本周研究跟踪与投资思考：我国家电社零延续强劲增长趋势，6 月同比增长 超 30%，空调在高温天气的带动下线上线下保持较快增长。7 月以来，我国 多地尤其是北方出现持续高温天气，有望为空调等需求增长创造良好条件。 6 月家电社零增长超 30%，各品类零售需求表现积极。据统计局数据，6 月我 国社会消费品零售总额同比增长 4.8%，累计同比增长 5.0%；家电和音像器 材类限额以上零售额同比增长 32.4%，累计同比增长 30.7%。在 618 大促折 扣力度大、北方出现高温天气等利好因素下，家电零售需求保持较快增长。 分品类看，奥维云网数据显示，6 月家电主要品类的零售额均实现良好增长。 6 月空调线上/线下零售额同比分别+20.8%/+37.5%，洗衣机线上线下零售额 增长超 15%，冰箱零售额增长在个位数左右；油烟机、燃气灶、洗碗机线上 增长稳健，线下增速在 10%以上；厨房小家电零售需求延续回暖趋势，电饭 煲线上线下零售额同比+12.7%/+25.6%；扫地机及洗地机延续 20%+较快增长。 6 月家电出口额续降 8%，洗衣机、吸尘器增长良好。据海关总署数据，6 月 我国家电出口额同比下降 7.8%，降幅 ...

证券研究报告 | 2025年07月22日 家电行业周报（25 年第 29 周） 优于大市 6 月家电社零增长超 30%，家电出口额续降 8% 本周研究跟踪与投资思考：我国家电社零延续强劲增长趋势，6 月同比增长 超 30%，空调在高温天气的带动下线上线下保持较快增长。7 月以来，我国 多地尤其是北方出现持续高温天气，有望为空调等需求增长创造良好条件。 6 月家电社零增长超 30%，各品类零售需求表现积极。据统计局数据，6 月我 国社会消费品零售总额同比增长 4.8%，累计同比增长 5.0%；家电和音像器 材类限额以上零售额同比增长 32.4%，累计同比增长 30.7%。在 618 大促折 扣力度大、北方出现高温天气等利好因素下，家电零售需求保持较快增长。 分品类看，奥维云网数据显示，6 月家电主要品类的零售额均实现良好增长。 6 月空调线上/线下零售额同比分别+20.8%/+37.5%，洗衣机线上线下零售额 增长超 15%，冰箱零售额增长在个位数左右；油烟机、燃气灶、洗碗机线上 增长稳健，线下增速在 10%以上；厨房小家电零售需求延续回暖趋势，电饭 煲线上线下零售额同比+12.7%/+25.6%；扫地机及洗地 ...

在新旧动能加速转换、产业链深度重构、产融协同需求凸显的当下，创新是企业的发展根基、转型支点 和突围利器。 作为全球全自动化集装箱码头的技术标杆，如今智能化作业体系与运营效能持续引领行业发展前沿的青 岛港自动化码头，就诞生于新旧动能转换和港口转型升级之际。 桥吊自动对位、箱区智能调度、作业数据实时回传……十八般"武艺"让山东港口青岛港（601298）自动 化集装箱码头装卸量屡破世界纪录，在巨轮昼夜穿梭、集装箱高效流转的繁忙景象背后，有着"中国港 口看青岛"的深刻印记。 在顶级足球体育赛事频频亮相的海信家电（000921），彰显中国制造向中国创造转变、中国产品向中国 品牌转变的新气质和新风貌。 空调一键换新空气、冰箱化身家庭食材管家、洗衣机智能分区健康洗护……连续16年稳居国际调研机构 欧睿国际全球大型家电品牌零售量第一名的海尔，正在用一系列"黑科技"家电让千万家庭的个性化需求 被高效满足，更印证着"中国智造"从满足需求到引领生活方式的硬核跨越。 在全球产业升级的浪潮中，一批扎根青岛的制造企业因前沿的技术、独有的工艺、过硬的产品频频在全 球范围"出圈"，但又持续面临新的发展挑战：智能技术迭代速度加快带来的研发压力 ...

相关企业：恩布拉科、松下、美芝、丹佛斯、格力凌达、星星冷链 关键词：冰柜行业产业链、冰柜行业发展历程、冰柜行业产量、冰柜零售规模、冰柜市场竞争格局、冰 柜行业发展趋势 上市企业：长虹美菱(000521)、格力电器(000651)、海尔智家(600690)、澳柯玛(600336)、海信家电 (000921) 内容概要：自80年代冰柜技术的引进以来，我国冰柜技术不断突破。随着消费者对生活品质要求的不断 提升，冰柜已经走进千万家庭，成为人们日常生活中不可缺少的家用电器之一。中国作为世界第二大经 济体，在市场需求和政策的双重驱动下，冰柜技术水平不断创新升级，产品日益丰富，冰柜市场呈现出 蓬勃发展的态势。目前，中国已成为全球最大冰柜生产消费国。2024年，我国冰柜产量为2761.5万台， 冰柜零售规模约110亿元，零售量约846万台；预计2025年我国冰柜产量有望突破3000万台。 二、冰柜行业发展现状 冰柜作为储存保鲜的重要设备，其市场表现一直备受关注。自80年代冰柜技术的引进以来，我国冰柜技 术不断突破，目前，中国已成为全球最大冰柜生产消费国。2024年，我国冰柜产量为2761.5万台，较 2023年增加324.2 ...

Core Viewpoint - The extreme heat wave in China has led to a significant surge in air conditioning sales, particularly in the Northeast region, with some areas experiencing sales increases of over 500% compared to last year [1][4][5]. Group 1: Market Performance - The domestic air conditioning market has seen a sales peak due to the ongoing high temperatures, with companies like Hisense reporting a doubling of offline sales and a 500% year-on-year increase in certain regions [1][3]. - Data from JD.com indicates that air conditioning sales in their offline stores have increased by over 200% since July, with installation volumes surging by 300% [1][3]. - Suning reported an 82% year-on-year increase in sales of energy-efficient air conditioners, with some regions like Harbin seeing a staggering 959% growth [3][4]. Group 2: Regional Insights - The Northeast region, traditionally less reliant on air conditioning, has experienced unprecedented demand, with sales in Heilongjiang and Jilin provinces increasing by 817.68% and 788.4% respectively [4][5]. - JD.com noted that air conditioning transaction values in the Northeast have grown over seven times in the past week, with these provinces ranking among the top ten in sales [4]. Group 3: Installation and Supply Chain - The surge in demand has led to a shortage of installation technicians, prompting companies to mobilize support from other regions to meet installation needs [5][6]. - Midea reported a 37.09% increase in installation volumes from May to early July, with peak daily installations reaching 245,000 units [5][6]. Group 4: Industry Trends - The current heat wave is expected to accelerate the elimination of outdated production capacities and expand the market for energy-efficient products, pushing the industry towards smart and systematic development [9]. - Companies are focusing on energy-saving and smart connectivity features, with Hisense's new models experiencing high demand due to their AI energy-saving capabilities [9]. Group 5: Consumer Behavior - The extreme weather has shifted consumer preferences towards energy-efficient and smart air conditioning units, with brands like Gree and Hisense seeing significant sales increases in these categories [9][10]. - The demand for related products, such as ice-making machines and fans, has also surged, with sales of ice-making refrigerators increasing by 500% on JD.com [10].

股票代码：000921 股票简称：海信家电 公告编号：2025-051 海信家电集团股份有限公司 H 股公告-认购理财产品 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于 2025 年 7 月 15 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规 则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 2025 年 7 月 15 日 1 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 4 月 15 日至 2025 ...

股票代码：000921 股票简称：海信家电 公告编号：2025-052 海信家电集团股份有限公司 H 股公告-董事会会议通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于 2025 年 7 月 15 日在香港联合交易所有 限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市规 则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 特此公告。 海信家电集团股份有限公司董事会 2025 年 7 月 15 日 1 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 公告 董事會會議通知 海信家電集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年7月30日（星 期三）舉行董事會會議，以處理以下事項： 1. 審議批准本公司及其附屬公司截至2025年6月30日未經審計的中期業績；及 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [4] Core Views - The home appliance industry is experiencing internal growth while external sales are under pressure, with a stable outlook for the second quarter [4][13] - Domestic sales are benefiting from national subsidy policies, leading to positive retail and shipment growth, while external sales face challenges due to high base effects and tariff disruptions [13][14] - The overall performance of listed home appliance companies is expected to remain stable with revenue growth driven by structural upgrades and efficiency improvements [13] Summary by Sections White Goods - Domestic sales growth is accelerating, while external sales are declining due to high base effects and tariff disruptions [2][14] - In April and May, air conditioner shipments increased by 2.6% year-on-year, with domestic sales up 9.5% and external sales down 6.3% [2][14] - Revenue growth for white goods companies is expected to be around double digits, with profit margins showing slight improvement [2][22] Kitchen Appliances - Kitchen appliance demand is improving due to national subsidy policies, with online retail sales growth for range hoods and gas stoves between 10%-20% [2][38] - However, the real estate sector continues to exert pressure, particularly on integrated stove companies [38] - Traditional kitchen appliance companies are expected to see improved profit margins due to declining raw material prices [38] Black Goods - The black goods segment is experiencing structural upgrades, with television sales and revenue increasing by 9.7% and 14.5% respectively during the 618 shopping festival [3][49] - Panel prices have begun to decline, which is expected to improve profitability for black goods companies [49] Small Appliances - The small appliance sector is seeing a recovery in kitchen small appliances, with online retail sales for kitchen small appliances growing by 25% during the 618 period [4][57] - However, external sales are facing short-term pressure due to tariffs and overseas factory setups [57] - Companies like Roborock and Ecovacs are expected to see significant revenue growth, with Roborock projected to grow by 40% [72]

Core Viewpoint - The announcement details the completion of the non-trading transfer of shares under the 2024 A-share employee stock ownership plan of Hisense Home Appliances Group Co., Ltd, including the transfer of shares to a director and the overall structure of the employee stock ownership plan [1][4]. Group 1: Employee Stock Ownership Plan - The employee stock ownership plan involved the transfer of 2,480,027 shares, representing 0.18% of the company's total share capital of 1,385,616,805 shares [1][3]. - The plan was approved during the 2024 shareholder meetings, allowing for a maximum of 13,916,000 shares to be allocated to up to 279 participants at a price of 10.78 yuan per share [1][2]. - The first lock-up period for the employee stock ownership plan ended on July 10, 2025, with 4,419,638 shares eligible for release, accounting for 0.32% of the total share capital at that time [1]. Group 2: Share Transfer Details - The shares for the employee stock ownership plan were sourced from the company's repurchased shares, with a total repurchase fund of between 187.87 million yuan and 375.73 million yuan, and a maximum repurchase price of 27 yuan per share [2]. - A total of 13,180,050 shares were transferred to the employee stock ownership plan account, representing 0.95% of the total share capital of 1,387,167,370 shares at that time [2]. Group 3: Director Shareholding Changes - Director Jia Shaoqian received 71,640 shares through the non-trading transfer, which is 0.005% of the total share capital [4]. - After the transfer, Jia Shaoqian holds a total of 476,000 shares, representing 0.034% of the total share capital [4]. Group 4: Related Party Relationships - The employee stock ownership plan does not have any agreements or arrangements for concerted action with the company's controlling shareholders or actual controllers [5]. - There are no related party relationships among the participants of the employee stock ownership plan, and they have not signed any concerted action agreements [5]. Group 5: Accounting Treatment - The company will follow the relevant accounting standards for the employee stock ownership plan, with the impact on financial results to be confirmed by the annual audit report [6].

股票代码：000921 股票简称：海信家电 公告编号：2025-050 海信家电集团股份有限公司 关于 2024 年 A 股员工持股计划非交易过户完成暨董事股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 海信家电集团股份有限公司（「本公司」）于2025年7月14日收到中国证券登记结 算有限责任公司深圳分公司（「中登公司」）下发的《证券过户登记确认书》，"海信 家电集团股份有限公司－2024年A股员工持股计划"已于2025年7月11日将本公司A股股 票2,480,027股非交易过户至本公司2024年A股员工持股计划部分参与对象的证券账户， 过户股份数量占本公司目前股本总额1,385,616,805股的0.18%，其中向本公司董事贾少 谦先生非交易过户71,640股，过户股份数量占本公司目前股本总额1,385,616,805股的 0.005%。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所上市公 司自律监管指引第1号——主板上市公司规范运作》《深圳证券交易所上市公司自律监 管指引第10号——股份变动管理》等相关规定，现将本公司 ...