Group 1 - The company Changhong Meiling (000521.SZ) announced a stock buyback plan, repurchasing 12,487,901 A-shares, which represents 1.2125% of its total share capital [1] - The buyback was conducted through a centralized bidding transaction, with a maximum transaction price of 7.45 yuan per share and a minimum price of 6.48 yuan per share, totaling 86,952,028.10 yuan (excluding transaction fees) [1] - The funding for the buyback comes from the company's own funds and self-raised funds, including special loans from financial institutions for stock repurchase, with the buyback price not exceeding 10.67 yuan per share [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 基于2025年4月9日长虹美菱股份有限公司（以下简称"公司"）董事长提议 回购公司A股股份，公司于2025年5月8日召开第十一届董事会第十五次会议，审 议通过了《关于回购公司A股股份方案的议案》，同意公司使用自有资金不低于 15,000万元(含）且不超过30,000万元(含）通过集中竞价交易的方式回购部分A 股股份，用于实施股权激励，本次回购价格为不超过11元/股。回购期限为自董 事会审议通过回购方案之日起12个月内。具体回购股份的数量和金额以回购期限 届满或者回购股份实施完毕时实际回购的股份数量和金额为准。若公司未能在股 份回购实施结果暨股份变动公告日后36个月内按照上述用途实施使用完毕已回 购股份，尚未转让的已回购股份将在履行相关程序后予以注销。 公司于2025年6月3日召开第十一届董事会第十七次会议，审议通过了《关于 增加回购公司A股股份资金来源的议案》，为充分利用国家对上市公司回购股票 的支持政策，进一步提升资金使用效率，同意公司将本次回购A股股份的资金来 源由"自有资金"增加至"自有资金和自筹资金（含金 ...

Market Overview - The white goods sector experienced a decline of 1.01% on December 31, with TCL leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Stock Performance - Changhong Meiling (000521) closed at 6.55, up 1.71% with a trading volume of 114,800 shares and a turnover of 74.87 million yuan [1] - Whirlpool (600983) closed at 9.56, up 0.53% with a trading volume of 19,900 shares and a turnover of 18.93 million yuan [1] - Aucma (600336) closed at 8.22, up 0.37% with a trading volume of 220,700 shares and a turnover of 182 million yuan [1] - Gree Electric (000651) closed at 40.22, down 0.76% with a trading volume of 503,000 shares and a turnover of 2.028 billion yuan [1] - Midea Group (000333) closed at 78.15, down 0.89% with a trading volume of 287,800 shares and a turnover of 2.257 billion yuan [1] - Hisense Home Appliances (000921) closed at 24.81, down 1.39% with a trading volume of 99,700 shares and a turnover of 249 million yuan [1] - Haier Smart Home (600690) closed at 26.09, down 1.70% with a trading volume of 435,700 shares and a turnover of 1.142 billion yuan [1] - TCL Smart Home (002668) closed at 10.38, down 4.07% with a trading volume of 254,100 shares and a turnover of 267 million yuan [1] Capital Flow Analysis - The white goods sector saw a net outflow of 424 million yuan from institutional investors, while retail investors contributed a net inflow of 235 million yuan [1] - TCL Smart Home experienced a net outflow of 45.27 million yuan from retail investors, despite a net inflow of 35.83 million yuan from institutional investors [2] - Midea Group had a net outflow of 44.91 million yuan from retail investors, with a net inflow of 29.11 million yuan from institutional investors [2] - Haier Smart Home had a significant net inflow of 68.95 million yuan from retail investors, despite a net outflow of 21.1 million yuan from institutional investors [2]

Market Overview - The white goods sector experienced a decline of 0.48% on December 29, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - TCL Smart Home (002668) closed at 10.76, up 0.47% with a trading volume of 112,500 shares and a transaction value of 122 million yuan [1] - Gree Electric Appliances (000651) closed at 40.72, down 0.10% with a trading volume of 392,700 shares and a transaction value of 1.606 billion yuan [1] - Midea Group (000333) closed at 78.41, down 0.58% with a trading volume of 257,000 shares and a transaction value of 2.026 billion yuan [1] - Haier Smart Home (600690) closed at 26.58, down 0.60% with a trading volume of 274,400 shares and a transaction value of 734 million yuan [1] - Aucma (600336) closed at 8.71, down 2.90% with a trading volume of 282,200 shares and a transaction value of 248 million yuan [1] Capital Flow - The white goods sector saw a net inflow of 60.7462 million yuan from institutional investors, while retail investors experienced a net outflow of 625.939 million yuan [1] - Gree Electric Appliances had a net inflow of 160 million yuan from institutional investors, but a net outflow of 58.1725 million yuan from retail investors [2] - Midea Group had a net inflow of 41.9801 million yuan from institutional investors, with a net outflow of 52.5536 million yuan from retail investors [2] - Haier Smart Home experienced a net outflow of 81.9545 million yuan from institutional investors, while retail investors had a net inflow of 9.8857 million yuan [2]

Core Viewpoint - The report highlights a projected decline in the production of household refrigerators in China for the year 2025, indicating a potential shift in market dynamics within the industry [1]. Industry Overview - According to data from the National Bureau of Statistics, the production of household refrigerators in China is expected to reach 8.79 million units in October 2025, representing a year-on-year decrease of 6% [1]. - From January to October 2025, the cumulative production of household refrigerators is projected to be 89.96 million units, showing a slight increase of 0.9% compared to the previous year [1]. Market Research Insights - The report titled "2025-2031 China Smart Refrigerator Industry Market Panorama Research and Development Trend Judgment Report" by Zhiyan Consulting provides an in-depth analysis of the smart refrigerator market in China [1]. - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research reports, business plans, feasibility studies, and customized services [1].

Market Overview - The white goods sector increased by 0.04% on December 26, with Aucma leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Aucma (600336) closed at 8.97, up 4.91% with a trading volume of 521,000 shares and a turnover of 461 million yuan [1] - Midea Group (000333) closed at 78.87, up 0.36% with a trading volume of 214,100 shares and a turnover of 1.688 billion yuan [1] - Hisense Home Appliances (000921) closed at 25.30, up 0.20% with a trading volume of 57,100 shares and a turnover of 145 million yuan [1] - Whirlpool (600983) closed at 9.65, down 0.21% with a trading volume of 16,400 shares and a turnover of 15.846 million yuan [1] - Gree Electric (000651) closed at 40.76, down 0.37% with a trading volume of 259,200 shares and a turnover of 1.057 billion yuan [1] - Haier Smart Home (600690) closed at 26.74, down 0.52% with a trading volume of 250,600 shares and a turnover of 672 million yuan [1] Capital Flow - The white goods sector experienced a net outflow of 218 million yuan from institutional investors, while retail investors saw a net inflow of 60.15 million yuan [1] - Midea Group had a net inflow of 28.86 million yuan from institutional investors, but a net outflow of 41.76 million yuan from retail investors [2] - Aucma saw a net inflow of 5.70 million yuan from institutional investors, with a slight outflow from retail investors [2] - TCL Smart Home (002668) had a net inflow of 1.57 million yuan from institutional investors, while retail investors contributed a net inflow of 914,500 yuan [2] - Haier Smart Home experienced a significant net outflow of 1.05 billion yuan from institutional investors, but a net inflow of 536.78 million yuan from retail investors [2]

证券研究报告 行业深度（R3） 家用电器 积跬步以至千里 家用电器行业 2026 年年度策略 | 2025 年 12 月 25 日 | | | | --- | --- | --- | | 评级 | 同步大市 | | | | 评级变动： | 维持 | | 重点股票 | 2024A | | 2025E | | 2026E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） | | | | | | 海尔智家 | 2.00 | 13.45 | 2.30 | 11.67 | 2.47 | 10.89 | 买入 | | 九号公司 | 1.51 | 39.25 | 2.38 | 24.84 | 3.23 | 18.28 | 买入 | | 爱玛科技 | 2.29 | 13.16 | 2.98 | 10.10 | 3.63 | 8.30 | 买入 | 资料来源： iFinD ，财信证券 投资要点： 行业涨跌幅比较 % 1M 3M 12M 家用电器 2.44 0.66 6. ...

证券之星消息，12月25日白色家电板块较上一交易日下跌0.02%，澳柯玛领跌。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000521 | 长虹美菱 | = 408.82万 | 10.34% | -203.05万 | -5.13% | -205.76万 | -5.20% | | 002668 | TCL智家 | 138.35万 | 1.18% | -727.90万 | -6.20% | 589.56万 | 5.02% | | 600983 | 惠而浦 | 100.54万 | 6.73% | 109.83万 | 7.36% | -210.38万 | -14.09% | | 600690 海尔智家 | | -237.99万 | -0.44% | -1939.63万 | -3.59% | ...

长虹美菱（000521.SZ）12月25日在投资者互动平台表示，公司空调产业以下属子公司四川长虹空调有 限公司及中山长虹电器有限公司为平台开展相关业务。经过多年发展，公司始终坚持以用户为中心，以 技术创新为驱动，通过持续优化产品品质和服务来提升用户体验。敬请广大投资者注意投资风险，理性 投资。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：最近空调行业热议铝代铜，请问长虹美菱在这方面有 没有技术储备，有没有领先的技术优势？ ...

Core Viewpoint - The white goods sector experienced a decline of 0.57% on December 22, with Aucma leading the drop, while the overall Shanghai Composite Index rose by 0.69% and the Shenzhen Component Index increased by 1.47% [1] Group 1: Market Performance - The closing price for Midea Group was 79.16, down by 0.37%, with a trading volume of 245,000 shares and a transaction value of 1.94 billion yuan [1] - Gree Electric Appliances closed at 40.88, down by 0.63%, with a trading volume of 345,800 shares [1] - Haier Smart Home closed at 27.33, down by 0.65%, with a trading volume of 231,900 shares [1] - Aucma saw the largest decline at 5.79%, closing at 8.63, with a trading volume of 519,600 shares [1] Group 2: Capital Flow - The white goods sector had a net outflow of 184 million yuan from institutional investors, while retail investors saw a net inflow of 16.2 million yuan [1] - Haier Smart Home had a net inflow of 7.685 million yuan from institutional investors, but a net outflow of 5.353 million yuan from retail investors [2] - Midea Group experienced a significant net outflow of 136 million yuan from institutional investors, while retail investors had a net inflow of 74.33 million yuan [2] - Aucma faced a net outflow of 37.77 million yuan from institutional investors, but retail investors contributed a net inflow of 34.78 million yuan [2]