2025年12月23日，格力电器也曾于投资者互动平台表示，铜是空调的核心原材料，占空调成本的20%左 右，尽管同等情况下，铝材成本约为铜材的1/12（价格约为1/4，密度约为1/3），但其在熔点、热传导 系数、电阻率、耐腐蚀等参数以及长期可靠性等方面，与铜存在较大差距，在其性能、质量和可靠性不 能完全保证的情况下，公司暂时没有"铝代铜"计划。公司重视"铝代铜"技术研究，并将持续关注行业动 态。 近期，格力电器（000651）（000651.SZ）陆续收到投资者及媒体就部分企业推出空调涨价和"铝代 铜"计划等相关问题的咨询，询问公司的态度和计划。 1月5日，格力电器官方微信号发布通知表示，格力家用空调不涨价。同时，为满足格力家用空调十年免 费包修服务标准，暂无"铝代铜"相关计划。未来若相关研究能完全满足格力质量和技术标准要求并正式 应用，格力将予以明确标注，充分保障消费者的知情权与选择权。 数据显示，铜价在近日首次突破10万元关口，2026年1月5日，现货铜价报100620元/吨，这一价格较 2025年初的73830元/吨上涨36.28%，较2015年的周期低点涨幅接近2倍。 若以铜原材料占据空调成本的20%计 ...

Core Viewpoint - The rising copper prices have led to discussions about the potential for aluminum to replace copper in air conditioning units, with major manufacturers like Gree and Midea currently not planning to adopt aluminum alternatives [1][2][3] Group 1: Copper Price Impact - Copper prices have reached historical highs, with LME copper exceeding $11,870 per ton and domestic prices surpassing 90,000 and 100,000 yuan per ton [2][7] - The air conditioning industry is feeling pressure to raise prices due to high copper costs, but the 2026 appliance replacement subsidy policy may mitigate this pressure [2][7] - Gree Electric has committed to not raising prices for household air conditioners to align with the 2026 subsidy policy, aiming to boost consumer spending [2][7] Group 2: Market Reactions - There were rumors of Midea increasing prices by over 6%, but these were clarified as misinterpretations, with only minor adjustments to specific models [3][8] - Gree's decision to maintain prices reflects its strategy of emphasizing quality and brand value, while Midea's approach shows flexibility in response to cost pressures [3][8] - Gree's air conditioning units reportedly have a gross margin that is over 5 percentage points higher than Midea's, which may explain its ability to avoid price increases [3][8] Group 3: Aluminum as a Substitute - The air conditioning sector is highly sensitive to copper prices, with approximately 85,000 tons of copper consumed annually, accounting for 21% of national demand [4][9] - Some manufacturers, like Wanbao, are exploring aluminum alternatives, with their new series priced significantly lower than traditional models after subsidies [4][9] - Cost savings from switching to aluminum can range from 70 to 80 yuan per unit for evaporators, and up to 300 to 500 yuan for comprehensive replacements [5][9] Group 4: Future Price Trends - The introduction of aluminum may not necessarily lead to lower retail prices, as the market dynamics could result in stable high-end prices and increased competition in the mid-range segment [10][11] - Analysts suggest that if raw material prices do not continue to rise and considering the impact of subsidies, air conditioning prices may remain low in 2026 [11]

Core Viewpoint - Gree Electric Appliances emphasizes the importance of sharing business development results with employees to enhance their motivation and creativity, thereby facilitating the achievement of strategic and operational goals [1] Employee Incentive Programs - Since 2021, the company has launched three phases of employee stock ownership plans, covering over 12,000 employees and involving more than 180 million shares [1] - The incentive programs aim to establish a mechanism for shared interests and risk between shareholders, management, and key employees [1] - The company plans to continuously optimize its incentive system based on actual conditions to promote mutual growth between employees and the enterprise [1]

Core Viewpoint - The rising copper prices, currently at nearly 100,000 yuan per ton, have raised concerns about potential air conditioner price increases, while Gree Electric Appliances has committed to not raising prices for its home air conditioners and has no plans for "aluminum replacing copper" [1][2]. Company Summary - Gree Electric Appliances announced on January 5 that it will not increase the prices of its home air conditioners and has no current plans for "aluminum replacing copper" [2]. - The company is responding to the national subsidy policy for home appliances by ensuring consumer benefits and maintaining a ten-year free repair service standard [2]. - Gree's chairman, Dong Mingzhu, stated that while aluminum can potentially replace copper, it has not yet met the necessary technical standards to ensure quality [10]. Industry Summary - China is characterized as a "rich in aluminum but poor in copper" country, with approximately 80% of its copper being imported, while it produces 60% of the world's electrolytic aluminum [4][8]. - The air conditioning industry is currently focused on the "aluminum replacing copper" initiative, which faces technical challenges, particularly regarding the physical advantages of copper in terms of thermal conductivity, corrosion resistance, and long-term reliability [4][8]. - Consumer complaints regarding air conditioners have increased by 22% year-on-year in the first half of 2025, with issues like "cooling decline" and "pipeline leakage" often associated with "aluminum replacing copper" models [4][8].

Core Viewpoint - Gree Electric Appliances has issued a statement addressing concerns regarding air conditioner price increases and the adoption of "aluminum instead of copper" plans, affirming its commitment to maintaining stable prices and ensuring product quality while responding to national subsidy policies for home appliances by 2026 [1][4]. Group 1: Price Stability and Consumer Protection - The company has committed to keeping the prices of its home air conditioning products stable and will not implement any price increases [3][4]. - Gree emphasizes its responsibility to protect consumer interests and will actively respond to the national home appliance subsidy policy set to be introduced in 2026 [1][4]. Group 2: Material Usage and Quality Assurance - Currently, Gree has no plans to adopt "aluminum instead of copper" in its products, ensuring alignment with its ten-year free warranty policy [3][4]. - Copper constitutes approximately 20% of the overall cost of air conditioning units, and while aluminum offers cost advantages (about one-fourth the price of copper and one-twelfth the overall cost), it falls short in critical performance metrics such as melting point, thermal conductivity, resistivity, corrosion resistance, and long-term reliability [5]. - The company will only consider material changes if technological advancements allow new materials to meet its stringent quality and technical standards, and any such changes will be clearly marked to respect consumer rights [3][5].

Core Viewpoint - Gree Electric Appliances has committed to not raising prices for its home air conditioners despite recent market trends of price increases and the adoption of "aluminum instead of copper" technology by some competitors [1] Group 1: Company Response - Gree has received inquiries from investors and media regarding the recent price hikes in air conditioning products and the "aluminum instead of copper" plans from other companies [1] - The company emphasizes its commitment to consumer benefits by adhering to the national subsidy policy for home appliances in 2026 and ensuring that its home air conditioners will not see price increases [1] - Gree currently has no plans to adopt "aluminum instead of copper" technology, as it does not meet the company's quality and technical standards for its ten-year free repair service [1] Group 2: Consumer Assurance - Gree assures that if any future research on "aluminum instead of copper" meets its quality and technical standards, it will be clearly marked to protect consumer rights and choices [1]

Market Performance - The white goods sector increased by 0.85% on January 5, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Key stocks in the white goods sector showed the following closing prices and percentage changes: - Whirlpool: 9.79, up 2.41% [1] - Snowman Electric: 14.02, up 1.45% [1] - Deep Blue A: 5.04, up 1.41% [1] - Gree Electric: 40.76, up 1.34% [1] - TCL Smart Home: 10.50, up 1.16% [1] - Haier Smart Home: 26.32, up 0.88% [1] - Midea Group: 78.68, up 0.68% [1] - Changhong Meiling: 6.58, up 0.46% [1] - Hisense Home Appliances: 24.89, up 0.32% [1] - Aucma: 7.95, down 3.28% [1] Capital Flow - The white goods sector experienced a net outflow of 11.98 million yuan from institutional investors and 73.44 million yuan from retail investors, while retail investors had a net inflow of 85.43 million yuan [1] - Detailed capital flow for key stocks includes: - Gree Electric: 106 million yuan net inflow from institutions, but 30.02 million yuan net outflow from retail [2] - Hisense Home Appliances: 3.87 million yuan net inflow from institutions, with a net outflow of 9.75 million yuan from retail [2] - Whirlpool: 2.60 million yuan net inflow from institutions, with a net outflow of 1.50 million yuan from retail [2] - Aucma: 46.62 million yuan net outflow from institutions, but 37.85 million yuan net inflow from retail [2]

2026年开年，格力电器再谈"铝代铜"。 1月5日，格力电器通过公司官方账号对外表示，公司陆续收到投资者及媒体就部分企业推出空调涨价和"铝代铜"计划等相关问题的咨询，询问公司的态度和 计划。公司现说明如下："格力积极响应2026年家电国家补贴政策，切实让利消费者。我们承诺，格力家用空调不涨价。同时，为满足格力家用空调十年免 费包修服务标准，我们暂无'铝代铜'相关计划。未来若相关研究能完全满足格力质量和技术标准要求并正式应用，我们将予以明确标注，充分保障消费者的 知情权与选择权。" "铝代铜"是近年来空调行业的重要议题，其背后是行业共同面临的成本压力与技术演进。 一方面，铜作为空调的主要原材料，铜价持续飙升使行业承压。基于伦敦金属交易所（LME）的权威数据，过去一年期铜价格从年初到年末累计上涨约 42%，创下2009年以来最大年度涨幅，其中12月31日LME铜价报12550美元/吨，较年初显著攀升，年内最高触及12960美元/吨的历史新高。从国内市场来 看，根据大宗商品数据商生意社的监测数据，2025年现货铜价从年初的73830元/吨，涨到了年末的99180.00元/吨，涨幅达34.34%。 另一方面，技术路径 ...

（图片来源：摄图网） 在空调行业，"铝代铜"的争论犹如一场旷日持久的拉锯战，已经持续了十多年。几乎每一轮铜价的大幅波 动，都会让这场围绕成本、性能与安全边界的讨论重新升温。 1月5日，格力电器发文表示，近期，公司陆续收到投资者及媒体就部分企业推出空调涨价和"铝代铜"计划等 相关问题的咨询，询问公司的态度和计划。格力称积极响应2026年家电国家补贴政策，格力家用空调不涨 价，将政策红利切实让渡给消费者。格力强调，为满足格力家用空调十年免费包修服务标准，公司暂无"铝 代铜"相关计划。未来若相关研究能完全满足格力质量和技术标准要求并正式应用，公司将予以明确标注， 充分保障消费者的知情权与选择权。 铜作为空调的核心原材料，占空调成本的20%左右，从成本角度来看，铝材具有显著优势。同等情况下，铝 材成本约为铜材的1/12(价格约为1/4，密度约为1/3)，采用合金铝管替代铜管可以大幅降低材料成本。这对于 面临成本压力的空调企业来说，无疑具有巨大的吸引力。 然而，性能方面的差距却是"铝代铜"难以跨越的障碍。铜因其优异的导电性和导热性成为空调的关键材料， 而铝在熔点、热传导系数、电阻率、耐腐蚀等参数以及长期可靠性等方面与铜 ...

1月5日，格力电器通过公众号"格力文传"对近期部分企业空调涨价和"铝代铜"计划等相关问题进行回应。 格力电器表示，格力积极响应2026年家电国家补贴政策，承诺格力家用空调不涨价。同时，为满足格力家用空调十年免费包修服 务标准，暂无"铝代铜"相关计划。未来若相关研究能完全满足格力质量和技术标准要求并正式应用，将予以明确标注。 受全球多个矿山停产导致的供应短缺以及特朗普政府潜在关税政策影响，今年以来，铜价不断飙升，伦敦铜价年内一度突破每吨 12900美元大关，创下历史新高，年内涨幅超47%。 叠加2025年3月，工信部等十部门印发《铝产业高质量发展实施方案（2025—2027年）》提到，提升产品高端化供给水平，扩大铝 产品在市政设施、汽车、光伏、家具家居等领域的应用规模及层次，拓展消费潜力。以铝节铜，支持汽车热交换器散热片，冰 箱、空调热交换器换热铝管等应用场景。 在此背景下，家电行业推进"铝代铜"工艺优化以节约成本的消息不断。 据中国证券报，2025年年末，美的、小米、TCL、海尔等多家头部空调企业共同发起空调铝应用自律公约，将科学宣传铝换热器 空调的特点，提升消费者对行业产品与技术的信任度。 2025年12月 ...