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 ...

Investment Rating - The report indicates a positive outlook for the home appliance sector, highlighting the resilience and growth potential driven by AI technology and consumption upgrades [2][5][12] Core Insights - The 2025 "Double Eleven" shopping festival saw a robust e-commerce sales growth of 14.2%, with home appliances leading the category at a total sales of 266.8 billion yuan, representing a year-on-year increase of 38.2% [2][6][11] - The home appliance industry is experiencing a structural upgrade, with nearly 60% of consumers in first- and second-tier markets opting for AI-integrated products, reflecting a shift towards smart, scenario-based, and service-oriented appliances [2][14] - Companies like Haidar, Xinhuike, and Hefei Gaoke are positioned to benefit from the growth in the home appliance sector, with Haidar recognized as a "little giant" enterprise in Jiangsu province [2][17][19] Summary by Sections Section 1: E-commerce Sales Performance - The overall e-commerce sales during the "Double Eleven" event reached 1.695 trillion yuan, with a 14.2% year-on-year increase, while comprehensive e-commerce sales totaled 1.619 trillion yuan, up 12.3% [2][6] - Instant retail sales surged by 138.4% to 67 billion yuan, indicating a significant shift in consumer purchasing behavior [2][6] Section 2: Market Trends and Consumer Behavior - The home appliance category accounted for 16.5% of total sales during the event, showcasing its dominance in the market [2][11] - Major brands such as Haier, Midea, and TCL reported significant sales growth, with over 2,000 home appliance brands on JD.com achieving sales increases exceeding 100% [12][14] Section 3: Stock Performance and Valuation - The median stock price change for consumer service stocks on the North Exchange was +1.68%, with 80% of companies experiencing an increase [26][29] - The median price-to-earnings (P/E) ratio for the consumer sector rose from 49.7X to 52.1X, indicating a positive market sentiment [27][28] Section 4: Company Announcements - Wuxi Crystal Sea has completed the registration of its wholly-owned subsidiary in the United States to expand its overseas market presence [44][46]

美的集团B+C模式驱动业务相对均衡，出海策略则多依托并购扩张，自主品牌建设度则相对不足。公司一号方洪波管理风格果断铁腕，为了变革敢于刀刃 向内，甚至趋于不近人情，由此也引发了不少争议。 海尔智家的家电门类较广，品牌扩散度较大，国内+海外双轮驱动营收，海外拓张有先发优势，是海尔集团营收基石，可难免稳定压倒一切。这些年低调 接棒的李华刚，遵从着张瑞敏时代的商业方针，这也让海尔智家表现得四平八稳，有些平平无奇。 不过，三家中引发最多争议与讨论的，或许归属格力空调和与之牢牢捆绑的董明珠。 缠斗多年的白电御三家，发展策略与掌舵者行事风格都有着鲜明特性。 "空调=格力=董明珠"的连带标签深入人心，与之相对的，是格力电器整体营收对空调为首的主营业务近8成的强依赖。急需二次成长格力电器需要更多时 间，更大空间。 只是摆在这家企业面前的，是一个ego越来越大的强势掌舵者。 一、长板与短板 企业战略选择本无对错。 类似"锥子效应"的企业战略是，在一定力量下，力量作用点越集中，聚焦效应越明显，企业往往可以集中资源办大事，在某一特定领域实现局部突破，刺 穿壁垒，从而对整体发展产生强大的带动作用。 这也是董明珠统领的格力电器坚守的战略 ...

7月底的火焰山，空气都烫嘴。"您要做好心理准备，环境确实很恶劣。"格力电器市场总监朱磊飞赴吐鲁番之前接到了这样的现场汇报——搭建直播玻璃房 的工作人员，一个当地人工作半小时后晕倒，一个安装好空调后也晕倒了。 "真正缜密的，是'冷静王'本身的质量和技术。我们的底气，来自它的稳定与强悍。没有它，我们也不会有这个勇气跑到六七十（摄氏）度的火焰山去直 播。"朱磊在社交媒体上回忆。 老者道："敝地唤做火焰山……却有八百里火焰，四周围寸草不生。若过得山，就是铜脑盖，铁身躯，也要化成汁哩。"三藏闻言，大惊失色。 《西游记》中唐僧师徒的第四十七难为"路阻火焰山，三借芭蕉扇"，现实之中的"火焰山"映射在新疆吐鲁番市，这里被誉为中国的热极，夏季最高温度可达 47.8℃，地表温度更可高达82.3℃。 一个人在此地玻璃房中静待48小时并现场直播会发生什么？他能过关吗？媒体人任韧存疑，"陪伴他的，只有一台空调。他要把命吊在这台空调上。要么空 调送走高温，要么高温送走他"。 具体映射自然在产品本身。1998年，冷静王率先应用变频技术，成为品牌旗下首款变频空调。研发团队优化风道系统，采用大直径贯流风叶，创新将蒸发器 从单面升级为多折设计， ...