Core Viewpoint - Midea has implemented a policy prohibiting its after-sales service providers from simultaneously collaborating with Xiaomi or Gree, primarily targeting Xiaomi due to its significant sales growth in air conditioning this year, which has posed a competitive threat to Midea [1][5] Group 1: Industry Competition - The competition among major home appliance brands is intensifying, with Midea's policy change quickly becoming a trending topic on social media [1] - Midea has denied any forced collaboration restrictions, indicating a potential discrepancy in reports from various media outlets [1][4] - The relationship dynamics between Xiaomi and Gree are complex, with historical factors influencing public perception of their rivalry [5] Group 2: Market Position and Performance - In July, the top five air conditioning brands in China were Midea, Gree, Haier, Xiaomi, and Aux, with Midea experiencing a 1% decline and Xiaomi emerging as a notable competitor [6] - During the recent Double Eleven shopping festival, the sales rankings for air conditioning brands were Gree, Midea, Xiaomi, Hualing, and Haier, indicating Xiaomi's strong market presence [7] - Price competition is escalating, with average prices for air conditioning units dropping significantly, reflecting the aggressive strategies of leading brands [8] Group 3: Financial Insights - Xiaomi's air conditioning segment has a net profit margin of approximately 2%, while Midea's and Haier's margins are significantly higher, indicating a challenging financial landscape for Xiaomi [8] - Despite a 5.6% year-on-year revenue growth in Xiaomi's IoT and lifestyle products segment, there was a noticeable decline compared to the previous quarter, highlighting the competitive pressures in the home appliance sector [8] Group 4: International Expansion - Midea's overseas revenue reached 107.2 billion yuan in the first half of 2025, marking a 17.7% year-on-year increase, establishing it as a significant growth driver [9] - Haier's overseas revenue accounted for over 50% of its total revenue, showcasing its strong international presence [9] - Gree's overseas revenue reached 16.78% of its total, indicating room for growth in international markets [9] Group 5: Technological Advancements - The leading home appliance brands are heavily investing in technology and innovation, with Haier holding the highest number of smart home invention patents globally [10] - Xiaomi is pursuing a comprehensive ecosystem strategy, integrating its products with smart home technology, which may provide a competitive edge [10][11] - The smart home market in China is projected to reach 1.36 trillion yuan by 2030, indicating significant growth potential for all major players [11]

Market Overview - The white goods sector increased by 0.54% on November 21, with Midea Group leading the gains [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Midea Group closed at 78.75, up 1.04% with a trading volume of 439,500 shares and a transaction value of 3.443 billion yuan [1] - Haier Smart Home closed at 27.02, up 0.86% with a trading volume of 528,300 shares and a transaction value of 1.427 billion yuan [1] - Gree Electric Appliances closed at 40.25, down 0.25% with a trading volume of 550,900 shares and a transaction value of 2.218 billion yuan [1] - Hisense Home Appliances closed at 26.04, down 0.80% with a trading volume of 99,600 shares and a transaction value of 261 million yuan [1] - TCL Smart Home closed at 10.50, down 1.04% with a trading volume of 143,300 shares and a transaction value of 152 million yuan [1] - Aucma closed at 7.43, down 1.33% with a trading volume of 213,100 shares and a transaction value of 159 million yuan [1] - Whirlpool closed at 9.83, down 3.06% with a trading volume of 29,200 shares and a transaction value of 29.104 million yuan [1] - Deep Kangjia A closed at 5.03, down 3.08% with a trading volume of 352,600 shares and a transaction value of 179 million yuan [1] - Changhong Meiling closed at 6.67, down 3.19% with a trading volume of 146,500 shares and a transaction value of 98.744 million yuan [1] - Snowman Electric closed at 13.25, down 5.49% with a trading volume of 39,300 shares and a transaction value of 53.1525 million yuan [1] Capital Flow - The white goods sector experienced a net outflow of 149 million yuan from institutional investors, while retail investors saw a net inflow of 4.7305 million yuan [1] - Haier Smart Home had a net inflow of 64.2082 million yuan from institutional investors, while it faced a net outflow of 92.977 million yuan from speculative funds [2] - Whirlpool had a net inflow of 578,200 yuan from institutional investors, with a net outflow of 1.4406 million yuan from retail investors [2] - Aucma experienced a net outflow of 179,900 yuan from institutional investors, while it had a net inflow of 6.4482 million yuan from speculative funds [2] - Gree Electric Appliances faced a net outflow of 1.36 million yuan from institutional investors, while retail investors had a net inflow of 7.08976 million yuan [2]

Core Insights - The smart home sector is witnessing an influx of players, with companies like Honor officially entering the market by adapting to Home Assistant and supporting the Matter protocol, while Xiaomi's AIoT platform has connected over 1 billion IoT devices for the first time, marking a year-on-year growth of over 20% [1][3][8]. Group 1: Company Strategies - Xiaomi has evolved from a mobile phone manufacturer to a comprehensive consumer electronics brand with a complete ecosystem of home appliances and IoT products, including smart speakers, air conditioners, and more, all integrated under the Mi Home app [5][8]. - Huawei's strategy focuses on creating a unified operating system, HarmonyOS, which integrates various devices into a distributed system, aiming to transform homes into "super devices" [9][11]. - Apple maintains a strong user experience with its HomeKit but is limited by its ecosystem, relying on third-party manufacturers for device compatibility, which restricts its market reach compared to competitors [12][15]. - Honor aims to be a coordinator of smart devices rather than a manufacturer of home appliances, focusing on interoperability through industry-standard protocols like Home Assistant and Matter [16][18]. Group 2: Competitive Landscape - Traditional home appliance giants like Midea, Haier, and Gree are shifting their focus to whole-home smart solutions, leveraging their hardware expertise and understanding of user needs to maintain a competitive edge [19][21]. - The competition is evolving from single smart products to system collaboration, allowing mobile manufacturers to re-enter the market, but traditional appliance manufacturers still hold significant advantages in hardware performance and user experience [22][25]. - New entrants in the smart home market, such as Euribot and Green米, are focusing on foundational smart home components, while emerging players like Chasing are rapidly expanding their product offerings across various categories [23][24]. Group 3: Future Outlook - The future of the smart home market is expected to be characterized by coexistence among various players, with mobile manufacturers offering flexible product choices and traditional appliance manufacturers providing reliable performance and integrated solutions [25][27].

多位小米经销商对智通财经确认了此事。经销商们表示，空调售后主要是安装，小米目前有送装一体和 先送后装两种选择，让售后服务商"二选一"会减少小米对线下服务商的绑定，仍有第三方合作商可以选 择，只要不乱收费不会对空调服务有太大影响。 【#美的被曝禁止售后服务商接小米和格力业务#】11月21日，智通财经获悉，美的近期不再允许售后服 务商同时接小米或格力的业务合作，该政策由中国区经各区域负责人单独向合作商传达，涉及小米、格 力等其他品牌的空调售后及安装维修。 对此消息，美的公关回应称不清楚此事。 一位美的中国区员工告诉智通财经，此次政策主要针对的是小米，今年小米空调的大卖让美的感受到了 威胁，10月份下发了该通知。（智通财经，德塔） ...

每经11月21日广州电（记者 陈鹏丽）11月21日上午，有消息称，美的近期不再允许售后服务商同时接小米或格力的业务合作，该政策由中国区经各区域负责人单独向合作商传达，涉及小米、 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Core Viewpoint - The Freedom Cash Flow ETF CSI All Share (561080) experienced a decline of 1.70% as of the midday close on November 21, with a trading volume of 4.1672 million yuan [1] Group 1: ETF Performance - The Freedom Cash Flow ETF CSI All Share (561080) closed at 1.211 yuan [1] - The fund has a performance benchmark of the CSI All Share Free Cash Flow Index return rate [1] - Since its establishment on April 23, 2025, the fund has achieved a return of 23.00%, with a one-month return of 4.57% [1] Group 2: Major Holdings - Major stocks in the Freedom Cash Flow ETF include: - China National Offshore Oil Corporation (CNOOC) down 1.44% - Midea Group down 0.05% - Gree Electric Appliances down 0.74% - Wuliangye Yibin down 0.36% - China COSCO Shipping down 0.46% - Luoyang Molybdenum down 3.48% - TCL Technology down 1.92% - China Aluminum down 4.08% - SF Express down 1.34% - Shaanxi Coal and Chemical Industry down 0.43% [1]

以下文章来源于界面新闻 ，作者李家琦 界面新闻 . 界面新闻是上海报业集团主管主办，中国具有影响力的原创财经新媒体，只服务于独立思考的人群 11月21日，界面新闻获悉，美的近期不再允许售后服务商同时接小米或格力的业务合作，该政策由中国区经各区域负责人单独向合作商传 达， 涉及小米、格力等其他品牌的空调售后及安装维修。 对此消息，美的公关回应称不清楚此事。 多位小米经销商对界面新闻确认了此事。经销商们表示，空调售后主要是安装，小米目前有送装一体和先送后装两种选择，让售后服务 商"二选一" 会减少小米对线下服务商的绑定， 仍有第三方合作商可以选择，只要不乱收费不会对空调服务有太大影响。 一位美的中国区员工告诉界面新闻，此次政策主要针对的是小米，今年小米空调的大卖让美的感受到了威胁，10月份下发了该通知。 区别于汽车、3C行业，美的格力等传统家电厂商在市场份额上有接近"垄断性"优势，这也就意味着美的、格力对售后商有足够的影响力， 目前其所在区域的头部几家合作商都已经结束了和小米的合作。 在该员工看来，对于家电售后体系尚不成熟的小米而言，此举是"打在了七寸上"，小米大家电当下的关键是如何在快速爆量之前搭建好专业 的售 ...

Group 1: New Stock Offerings - China Uranium Industry (001280) will begin subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [1] Group 2: Semiconductor Industry - Chinese Commerce Minister Wang Wentao held a video meeting with UK Trade Minister Peter Kyle to discuss the ASML semiconductor issue, emphasizing that the responsibility lies with the Netherlands [3] - The Netherlands' recent suspension of an administrative order is seen as a positive step towards resolving the global semiconductor supply chain crisis [3] Group 3: Trade Relations - The Chinese Foreign Ministry reiterated that Japanese seafood products currently have no market in China due to public sentiment against Japan's leadership statements on Taiwan [2] - The Ministry of Commerce is working with relevant departments to guide localities in implementing policies to enhance the quality and value of used car exports [9] Group 4: Technological Development - Guangdong Province is focusing on developing cutting-edge technology, particularly in areas like "AI+" and "robotics+" to drive innovation and economic growth [3][4] - The Guangdong government aims to expand new scenarios for terminal industries and promote the development of consumer-level smart terminal products [3] Group 5: International Cooperation - The China-EU Investment Trade and Technology Cooperation Conference opened in Chengdu, with EU representatives expressing optimism about future cooperation with Chinese enterprises [7] - The Chinese Academy of Sciences signed a cooperation agreement with the Shanghai government to support the construction of an international science and technology innovation center [5]

Key Points - China Uranium Industry (001280) will open for subscription on November 21, becoming the first uranium stock in A-shares, focusing on natural uranium resource mining, sales, and trade [2] - The Ministry of Commerce is strictly implementing the consensus reached during the China-US Kuala Lumpur economic and trade consultations [4] - The Minister of Commerce discussed the ASML semiconductor issue with the UK Trade Minister, emphasizing that the responsibility lies with the Netherlands [5] - The Ministry of Foreign Affairs stated that Japanese seafood has no market in China due to recent political tensions [6] - The China Securities Regulatory Commission is enhancing capital market functions to support high-quality development [7] - Guangdong Province is focusing on developing cutting-edge technology and addressing key technological challenges [8] - Guangdong is promoting innovation in artificial intelligence and robotics, launching initiatives to expand new industrial scenarios [9] - The Chinese Academy of Sciences signed a cooperation agreement with the Shanghai government to enhance the city's innovation capabilities [10] - The Ministry of Commerce is guiding localities to improve second-hand car export policies, shifting focus from scale to value [11] - The Guangzhou Futures Exchange adjusted trading fees and limits for lithium carbonate futures contracts [12] - The 18th China-EU Investment Trade and Technology Cooperation Fair opened, with EU representatives optimistic about the Chinese market [13] Company News - Gree Electric has developed core components for humanoid robots [15] - Pingtan Development's stock will resume trading on November 21 after completing a suspension review [15] - Vanke A approved a shareholder loan from Shenzhen Metro Group [15] - Qianjin High-Tech is set to acquire 20% of the company's shares from Zhongzhong Group [15] - Fulede's executives plan to reduce their holdings by up to 85,000 shares [15] - Xidian New Energy identifies Tesla as its largest end customer [15] - Lian Micro's VCSEL chips are now used in smart driving applications with large-scale shipments [15] - New Yichang's semiconductor business has secured orders worth several million yuan [15] - Haohua Technology is expanding into electrolyte and lithium hexafluorophosphate products [15] - Huaya Intelligent's shareholders plan to reduce their holdings by up to 2.98% [15] - Wajinke's controlling shareholder intends to reduce holdings by up to 3% [15] - Oriental Yuhong's subsidiary plans to acquire 60% of Brazil's Novakem to enhance overseas operations [15] - Hefei China has seen its stock price deviate significantly from fundamentals, posing risks for investors [15] - Tuojing Technology's national integrated circuit fund plans to reduce holdings by up to 3% [15] - Aidi Precision plans to repurchase shares worth 100 million to 200 million yuan [15] - Jiumuwang's stock trading shows signs of market overheating and irrational speculation [15] - Hangcai Co. plans to repurchase shares worth 50 million to 100 million yuan [15] - Qinglong Pipe Industry won a procurement project worth 294 million yuan [16] - Feiwo Technology's actual controller plans to increase holdings by 40 million to 70 million yuan [16] - China Nuclear Construction signed new contracts worth 123.84 billion yuan as of October [16]

Group 1 - The competitiveness of A-share listed companies in international markets has significantly improved, with 3,667 companies disclosing overseas business income, accounting for 68% of total A-share companies [1] - Total overseas revenue reached 9.52 trillion yuan, a 56.58% increase compared to 2020, with manufacturing companies contributing 6.39 trillion yuan, marking a 75.42% growth [1] - New industries such as new energy vehicles, lithium batteries, and photovoltaics are emerging as new growth drivers for foreign trade, with companies like CATL and BYD leading the way [1] Group 2 - Improving the quality of listed companies is crucial for the healthy development of the capital market and the overall high-quality development of the national economy [2] - Five key areas for enhancing the quality of listed companies include strengthening governance foundations, focusing on core responsibilities, optimizing resource allocation, maintaining stable operations, and reinforcing risk prevention measures [2]