东方阿尔法兴科一年持有混合A（015900）基金经理为尹智斌。 截至发稿，尹智斌累计任职时间2年62天，现任基金资产总规模6997.91万元，任职期间最佳基金回报 65.04%， 任职期间最差基金回报32.22%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月31日，美的集团涨1.01%，截至发稿，报79.65元/股，成交3.27亿元，换手率0.06%，总市值6051.73 亿元。 资料显示，美的集团股份有限公司位于广东省佛山市顺德区北滘镇美的大道6号美的总部大楼,香港铜锣 湾希慎道33号利园1期19楼1918室，成立日期2000年4月7日，上市日期2013年9月18日，公司主营业务涉 及美的集团股份有限公司是一家主要从事家用电器的制造和销售的中国公司。该公司主要产品分为消费 电器、暖通空调（HAVC）和机器人及自动化系统三类。该公司的产品主要包括中央空调、供暖及通风 系统、厨房家电、冰箱、洗衣机和其他小家电，如饮水机、净水设备、空气净化器、电热水壶、吸尘器 和 ...

1. Report Industry Investment Rating The provided content does not include the report industry investment rating. 2. Core Views - The Chinese refrigeration and air - conditioning equipment industry is at a critical turning point. The domestic household market is in a stable development stage dominated by stock replacement demand, and growth is driven by the improvement of energy - efficiency standards. The report analyzes structural growth opportunities and long - term evolution trends by benchmarking overseas leading companies [2]. - Overseas expansion should focus on local in - depth development and value extension of the industrial chain. It is a systematic project, and mergers and acquisitions are strategic choices. Chinese enterprises are moving from the initial stage of "Made in China, Sold Globally" to the new stage of globalization of "brand, technology, and management" [2]. - The commercial refrigeration field, especially the data center refrigeration track, is a short - term growth highlight. The capital expenditure of overseas HVAC giants is directed towards data center infrastructure, and there is a market for high - end refrigeration solutions due to the need to improve energy efficiency and reduce PUE [2]. - Investment suggestions: In the household refrigeration equipment field, pay attention to industry leaders such as Midea Group; in the special - purpose refrigeration equipment field, focus on companies like Invic and Shenling Environment; for upstream components, pay attention to Hanzhong Precision Machinery, Binglun Environment, and Sanhua Intelligent Control [2]. 3. Summary by Relevant Catalog 3.1 Traditional Refrigeration Equipment Overview - **Global Refrigeration and Air - Conditioning Market**: The global refrigeration and air - conditioning market has shown steady growth. From 2018 to 2024, the global air - conditioner sales increased from 232.5 million units to 261.2 million units, with a compound annual growth rate of 2.0%. The proportion of household air - conditioners in 2024 was 73.7%, and the central air - conditioning market grew faster, with a compound annual growth rate of 4.0% from 2018 to 2024. It is predicted that by 2028, the global air - conditioner sales will reach 293.3 million units, with a compound annual growth rate of 2.9% from 2024 to 2028. Asia, North America, and Europe are important regional markets, and China is the largest single air - conditioning market [22]. - **Household Air - Conditioning**: In the 2024 cold year, China's household air - conditioner production accounted for 80.8% of the global total. Many domestic enterprises are increasing overseas layout. In the 2024 cold year, overseas production capacity increased by nearly 7 million units. In the 2025 cold year, domestic household air - conditioner exports were about 99.29 million units, a year - on - year increase of 16.7%, with the highest export proportion to Asia [28]. - **Central Air - Conditioning and Chiller Units**: There are various types of central air - conditioning and chiller units. The export of screw and centrifugal chiller units for data centers is strong. The Asian market has a large - scale demand and is gradually recovering, while the North American market has a prominent growth rate due to its small base. The domestic market is waiting to stabilize, and leading enterprises are strengthening their competitive advantages [33]. 3.2 Household Market: Domestic Sales Review and Challenges for Leading Companies - **Price Wars and Market Competition**: After several price wars, the concentration of the domestic household refrigeration and air - conditioning market has increased. The competition has evolved from scale and price to technology, product, channel, service, and ecosystem. In 2025, the domestic sales volume of household air - conditioners increased by 8.7% year - on - year, but the growth driven by policies and climate is difficult to sustain. The long - term driving force is stock replacement and structural upgrading [35][36]. - **Energy - Efficiency Upgrade**: China has introduced multiple air - conditioner energy - efficiency standards, which have promoted the transformation from fixed - frequency to variable - frequency air - conditioners. Leading enterprises have advantages in technology and industrial layout for energy - efficiency improvement [39]. - **Challenges for Leading Companies**: In 2024 - 2025, a new round of price wars occurred. Xiaomi's entry has challenged the traditional hardware - profit model. Leading companies are facing challenges in terms of efficiency and sustainable profit growth. They are promoting digital reform, channel and logistics innovation to enhance competitiveness [40][43][44]. 3.3 Overseas Expansion of Domestic Enterprises - **Difficulties and Solutions**: There are differences in regional usage habits overseas. The US market has high access barriers, and the European market has low air - conditioner penetration and high energy - efficiency requirements. Overseas acquisitions are an important way to enter the market. Chinese enterprises are accelerating overseas production capacity construction in Southeast Asia and other regions [52][54]. - **Southeast Asian Market**: Exports to ASEAN are on an upward trend. In 2024, China's cumulative exports of white goods to ASEAN reached $14.87 billion, a year - on - year increase of 19.8%. The demand in the ASEAN market is driven by urbanization and industrialization [63]. 3.4 Overview of Overseas Representative Enterprises' Operations - **Business Models and Strategies**: Overseas HVAC representative enterprises have different business models and strategies. Johnson Controls has transformed from an equipment manufacturer to a builder of smart building ecosystems; Trane Technologies has upgraded its services and transformed its strategy; Daikin has acquired relevant enterprises to supplement its data center refrigeration business [73][82]. - **Performance of Leading Enterprises**: Leading international enterprises such as Trane Technologies, Johnson Controls, Carrier Global, and Vertiv have shown different performance. They are all focusing on high - growth areas such as data center refrigeration [83][86][87][88]. 3.5 Commercial Market: Pay Attention to Refrigeration Demand in Data Centers - **Demand for Data Center Refrigeration**: The development of AI and other industries is expected to drive the construction of data centers. The demand for data center capacity is expected to increase at a compound average growth rate of 19% from 2023 to 2030. Reducing the energy consumption of refrigeration equipment is crucial for the green and low - carbon development of data centers [94]. - **Refrigeration Technologies**: There are various data center refrigeration technologies, including water - cooled, air - cooled, indirect evaporation cooling, "glacier" phase - change cooling, and liquid cooling. Liquid cooling has advantages in energy consumption, and the development of liquid - cooling technology is a trend [96][104]. - **Investment Suggestions**: Enterprises in different segments are recommended, including traditional HVAC enterprises such as Midea Group, precision temperature - control equipment enterprises such as Invic, special - purpose air - conditioner manufacturers such as Shenling Environment, and upstream component enterprises such as Hanzhong Precision Machinery, Binglun Environment, and Sanhua Intelligent Control [112][113].

顺德，别称"凤城"，是广东省佛山市辖区，地处粤港澳大湾区的地理中心，北接广州，南联深圳、港澳。作为全国首个工业总产值突破万亿的市辖区，当地 已形成两大3000亿级产业集群（家用电器、机械装备）、两大近千亿元产业集群（先进材料、现代轻工家居）。 正所谓"全球家电看中国、中国家电看广东、广东家电看顺德"，从上世纪70年代成功制造出第一台台式电风扇，到诞生全球第一台消毒柜、全球第一台双模 变频微波炉，顺德家电产业不断发展壮大，年产值突破4000亿元大关，总产量约占全国15%，出口额约占全国10%。 2025顺德百强企业（2025顺德企业100强、制造业100强、民营制造业100强）是区域经济实力的"晴雨表"，企业转型发展的"风向标"。今年上榜的138家企业 （去重后合计）营收总额达到12222.29亿元，同时跻身三大百强榜单的企业共计67家。 制造业是顺德的核心经济支柱，制造业企业占据113席，占比高达82.01%；总营收7908.07亿元，占比64.71%。上榜的民营企业（含港澳台合资）数量达到 119家，占比86.23%，营收总额10875.73亿元，占比88.98%。 从地区分布来看，北滘镇共有28家企业上榜 ...

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]

以下文章来源于螺旋实验室 ，作者螺旋君 公众情绪瞭望者 螺旋实验室 . 作者： 铁手 来源： 螺旋实验室 近日，罗永浩又一次犀利开炮，这次的对象是大金空调。 ------------------------------- 罗永浩在社交媒体上吐槽称，其为上海租住处的中央空调做一次换季清洗，7台空调内机更换滤网 和清洗的年费报价竟高达约1.5万元。老罗的困惑很直接： 这是空调行业里的常态吗？ 当然，罗永浩提到的中央空调，它跟普通挂机空调在美观度、出风舒适度上都有较大区别，使用成 本高一些也可以理解。但没想到的是，这条吐槽还引来了不少挂机空调用户的共鸣，称普通空调也 早已沦为"售后刺客"，甚至是"修比买更贵" 。 罗永浩无意中推开了一扇门，门后是一个 长期被忽视却利润丰厚的"空调后市场" 。如今，空调市 场前端在疯狂打价格战，后端却成了缺乏监管的空白地带，这才是家电巨头真正需要决胜负的新战 场。 由此可见，无论美的、格力等国产品牌，还是大金空调本身，它们的清洗费用都远没有达到罗永浩 所列出的超600元/台。 01 空调售后为什么这么贵 在罗永浩吐槽大金空调的这条微博中，他罗列了更换滤网和清洗空调的费用明细。其中，由 ...

智能家居虽已走进千家万户，但究竟怎么才算智能家居，却始终没有明确答案。 近日，国家标准委发布"新国标"，对智能家电进行了系统定义，根据智能化水平的不同，智能家居 产品可以划分为L1-L5级别，每一级都代表着用户体验的一次跨越。海尔、美的、小米是其中的佼 佼者。近期这三家企业不约而同升级APP，三者之间路径不同，理念各异，究竟哪一款更懂你呢？ 结语 海尔智家：构建开放生态的"生活拓展者" 海尔智家APP的定位 很 清晰：致力于成为"智慧家庭第一入口"。 其最新升级的APP不仅带来融合 海尔兄弟的新形象，更焕新体验，首创 3D智慧家庭视图 ， 将平面化、零散的设备列表变成可交互 的3D小家，实现从"卡片操作"到"场景交互"的跨越，让管控一目了然。 在生态建设上，美的美居同样积极拥抱开放，与华为、荣耀、vivo等主流手机厂商，以及比亚迪、蔚 来等车企深化合作，共同拓展"人车家"互联的边界。美的的策略，显然是押注于AI技术的深度渗 透，力求让智能家居变得更聪明、更"隐形"， 让用户生活更舒适 。 米家：致力广泛适配的"万能连接器" 米家APP作为小米智能生态的核心控制平台，风格一以贯之：界面简洁清新，操作逻辑直观。它 ...

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]

证券之星消息，12月30日白色家电板块较上一交易日上涨0.12%，美的集团领涨。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 001387 | 雪祺电气 | -13.83万 | -0.30% | -156.71万 | -3.36% | 170.54万 | 3.66% | | 600983 | 惠而浦 | -53.67万 | -4.20% | 98.39万 | 7.71% | -44.73万 | -3.50% | | 002668 | TCL智家 | -88.87万 | -0.71% | 346.85万 | 2.76% | -257.98万 | -2.05% | | 000921 海信家电 | | -366.29万 | -3.47% | 673.84万 | 6.39% | -307.55万 ...

我们认为，此次调整更多体现为对既有业务的系统性整合，有助于公司提升资源配置效率与项目推进能 力。 围绕新能源事业部成立这一组织调整，我们先从三季度经营结构出发，梳理公司ToC 业务增长与ToB 业 务提速的底盘。25Q3 收入1119.3 亿元，同比+10.1%，环比略有放缓，我们认为部分原因在于三季度国 补退坡。分业务看公司ToC 业务三季度累计收入同比+13%，我们预计单三季度ToC 同比双位数增长。 从产业在线的数据来看，美的空调内外销量同比-9.3%/-14.4%，冰箱内外销量同比+5.1%/-0.3%，洗衣机 内外销量同比+2.3%/+6.8%。考虑到美的集团产能的全球化布局，我们认为公司实际外销表现优于产业 在线数据。公司ToB 三季度累计业务收入同比+18%，预计单三季实现同比双位数增长。ToB 业务增速 高于ToC 业务，我们预计未来这一趋势将会持续。 公司盈利能力有所恢复。25Q3 归母净利润118.7 亿元，同比+8.95%，延续良好增长态势。从费用端 看，25Q3 销售/管理/研发/财务费用率8.7%/3.3%/3.7%/-0.7%，同比分别持 平/-0.28pct/+0.06pct/+ ...

来源：环球网 今年以来，商南县锚定高质量发展目标创新推行领导带头招商、链式招商、以商招商、乡情招商多维举 措，全力以赴抓项目、引资金、优服务，招商引资工作交出量质齐升的亮眼成绩单。1-10月，全县新签 约项目30个，总投资46.01亿元；实际使用内资9.46亿元，同比增长28.95%；引进外资 47.37万美元，外 资引进成效位居全市第一。 商南县深耕县域资源禀赋，深入重点企业调研梳理招商线索，聚焦"四大产业链群"，依托钒、硅、镁等 优势资源，靶向招引新材料、新能源、智能装备制造领域优质项目，推动钒氮合金、高纯硅、高端型砂 三大特色产业集群加速成型。围绕"十大产业链"精心谋划储备重点项目80余个，编制《招商项目册》、 绘制《招商图谱》、拍摄招商宣传片，通过线上线下多渠道广泛宣传，全方位展示商南的资源优势、产 业基础和营商环境。以陕西商於泰开通讯科技为电子信息链主企业，精准对接产业链上下游配套需求， 成功招引银泽闪耀、科迈达、万鹏电子等12家配套企业入驻园区，形成集聚发展效应。 商南县以各类节会为桥梁纽带，项目签约量质双优。成功举办第四届乡党回乡发展大会，常态化开 展"迎老乡、回故乡、建家乡"活动，以乡情为纽带 ...