Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and international sales due to high base effects, with October retail sales down 15% year-on-year. White goods and black goods are expected to see retail sales declines exceeding 20%, while small appliances are performing slightly better [2][3][19]. - In October, the total sales volume of air conditioners in China decreased by 20.1%, with domestic sales down 21.3% and exports down 19.0%. The pressure on production for December remains significant, although export production is expected to improve as the peak season approaches [4][45]. - The report highlights a 13.3% year-on-year decline in home appliance export value in October, with washing machines and vacuum cleaners showing stable performance. The export value of air conditioners fell by 29.3% [5][47]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - The home appliance sector achieved a relative return of +1.47% this week, while the broader market (CSI 300 Index) declined by 3.77% [60]. 3. Retail Demand Analysis - In October, retail sales of home appliances faced significant declines, with major categories like air conditioners, refrigerators, and washing machines experiencing drops of over 20% in retail value [3][20][19]. 4. Export Performance - The report notes a continued decline in home appliance exports, with a significant drop in air conditioner exports and stable performance in washing machines and vacuum cleaners [5][47]. 5. Production Insights - December air conditioner production is under pressure, with domestic production expected to decline by 22.6% year-on-year, while export production is projected to decrease by 8.2% [4][45]. 6. Key Data Tracking - The report tracks key data such as raw material prices, shipping indices, and real estate performance, indicating ongoing challenges in the market [60][62][76].

Market Overview - The white goods sector experienced a decline of 0.18% on November 24, with TCL leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Notable gainers in the white goods sector included: - Aokema (600336) with a closing price of 7.81, up 5.11% and a trading volume of 373,900 shares, totaling 291 million yuan [1] - Deep Blue Technology (000016) closed at 5.15, up 2.39% with a trading volume of 275,500 shares [1] - Major decliners included: - Midea Group (000333) closed at 78.56, down 0.24% with a trading volume of 367,700 shares, totaling 2.903 billion yuan [1] - Gree Electric (000651) closed at 40.11, down 0.35% with a trading volume of 355,300 shares, totaling 1.427 billion yuan [1] Capital Flow - The white goods sector saw a net inflow of 423 million yuan from institutional investors, while retail investors experienced a net outflow of 271 million yuan [1] - Detailed capital flow for selected companies: - Midea Group had a net inflow of 34.3 million yuan from institutional investors, but a net outflow of 217 million yuan from retail investors [2] - Haier Smart Home (600690) recorded a net inflow of 42.8 million yuan from institutional investors and a net outflow of 72.9 million yuan from retail investors [2] - TCL Smart Home (002668) had a minor net inflow of 1.64 million yuan from institutional investors, with retail investors showing a net outflow of 1.06 million yuan [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][7][14]. Core Views - The home appliance industry is experiencing pressure on both domestic and export sales due to high base effects, with October retail sales down 15% and exports down 13% [2][5][19]. - The small appliance segment is performing slightly better compared to larger appliances, with a smaller decline in sales [3][20]. - Air conditioning sales saw a significant drop of 20% in October, with production pressures continuing into December [4][45]. - Despite the challenges, leading companies in the industry are expected to maintain resilience and profitability due to ongoing cost reduction and efficiency improvements [14][15]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [6][14][15]. 2. Market Performance - In October, the retail sales of home appliances and audio-visual equipment fell by 14.6% year-on-year, while the overall retail sales in China grew by 2.9% [3][20]. - The report notes a relative performance of +1.47% for the home appliance sector compared to the broader market [5][60]. 3. Sales and Production Data - October saw a 20.1% year-on-year decline in total air conditioning sales, with domestic sales down 21.3% and exports down 19% [4][45]. - The report highlights that the export value of home appliances decreased by 13.3% in October, with washing machines and vacuum cleaners showing stable performance [5][47]. 4. Price Tracking - The report tracks raw material prices, noting a decrease in LME copper and aluminum prices by 1.4% and 2.2% respectively [60][62]. - The cold-rolled steel price increased by 1.9% week-on-week [62]. 5. Company Announcements and Industry Dynamics - The report includes updates on company management changes and highlights industry trends, such as the growth of the sweeping robot market led by Ecovacs [78][82].

Core Insights - The Chinese whole-home smart industry is experiencing a growth trend in revenue, with a projected revenue of 211.85 billion in 2024, reflecting a growth rate of 10.6% [1] - The industry's sales gross margin shows a fluctuating trend, peaking at 34.8% in 2023 before declining to 33.5% in 2024 [2] - Inventory turnover rates are on a downward trend, decreasing from 5.14 times in 2020 to 4.64 times in 2024, attributed to changing consumer demands and rapid product updates [6] - Accounts receivable turnover rates have also shown a declining trend, from 17.53 times in 2020 to 15.23 times in 2024, indicating increasing management pressure [9] - The asset-liability ratio has fluctuated, decreasing to a low of 42.1% in 2022, then rising to 44.4% in the first half of 2025, reflecting dynamic adjustments in capital structure [11] Revenue Trends - The average revenue of representative companies in the Chinese whole-home smart industry is expected to grow significantly, reaching 211.85 billion in 2024, with a notable increase in the first half of 2025 at 116.69 billion [1] Profitability Analysis - The sales gross margin for the industry has shown volatility, starting at 33.9% in 2020, dropping to 32.2% in 2021, and then rising to 34.8% in 2023 before falling to 33.5% in 2024 [2] Inventory Management - The inventory turnover rate has decreased from 5.14 times in 2020 to 4.64 times in 2024, influenced by diverse consumer preferences and concerns over product depreciation [6] Accounts Receivable Management - The accounts receivable turnover rate has declined from 17.53 times in 2020 to 15.23 times in 2024, reflecting increased challenges in managing receivables [9] Capital Structure - The asset-liability ratio has shown a downward trend to 42.1% in 2022, followed by a rise to 44.4% in the first half of 2025, indicating changes in the industry's capital structure [11]

Core Insights - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index, highlighting their performance in terms of daily increase, year-to-date increase, and dividend yield [1] Group 1: Stock Performance - The top performer is Kesheng Co., Ltd. (300856.SZ) with a daily increase of 2.72% but a year-to-date decrease of 16.22% and a dividend yield of 1.46% [1] - Midea Group (000333.SZ) shows a daily increase of 1.04% and a year-to-date increase of 10.44%, with a dividend yield of 5.09% [1] - China Bank (601988.SH) has a daily increase of 0.80% and a year-to-date increase of 19.25%, with a dividend yield of 3.55% [1] Group 2: Dividend Yields - The highest dividend yield is from Siwei Liekong (603508.SH) at 13.26%, despite a daily decrease of 0.52% and a year-to-date increase of 23.78% [1] - Other notable dividend yields include China Shenhua (601088.SH) at 7.71% and Gree Electric Appliances (000651.SZ) at 7.41% [1] - Jiangsu Jinxiang (600901.SH) has a year-to-date increase of 29.11% with a dividend yield of 4.19% [1]

Investment Rating - The report indicates a positive investment outlook for the home appliance sector, highlighting that the sector outperformed the Shanghai and Shenzhen 300 Index during the week [3][4]. Core Insights - The home appliance sector is experiencing a shift with strategic partnerships, such as Haier Robotics collaborating with INDEMIND to advance embodied robots in home applications [8]. - The report emphasizes three main investment themes: the value and growth potential of leading white and black appliance companies, the technological advancements in core component manufacturers, and the increasing penetration of new consumer categories like cleaning appliances [26][30]. Summary by Sections Market Performance - The home appliance sector index fell by 2.3%, while the Shanghai and Shenzhen 300 Index dropped by 3.8%, indicating a relative outperformance of the sector [3]. - Key companies like Aupu Technology, Zhejiang Meida, and Supor showed positive growth, while Joyoung, Beilong, and Biyi experienced significant declines [4]. Industry Dynamics - Haier Robotics and INDEMIND signed a strategic cooperation agreement to enhance the application of embodied robots in home settings, leveraging Haier's data and supply chain capabilities alongside INDEMIND's AI technology [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance, indicating potential capital expansion [9]. Sales Data - In October, sales of cleaning appliances like robotic vacuums and washing machines saw significant year-on-year increases, with robotic vacuum sales up 36.01% and washing machine sales up 60.11% [26]. - Personal care products also showed varied performance, with hairdryer sales slightly increasing while prices decreased, and electric shaver sales rising significantly [30]. Investment Themes - The report identifies three main investment lines: - **Dividend and Growth**: Leading white and black appliance companies are characterized by low valuations, high dividends, and stable growth, making them attractive investments [26]. - **Technology**: Core component manufacturers are diversifying into emerging tech fields like robotics and data center cooling, presenting new growth opportunities [26]. - **International Expansion**: The report highlights the growing demand for cleaning appliances in international markets, particularly in Southeast Asia and South America [26]. Macro Economic Environment - As of November 21, 2025, the USD to RMB exchange rate has decreased by 1.40% since the beginning of the year, which may impact import costs for the home appliance sector [36].

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].

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]

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 ...