Market Overview - The white goods sector increased by 0.66% on November 20, with Hisense Home Appliances leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Hisense Home Appliances (000921) closed at 26.25, up 1.35% with a trading volume of 73,200 shares and a turnover of 191 million yuan [1] - Haier Smart Home (600690) closed at 26.79, up 1.02% with a trading volume of 286,200 shares and a turnover of 769 million yuan [1] - Midea Group (000333) closed at 77.94, up 0.70% with a trading volume of 261,900 shares and a turnover of 2.05 billion yuan [1] - Gree Electric Appliances (000651) closed at 40.35, up 0.47% with a trading volume of 332,900 shares and a turnover of 1.35 billion yuan [1] - Whirlpool (600983) closed at 10.14, up 0.40% with a trading volume of 15,800 shares and a turnover of 1.6 million yuan [1] - Other notable performances include Changhong Meiling (000521) at 6.89, up 0.15%, and TCL Smart Home (002668) at 10.61, down 1.67% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 22.28 million yuan from institutional investors and 33.49 million yuan from retail investors, while retail investors had a net outflow of 55.77 million yuan [1] - Midea Group experienced a net inflow of 47.03 million yuan from institutional investors, while retail investors had a net outflow of 4.07 million yuan [2] - Hisense Home Appliances had a net inflow of 17.62 million yuan from institutional investors, with a significant net outflow from retail investors of 15.98 million yuan [2] - Gree Electric Appliances and TCL Smart Home both faced net outflows from institutional investors, indicating a shift in investor sentiment [2]

Group 1 - The prepared food concept sector declined by 2.37%, ranking among the top declines in concept sectors, with notable declines in Guolian Aquatic Products, Tianma Technology, and Baiyang Co., Ltd. [1] - Among the prepared food stocks, 9 stocks saw price increases, with Zhongshui Fishery, Fucheng Co., and Huaying Agriculture leading with increases of 10.02%, 3.41%, and 2.56% respectively [1] - The prepared food sector experienced a net outflow of 2.563 billion yuan in main funds, with 76 stocks seeing net outflows, and 8 stocks experiencing outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stocks in the prepared food sector included Guolian Aquatic Products with a net outflow of 564.30 million yuan, Tianma Technology with 294.57 million yuan, and Haodangjia with 214.56 million yuan [2] - The stocks with the highest net inflows included Fucheng Co. with 51.12 million yuan, Gree Electric with 29.16 million yuan, and Wens Foodstuff Group with 18.31 million yuan [5] - The overall market sentiment for the prepared food sector appears negative, as indicated by the significant net outflows and the majority of stocks experiencing price declines [2][5]

智通财经APP获悉，国联民生证券发布研报称，10月空调内销出货同比-21%，2024年同期为+24%，剔 除基数看，10月内销较2023/2019年同期CAGR分别-1%/持平，环比8-9月变化不大，需求内生趋势平稳 为主；展望后续，2024年11-12月空调内销同比+24%，基数仍高，短期或仍偏弱。外销方面，剔除基 数，10月空调外销出货2年CAGR+12%，规模仍在同期次高，趋势稳健；考虑2024年11-12月外销出货同 比+47%，据产业在线，11/12月空调外销排产分别-14%/-2%，短期或仍偏弱。 外销筑底，关税压力减轻 10月空调外销出货量同比-19%，仍在筑底。剔除基数，10月空调外销出货2年CAGR+12%，规模仍在同 期次高，趋势稳健；考虑2024年11-12月外销出货同比+47%，据产业在线，11/12月空调外销排产分 别-14%/-2%，短期或仍偏弱。而10月底中美谈判取得积极进展，关税压力减轻，美国降息开启，外销 预计在消化基数及前期出货节奏影响后，向中个位数历史中枢收敛；龙头外销接单有望持续稳健， OBM势能强劲，推进海外转产，经营韧性强于行业，修复阶段有望好于线性预期。 投资建议 ...

Core Viewpoint - The Freedom Cash Flow ETF CSI All Share (561080) has shown a positive performance with a 0.32% increase, indicating investor interest and potential growth in the underlying assets [1] Group 1: ETF Performance - The Freedom Cash Flow ETF CSI All Share (561080) closed at 1.239 yuan with a trading volume of 2.6976 million yuan [1] - Since its inception on April 23, 2025, the fund has achieved a return of 23.72%, with a monthly return of 5.52% [1] Group 2: Top Holdings Performance - Major holdings in the ETF include: - China National Offshore Oil Corporation (CNOOC) up by 0.34% - Midea Group up by 1.83% - Gree Electric Appliances up by 1.07% - Wuliangye Yibin up by 1.00% - COSCO Shipping Holdings up by 0.20% - Luoyang Molybdenum down by 0.19% - TCL Technology up by 0.48% - China Aluminum Corporation up by 1.09% - SF Holding up by 0.28% - Shaanxi Coal and Chemical Industry down by 0.42% [1]

Core Insights - The top ten Chinese listed technology companies in terms of R&D investment for the first three quarters of 2025 have been identified, highlighting significant players in the industry [1] Group 1: R&D Investment Rankings - Tencent leads the list with a total R&D expenditure of 62 billion RMB [2] - BYD follows with 43.8 billion RMB in R&D spending [2] - Xiaomi ranks third with 23.5 billion RMB allocated for R&D [2] - CATL (宁德时代) is fourth with 15.1 billion RMB in R&D investment [2] - Midea (美的) and Gree (格力) have R&D expenditures of 12.9 billion RMB and 9.5 billion RMB, respectively [2] - Zeekr (极氪) invests 7.7 billion RMB in R&D [2] - XPeng (小鹏) has an R&D budget of 6.6 billion RMB [2] - Seres (赛力斯) spends 5.1 billion RMB on R&D [2] - Semiconductor Manufacturing International Corporation (中芯国际) rounds out the list with 3.8 billion RMB in R&D investment [2]

Group 1 - The core viewpoint is that Dong Mingzhu, the chairwoman of Gree Electric Appliances, emphasizes the importance of innovation and brand strength in the home appliance industry, particularly through the introduction of high-end products like the 32,000 yuan rose air conditioner, which she claims has created significant business opportunities in hotels [1][3]. - Dong Mingzhu asserts that Chinese companies must showcase their technology and culture to the world, highlighting the significance of manufacturing as a means of empowerment [3]. - Gree Electric Appliances has developed an automated factory independently, showcasing its commitment to self-reliance and innovation rather than relying on external technologies or designs [5]. Group 2 - The company aims to be a dependable entity in the market, focusing on building a brand that does not engage in quick profit-making through OEM (Original Equipment Manufacturer) practices [3][5]. - Dong Mingzhu believes that true strength lies in being a support for others, which aligns with the company's vision of becoming a brand that embodies reliability and innovation [5].

Group 1 - Fujian Zhongyi Solar Technology Co., Ltd. and Hebei Zhida Optoelectronics Technology Co., Ltd. have announced their stocks have entered the delisting preparation period, with the new stock names being "Delisting Yike" and "Delisting Hezhi," set to terminate listing on November 24 [1] - Since 2025, several LED lighting companies, including Zerun Optoelectronics, Samsung Lighting, and ST Qisheng, have confirmed their termination of listing on the New Third Board [1] - Gree Electric Appliances has launched a "Lighting Management System" on its official website, indicating a strategic move into the lighting sector [1] Group 2 - Gree's "Lighting Management System" offers features such as light assurance, intelligent linkage, and automatic switching to meet various lighting needs [1] - Gree has introduced two products in its online store: a smart button switch priced at 189 yuan and a smart dual-sensing LED night light priced at 89 yuan, with sales figures indicating strong market interest [2] - The lighting industry is valued at nearly 600 billion yuan, while the smart home market exceeds 800 billion yuan, with both sectors experiencing growth rates above 14% [2]

Core Viewpoint - Gree Electric Appliances is innovating in the air conditioning industry with its Rose Air Conditioner, which is designed to be an artistic piece rather than just a functional appliance [1][3] Group 1: Product Innovation - The Rose Air Conditioner is priced over 30,000 yuan and is positioned as a unique product in the market, aiming to transform air conditioning into an art form [1][3] - The product has already been implemented in some hotels, attracting customers who are interested in its distinctive design [1] - The Rose Air Conditioner features a biomimetic rose appearance and utilizes 3D printing technology, merging art with technology [3] Group 2: Market Positioning - The Rose Air Conditioner is specifically targeted at newlyweds, but it is also suitable for couples celebrating significant anniversaries [3] - Gree Electric Appliances emphasizes the importance of altruistic thinking in business development, aiming to foster collaboration across the entire supply chain while achieving its own growth [1]

Group 1 - Fujian Zhongyi Solar Technology Co., Ltd. and Hebei Zhida Optoelectronics Technology Co., Ltd. have announced their stocks have entered the delisting preparation period, with the new stock names being "Delisting Yike" and "Delisting Hezhi," set to terminate listing on November 24 [1] - Since 2025, several LED lighting companies, including Zerun Optoelectronics and Samsung Lighting, have confirmed their delisting from the New Third Board, indicating a trend in the industry [1] - Gree Electric Appliances has launched a "Lighting Management System" on its official website, marking its entry into the lighting sector [1] Group 2 - Gree's "Lighting Management System" offers features such as light assurance, intelligent linkage, and automatic switches to adjust lighting needs for different scenarios [1] - Gree has introduced two products under this system: a smart button switch priced at 189 yuan and a smart dual-sensing LED night light priced at 89 yuan, with sales figures indicating strong market interest [1] - Xiaomi has also launched several cost-effective smart lighting products, including the popular Mijia panel light and the Mijia outdoor multifunctional light, both priced at 89 yuan [2] Group 3 - The lighting industry is valued at nearly 600 billion yuan, while the smart home market exceeds 800 billion yuan, with both sectors maintaining growth rates above 14% [2] - Industry representatives emphasize that the integration of smart lighting and smart home systems is crucial for high-quality development in the sector [2] - Companies are encouraged to focus on niche markets, enhance R&D innovation, and create differentiated product matrices to achieve sustainable development [2]

Core Viewpoint - The company has introduced a new line of air conditioners, referred to as "Rose Air Conditioners," which are positioned as luxury items and have already been deployed in some hotels, with a maximum price of 32,999 yuan [1] Group 1 - The Rose Air Conditioners have not yet been transformed into art pieces by any other company [1] - The highest price point for the Rose Air Conditioners is set at 32,999 yuan [1]