Core Insights - Gree's intelligent manufacturing factory in Zhuhai has achieved a 200% increase in production efficiency and 100% digital coverage through the integration of an "industrial brain" that consolidates data across the entire value chain [1] - The factory has been recognized as a national leading intelligent factory, showcasing Gree's innovative "Gree Collaborative House" model for smart manufacturing [1] Group 1: Intelligent Manufacturing - The "Gree Collaborative House" model is based on a "one main, multiple cores, multi-level network" architecture, leveraging an industrial internet platform, data middle platform, and AI algorithms to enhance operational efficiency [1] - This model facilitates end-to-end data-driven and dynamic optimization from consumer demand insights to product lifecycle delivery, significantly improving the efficiency of the entire value chain [1] Group 2: Industry Impact - The "Collaborative House" model offers a replicable and scalable paradigm for the intelligent transformation of industries such as home appliances, electronics, and automotive [1] - Gree's industrial internet platform connects over 20,000 upstream suppliers, midstream factories, downstream distributors, and end customers, breaking down information silos across the supply chain [1] - The ecosystem formed promotes "demand-driven—technology sharing—capacity collaboration," allowing suppliers to view production plans in real-time, factories to produce based on distributor orders, and customers to track the entire production and shipping process [1] Group 3: Intelligent Equipment Business - Gree's intelligent equipment business encompasses research and development, production, sales, and service, covering four major areas: industrial robots, CNC machine tools, intelligent logistics warehousing, and industrial automation [2]

证券日报网讯 12月18日，格力电器在互动平台回答投资者提问时表示，在机床领域，德国与日本品牌 长期深耕，积累了深厚的技术底蕴与品牌声誉，是全球市场的重要参与者与标杆。格力电器自2013年开 始围绕自身发展需求，布局数控机床和机器人产业，服务于公司制造升级，通过长期的技术攻关，不断 积累技术优势。例如：基于格力直线电机、电主轴等核心部件技术优势，在行业内首次推出高速直驱多 通道立式加工中心，并成功研发高速直驱五轴龙门加工中心；面向新能源汽车车身一体化压铸的行业发 展趋势，成功研发高速直驱双五轴龙门加工中心，打破国外垄断，并实现电主轴、五轴摆头和直线电机 等关键核心部件的自主化。公司会继续用扎实技术与可靠产品服务中国制造。 （文章来源：证券日报） ...

Core Viewpoint - By 2030, China's copper demand driven directly by AI data centers is expected to grow to nearly 1 million tons, accounting for 5%-6% of China's total copper demand at that time [1][9]. Group 1: Industry Trends - The "aluminum substitution for copper" movement is gaining traction in the air conditioning industry, with 19 companies signing a self-regulatory agreement to promote this shift [1]. - The use of aluminum in air conditioning systems is controversial due to concerns about durability and performance, as aluminum pipes typically have a lifespan of only 8-10 years compared to copper [2][3]. - The Ministry of Industry and Information Technology's recent implementation plan for the aluminum industry indicates a significant push towards "aluminum substitution for copper," which could have profound implications for China's industrial economy over the next decade [3]. Group 2: Copper Demand in AI Era - Copper is becoming increasingly critical in the AI era, with data centers being major consumers due to their need for efficient power distribution and cooling systems [6][8]. - It is estimated that building a 1 MW data center requires 27-33 tons of copper, significantly higher than traditional data centers [7]. - Global copper demand for data centers is projected to rise from 594,000 tons in 2026 to 1.4 million tons by 2030, with a compound annual growth rate of 23.2% [8]. Group 3: Supply Chain and Market Dynamics - China consumes 58% of the world's refined copper but has only 5% of global copper reserves, leading to a heavy reliance on imports [13]. - Recent natural disasters and safety incidents in major copper-producing countries have exacerbated supply issues, contributing to a 36% increase in copper prices this year [13][14]. - The U.S. has been stockpiling copper, which has further strained global supply and contributed to rising prices, raising concerns about the impact on China's AI infrastructure development [14]. Group 4: Aluminum's Competitive Edge - Aluminum is lighter and cheaper than copper, with a weight of only one-third that of copper and a cost of one-fourth, making it an attractive alternative despite its lower thermal and electrical conductivity [16]. - China's aluminum industry is robust, with significant production capabilities across the entire supply chain, positioning it well for the shift towards aluminum in various applications [16]. - The potential for aluminum to replace copper in key industries is significant, with predictions that by 2030, aluminum's substitution rate for copper in electricity, automotive, and home appliance sectors could reach 25%-30% [23].

12月17日，中望软件与格力电器正式签署战略合作协议。此次合作，双方将围绕工业软件应用深化、定 制化开发及资源共享等多个维度展开深度协同，打造产业链协同创新标杆，培育新质生产力。 ...

Core Viewpoint - The report by Zhiyan Consulting highlights the trends and investment outlook for the Chinese washing machine industry from 2025 to 2031, indicating a slight decline in production in October 2025 while showing overall growth in the first ten months of the year [1] Industry Overview - According to the National Bureau of Statistics, the production of household washing machines in China in October 2025 was 11.04 million units, representing a year-on-year decrease of 2% [1] - Cumulatively, from January to October 2025, the total production of household washing machines reached 101.078 million units, reflecting a growth of 6.4% compared to the same period in the previous year [1] Companies Involved - The report mentions several key players in the industry, including Midea Group (000333), Haier Smart Home (600690), Gree Electric Appliances (000651), Whirlpool (600983), TCL Technology (000100), and Skyworth Digital (000810) [1]

Core Viewpoint - Gree Electric Appliances is leveraging extreme environmental challenges to validate its product reliability and technological strength, transitioning from a mere "air conditioning king" to a "life value co-builder" in the consumer market [4][23]. Group 1: Extreme Environmental Challenges - Gree initiated a "100-hour extreme cold challenge" in the harsh climate of Heixiazi Island, showcasing its products' performance in temperatures as low as -42°C [4][6]. - This is not Gree's first extreme challenge; previous tests included a 48-hour survival challenge in the scorching heat of Turpan and a live demonstration at the Yellow River [5][6]. - The company aims to shift the competition from mere parameter comparisons to real-life user experiences, emphasizing the practical application of its technology [6][10]. Group 2: Technological Innovations - During the extreme cold test, Gree engineers demonstrated the capabilities of their self-developed 25CC dual-cylinder compressor, which can operate effectively at -35°C without shutting down [6][10]. - The live demonstration included innovative features such as simultaneous heating and defrosting, showcasing the advanced technology behind Gree's air conditioning systems [6][10]. - Gree's commitment to technological innovation is supported by nearly 140,000 patents, allowing for comprehensive control over its supply chain and product development [23]. Group 3: Cultural and Human Elements - The event also highlighted the cultural significance of the Hezhe ethnic group, integrating traditional craftsmanship with modern technology, thus enriching the narrative of Gree's technological challenges [11][21]. - Gree's chairman, Dong Mingzhu, emphasized the importance of maintaining a spirit of perseverance and innovation, drawing parallels between historical struggles and modern technological advancements [15][21]. - The interaction between Dong Mingzhu and local representatives served to connect Gree's technological pursuits with a broader cultural and historical context, reinforcing the company's commitment to societal values [21][22]. Group 4: Strategic Positioning - Gree's recent initiatives signify a strategic shift towards becoming a "life value co-builder," focusing on providing reliable and comfortable living solutions in uncertain environments [23][26]. - The company aims to evolve from a traditional supplier to a partner in consumers' daily lives, emphasizing long-term commitments to stability and comfort [26]. - Gree's product offerings, such as the Phoenix household heating and cooling unit, are designed with user-centric features that address specific needs in extreme conditions [24].

Core Viewpoint - Gree showcased its latest energy-efficient, smart, and durable products at the Big 5 Global exhibition in Dubai, emphasizing its commitment to sustainable cooling solutions and health-oriented living [1] Group 1: Product Highlights - Gree introduced a zero-carbon source system (solar-powered air conditioning) that directly utilizes solar energy to operate appliances and contribute to emissions reduction [1] - The new products include home air conditioners, commercial HVAC systems, and other household appliances [1] Group 2: Partnerships and Initiatives - Gree is collaborating with its UAE partner NIA to promote sustainable cooling and health living solutions [1]

证券日报网讯12月18日，格力电器（000651）在互动平台回答投资者提问时表示，公司重视年轻消费群 体的需求，通过深入调查消费趋势、收集年轻用户设计建议、搭建年轻化研发团队等方式确保产品设计 理念更贴合年轻群体偏好。同时，公司注重智能与美学深度融合，如"格力.明珠"系列空调搭载呼吸 灯，以光效反馈运行状态，并支持语音控制与智能家居联动。公司将持续优化产品策略，满足广大消费 者的多层次需求。 ...

证券日报网讯 12月18日，格力电器在互动平台回答投资者提问时表示，公司自2021年在行业内率先推 出"内销家用空调十年免费包修"政策，底气源于公司在核心科技自主创新、产品品质严苛把控以及售后 体系持续完善等方面的长期坚持与深厚积累。 （文章来源：证券日报） ...

Market Overview - The white goods sector experienced a decline of 0.62% on December 18, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3876.37, up 0.16%, while the Shenzhen Component Index closed at 13053.98, down 1.29% [1] Individual Stock Performance - Whirlpool (600983) closed at 9.62, up 0.52% with a trading volume of 20,000 shares and a turnover of 19.2182 million yuan [1] - Snowball Electric (001387) closed at 13.96, up 0.43% with a trading volume of 44,600 shares and a turnover of 62.3946 million yuan [1] - Changhong Meiling (000521) closed at 6.50, down 0.15% with a trading volume of 58,300 shares and a turnover of 37.9871 million yuan [1] - Haier Smart Home (600690) closed at 27.41, down 0.29% with a trading volume of 179,900 shares and a turnover of 493 million yuan [1] - Gree Electric (000651) closed at 40.96, down 0.34% with a trading volume of 247,400 shares and a turnover of 1.012 billion yuan [1] - Hisense Home Appliances (000921) closed at 25.83, down 0.46% with a trading volume of 33,400 shares and a turnover of 86.2352 million yuan [1] - Midea Group (000333) closed at 79.83, down 0.80% with a trading volume of 214,100 shares and a turnover of 1.710 billion yuan [1] - TCL Smart Home (002668) closed at 10.62, down 0.84% with a trading volume of 80,800 shares and a turnover of 85.7174 million yuan [1] - Deep Blue Konka A (000016) closed at 5.14, down 1.53% with a trading volume of 169,000 shares and a turnover of 87.2602 million yuan [1] - Aucma (600336) closed at 9.10, down 4.71% with a trading volume of 710,900 shares and a turnover of 648 million yuan [1] Capital Flow Analysis - The white goods sector saw a net inflow of 11.5501 million yuan from institutional investors, while retail investors contributed a net inflow of 56.1258 million yuan [1] - However, there was a net outflow of 67.6759 million yuan from speculative funds [1] Detailed Capital Flow by Company - Midea Group (000333) had a net inflow of 10.2 million yuan from institutional investors, but a net outflow of 11.9 million yuan from speculative funds [2] - Gree Electric (000651) saw a net inflow of 13.5475 million yuan from institutional investors, with a net outflow of 30.2722 million yuan from retail investors [2] - Hisense Home Appliances (000921) had a net inflow of 5.6853 million yuan from institutional investors, but a net outflow of 6.9064 million yuan from retail investors [2] - Changhong Meiling (000521) experienced a net outflow of 26.61 million yuan from institutional investors [2] - Whirlpool (600983) had a net outflow of 35,100 yuan from institutional investors [2] - Snowball Electric (001387) saw a net outflow of 1.3889 million yuan from institutional investors [2] - TCL Smart Home (002668) had a net outflow of 6.753 million yuan from institutional investors [2] - Deep Blue Konka A (000016) experienced a significant net outflow of 15.4027 million yuan from institutional investors [2] - Haier Smart Home (600690) had a net outflow of 21.8413 million yuan from institutional investors [2] - Aucma (600336) faced a substantial net outflow of 63.8104 million yuan from institutional investors [2]