Group 1 - Xiaomi is expected to achieve its annual delivery target of 350,000 vehicles this week, with over 100,000 new car deliveries in Q3 and a total of over 260,000 deliveries in the first three quarters [2] - Apple's iPhone 17 series saw a significant sales increase of 37% year-on-year in China, contributing to an overall 8% growth in the smartphone market [2] - Baidu reported Q3 revenue of 31.2 billion RMB, exceeding the estimated 30.87 billion RMB, with an adjusted profit of 11.12 RMB per ADS [6] Group 2 - Pinduoduo's Q3 adjusted net profit reached 31.38 billion RMB, marking a 14% year-on-year increase, although it experienced a quarter-on-quarter decline [5] - iQIYI's Q3 total revenue was 6.68 billion RMB, with membership service revenue at 4.21 billion RMB, a 3% increase quarter-on-quarter [5] - ByteDance has consolidated its engineering teams for e-commerce and advertising into a new department to enhance research and development efficiency [7] Group 3 - Apple revealed that the titanium cases of the Apple Watch Series 11/Ultra 3 are entirely manufactured using 3D printing technology, reducing raw material usage by half and aiming for carbon neutrality by 2030 [8] - The global memory market is experiencing a "panic buying" phase due to severe supply shortages, with some distributors implementing forced bundling sales strategies [10][11]

Core Viewpoint - The 20th China Economic Forum held in Guangzhou's Nansha district focused on "Chinese-style modernization and the economic outlook for the 15th Five-Year Plan," emphasizing high-quality development strategies for the Guangdong-Hong Kong-Macao Greater Bay Area [9][10]. Group 1: Economic Achievements and Future Directions - China's manufacturing sector has made significant progress, achieving "five leading and five parallel" advancements in key industrial fields, including shipbuilding, high-speed rail, and new energy [10]. - The forum highlighted the need to focus on new productive forces, emphasizing green, low-carbon, and digital transformation, as well as the development of strategic emerging industries [12][20]. Group 2: Technological Innovation and Industry Development - Companies like Xiaoma Zhixing have achieved L4-level autonomous driving operations, with over 58 million kilometers driven on public roads, showcasing advancements in the autonomous vehicle sector [11]. - Gree Electric Appliances has significantly increased its R&D workforce from hundreds to 20,000, focusing on core technologies and components to enhance its competitive edge [11]. Group 3: Digital Transformation and Smart City Initiatives - Guangzhou is leading in digital development, integrating data as a key production factor and establishing a digital government framework to enhance urban management [13]. - The city aims to create a smart city service model that combines AI platforms and intelligent equipment to improve urban services [14]. Group 4: Regional Cooperation and Open Innovation - The Guangdong-Hong Kong-Macao Greater Bay Area is positioned as a model for high-level open innovation, with plans to enhance collaboration and regulatory alignment between regions [15][16]. - The forum underscored the importance of leveraging Hong Kong's international advantages and Nansha's development platform to support Chinese enterprises in global markets [17].

Group 1 - UBTECH's humanoid robot Walker S2 production video was questioned for authenticity by Figure's CEO, who claimed that the video contained computer-generated effects. UBTECH responded by releasing a continuous video showing real robots in action, emphasizing the strength of China's manufacturing capabilities [4][5] - UBTECH's CBO stated that skepticism about Chinese manufacturing stems from a lack of understanding and encouraged critics to visit China to witness the industry's growth firsthand. The company has reported a total of 800 million yuan in orders, holding itself accountable to shareholders and the public [5] - New Oriental's founder, Yu Minhong, faced employee backlash after a trip to Antarctica, leading him to announce plans for a youth exploration center focused on natural education [7][8] Group 2 - Fat Donglai announced a compensation of 359,000 yuan for employees who faced disrespect from customers, highlighting the importance of respecting personal dignity in the workplace. Other companies like Meituan and Xibei are also implementing similar support measures for their employees [10][12] - Tencent filed a lawsuit against Competitive World and Taobao for trademark infringement related to the game "JJ Happy Landlord," leading to an apology and the removal of the infringing game from the market [14] - Canopus Robotics has filed for an IPO in Hong Kong, aiming to raise funds for R&D, brand building, and market expansion. The company reported revenues of 197 million yuan in 2022 and projected growth in subsequent years [16] Group 3 - Xiaopeng Motors reported a total revenue of 20.38 billion yuan for Q3 2025, with a year-on-year growth of 101.8%. CEO He Xiaopeng believes the robotics market has greater potential than the automotive sector, with plans for significant growth in robot sales by 2030 [16][17] - ByteDance has established a new department for transactions and advertising in China, consolidating its engineering teams to enhance efficiency in e-commerce and advertising [19][20] - Geely is expected to complete the acquisition of Zeekr by the end of the year, following a plan to integrate resources and enhance competitiveness within the group [21] Group 4 - Alibaba launched the Qianwen app, directly competing with ChatGPT, while Ant Group introduced the Lingguang AI assistant, showcasing advancements in AI technology [21][22] - Xiaomi's 17 series smartphones achieved sales of over 200,000 units within five days of launch, positioning them as a strong competitor against Apple's iPhone [24] - Baidu reported Q3 revenue of 31.17 billion yuan, with its autonomous driving service, "Luobo Kuaipao," experiencing a significant increase in usage [28][29] Group 5 - BYD's sales in the UK surpassed 50,000 vehicles, with a notable increase in sales in October, indicating strong market performance [38] - Jeff Bezos has launched a new AI startup named "Project Prometheus," which has raised $6.2 billion in funding, focusing on AI applications in various industries [33][34] - Tesla's CEO Elon Musk criticized Bezos's new venture, calling it a copycat initiative [34]

Core Viewpoint - The air conditioning industry is undergoing a critical phase of "breaking through and restructuring," driven by policies promoting low-carbon transformation, extreme high temperatures, and consumer subsidy policies, leading to increased market demand. The shift in consumer preferences is moving from basic temperature control to "comfort + health + high-end" features, with comfort and health-oriented air conditioners emerging as new growth points in the industry [1]. Group 1: Environmental Factors - The dual drivers of policy and technological innovation are reshaping the air conditioning market, promoting energy-efficient products and supporting the green transformation of the industry [2]. - National subsidy policies have reduced consumer purchase costs, while extreme high temperatures have directly stimulated market demand, enhancing air conditioning sales and positively impacting the related supply chain [3]. Group 2: Market Dynamics - The air conditioning market is entering a mature phase with stable growth, where online sales account for 60% of the market, and traditional e-commerce remains the core traffic entry point [5]. - The online price landscape shows a K-shaped differentiation, with both low-priced (below 1599) and high-priced (3000+) 1.5P wall-mounted units seeing increased market share [5]. Group 3: Consumer Demand - Social media discussions reflect the upgraded demand for air conditioning, with energy efficiency, comfort, cooling performance, aesthetics, and health being the top ten topics in 2025 [9]. - The evolution of air conditioning is shifting from a "single temperature regulator" to a "quality lifestyle hub" that integrates comfort, health, and aesthetics [11]. - The demand for high-end air conditioning is evolving towards a comprehensive experience that combines "extreme comfort + health purification + aesthetic integration + smart connectivity" [13]. Group 4: Opportunities - The transition from "selling products" to "selling lifestyles" is emerging, focusing on specific living scenarios, spatial functions, and emotional needs of users [15]. - The air conditioning market is seeing new segmentation, with specific user groups such as families with newborns or elderly members, and pet owners driving demand for features like air purification and no direct airflow [38][40]. Group 5: Purchasing Behavior - The main consumer groups for air conditioning are shifting, with post-00s and post-90s families becoming the primary buyers, particularly in first-tier cities where comfort is a significant concern [19]. - The motivation for purchasing air conditioning is evolving from basic needs to a desire for higher quality, better experiences, and compatibility with home environments [21]. - Consumers are increasingly rational and mature in their purchasing decisions, focusing on performance, quality, and comprehensive experience rather than just price sensitivity [28]. Group 6: Product Features and Feedback - High satisfaction rates (99%) are reported for features like "no wind feeling," "soft wind," and "quiet operation," indicating a strong consumer preference for comfort and health functionalities [56]. - The integration of health features, such as air purification and self-cleaning technologies, is becoming a key selling point for high-end air conditioning products [55]. Group 7: Industry Collaboration - Major e-commerce platforms like JD.com are collaborating with leading air conditioning brands to promote comfort and health technologies, achieving significant sales success [59].

Core Viewpoint - The Chinese white goods industry is facing a challenging transformation period in 2025, characterized by intense competition and growth pressure, with production plans for white goods companies being cut by over 10% [1] Industry Overview - The overall outlook for the white goods industry during the Double Eleven shopping festival is pessimistic, with some companies experiencing negative growth in production since September [1] - The expiration of national subsidy policies at the end of 2024 and the delayed implementation of new subsidy guidelines in the first half of 2025 have led to increased consumer hesitation, suppressing short-term demand [1] - The real estate market's downturn is negatively impacting new demand, as the volume of new home deliveries continues to decline, leading to reduced demand for renovation-related appliances [1] - The saturation of the existing market has resulted in a prolonged replacement cycle for major appliances, extending to 8-10 years [1] Company Analysis: Gree Electric Appliances - Despite reports of declining market share, Gree Electric Appliances maintains a solid foundation, with a low sales expense ratio compared to its peers [1][2] - Gree has the highest net profit margin in the Chinese white goods industry, a position it has sustained from 2020 to 2025 across multiple financial reporting periods [1] - Gree's sales expenses for the first three quarters of 2025 were 75.89 billion yuan, accounting for only 5.5% of total revenue, significantly lower than its competitors [8][11] Financial Performance - Gree's revenue for the first three quarters of 2025 was 137.7 billion yuan, a year-on-year decline of 6.62%, while net profit was 21.46 billion yuan, down 2.27% year-on-year [3][4] - The net profit margin for Gree has shown a significant increase, with figures of 14.31%, 15.36%, and 17.72% for the first three quarters, respectively [4][6] - In comparison, Midea's revenue for the same period was 364.7 billion yuan, but its net profit margin was significantly lower at 10.64% [4][6] Marketing Strategy - Gree's low marketing expenses are attributed to its reliance on a deeply integrated dealer system, which takes on much of the terminal promotion and inventory costs [11] - Gree's chairperson, Dong Mingzhu, personally endorses the brand, saving substantial costs on celebrity endorsements and advertising [10][14] - Dong's high visibility and controversial statements have paradoxically increased brand exposure, despite her declining public image [2][16] Competitive Positioning - Gree's net profit margin has consistently outperformed its competitors, with a notable increase over the past three years, while Midea and Haier's margins have improved at a slower rate [7] - Gree's marketing strategy, which relies heavily on Dong Mingzhu's personal brand, has allowed the company to maintain a strong market presence without incurring high marketing costs [10][14]

Core Viewpoint - Gree Electric Appliances is attempting to innovate in the air conditioning industry with the launch of the Rose Air Conditioner, which has sparked both interest and controversy due to its unique design and high price point [1][3][5]. Group 1: Product Innovation - The Rose Air Conditioner is described as an artistic attempt to redefine air conditioning, with its design aimed at attracting customers and enhancing the brand's value [1]. - The product is specifically marketed towards newlyweds and special occasions, such as anniversaries, indicating a targeted consumer demographic [3]. Group 2: Market Reception - Initial sales of the Rose Air Conditioner have been disappointing, with reports indicating limited availability in stores and low demand, primarily being viewed as a gift item rather than a mainstream purchase [7]. - Consumer feedback has been largely negative, with many expressing that the design is unattractive and the price of 32,999 yuan is too high for the average buyer [7]. Group 3: Company Philosophy - The chairman of Gree Electric Appliances, Dong Mingzhu, emphasizes the importance of innovation and maintaining a unique brand identity, even in the face of criticism [5]. - Dong advocates for a business model that not only focuses on the company's growth but also aims to uplift the entire supply chain, reflecting a broader corporate responsibility [1].

董明珠再次提及"内卷"问题，并回应近期有关玫瑰空调引发的网络讨论 本文自南都·湾财社。 策划 | 王莹 统筹 | 马建忠 11月18日，格力电器董事长董明珠在广州南沙举行的第二十届中国经济论坛上发表讲话，引发关注。 董明珠表示，一个好的制造业企业首要的考量指标是税收。"只有好的企业才能为国家做出更大的贡献，所以税收 是一个考核指标。" "作为我们制造业来讲，不断创新来满足消费者新的品质生活的需要，这就是新质生产力。"董明珠表示，"对我们 广东未来的发展，我们是大湾区的一员，我们义不容辞的要走在前面，不仅把消费产品做好，而且要把我们工业 装备做好。" 对于近期引发网络讨论的玫瑰空调，董明珠回应称，这是格力的一次创新尝试。"在空调行业，还没有人将空调打 造成艺术品，这是我们的起点。玫瑰空调已在部分酒店投入使用，并因其独特设计吸引顾客前往体验，这正体现 了我们创造的价值。"她强调，企业应具备利他思维，自身发展同时，也要带动上下游产业链共同成长。 采写 | 南都·湾财社记者 黄驰波 谈及行业竞争，董明珠再次提及"内卷"问题。她认为，空调行业并不存在真正的同质化。"过去空调追求送风，甚 至有广告称'送风15米'，但后来 ...

Core Viewpoint - Gree Electric Appliances, led by Chairman Dong Mingzhu, emphasizes continuous innovation and technological empowerment to transform and upgrade traditional industries during the 14th Five-Year Plan period [2] Group 1 - Gree Electric is focusing on a wide range of fields for future development [2] - The company aims to replace past technologies with new ones through innovation [2] - The transformation and upgrading of traditional industries is a key goal for Gree Electric [2]

Market Overview - The white goods sector experienced a decline of 1.0% on November 18, with major stocks like Deep Konka leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the white goods sector showed varied performance, with the following notable changes: - Snow Qi Electric: Closed at 14.38, up 0.14% - Gree Electric: Closed at 40.11, down 0.20% - Midea Group: Closed at 77.40, down 0.68% - Haier Smart Home: Closed at 26.34, down 0.87% - Deep Konka A: Closed at 5.38, down 2.89% [1] Capital Flow - The white goods sector saw a net outflow of 312 million yuan from institutional investors, while retail investors contributed a net inflow of 385 million yuan [1] - Detailed capital flow for specific stocks includes: - Deep Konka A: Net outflow of 55.04 million yuan from institutional investors, with a retail net inflow of 43.96 million yuan [2] - TCL Smart Home: Net outflow of 20.99 million yuan from institutional investors, with a retail net inflow of 15.50 million yuan [2] - Gree Electric: Net outflow of 3.94 million yuan from institutional investors, with a retail net inflow of 32.46 million yuan [2]

证 券 研 究 报 告 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：陆偲聪 邮箱：lusicong@hcyjs.com 执业编号：S0360525050002 家电行业 2025Q3 基金重仓分析 重仓家电比例下降，家电上游及清洁电器获 推荐（维持） 增配 行业研究 家电 2025 年 11 月 18 日 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,320.65 | 1.67 | | 流通市值(亿元) | 18,146.56 | 1.85 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.4% | 8.0% | 9.9% | | 相对表现 | 3.4% | -9.4% | -4.7% | -11% -2% 8% 18% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11 ...