Investment Rating - The report maintains a "Positive" outlook on the home appliance sector, highlighting its performance against the Shanghai and Shenzhen 300 Index [3][4]. Core Insights - The home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with the sector index rising by 1.8% compared to a 1.6% increase in the broader index [4][5]. - Key companies such as Beiyi Co., Lek Electric, and Huaxiang Co. showed significant gains, while Aopu Technology and Stone Technology faced declines [4][7]. - December 2025 production data for major appliances indicates a total production of 30.18 million units, a 14.1% decrease from the previous year [10]. - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for a significant optimization of the supply structure by 2027 [11]. Summary by Sections Market Performance - The home appliance sector index increased by 1.8%, outperforming the Shanghai and Shenzhen 300 Index [4][5]. - Notable performers included Beiyi Co. (10.2%), Lek Electric (9.0%), and Huaxiang Co. (8.4%) [4][7]. Industry Dynamics - December 2025 production data shows a total of 30.18 million units for air conditioners, refrigerators, and washing machines, with air conditioner production down 22.3% year-on-year [10]. - The government plan aims to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027 [11]. Sales Data - October sales data revealed a significant decline in offline sales for major appliances, with air conditioner retail volume down 48.3% and retail value down 53.7% [33][36]. - The average retail price for air conditioners decreased by 10.7% to 4,224 yuan [33]. Investment Opportunities - The report identifies three main investment themes: 1. Head companies in white and black appliances with low valuations and high dividends [4]. 2. Core component manufacturers expanding into emerging tech fields [4]. 3. Growth in overseas demand for new consumer appliances [4]. Raw Material Prices - As of November 28, 2025, copper prices increased by 17.83% year-on-year, while aluminum prices rose by 5.15% [13][20].

国家知识产权局信息显示，珠海格力电器股份有限公司、珠海凯邦电机制造有限公司取得一项名为"电 机转子、永磁电机和智能设备"的专利，授权公告号CN110034619B，申请日期为2019年5月。 来源：市场资讯 天眼查资料显示，珠海格力电器股份有限公司，成立于1989年，位于珠海市，是一家以从事电气机械和 器材制造业为主的企业。企业注册资本601573.0878万人民币。通过天眼查大数据分析，珠海格力电器 股份有限公司共对外投资了100家企业，参与招投标项目5000次，财产线索方面有商标信息5000条，专 利信息5000条，此外企业还拥有行政许可908个。 珠海凯邦电机制造有限公司，成立于2003年，位于珠海市，是一家以从事其他制造业为主的企业。企业 注册资本8200万人民币。通过天眼查大数据分析，珠海凯邦电机制造有限公司共对外投资了3家企业， 参与招投标项目40次，专利信息1902条，此外企业还拥有行政许可30个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

珠海格力电器股份有限公司，成立于1989年，位于珠海市，是一家以从事电气机械和器材制造业为主的 企业。企业注册资本601573.0878万人民币。通过天眼查大数据分析，珠海格力电器股份有限公司共对 外投资了100家企业，参与招投标项目5000次，财产线索方面有商标信息5000条，专利信息5000条，此 外企业还拥有行政许可908个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，格力电器（武汉）有限公司、珠海格力电器股份有限公司取得一项名为"一 种通讯电路和主板测试装置"的专利，授权公告号CN117233573B，申请日期为2023年9月。 天眼查资料显示，格力电器（武汉）有限公司，成立于2010年，位于武汉市，是一家以从事计算机、通 信和其他电子设备制造业为主的企业。企业注册资本10000万人民币。通过天眼查大数据分析，格力电 器（武汉）有限公司参与招投标项目57次，专利信息2076条，此外企业还拥有行政许可93个。 来源：市场资讯 ...

国家知识产权局信息显示，珠海格力电器股份有限公司取得一项名为"智能家居设备配网方法、装置、 电子设备及可读存储介质"的专利，授权公告号CN119906597B，申请日期为2024年12月。 来源：市场资讯 天眼查资料显示，珠海格力电器股份有限公司，成立于1989年，位于珠海市，是一家以从事电气机械和 器材制造业为主的企业。企业注册资本601573.0878万人民币。通过天眼查大数据分析，珠海格力电器 股份有限公司共对外投资了100家企业，参与招投标项目5000次，财产线索方面有商标信息5000条，专 利信息5000条，此外企业还拥有行政许可908个。 珠海联云科技有限公司，成立于2018年，位于珠海市，是一家以从事软件和信息技术服务业为主的企 业。企业注册资本5000万人民币。通过天眼查大数据分析，珠海联云科技有限公司参与招投标项目9 次，专利信息4403条，此外企业还拥有行政许可14个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

Group 1 - Gree Electric Appliances (Wuhan) Co., Ltd. and Zhuhai Gree Electric Appliances Co., Ltd. have obtained a patent for "a type of assembly tooling and assembly equipment" with authorization announcement number CN116021464B, applied for on December 2022 [1] - Gree Electric Appliances (Wuhan) Co., Ltd. was established in 2010, located in Wuhan, primarily engaged in the manufacturing of computers, communications, and other electronic devices, with a registered capital of 100 million RMB [1] - Gree Electric Appliances (Wuhan) Co., Ltd. has participated in 57 bidding projects and holds 2,076 patent records, along with 93 administrative licenses [1] Group 2 - Zhuhai Gree Electric Appliances Co., Ltd. was established in 1989, located in Zhuhai, primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of approximately 601.57 million RMB [1] - Zhuhai Gree Electric Appliances Co., Ltd. has made investments in 100 companies, participated in 5,000 bidding projects, and holds 5,000 trademark records and 5,000 patent records, along with 908 administrative licenses [1]

Core Insights - The Ministry of Industry and Information Technology has officially announced the list of smart factory gradient cultivation projects for 2025, with Gree Electric Appliances (Zhuhai Jinwan) Co., Ltd. recognized as a "Leading" smart factory, the only company in Guangdong to achieve this honor, highlighting its global leadership in digital transformation and intelligent upgrades [1][8]. Group 1: Smart Manufacturing Innovation - Gree Jinwan Smart Manufacturing Factory has adopted an innovative "Gree Collaborative House" smart manufacturing model based on the industrial internet, enhancing operational efficiency across the entire value chain [3][4]. - The factory's production line features a 480-meter long outdoor unit production line, where 86 out of 103 processes have been automated, reducing the workforce from over 70 to approximately 20 [4]. Group 2: Autonomous Innovation and Core Competitiveness - Since 2013, Gree Electric's chairman has emphasized "independent innovation," leading to a comprehensive industrial layout in smart equipment, covering industrial robots, CNC machine tools, smart logistics, and industrial automation [6]. - The factory's self-developed intelligent equipment system provides a unique competitive advantage and supports its status as a "Leading" smart factory [6]. Group 3: Future Outlook - Starting in 2024, a gradient cultivation action for smart factories will be initiated, with Gree Jinwan Smart Manufacturing Factory achieving a rapid upgrade from "Excellent" to "Leading" level, reflecting its commitment to high-quality development in manufacturing [8][10]. - Gree Electric plans to continue deepening innovations in smart manufacturing systems, exploring new models and paradigms for future factories, and contributing to the transformation of the manufacturing industry from "business-driven" to "data-driven" [10].

Core Viewpoint - Gree Electric Appliances has donated 12 million Hong Kong dollars for emergency relief, medical treatment for the injured, resettlement of affected residents, and post-disaster reconstruction following a fire in Hong Kong's Tai Po district [1] Group 1 - Gree Electric Appliances is committed to supporting the Hong Kong community during difficult times [1] - The donation aims to assist in various aspects of disaster response and recovery efforts [1]

Market Overview - The white goods sector experienced a slight increase of 0.03% on November 28, with Shenzhen Konka A leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up by 0.34%, while the Shenzhen Component Index closed at 12984.08, up by 0.85% [1] Stock Performance - Shenzhen Konka A (000016) closed at 5.20, with a rise of 1.76% and a trading volume of 254,400 shares [1] - Midea Group (000333) saw a minor increase of 0.08%, closing at 79.86 with a trading volume of 181,300 shares [1] - Gree Electric (000651) and Haier Smart Home (600690) had minimal increases of 0.07% and a slight decrease of 0.04%, respectively [1] - TCL Smart Home (002668) and Aucma (600336) experienced declines of 0.83% and 2.15% [1] Capital Flow - The white goods sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net outflow of 154 million yuan [1] - Midea Group had a significant net inflow of 2.43 billion yuan from institutional investors, despite a net outflow of 934.17 million yuan from retail investors [2] - Gree Electric recorded a net inflow of 67.54 million yuan from institutional investors, with a minor outflow from retail investors [2] - Haier Smart Home had a mixed capital flow, with a net inflow of 27.39 million yuan from institutional investors but a significant outflow from retail investors [2]

转自：中国证券报·中证网 中证报中证网讯（记者 万宇）近日，工业和信息化部公示2025年度智能工厂梯度培育项目名单。格力 电器（珠海金湾）有限公司（简称"格力金湾智能制造工厂"）凭借"全价值链格力协同屋空调智能工 厂"项目，成功入选最高层级的"领航级"智能工厂培育名单，也是广东省唯一入选该名单的企业。 格力金湾智能制造工厂创新推出工业互联网背景下的"格力协同屋"智能制造协同模式。该模式以"一主 多核、多级网状"为核心架构，依托工业互联平台、数据中台与AI算法技术底座，横向贯通从需求侧到 供给侧的信息流，纵向打通从作业计划到执行层的数据流，实现了从消费者需求洞察到产品全生命周期 交付的端到端数据驱动与动态优化，显著提升了全价值链运行效率。为家电、电子、汽车等行业的智能 化转型提供了可复制、可推广的范式。 在具体的生产环节中，生产计划通过高级计划与排程系统，将排程精确到每一台机台，订单可直接下达 到作业现场。这意味着，工厂能够像"智能大脑"一样，自动、精准地指挥生产。总装集成智造车间内， 480米长的外机生产线，103个工序中86个已实现自动化，传统需70多人的产线现仅需约20人。关键工序 如氦检、焊接、抽空灌注 ...

Core Insights - The 2025 World Intelligent Manufacturing Conference opened in Nanjing with the theme "Digital Intelligence Drives New Quality Leadership" [1] - The conference aims to create an international, high-end, and professional platform for global intelligent manufacturing exchange and cooperation, showcasing the latest achievements in the field and exploring the integration of technological breakthroughs and industrial transformation [1] Group 1: Conference Activities - The conference includes one main conference, one market-oriented exhibition, twelve thematic activities, and sixteen concurrent industrial ecosystem activities [1] - The event features the launch of the "Leading Action Plan" by the first batch of fifteen leading intelligent factories, which focuses on digital transformation, network collaboration, and intelligent change [3] Group 2: Key Announcements - A new session of the National Intelligent Manufacturing Committee was appointed, and several significant reports were released, including the 2025 Intelligent Manufacturing Blue Book and the top ten technological advancements in global and Chinese intelligent manufacturing for 2025 [5] - Prominent figures in the field, including academicians and executives from major companies, delivered keynote speeches on cutting-edge trends and strategic directions in intelligent manufacturing [5] Group 3: Exhibition Highlights - The World Intelligent Manufacturing Expo, held concurrently, covers an area of 55,000 square meters and features four main exhibition halls, including robotics and intelligent factories [9] - The expo attracted 456 companies from 21 countries and regions, showcasing international participation and facilitating various activities such as financial roadshows and technology exchanges [9] Group 4: Industry Significance - Intelligent manufacturing is identified as a primary focus for building a strong manufacturing nation, crucial for developing a modern industrial system and strengthening the real economy [9] - The conference has been held annually since 2016, becoming a high-end platform for China's participation in global intelligent manufacturing cooperation and showcasing the achievements of Jiangsu's manufacturing industry [9]