证券研究报告 |报告要点 基数及经营节奏影响下，空调 10 月内外销压力如期释放，国内龙头终端表现好于出货，产业 健康运行，价格体系稳定为主，经营面α及积极变化值得关注；出口关税压力减轻，美国开启 降息，有望带动外需，龙头 OBM 势能强劲，海外转产持续推进，修复阶段或好于线性预期。 |分析师及联系人 行业研究|行业点评研究|家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 请务必阅读报告末页的重要声明 glzqdatemark1 2025年11月19日 证券研究报告 请务必阅读报告末页的重要声明 1 / 6 孙珊 管泉森 蔡奕娴 SAC：S0590523110003 SAC：S0590523100007 行业研究|行业点评研究 glzqdatemark2 2025年11月19日 家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -10% 3% 17% 30% 2024/11 2025/3 2025/7 2025/11 家用电器 沪深300 相关报告 1、《家用电器：从双十一看家电：韧性收官， 关注结构红利》2025 ...

Market Overview - The white goods sector increased by 0.11% on November 19, with Haier Smart Home leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Individual Stock Performance - Haier Smart Home (600690) closed at 26.52, up 0.68% with a trading volume of 201,300 shares [1] - Hisense Home Appliances (000921) closed at 25.90, up 0.39% with a trading volume of 59,200 shares [1] - TCL Smart Home (002668) closed at 10.79, up 0.37% with a trading volume of 105,000 shares [1] - Gree Electric Appliances (000651) closed at 40.16, up 0.12% with a trading volume of 218,000 shares [1] - Midea Group (000333) closed at 77.40, unchanged with a trading volume of 214,400 shares [1] - Other notable performers include Changhong Meiling (000521) down 0.15% and Whirlpool (600983) down 0.79% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 236 million yuan from institutional investors, while retail investors experienced a net inflow of 57.36 million yuan [1] - Notable net inflows from institutional investors include Midea Group with 21.11 million yuan and Gree Electric Appliances with 27.48 million yuan [2] - Conversely, retail investors showed significant outflows from Midea Group (-19.62 million yuan) and Gree Electric Appliances (-43.29 million yuan) [2]

Core Viewpoint - Gree Electric's introduction of the Rose Air Conditioner represents an innovative attempt to transform air conditioning into an art form, showcasing the company's commitment to creativity and value creation in the industry [1]. Group 1: Innovation and Product Development - The Rose Air Conditioner has been deployed in select hotels, attracting customers due to its unique design, which reflects the value created by Gree Electric [1]. - Gree Electric announced the launch of a new strategic brand, "Dong Mingzhu Healthy Home," in February, with plans to rename stores nationwide [1]. Group 2: Business Expansion and Performance - As of September 17, Gree Electric has established 970 stores under the "Dong Mingzhu Healthy Home" brand, with a goal of opening 3,000 stores this year [1]. - Retail sales from 293 stores that have been open for over 30 days reached approximately 390 million yuan [1].

Core Viewpoint - Gree Electric Appliances' chairman Dong Mingzhu stated that the recently discussed Rose Air Conditioner represents an innovative attempt by the company [1] Group 1: Company Developments - Gree Electric Appliances has applied for the registration of trademarks including "Gree Rose," "Golden Rose," and "All-Rounder - Rose," classified under lighting and air conditioning [1] - Some of the aforementioned trademarks have already been successfully registered [1]

Core Viewpoint - Gree Electric Appliances' Chairman Dong Mingzhu emphasized the importance of Chinese companies going global to showcase their technology and culture, highlighting the significance of manufacturing in this context [1]. Group 1: Innovation and Product Development - Dong Mingzhu discussed the innovative attempt represented by the "Rose Air Conditioner," claiming it sets a historical record by transforming air conditioning into an art piece, which is unprecedented in the industry [1]. - The Rose Air Conditioner has reportedly attracted significant business, with customers visiting restaurants specifically to experience the product [1]. - The current price of the Rose Air Conditioner in Gree's online flagship store is 32,999 yuan [1]. Group 2: Corporate Philosophy - Dong Mingzhu articulated that the value of a company's existence lies not only in its own development but also in fostering growth within its supply chain, which she believes defines a truly good enterprise [1].

Core Viewpoint - The introduction of the Rose Air Conditioner by Gree Electric is seen as an innovative attempt to transform air conditioning into an art form, targeting the wedding appliance market and aiming to create value through unique design and technology [2][4]. Company Overview - Gree Electric's Rose Air Conditioner was launched in January last year, featuring a rose gold body and a biomimetic rose design, with advanced technology such as distributed air supply and AI voice interaction [2]. - The official price range for the Rose Air Conditioner is between 13,000 to 33,000 yuan [2]. Market Performance - As of August, the Rose Air Conditioner has sold 60,000 units through Gree's JD.com flagship store, indicating a "relatively hot sales" performance despite mixed reviews [4]. - Gree holds a 25.40% market share in the online retail of household air conditioners for 2024, maintaining its leading position in the industry [4]. Competitive Landscape - The air conditioning market in China is highly competitive, with the top three players (Midea, Gree, and Haier) accounting for 68.2% of retail volume and 73.6% of retail value in the first half of the year [4]. - Gree's retail volume and value market shares have declined by 1.4% and 0.6% respectively, reflecting the intense competition in the market [4]. Strategic Direction - Following her re-election as chairman in April, Gree's primary goal is to maintain stable growth, with a focus on preserving its core air conditioning business [5]. - The launch of the Rose Air Conditioner represents Gree's bold exploration of niche markets for growth, although its market performance has been described as merely acceptable [5].

Core Viewpoint - Gree Electric Appliances is innovating in the air conditioning industry by introducing the Rose Air Conditioner, which aims to transform air conditioning units into art pieces, marking a new starting point for the company [1] Group 1 - The Rose Air Conditioner has been implemented in some hotels, attracting customers due to its unique design [1] - The initiative reflects Gree's commitment to creating value through innovative product design [1]

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]