2025 年 11 月 22 日 尔机器人与 INDEMIND i 合作,比依股份定增获批 -《2025/11/17-2025/11/21》家电周报 本期投资提示: 相关研究 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 本周家电板块跑赢沪深 300 指数。本周申万家用电器板块指数下跌 2.3%，同期沪深 ● 300 指数下跌 3.8%，家电板块指数跑赢沪深 300。重点公司方面，奥普科技（6.7%)、 浙江美大 (2.7%)、苏泊尔 (1.5%) 领涨;九阳股份 (-15.6%)、倍轻松 (-9.3%)、比 依股份（-9.2%）领跌。 行业动态：1）海尔机器人与 INDEMIND 达成战略合作。11 月 19 日，海尔机器人与 ● 北京盈迪曼德科技有限公司（INDEMIND）在北京正式签署战略合作协议，共同推动 具身机器人在家庭场景的落地与应用。在具体合作上，INDEMIND 将作为海尔 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].

Core Viewpoint - Midea has implemented a new policy prohibiting its after-sales service providers from simultaneously handling business for Xiaomi or Gree, which is seen as a response to the competitive pressure from Xiaomi's rapidly growing air conditioning business [1][3]. Group 1: Midea's Policy and Market Position - Midea's new policy was communicated by regional heads to service providers, specifically affecting after-sales and installation services for brands like Xiaomi and Gree [1]. - Midea maintains a leading market share of 29% in the air conditioning sector, with Gree at 17%, Haier at 15%, Xiaomi at 10%, and Aux at 8% [3]. - The competitive landscape is intensifying, with Xiaomi's air conditioning business growing significantly, prompting Midea to reinforce its service exclusivity [3][4]. Group 2: Xiaomi's Strategic Moves - Xiaomi has recently upgraded its air conditioning warranty from 6 years to 10 years, indicating a commitment to enhancing customer experience [3]. - The company is expanding its home appliance business, with plans for large-scale production of air conditioners starting in 2026, following the completion of its Wuhan factory [4]. - Xiaomi aims to become a top-tier home appliance brand in China by 2030, targeting a market position among the top three in the air conditioning sector [5]. Group 3: Industry Insights - The home appliance industry is characterized by low entry barriers and intense competition, with established players facing challenges from new entrants like Xiaomi [5]. - Midea's chairman has expressed skepticism about the potential for new high-tech companies to emerge in this saturated market, highlighting the difficulties for Xiaomi to displace existing leaders [5].

Group 1 - Xiaomi Group has made personnel adjustments in its public relations department, with Xu Jieyun taking over as the new head while Wang Hua is reassigned to the Wuhan regional headquarters [4] - Miniso has launched the "IP Genius Youth Plan," offering annual salaries between 1 million to 10 million to attract top IP creators globally, aiming to enhance its original IP incubation [5] - Geely is integrating its intelligent driving teams, with the Zeekr team transitioning to a newly established joint venture focused on intelligent driving solutions [8] Group 2 - Xiaomi's intelligent driving team has grown to over 1,800 members, with significant investment in AI research, exceeding 7 billion in 2025 [8][9] - NIO's CEO Li Bin commented on the competitive landscape of the automotive industry, stating that the competition in smart electric vehicles is entering a critical phase [15] - Genspark has completed a $275 million Series B funding round, achieving a post-money valuation of $1.25 billion [21] Group 3 - The global market for OLED tablet panels is expected to grow by 39% year-on-year by 2026, reaching 15 million units, driven by strong demand [33] - The China Passenger Car Association forecasts that retail sales of narrow passenger vehicles in November will be around 2.25 million units, with new energy vehicles expected to reach 1.35 million units [33]

Group 1: Banking Sector - The banking sector is highlighted as a "dividend king," with valuations at historical lows and dividend yields surpassing many investment products [3] - Industrial and Commercial Bank of China (ICBC) is identified as a leading state-owned bank with a dividend yield exceeding 4.5% and stable non-performing loan ratios [3] - Ningbo Bank is noted as a high-performing city commercial bank with a dividend yield around 3.8%, strong profitability, and good asset quality [3] Group 2: Public Utilities Sector - The public utilities sector is characterized by its essential nature, ensuring stable performance regardless of market fluctuations [3] - Yangtze Power is mentioned as a leading hydropower company with a consistent dividend yield between 3.5% and 4%, supported by stable cash flow and government policies favoring clean energy [3] - China Shenhua Energy, with a dual focus on coal and electricity, offers a dividend yield exceeding 5% and possesses substantial resource reserves [3] Group 3: Consumer Sector - The consumer sector features undervalued blue-chip stocks with improved dividend yields [3] - Yili Group, a leader in dairy products, has a valuation below 20 times earnings and a dividend yield of around 3%, benefiting from consistent domestic demand for milk [3] - Midea Group, a leading home appliance manufacturer, has a dividend yield around 4% and a valuation of approximately 12 times earnings, supported by a well-established global presence [3] Group 4: Manufacturing Sector - The manufacturing sector includes high-quality stocks with strong dividend yields and low valuations, backed by industry logic [4] - Fuyao Glass, a global leader in automotive glass, has a dividend yield of about 3.5% and a valuation around 15 times earnings, with increasing demand driven by the rise of electric vehicles [4] - China Railway Construction Corporation is highlighted as a leading infrastructure company with a dividend yield exceeding 4% and a valuation below 8 times earnings, benefiting from ample infrastructure orders under stable growth policies [4]

Market Overview - The Shenzhen Leading Index (399653) closed at 2908.89 points, down 2.13%, with a trading volume of 105.46 billion yuan and a turnover rate of 1.31% [1] Stock Performance - Among the index constituents, 5 stocks rose while 43 stocks fell, with Sanhua Intelligent Control leading the gainers at 1.77%, and Ruida Futures leading the decliners at 6.28% [1] - The top ten constituents of the Shenzhen Leading Index are as follows: - Contemporary Amperex Technology Co., Ltd. (Ningde Times) holds a weight of 20.44% with a latest price of 370.00 yuan, down 2.48%, and a total market value of 1688.52 billion yuan [1] - Zhongji Xuchuang has a weight of 8.35%, latest price of 464.01 yuan, down 5.69%, and a market value of 515.57 billion yuan [1] - Midea Group has a weight of 7.67%, latest price of 78.75 yuan, up 1.04%, and a market value of 661.51 billion yuan [1] - Luxshare Precision has a weight of 6.06%, latest price of 52.85 yuan, down 5.20%, and a market value of 384.86 billion yuan [1] - Sungrow Power Supply has a weight of 5.67%, latest price of 167.89 yuan, down 5.34%, and a market value of 348.07 billion yuan [1] - BYD has a weight of 5.25%, latest price of 92.70 yuan, down 0.97%, and a market value of 845.16 billion yuan [1] - Wrigley has a weight of 4.41%, latest price of 119.68 yuan, down 0.47%, and a market value of 464.55 billion yuan [1] - Gree Electric Appliances has a weight of 3.53%, latest price of 40.25 yuan, down 0.25%, and a market value of 225.46 billion yuan [1] - ZTE Corporation has a weight of 2.83%, latest price of 38.07 yuan, down 2.86%, and a market value of 182.11 billion yuan [1] - BOE Technology Group has a weight of 2.75%, latest price of 3.83 yuan, down 1.79%, and a market value of 143.30 billion yuan [1] Capital Flow - The net outflow of main funds from the Shenzhen Leading Index constituents totaled 7.45 billion yuan, while the net inflow from speculative funds was 2.39 billion yuan, and the net inflow from retail investors was 5.06 billion yuan [1]

（图片来源：网络） 出品｜搜狐财经 作者｜李保铭 律师则表示，若该消息为真，美的此举或触发《反垄断法》。不过，律师也表示，触犯该法并非仅凭行为本身，还需满 足两个关键前提。 网传该政策主要针对小米，接近小米的业内人士则告诉搜狐财经，小米内部没有太关注此事。业内人士也解读，此次事 件对小米的影响或有限。 今年以来，家电企业"混战"事件频发，背后既有市场进入存量因素，也与家电行业竞争加剧有关。 消息是真是假？ 近日，网传"美的要求所有售后服务商停止小米和格力业务"，一位业内人士告诉搜狐财经"是真的"，对方还表示是"内部 传递，没有发文"。 不过，一位家电企业区域经理告诉搜狐财经"没有听说过"，也引人思考此次事件是否只是区域性、而非全国性的动作。 他分析："现在的家电市场不敢这么强势，终端销售特别差。"但他也表示，也有可能与相关政策刚出台有关，"估计刚 出，我们还不知道"。 近日，"美的要求所有售后服务商停止小米和格力业务"消息刷屏。 美的方面对此予以否认，但外界传言并未停息。 搜狐财经向多位家电行业人士求证，对于此消息，众说纷纭。有业内人士称传言为真，也有人表示仍未收到相关消息。 但业内人士对此政策合理性提出疑问 ...

Core Viewpoint - Midea has implemented a policy prohibiting its after-sales service providers from simultaneously collaborating with Xiaomi or Gree, primarily targeting Xiaomi due to its significant sales growth in air conditioning this year, which has posed a competitive threat to Midea [1][5] Group 1: Industry Competition - The competition among major home appliance brands is intensifying, with Midea's policy change quickly becoming a trending topic on social media [1] - Midea has denied any forced collaboration restrictions, indicating a potential discrepancy in reports from various media outlets [1][4] - The relationship dynamics between Xiaomi and Gree are complex, with historical factors influencing public perception of their rivalry [5] Group 2: Market Position and Performance - In July, the top five air conditioning brands in China were Midea, Gree, Haier, Xiaomi, and Aux, with Midea experiencing a 1% decline and Xiaomi emerging as a notable competitor [6] - During the recent Double Eleven shopping festival, the sales rankings for air conditioning brands were Gree, Midea, Xiaomi, Hualing, and Haier, indicating Xiaomi's strong market presence [7] - Price competition is escalating, with average prices for air conditioning units dropping significantly, reflecting the aggressive strategies of leading brands [8] Group 3: Financial Insights - Xiaomi's air conditioning segment has a net profit margin of approximately 2%, while Midea's and Haier's margins are significantly higher, indicating a challenging financial landscape for Xiaomi [8] - Despite a 5.6% year-on-year revenue growth in Xiaomi's IoT and lifestyle products segment, there was a noticeable decline compared to the previous quarter, highlighting the competitive pressures in the home appliance sector [8] Group 4: International Expansion - Midea's overseas revenue reached 107.2 billion yuan in the first half of 2025, marking a 17.7% year-on-year increase, establishing it as a significant growth driver [9] - Haier's overseas revenue accounted for over 50% of its total revenue, showcasing its strong international presence [9] - Gree's overseas revenue reached 16.78% of its total, indicating room for growth in international markets [9] Group 5: Technological Advancements - The leading home appliance brands are heavily investing in technology and innovation, with Haier holding the highest number of smart home invention patents globally [10] - Xiaomi is pursuing a comprehensive ecosystem strategy, integrating its products with smart home technology, which may provide a competitive edge [10][11] - The smart home market in China is projected to reach 1.36 trillion yuan by 2030, indicating significant growth potential for all major players [11]

【#美的要求售后商停止小米格力业务#，美的公关回应："不清楚此事"】 对此消息，美的公关回应称不清楚此事。 美的一向在售后投入很重。一家美的售后网点配置接近50人，其中有一半是技术人员，其他主要是售后 工人为主。这类网点在二线城市城区会覆盖到7家以上，大的省份接近70家。 多位小米经销商对智通财经确认了此事。经销商们表示，空调售后主要是安装，小米目前有送装一体和 先送后装两种选择，让售后服务商"二选一"会减少小米对线下服务商的绑定，仍有第三方合作商可以选 择，只要不乱收费不会对空调服务有太大影响。 一位美的中国区员工告诉智通财经，此次政策主要针对的是小米，今年小米空调的大卖让美的感受到了 威胁，10月份下发了该通知。 在美的员工看来，在传统的大家电行业里，决定消费者对品牌认可度的一个关键因素就是售后，而这 种"隐形"的门槛往往被厂家所忽视。 据智通财经报道，近日，有消息称，美的不再允许售后服务商同时接小米或格力的业务合作，该政策由 中国区经各区域负责人单独向合作商传达，涉及小米、格力等其他品牌的空调售后及安装维修。 例如格力在进军冰洗市场时，还是采用原来空调的经销商模式快速铺货，售后由经销商来铺设，也 是"外 ...

Core Viewpoint - Midea Group has reportedly instructed its after-sales service providers to stop accepting service contracts for air conditioning installations and repairs from Xiaomi and Gree, reflecting the intensifying competition in the home appliance industry [1][5]. Group 1: Industry Competition - The home appliance industry is experiencing fierce competition, with brands like Midea, Xiaomi, and Gree vying for market share and after-sales service dominance [1][5]. - Midea's actions may be aimed at protecting its market share against Xiaomi's rapid growth in the air conditioning sector, which has seen Xiaomi achieve a year-on-year sales growth of 53.9% [3][6]. - The competitive landscape has shifted, with Xiaomi's market share in air conditioning surpassing Gree, positioning it as a significant threat to traditional manufacturers [6][7]. Group 2: After-Sales Service Dynamics - After-sales service has become a critical battleground for user acquisition among major brands, with Midea's policy potentially limiting Xiaomi's access to service networks [2][4]. - Midea has denied enforcing exclusive partnerships with service providers, emphasizing its commitment to user experience [2][5]. - The establishment of a professional after-sales service network is challenging, particularly for Xiaomi, which relies heavily on third-party service providers [4][7]. Group 3: Market Share Insights - As of July 2025, Midea holds a 29% market share, followed by Gree at 17%, Haier at 15%, Xiaomi at 10%, and Aux at 8% [6]. - The competitive dynamics have led to a shift from capital cooperation between Midea and Xiaomi to direct competition, with Midea planning to divest its shares in Xiaomi [6][7]. - The ongoing price wars and resource competition between Midea and Xiaomi highlight the escalating rivalry in the home appliance sector [6][7].