 22, 2025, involving an expenditure of RMB 6.4128 million to repurchase 246,300 A-shares at a price range of RMB 25.66 to 26.17 per share [1] - On the same date, the company also spent HKD 9.2069 million to buy back 350,000 shares at a price range of HKD 26.18 to 26.40 per share [1]

Core Insights - Qingdao has made significant progress in capital market development through innovative mechanisms, optimized business environment, and enhanced service support, with a total of 84 listed companies and a market capitalization exceeding 940 billion yuan as of August 2025 [1][4] Group 1: Innovation and Optimization - Qingdao has established a "ten-item work mechanism" to support companies in the listing process, addressing challenges faced by prospective listed companies [2] - The city has created a dynamic reserve of potential listed companies, with 107 in the incubation layer and over 580 in the reserve layer, promoting a healthy pipeline for future listings [4] - A professional service team has been formed to provide comprehensive support for financing, listing, and mergers and acquisitions [2][4] Group 2: Leadership and Training Initiatives - Qingdao's leadership has actively engaged with the China Securities Regulatory Commission and various stock exchanges to promote local companies' listings [3] - A series of specialized training events have been organized to enhance local entrepreneurs' understanding of capital markets, including workshops and forums [3] Group 3: Listing Achievements - In 2024, Qingdao added two new listed companies, accounting for one-third of the province's new listings, achieving full coverage across districts [4] - As of August 2025, there are 10 companies awaiting review by exchanges and 22 companies undergoing guidance from the Qingdao Securities Regulatory Bureau [4] Group 4: Financial Innovations and Investments - The Blue Ocean Equity Trading Center has been recognized for its innovative pilot programs, including blockchain applications and financial advisory services for non-listed companies [5][6] - Qingdao has successfully launched various financial initiatives, including the first AIC venture capital fund in the province and significant insurance capital projects [6] Group 5: Upcoming Events - The 2025 Qingdao Venture Capital and Private Equity Conference is scheduled for September 26, focusing on themes such as macroeconomics, industrial upgrades, and green finance [7] - The conference aims to enhance Qingdao's reputation in the venture capital sector and attract quality projects and capital [7]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 海爾智家股份有限公司 呈交日期： 2025年9月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600690 | 說明 | | 每股面值人民幣1元之普通股(A股) (於上海證券交易所上市) | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存 ...

Core Insights - The book "The Path of Quality Management at Haier: From Zero Distance to Zero Boundaries" was published, encapsulating 40 years of Haier's quality management practices and providing a reference for high-quality development in the digital economy era [1][3] - The book addresses the evolution of Haier's quality management philosophy and practices, emphasizing the importance of user experience in today's highly personalized market [3][4] Group 1: Quality Management Evolution - Haier's quality management journey began with the "smashing refrigerators" incident, leading to the core principle that "the user is always right," which has shaped its quality culture [3][4] - The company has developed a "three high" quality system, focusing on high-quality products, systems, and personnel [3] - The "user experience first" culture has been a cornerstone of Haier's approach to quality management [3][4] Group 2: User-Centric Approach - The "RenDanHeYi" model, proposed by Zhang Ruimin in 2005, has evolved to transform quality management from post-sale satisfaction to full-process user interaction [4][5] - Haier's quality management is deeply rooted in its corporate culture, consistently prioritizing user needs and leading new directions in quality management [4][5] Group 3: Adapting to Changing Standards - Haier has maintained its quality philosophy of "the user is always right" while adapting to changing user demands and quality standards across different industrial eras [5][6] - The transition from traditional industrial standards to those driven by artificial intelligence highlights the need for "zero boundaries" in quality management [5][6] Group 4: Technological Integration - Haier is exploring the application of artificial intelligence in quality management, creating digital solutions that address the misalignment between preset standards and actual user needs [7] - The company has developed the Tianzhi Industrial Model, the first industrial internet platform in China, to enhance quality management through large-scale personalized customization [7] - Haier believes that true quality is achieved through a two-way engagement with users, rather than a one-sided output from the company [7]

Market Overview - The white goods sector experienced a decline of 1.61% on September 22, with Changhong Meiling leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Whirlpool (600983) closed at 10.62, with a slight increase of 0.76% and a trading volume of 23,700 shares [1] - Aokema (600336) closed at 6.63, down 0.90%, with a trading volume of 89,300 shares [1] - Deep Blue Technology (000016) closed at 5.52, down 1.25%, with a trading volume of 557,500 shares [1] - Hisense Home Appliances (000921) closed at 25.01, down 1.26%, with a trading volume of 98,700 shares [1] - Snow Qi Electric (001387) closed at 13.59, down 1.38%, with a trading volume of 18,300 shares [1] - TCL Smart Home (002668) closed at 9.95, down 1.39%, with a trading volume of 112,100 shares [1] - Midea Group (000333) closed at 73.26, down 1.47%, with a trading volume of 479,700 shares [1] - Gree Electric (000651) closed at 39.83, down 1.51%, with a trading volume of 582,000 shares [1] - Haier Smart Home (600690) closed at 25.70, down 2.36%, with a trading volume of 513,200 shares [1] - Changhong Meiling (000521) closed at 7.18, down 2.97%, with a trading volume of 214,300 shares [1] Capital Flow Analysis - The white goods sector saw a net outflow of 507 million yuan from institutional investors, while retail investors had a net inflow of 498 million yuan [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2] - Hisense Home Appliances (000921) had a net inflow of 10.35 million yuan from institutional investors, while retail investors experienced a net outflow of 27.68 million yuan [2] - TCL Smart Home (002668) had a net inflow of 3.08 million yuan from institutional investors, with retail investors seeing a net inflow of 452.86 million yuan [2] - Midea Group (000333) had a minimal net inflow of 2.32 million yuan from institutional investors, while retail investors had a net inflow of 22.8 million yuan [2] - Changhong Meiling (000521) experienced a significant net outflow of 41.27 million yuan from institutional investors, but retail investors had a net inflow of 22.70 million yuan [2]