Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth in leading companies due to their low valuations, high dividends, and stable growth attributes [6]. Core Insights - The home appliance sector has shown mixed performance, with air conditioning sales declining significantly while washing machine exports continue to grow. The report emphasizes the resilience of leading brands in navigating market challenges and capitalizing on emerging opportunities [5][6]. - The report identifies three main investment themes: the undervaluation and growth potential of leading white and black appliance companies, the technological advancements in core component manufacturers, and the strong demand for small appliances in international markets [6]. Summary by Sections Air Conditioning - In November 2025, the air conditioning industry produced 10.577 million units, a year-on-year decrease of 36.7%. Total sales reached 10.492 million units, down 31.8%, with domestic sales falling by 39.8% and exports declining by 25.6%. Midea led the market with a 36.2% share, followed by Gree at 19.5% [2][41]. Refrigerators - The refrigerator sector saw a slight overall decline, with production at 8.257 million units, down 3.9% year-on-year. Sales totaled 8.0531 million units, a decrease of 2.99%. Domestic sales dropped by 15.59%, while exports increased by 10.04% [2][43]. Washing Machines - The washing machine industry experienced growth, with production reaching 8.605 million units, up 8.2% year-on-year. Sales were 8.4619 million units, an increase of 7.61%. Domestic sales fell by 5.47%, but exports surged by 23.31% [3][47]. Industry Dynamics - Notable developments include the CES debut of the G-Rover robot vacuum by Stone Technology, showcasing innovative cleaning technology, and the acquisition of subsidiaries by Kaineng Health, indicating strategic expansion efforts [5][12][13]. Component Data - In November 2025, the sales of rotary compressors decreased by 13.6%, while the sales of refrigerator compressors increased by 7.2%. The report highlights the contrasting performance of different components within the appliance sector [23][32].

Core Viewpoint - The stock price of Huaxiang Co., Ltd. has increased by 1.67% to 17.66 yuan as of January 9, 2026, with a market capitalization of 9.539 billion yuan, ranking 6th in the home appliance components sector and 2117th in the A-share market [1]. Group 1: Company Announcements - The company announced the continuation of using up to 55 million yuan of idle convertible bond fundraising for cash management, with an authorization period of 12 months [1]. - No new financial products were purchased or redeemed between December 1 and December 31, 2025, with a maximum single-day investment in government bond reverse repos reaching 163.933 million yuan and total earnings of 1.659 million yuan over the past 12 months [1]. - As of the reporting period, the company has utilized 34.554 million yuan of its financial management quota, leaving a remaining quota of 20.446 million yuan [1]. Group 2: Shareholder Activities - The company’s shareholder, Shanxi Transportation Development Investment Group Co., Ltd., received a no-objection letter from the Shanghai Stock Exchange to issue up to 200 million yuan of exchangeable bonds aimed at professional investors, which will be listed on the exchange [1]. - The bond issuance will be underwritten by Zhongde Securities Co., Ltd. and will be conducted in installments, required to be completed within 12 months [1]. - As of the announcement date, Shanxi Transportation holds 45,375,000 shares of the company, accounting for 8.40% of the total share capital [1].

山西华翔集团股份有限公司 证券代码：603112 证券简称：华翔股份 公告编号：2026-002 山西华翔集团股份有限公司董事会 关于持股 5%以上股东非公开发行可交换公司债券 2026 年 1 月 10 日 获得上海证券交易所无异议函的公告 截至本公告日，山西交投直接持有公司 45,375,000 股股份，占公司总股本 比例为 8.40%。 公司将严格按照相关监管规定，密切关注山西交投本次可交换债券发行进 展，并依法履行信息披露义务。 特此公告。 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。 山西华翔集团股份有限公司（以下简称"公司"）于近日收到公司股东山 西省交通开发投资集团有限公司（以下简称"山西交投"）通知，山西交投已 获得上海证券交易所（以下简称"上交所"）出具的《关于对山西省交通开发 投资集团有限公司非公开发行科技创新可交换公司债券挂牌转让无异议的函》 （上证函〔2026〕74 号），山西交投面向专业投资者非公开发行科技创新可交 换公司债券符合上交所挂牌转让条件，上交所对其挂牌转让无异议，并在函中 就相关事项明确 ...

Core Viewpoint - Huaxiang Co., Ltd. (603112) reported a closing price of 17.34 yuan as of January 5, 2026, reflecting a decrease of 0.17% from the previous trading day, with a total market capitalization of 9.367 billion yuan [1] Group 1: Stock Performance - The stock opened at 17.37 yuan, reached a high of 17.48 yuan, and a low of 17.28 yuan on the same day [1] - The trading volume amounted to 107 million yuan, with a turnover rate of 1.22% [1] Group 2: Financial Management - The company announced that Shanxi Huaxiang Group Co., Ltd. approved the continued use of up to 55 million yuan of idle convertible bond funds for cash management, with an authorization period of 12 months [1] - From December 1 to December 31, 2025, the company did not purchase any new financial products or conduct any redemption operations [1] - Over the past 12 months, the company invested a maximum of 163.933 million yuan in treasury bond reverse repos, yielding a total return of 1.659 million yuan, with an outstanding amount of 34.554 million yuan as of the reporting period [1] - The total amount used for financial management is 34.554 million yuan, leaving a remaining balance of 20.446 million yuan [1]

证券代码：603112 证券简称：华翔股份 公告编号：2026-001 山西华翔集团股份有限公司 关于使用部分闲置募集资金进行现金管理的 进展及赎回公告 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： 本统计区间内未购买新理财产品。 委托理财赎回情况 本统计区间内无赎回。 相关审议程序 山西华翔集团股份有限公司（以下简称"公司"） 于 2025 年 12 月 4 日召 开第三届董事会第三十五次会议，审议通过了《关于继续使用部分闲置募集资 金进行现金管理的议案》。为继续保持公司募集资金的使用效率，在不影响募 集资金投资项目建设进程和资金安全的前提下，同意公司对总额不超过人民币 5,500 万元（含）的暂时闲置可转债募集资金进行现金管理，现金管理授权期限 为自董事会审议通过之日起 12 个月内。保荐机构对本事项出具了明确的核查意 见。 本次公告统计期间：2025 年 12 月 1 日——2025 年 12 月 31 日 委托理财进展情况 一、本次委托理财进展概况 本统计区间内未购买新理财产品。 二、本次使用募集资金 ...

山西华翔集团股份有限公司 关于部分募集资金投资项目延期的公告 证券代码：603112 证券简称：华翔股份 公告编号：2025-134 履行的程序：2025 年 12 月 31 日，山西华翔集团股份有限公司（以下简 称"公司"或"华翔股份"）召开第三届董事会第三十七次会议，审议通过《关 于部分可转债募投项目延期的议案》，同意公司将"机加工扩产升级及部件产业 链延伸项目"、"铸造产线智能化升级与研发能力提升项目"达到预定可使用状 态的日期延长至 2026 年 4 月，保荐机构对此事项发表了明确同意的核查意见。 根据《上市公司募集资金监管规则》等有关规定，本事项无需提交股东会审议。 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： 本次延期的募投项目：根据可转债募集资金实际使用和募投项目实施情 况，公司审慎分析，拟将"机加工扩产升级及部件产业链延伸项目"、"铸造产 线智能化升级与研发能力提升项目"达到预定可使用状态的日期由 2025 年 12 月延长至 2026 年 4 月。 一、2021 年可转债募集资金基本情况 经 ...

国泰海通证券股份有限公司 关于山西华翔集团股份有限公司 部分募集资金投资项目延期的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐机构"）作为 山西华翔集团股份有限公司（以下简称"华翔股份"、"公司"）的保荐机构， 根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》等有关规定，对公司部分募集资金投资项目再次延期的事项进行了核 查，具体情况如下： 一、2021 年可转债募集资金基本情况 经中国证券监督管理委员会《关于核准山西华翔集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]3088 号）核准，公司获准向社会公众 公开发行 8.00 亿元可转换公司债券，扣除承销及保荐费、审计及验资费、律师 费、用于本次发行的信息披露费和发行手续费等与本次发行可转债直接相关的外 部费用等费用合计 13,489,284.90 元（不含税），实际募集资金净额为人民币 786,510,715.10 元，上述募集资金已于 2021 年 12 月 28 日划至指定账户。天健会 计师事务所（特殊普 ...

Core Insights - The report maintains a positive outlook on the home appliance sector, particularly focusing on the cost reduction potential of aluminum replacing copper in air conditioning systems [2][5] - The adoption of aluminum-copper technology is seen as a significant step towards reducing production costs amid rising copper prices and resource scarcity [10][15] Group 1: Aluminum-Copper Technology Impact - The use of aluminum instead of copper in air conditioning units can lead to substantial cost savings, with estimates suggesting a reduction of 208 to 277 RMB per unit when replacing 50% of copper, and up to 416 to 554 RMB when replacing 100% [11][12] - Copper currently constitutes about 26% to 33% of the cost in standard air conditioning units, with high-end models reaching over 40% [11][12] - The global market has seen significant adoption of aluminum-copper products, particularly in Japan where approximately 40% to 50% of air conditioners use aluminum heat exchangers [15][16] Group 2: Domestic Market Challenges - Despite the cost advantages, the domestic promotion of aluminum-copper air conditioners faces challenges, including inferior thermal conductivity and corrosion resistance compared to copper [19][20] - Consumer perception is a major barrier, as negative opinions about aluminum's reliability persist, complicating market acceptance [19][20] - The first domestic aluminum-copper air conditioner was launched by Wanbao in collaboration with JD.com, targeting the mid-to-low-end market, which may help accelerate industry-wide material transitions [16][17] Group 3: Industry Performance and Trends - The home appliance sector has shown mixed performance, with the overall index increasing by 0.44%, while specific segments like white goods and black goods experienced varied changes [21][22] - Recent data indicates a decline in domestic sales growth for air conditioners, refrigerators, and washing machines, reflecting broader market challenges [33][47] - The report highlights the importance of monitoring raw material prices, with copper and aluminum prices showing significant fluctuations that could impact production costs [29][31]

Core Insights - The report emphasizes the strong resilience of leading white goods companies, highlighting their high dividend yields, with Gree Electric at 7.3%, Midea Group at 5.1%, Hisense Home Appliances at 4.9%, and Haier Smart Home at 4.6% [6][22] - The "Home Appliance +" strategy indicates opportunities in extending the appliance industry into robotics, with companies like Midea Group and Fuhua Co. making significant advancements [6][58] - The export market shows potential, particularly in the U.S. real estate sector, with expectations of demand recovery due to anticipated interest rate cuts and housing stimulus policies [6][70] Section Summaries 2025 Home Appliance Review - The home appliance index has shown a modest increase of 7.7% year-to-date, underperforming the CSI 300 index by approximately 9.7 percentage points [11][14] - The market style in 2025 has favored growth stocks, while the home appliance sector has leaned towards value, leading to a mismatch in market expectations [13][14] - The public fund allocation in the home appliance sector is at a historical low of 2.94%, indicating potential for future growth as external demand remains optimistic [18][19] Dividends - Leading white goods companies maintain high dividend yields, with Gree Electric at 7.3%, Supor at 6.1%, and Midea Group at 5.1%, reflecting strong earnings resilience [24][29] - The report suggests that the dividend rates for companies like Midea and Haier may continue to increase, supported by robust profit growth [24][30] Domestic Sales - The national subsidy policy has positively impacted consumer confidence, with a clear trend towards structural upgrades in appliance consumption [34] - The sales growth of home appliances has been driven by the "trade-in" policy, although growth rates have shown a declining trend in the latter part of the year [34][39] - The air conditioning market has maintained stable pricing, with a continued trend towards mid-to-high-end products [39] "Home Appliance +" - Midea Group has made significant investments in robotics, with humanoid robots already in practical application within factories [58] - Fuhua Co. is expected to launch its grain storage robots in 2026, indicating a diversification into new growth areas [59] - Key component manufacturers like Huaxiang Co. and Hanyu Group are positioned to benefit from the robotics trend, focusing on core components such as reducers and harmonic drives [64][65] Exports - The U.S. real estate market is expected to recover, with potential interest rate cuts and housing stimulus policies likely to boost demand for home appliances [71][84] - Retail inventory levels in the U.S. are high, which may affect sales performance in the short term, but long-term housing demand remains strong [76][83] - The report anticipates that if mortgage rates fall below 6%, there could be a significant recovery in demand within the real estate chain [84]

公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获得中国证监会作出同意注册 的决定后方可实施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存在不确 定性。 格隆汇12月26日丨华翔股份(603112.SH)公布，公司于2025年12月26日收到上交所出具的《关于受理山 西华翔集团股份有限公司沪市主板上市公司发行证券申请的通知》。上交所依据相关规定对公司报送的 沪市主板上市公司发行证券的募集说明书及相关申请文件进行了核对，认为该项申请文件齐备，符合法 定形式，决定予以受理并依法进行审核。 ...