【环球网科技综合报道】11月3日消息，比亚迪腾势汽车宣布，已与美的旗下高端家电品牌——科慕达成合作。 腾势汽车方面表示，今天起，腾势 N8L 将与科慕智能家居深度联动，在车上，用户就可以控制全屋智能家电；在家中，用户也能随 时掌控汽车。 据悉，在近日举行的美的集团第30届科技月暨第3届远见者大会上，美的集团全屋智能总经理尚喆表示，美的正以 COLMO 和 Midea 双品牌战略构建家的深度智能化，通过"人车家融合"满足用户跨空间跨场景的需求连接。 尚喆谈到，美的做了深入的用户调研，找到拥有不同品牌汽车、家电的用户去深入沟通智能家居到底能做什么。调研后发现，实际 上今天家庭智能化的增长，第一波是手机或者移动互联网的增长，第二波与智能汽车的增长息息相关，不是孤立的。（思瀚） ...

Market Overview - The white goods sector experienced a decline of 0.85% on November 3, with Midea Group leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Aokema (600336) saw a closing price of 7.30, with an increase of 3.11% and a trading volume of 241,300 shares, totaling 174 million yuan [1] - TCL Smart Home (002668) closed at 11.03, up 1.29%, with a trading volume of 419,700 shares, amounting to 459 million yuan [1] - Midea Group (000333) closed at 75.39, down 1.32%, with a trading volume of 282,000 shares, totaling 2.132 billion yuan [1] Capital Flow Analysis - The white goods sector saw a net outflow of 559 million yuan from institutional investors, while retail investors contributed a net inflow of 510 million yuan [1] - Among individual stocks, Hisense Home Appliances (000921) experienced a net outflow of 35.42 million yuan from institutional investors [2] - Aokema (600336) had a net inflow of 17.79 million yuan from institutional investors, while retail investors contributed a net inflow of 4.70 million yuan [2]

Core Insights - Midea Group held its 30th Technology Month, themed "AInnovation," showcasing advancements in technological innovation, industrial breakthroughs, and talent cultivation [1][2] - The event introduced structural adjustments to award categories, emphasizing overseas OBM business breakthroughs and new industries, while significantly increasing the number of AI innovation awards [1][2] R&D and Innovation - Midea has invested over 43 billion yuan in R&D over the past three years, with R&D expenditure exceeding 8.8 billion yuan in the first half of 2025, marking a 14.4% year-on-year increase [2] - The company aims to establish a global R&D network, with over 23,000 R&D personnel by the end of 2024, accounting for more than 50% of non-production staff [2][3] Financial Performance - Midea's revenue is projected to exceed 400 billion yuan in 2024, with ToB business surpassing 100 billion yuan and overseas OBM sales increasing by 35% year-on-year [3] - For the first three quarters of the year, Midea reported revenue of 363.06 billion yuan, a 13.8% increase, and a net profit of 37.88 billion yuan, up 19.5%, both reaching record highs [3]

从三季度的调仓换股情况来看，"国家队"资金增持部分保险、资源品、消费、电子、通信等相关板块个 股，其中部分个股三季度股价实现翻倍上涨；同时，部分"国家队"资金退出证券、银行、电力、地产、 医药等相关板块个股的前十大股东序列。 | | | UN 74人 大人生产 | UNIVAL SEEN | | --- | --- | --- | --- | | | | (亿股) | (亿元) | | 601288.SH 农业银行 | | 1671.08 | 11146.10 | | 601988.SH | 中国银行 | 1985.43 | 10284.53 | | 601398.SH 工商银行 | | 1397.66 | 10202.94 | | 601995.SH | 中金公司 | 19.36 | 714.25 | | 601318.SH 中国平安 | | 12.69 | 699.50 | | 601336.SH | 新华保险 | 11.24 | 687.33 | | 601066.SH | 中信建投 | 23.86 | 639.94 | | 601319.SH 中国人保 | | 57.03 | 444.27 | | 6 ...

Core Insights - The CSI 300 Dividend Low Volatility Index has shown a positive performance with a 0.58% increase, driven by significant gains in stocks such as Baosteel and China Construction Bank [1][4] - The CSI 300 Dividend Low Volatility ETF (515300) has also increased by 0.45%, indicating strong investor interest and market activity [1][3] Market Performance - The CSI 300 Dividend Low Volatility ETF recorded a turnover rate of 0.92% with a transaction volume of 43.38 million yuan, reflecting active trading [3] - The ETF's latest scale reached 4.704 billion yuan, with a net inflow of 37.74 million yuan over the past 17 trading days, indicating a positive trend in investor sentiment [3] Dividend Distribution - As of October 31, 2025, a total of 1,033 listed companies have announced cash dividend plans, an increase of 141 companies compared to the previous year, with total cash dividends amounting to 734.9 billion yuan [3] - Notably, 89 companies have declared dividends exceeding 1 billion yuan within the year [3] Investor Sentiment - Market sentiment indicators have returned to a neutral zone, but there remains a willingness among investors to "buy the dip," suggesting that adjustments may present further investment opportunities [4] - The top ten weighted stocks in the CSI 300 Dividend Low Volatility Index account for 35.78% of the index, with companies like China Shenhua and Shuanghui Development leading the way [4][6] Stock Performance - The top performing stocks within the index include China Shenhua (up 1.93%), Shuanghui Development (up 1.59%), and China Petroleum (up 1.65%), while some stocks like Gree Electric and Huayu Automotive experienced declines [6] - Investors without stock accounts can access investment opportunities through the corresponding CSI 300 Dividend Low Volatility ETF linked fund (007606) [6]

Summary of China Consumer Pulse Q3 2025 Industry Overview - **Industry**: Chinese Consumer Market - **Key Sectors Analyzed**: Alcohol, Apparel, Beauty, Travel, Luxury Goods, Autos Core Insights 1. **Mixed Consumer Sentiment**: Chinese consumer sentiment remains mixed, with a notable divergence in spending patterns across sectors [2][29][30] 2. **Experiential Spending Resilience**: Experiential categories such as restaurants (+24% YoY) and travel (+16% YoY) show resilience, indicating a shift towards experiences over goods [2][35] 3. **Premium Demand Recovery**: Onshore luxury spending has improved, with premium auto sales stabilizing and showing positive year-over-year growth in September, ending a 19-month decline [2][30] 4. **Digital Channels Outperform**: Digital retail channels continue to outperform traditional retail, although there are signs of weakness in specific segments like beauty e-commerce, which saw a -3% decline [2][29][30] 5. **GDP and Retail Growth Slowdown**: China's Q3 GDP growth slowed to 4.8% YoY, with retail growth easing to 2.1%, attributed to fading consumer incentives and macroeconomic uncertainties [3][29] 6. **Deflationary Trends**: Deflationary pressures persist across travel and hotel pricing, with moderate price declines observed [12][29] Sector-Specific Insights Premium Beverages - **Weak Demand**: Ultra-premium Baijiu prices continued to slide in Q3 due to weak demand, particularly around the Mid-Autumn Festival [4][30] Apparel and Sportswear - **Mixed Performance**: The apparel market is growing online but remains negative offline, with brands like Adidas showing over 20% growth while Nike faces challenges [5][22] Home Appliances - **Sector Contraction**: The home appliance sector contracted by 7% in Q3, with significant declines in both domestic and overseas exports [7][31] Luxury Goods - **Signs of Improvement**: Early signs of recovery in the luxury market, with brands like Hermès and Louis Vuitton performing well, while Kering struggles [8][9][30] Automotive - **Sales Growth Slowdown**: Auto sales growth slowed to +2.5% YoY in Q3, with EV sales decelerating to +12.5% YoY. However, EV penetration reached 55.1% [10][16][17] Hotels - **RevPAR Declines**: Domestic hotel RevPAR continues to decline, with luxury hotels being the only segment not experiencing persistent declines [10][23] Travel - **Resilient Growth**: The travel industry showed stable positive growth of 16% during the National Day Golden Week, reflecting ongoing domestic travel trends [11][12] Cosmetics - **Moderate Growth**: The cosmetics sector saw a +6.5% YoY increase in gross merchandise value, marking an improvement from previous quarters [13][29] Additional Considerations - **Cautious Consumer Behavior**: The macroeconomic environment is expected to lead to cautious, value-driven consumer behavior, highlighting the uneven recovery across sectors [3][32] - **Investment Implications**: The outlook for various sectors remains cautious, with potential growth in EVs and premium segments, while traditional sectors face challenges [16][17][22][23]

10月31日，美的集团第30届科技月大会暨颁奖仪式在广东佛山美的全球创新中心举行。本届科技月 以"AInnovation"为主题，通过奖项牵引、论坛拓展与展览联动，全面展示了美的在技术创新、产业突破 与人才培育方面的最新成果。从奖项总体来看，在个人奖方面，"科技明星"17人、"科技新星"12人；项 目奖方面，"技术突破奖"18项、"产品贡献奖"12项。 本届科技月对奖项设置进行了结构性调整。"产品贡献奖"新增海外突破和新产业两大类，以强化对海外 OBM业务突破与新产业发展的战略牵引。同时，大幅增加AI创新类"技术突破奖"数量，并增设AI创新 方向"科技明星"与"科技新星"各2名，进一步推动AI技术在美的各业务板块的深度融合与应用落地。 在颁奖仪式上，美的集团董事长兼总裁方洪波表示，未来十年，中国将出现一大批真正科技领先的全球 化企业，美的要有志向成为这样的企业，要有伟大的追求和愿景，始终坚持围绕"三个一代"研发体系， 集中资源，聚焦核心关键项目，真正以用户为中心，解决用户需求，要敢于创新，做真正的创新。 美的科技月已连续举办30届，集中展现了美的对于科技与人才的高度重视，累计奖励已近6亿元。美的 高度重视研发 ...

Investment Rating - Industry rating: Recommended [8] Core Insights - The report highlights that the export production of major home appliances (air conditioners, refrigerators, and washing machines) in November 2025 outperformed domestic sales, with total production of 28.47 million units, a year-on-year decrease of 17.7% [17] - Air conditioner exports showed resilience with a production of 7.46 million units, down 13.8% year-on-year, while domestic production fell by 21.2% to 5.3 million units [17] - Refrigerator production for domestic sales was 3.76 million units, down 10.9% year-on-year, while exports were 4.02 million units, down 1.5% [2][18] - Washing machine exports increased by 5.0% year-on-year to 3.75 million units, while domestic production decreased by 2.6% to 4.18 million units [3][18] - The overall air conditioner export volume for the cold year 2025 reached 88.02 million units, an increase of 12.3% year-on-year, with export value at $16.97 billion, up 13.7% [19] Summary by Sections 1. Weekly Topic: November Production Performance - Air conditioners, refrigerators, and washing machines showed stronger export performance compared to domestic sales, with significant production declines in domestic markets due to high inventory and cost pressures [17] - The report attributes the decline in domestic production to factors such as inventory management, high raw material costs, and the impact of previous government subsidy policies [17] 2. Company Announcements - Hisense Home Appliances reported a revenue of 71.533 billion yuan for Q1-Q3 2025, a year-on-year increase of 1.35%, with a net profit of 2.812 billion yuan, up 0.67% [21] - Midea Group's revenue for Q1-Q3 2025 was 364.7 billion yuan, a 14% increase year-on-year, with a net profit of 37.9 billion yuan, up 20% [24] - Haier Smart Home reported a revenue of 234.1 billion yuan for Q1-Q3 2025, a 10% increase year-on-year, with a net profit of 17.4 billion yuan, up 15% [25] 3. Data Tracking - Raw material prices showed slight increases, with copper and aluminum prices rising by 0.9% and 1.1% respectively as of October 31, 2025 [28] - Shipping rates increased, with the CCFI composite index rising by 2.89% [30] - Real estate data indicated a decline in sales area and construction activity, with year-on-year decreases of 5.5% and 15.3% respectively for the first nine months of 2025 [33]

研究报告 Research Report 2 Nov 2025 美的集团 Midea Group (000333 CH) 收入利润稳健增长，B 端业务持续优异 Stable Growth of Total Revenue and Profit, ToB Business Maintained Strong Performance [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb76.40 目标价 Rmb92.32 HTI ESG 4.8-4.6-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 A+ 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb587.03bn / US$82.82bn 日交易额 (3 个月均值) US$437.09mn 发行股票数目 6,931mn 自由流通股 ( ...

在美的集团科技月的远见者大会上，美的集团AI研究院院长徐翼展示了美的具身智能布局发展的路线 图。他在演讲中展示的实验室视频显示，未来的家庭机器人将实现自动从洗衣机和干衣机中取出衣物 并折叠。 "家电将成为新的流量进口。"徐翼说，美的正更新智能家电交互系统，增强交互，促进多智能体协 作。比如，用户说"关灯"，新系统会反馈说"请问是关闭所有灯，还是客厅的灯"，澄清用户意图后 再操作。智能体通过自主学习、自主决策，构建新的行为数据网络。 2025.11. 02 本文字数：1088，阅读时长大约2分钟 作者 | 第一财经 王珍 美的集团AI研究院院长徐翼在演讲中播放机器人折叠衣服的视频截图。拍摄/第一财经记者王珍 至于像折叠衣服这类机器人什么时候才会进入家庭，徐翼在回答第一财经记者提问时说，美的AI研究 院在做技术探索，商业化落地要与各个事业部结合。 从技术探索的角度，演示视频中的机器人只是样品，它的操作还不是很稳定，动作做100遍，有时候 会不成功。其次，机器人如果要真正进入家庭，安全要求很高，开洗衣机门不能把门拉坏，从冰箱拿 在家庭具身智能方面，主要有收纳、洗护、烹饪、清洁、照护几大类场景。"现阶段的探索主要是在 ...