基于苏宁易购的消费大数据与线下场景体验优势，以及美的对用户需求的精准洞察，此次超级品牌日， 双方将继续加码多款渠道深度定制产品，如有凉感无风感、语音智控的美的宁境FS1空调，为中国家庭 定制、纯平全嵌、蓝氧护色洗的小天鹅宁梦3.0洗烘套装等。搭载美的黑科技、行业首创的新智家电， 也持续在苏宁易购渠道首发，如行业首创600L大容量纯平全嵌、带脉冲净化的"熊墩墩冰箱"，真软水 +真直饮、一台解决全屋用水、10年0换芯成本的超小体积软净一体净水器，行业首创800mm高全隐无 烟感、一级净烟、智能识别调节的全隐烟机T9等。 加码双11大促，10月13日，苏宁易购美的正式启动超级品牌日活动。围绕健康升级、智能普及等品质需 求，推出涵盖个性产品、梯度补贴、场景体验与专属服务在内的全方位定制方案，加大投入"超级 补"、"真惠补"，叠加套购满返、100天免费试用、空调安装一价全包等权益，引爆双11家电消费热潮。 当前消费者的需求已从基础功能转向多元化、场景化，苏宁易购与美的均表示，将凭借多元化的产品和 场景布局，为消费者提供真正契合需求的定制化解决方案，实现"双11到苏宁体验更美的"。 此次超级品牌日，美的将携全品牌、全品类 ...

型及五 2025 年 10 月 13 日 版式 行业 相关研究 若研究报 证券分析师 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 25 年 1-8 月白电内销延续增长趋势，白电、厨电受益地产+以旧换新。根据产业在线数据显示, 2025 年 1-8 月空调行业实现累计产量 14932 万台，同比增长 6%；2025 年 1-8 月空调行业实现销 量 15257 万台, 同比增长 7%, 其中内销量同比增长 9%。冰箱 2025 年 1-8 月内销量同比增长 4%；洗衣机 2025 年 1-8 月内销量同增长 6%。出口方面，2025 年 1-8 月空调外销量累计同比增长 4%，1-8 月冰、洗外销量同比分别+3%/+11%。 自电和零部件：年内空调累计销量保持增长，以旧换新带动白电均价提升。美的集团：预计公司 O 2025Q3 收入和业绩同比分别+3%4+8%。 格力电器：预计公司 2025Q3 收入同比+0%，归母净利润 同比+0%。海尔智家：预计公司 2025Q3 收入同比+5%，业绩同比+10%。海信家电：预计公司 2025Q3 收入同比+0%，业绩同比+15%。海容冷链：预计公司 ...

证券研究报告 | 行业点评报告 2025 年 10 月 13 日 出口链再现关税黄金坑，重视内需价值龙头回归 家电行业 2025 年三季报业绩前瞻 消费品/家电 事件：特朗普宣布 11 月 1 日额外加征 100%关税，市场情绪上面临关税 3.0 冲 击，不过相比 4 月 7 日暴跌，当下家电出海企业有几点不同，其一供应链转移 准备充分，四季度海外产能多数覆盖对美敞口；其二，三季度出口链环比改善 趋势确立，基本面企稳向上；其三，出海品牌表现好于代工，叠加美联储 10 月 份降息 25 基点概率高，减轻购房负担，刺激美国地产交易及后周期出口链需 求释放，重视工具/储能/餐饮设备单项冠军出口需求弹性。此外，外部不确定 性提高、推动内需刺激加码，价值龙头有望迎估值回归。国庆期间京东国补家 电销量增长 210%，其中扫地机器人、净水器增速超 300%。 推荐（维持） 行业规模 1、《美联储降息预期点评—美联储降 息概率加大，利好家电出口链》2025- 08-05 2、《净水器行业报告—国补加速行业 渗透，关注小米生态链高弹性》2025- 07-29 3、《黑电行业深度报告（三）：MiniLED 电视国补加速渗透，全球 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for the white goods sector, indicating a "Buy" recommendation for key players like Midea, Haier, and Gree [4][8]. Core Insights - The home appliance sector is benefiting from real estate policies and the "trade-in" program, leading to a sustained growth trend in domestic sales [6][14]. - The report highlights three main investment themes: white goods, export opportunities, and core components, with a focus on companies that are expected to outperform in these areas [8][17]. Summary by Sections 1. Domestic Sales Growth - From January to August 2025, the air conditioning industry produced 149.32 million units, a 6% year-on-year increase, with sales reaching 152.57 million units, up 7%, and domestic sales growing by 9% [6][14]. - The refrigerator and washing machine sectors also saw domestic sales growth of 4% and 6%, respectively, during the same period [6][14]. 2. White Goods and Components - The report notes that the average price of white goods is increasing due to the trade-in program, with air conditioning prices expected to rise further [27]. - Key companies are projected to show varied performance in Q3 2025, with Midea expected to see a 3% revenue increase and an 8% rise in profits, while Gree anticipates flat revenue and profit [28][29]. 3. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with significant growth in online sales for range hoods and gas stoves [6][14]. - Major players like Robam and Vatti are expected to see mixed results, with Robam projecting a 2% revenue increase but a 7% decline in profits [6][14]. 4. Small Appliances - The small appliance sector is benefiting from domestic trade-in policies, with companies like Supor and Joyoung expected to see revenue growth of 3% and a profit turnaround, respectively [6][14]. - The report highlights significant growth for companies like Stone Technology, which anticipates an 80% revenue increase [6][14]. 5. New Displays and Lighting - The emerging display sector is at a turning point, with companies like Hisense and Xiaomi expected to report revenue growth of 8% and 15%, respectively [6][14]. - The lighting industry is anticipated to see gradual improvements as market conditions stabilize [6][14]. 6. Investment Highlights - The report emphasizes the attractiveness of the white goods sector due to its low valuation, high dividends, and stable growth potential, recommending a combination of leading companies [8][17]. - Export opportunities are highlighted for companies like Ousheng Electric and Dechang, which are expected to benefit from increased orders and stable profitability [8][17]. 7. Trade-in Policy Impact - The trade-in policy has been expanded to include 12 categories of appliances, significantly boosting sales and consumer interest [17][18]. - The report notes that the trade-in program has already led to over 62 million units sold in 2024, generating nearly 270 billion yuan in consumption [17][18].

稀土永磁、可控核聚变等概念走强 *ST东易5连板 盘面上来看，行业板块、概念跌多涨少。其中，有色金属、钢铁、环保、国防军工、银行等行业涨幅靠 前；稀土永磁、可控核聚变、氦气、小金属、黄金、工业气体等概念走势活跃。汽车、家电、美容护 理、传媒、医药生物、石油石化、教育、保险等行业跌幅居前；智能电视、轮毂电机、减速器、减肥 药、短剧互动游戏、青蒿素、汽车热管理、人形机器人等概念走势较弱。涨停个股主要集中在有色金 属、电子、建筑装饰、计算机、化工等行业。 10月13日，上证指数、深证成指、创业板指、科创50指数早盘探底回升，临近午盘震荡回落，午后再度 回升。截至收盘，上证指数报3889.50点，跌0.19%，成交额10854亿元；深证成指报13231.47点，跌 0.93%，成交额12693.38亿元；创业板指报3078.76点，跌1.11%，成交额5780.12亿元；科创50指数报 1473.02点，涨1.4%，成交额1116亿元。沪深两市合计成交23547.38亿元，成交额较上一交易日减少 1605.31亿元。 个股涨跌情况，截至收盘，沪深两市合计1611只个股上涨，3434只个股下跌，平盘个股103只，停牌的 ...

证券研究报告·金融工程·金工定期报告 金工定期报告 20251013 预期高股息组合跟踪-20250930 2025 年 10 月 13 日 [Table_Tag] [Table_Summary] 投资要点 ◼ 2025 年 10 月组合最新持仓明细： 执业证书：S0600524090003 panggz@dwzq.com.cn 证券分析师 刘静恒 执业证书：S0600525070001 liujingheng@dwzq.com.cn 相关研究 《预期高股息组合跟踪-20250829》 2025-09-02 《【勘误版】预期高股息选股与红利择 时框架》 | 序号 | 股票代码 | 股票简称 | 申万一级行业 | 建仓日期 | 权重 | | --- | --- | --- | --- | --- | --- | | 1 | 600023.SH | 浙能电力 | 公用事业 | 2025/10/9 | 3.33% | | 2 | 600803.SH | 新奥股份 | 公用事业 | 2025/10/9 | 3.33% | | 3 | 601166.SH | 兴业银行 | 银行 | 2025/10/9 | 3.33% ...

Core Viewpoint - Midea Group executed a block trade on October 13, with a transaction volume of 34,000 shares and a transaction value of 2.703 million yuan, at a price of 79.50 yuan, representing a premium of 10.71% over the closing price of the day [2] Summary by Category Block Trade Details - The block trade involved a total volume of 34,000 shares and a transaction amount of 2.703 million yuan, with a transaction price of 79.50 yuan, reflecting a premium of 10.71% compared to the closing price of the day [2] - The buyer was Guangfa Securities Co., Ltd. Hangzhou Yan'an Road Securities Business Department, while the seller was Northeast Securities Co., Ltd. Shanghai Beiai Road Securities Business Department [2] Recent Trading Activity - Over the past three months, Midea Group has recorded a total of 9 block trades, with a cumulative transaction value of 69.9265 million yuan [2] - On the same day, Midea Group's closing price was 71.81 yuan, down 1.40%, with a daily turnover rate of 0.69% and a total transaction amount of 3.451 billion yuan [2] - The net inflow of main funds for the day was 359 million yuan, while the stock has seen a cumulative decline of 3.22% over the past five days, with a total net outflow of 539 million yuan [2] Margin Financing Data - The latest margin financing balance for Midea Group is 6.205 billion yuan, which has increased by 270 million yuan over the past five days, representing a growth rate of 4.56% [2]

机构专用席位买入额排名：中微公司(3.54亿元)、天山铝业(1.27亿元)、金力永磁(7222.25万元)、灿芯股 份(7068万元)、盐湖股份(5942.21万元)、晋控电力(5920.88万元)、晶科能源(5650万元)、锦龙股份 (5319.86万元)、湖南白银(4888万元)、云天励飞-U(4743.6万元)、利民股份(1765.87万元)、超图软件 (1425.06万元)、宁德时代(1168.46万元)、藏格矿业(1130.23万元)、融发核电(892万元)、国盛智科(800.12 万元)、创业慧康(776.1万元)、概伦电子(734.16万元)、北京君正(356.92万元)、康泰医学(308.2万元)、国 轩高科(257.4万元)、天孚通信(235.32万元)、海得控制(205.95万元)、浪潮信息(202.28万元)。 Wind数据显示，今日(10月13日)A股共78只个股发生大宗交易，总成交29.25亿元，其中顺丰控股、中微 公司、光启技术成交额居前，成交额依次为7.17亿元、3.57亿元、2.99亿元。 成交价方面，共20只股票平价成交，7只股票溢价成交，51只股票折价成交；美的集团、北方股 ...

格隆汇10月13日丨香港交易所信息显示，贝莱德在美的集团H股的持股比例于10月08日从4.15%升至 5.85%。 ...

沪指10月13日下跌0.19%，申万所属行业中，今日上涨的有6个，涨幅居前的行业为有色金属、环保， 涨幅分别为3.35%、1.65%。跌幅居前的行业为汽车、家用电器，跌幅分别为2.33%、1.74%。家用电器 行业位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出381.69亿元，今日有9个行业主力资金净流入，钢铁行业主力资 金净流入规模居首，该行业今日上涨1.49%，全天净流入资金13.51亿元，其次是有色金属行业，日涨幅 为3.35%，净流入资金为10.87亿元。 主力资金净流出的行业有22个，电力设备行业主力资金净流出规模居首，全天净流出资金71.98亿元， 其次是电子行业，净流出资金为71.40亿元，净流出资金较多的还有汽车、非银金融、机械设备等行 业。 688696 极米科技 -3.61 2.38 172.17 603677 奇精机械 -0.89 0.97 187.87 603868 飞科电器 -1.05 0.21 203.31 002638 勤上股份 -0.36 3.36 224.84 605365 立达信 -0.26 0.48 234.98 002242 九阳股份 -1.48 0.74 2 ...