国联民生（601456）证券发布研报称，空调7月内销双位数增长，外销弱势运行，符合市场预期。政策/ 高温带动下，2025冷年空调内销量同比+11%至1.1亿台，历史新高。过去十年产业景气包括2017(地产 +热夏)及2023-2024(疫后修复+政策)，内销降幅超过10%仅在2015(去库)及2020(疫情)，无累库/需求冲击 时，基数影响有限。冷年内销景气收官，海外关税/地缘仍有不确定性，龙头转产持续推进，出海长逻 辑不改；白电龙头高质量且高股息，投资价值值得重视。 国联民生证券主要观点如下： 产业在线发布7月空调产销数据 当月家用空调产量1,612万台，同比-0.01%，销量1,644万台，同比+1.58%，其中内销1,058万台，同比 +14.34%，出口585万台，同比-15.47%，期末库存1,472万台，同比-7.47%；分公司销量，格力当月同 比-4.05%(内销持平，出口-15.00%)；美的同比-7.37%(内销+1.69%，出口-22.22%)；海尔同比+27.59% (内销+57.89%，出口-30.00%)；海信同比+19.58%(内销+62.50%，出口-11.93%)；长虹同比-1 ...

Group 1 - The core viewpoint of the news highlights a decline in the production of color televisions in China, with a projected output of 16.25 million units by June 2025, representing a year-on-year decrease of 11.1% [1] - In the first half of 2025, the cumulative production of color televisions in China reached 91.871 million units, showing a cumulative decline of 5.5% [1] - The report is based on data from the National Bureau of Statistics and is compiled by Zhiyan Consulting, which specializes in industry research [3] Group 2 - The listed companies in the television industry include TCL Technology, Skyworth Digital, Hisense Visual, Sichuan Changhong, Shenzhen Konka, Zhaochi Co., Hisense Home Appliances, and Rainbow Co. [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [2]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [7][12]. Core Insights - The home air conditioning market showed continued domestic sales growth in July, while external sales were weak, aligning with market expectations. The overall air conditioning sector remains stable, with the white goods sector underperforming the market from May to July. Leading companies in the white goods sector exhibit significant valuation and dividend yield advantages, making them worthy of investment consideration. Recommended companies include Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances [4][12]. Summary by Sections Air Conditioning Market Performance - In July 2025, the domestic air conditioning sales volume reached 10.58 million units, a year-on-year increase of 14.34%, while exports were 5.85 million units, down 15.47% year-on-year. The total production for the month was 16.12 million units, nearly unchanged from the previous year [8][13][15]. - The cumulative production from January to July 2025 was 136.43 million units, reflecting a year-on-year increase of 6.05%, with domestic sales at 77.13 million units, up 9.68% [14]. Domestic and External Sales Trends - Domestic sales continued to show double-digit growth in July, with a stable growth rate compared to previous months. The retail sector also saw significant increases, with online and offline retail volumes rising by 32% and 37% respectively [9][10]. - External sales faced challenges due to ongoing tariff impacts, with a notable decline in exports. The report highlights that the external sales environment remains uncertain, particularly with the potential for tariff changes [11][12]. Company-Specific Performance - In July, Haier's domestic sales increased by 58%, while Gree and Midea saw declines of 4.05% and 7.37% respectively. Hisense and TCL reported increases of 19.58% and stable performance [10][21][25]. - The report emphasizes the strong performance of leading companies like Haier and Hisense, while noting the weaker performance of others like Gree and Midea [10][12].

格隆汇8月20日丨海信家电(000921.SZ)于投资者互动平台表示，海信近年来充分利用欧洲杯、世俱杯等 体育营销的契机，加大欧洲重点市场投入，持续推进中高端产品矩阵，驱动欧洲家电收入快速增长，各 品类市场份额均有所提升，2024年海信欧洲区白电业务全年收入同比增长35%。 ...

证券之星消息，8月19日白色家电板块较上一交易日上涨0.13%，长虹美菱领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000521 | 长虹美菱 | 7.63 | 3.39% | 38.93万 | | 2.95 Z | | 000333 | 美的集团 | 72.68 | 1.17% | 53.76万 | | 39.16 Z | | 001387 | 雪祺电气 | 14.70 | 0.75% | + 3.62万 | | 5298.39万 | | 000016 | 深康佳A | 5.51 | 0.73% | 125.14万 | | 6.94亿 | | 000921 | 海信家电 | 24.45 | -0.24% | 11.91万 | | 2.92亿 | | 600690 | 海尔智家 | 25.20 | -0.75% | 63.94万 | | 16 ...

内容概要：受全球厄尔尼诺气候影响，全球高纬度地区同比最高气温不断被刷新，欧洲、北美市场制冷 需求增加。然而，人工安装费高昂、欧洲老建筑外立面不能加装外机等因素影响下，这种可移动、室内 外一体机、免安装的可移动空调成为了海外空调市场偏刚需性产品。2024年全球移动空调需求量增至 751.97万台，预计2025年全球移动空调需求量803.34万台。目前，中国是全球移动空调主要供应国家， 产量始终显著高于国内需求，国内企业通过ODM、OEM、OBM模式移动空调大量出口到国外市场。 2024年中国移动空调行业产量650.44万台，需求量88.94万台，移动空调净出口量达到562万台。预计 2025年，中国移动空调行业产量将达661.83万台，需求量将达94.88万台，移动空调净出口量将达566.95 万台。 上市企业：美的集团(000333)、格力电器(000651)、TCL科技(000100)、海信家电(000921)、海尔智家 (600690)、长虹美菱(000521) 相关企业：LGElectronics、Daikin、Panasonic、京东、天猫、卧龙电驱、湘电股份、江特电机、佳电股 份、上海汉钟精机股份有 ...

容声技术破局 超越标准的背后，是容声持续的技术积累。容声相关负责人介绍，针对消费者最关心的卫生问题，容声 构建全链路洁净体系：储水盒、制冰盒等关键部件采用99.99%高抗菌材质，搭载AI负离子高能除菌净 味系统等，告别"盲盒冰"的卫生焦虑。同时，容声冰箱将制冰效率推向新高度：快速模式下60分钟完成 一轮制冰，加速水分子结晶技术，让坚冰不易碎裂。 中国家用电器商业协会秘书长张剑锋向《证券日报》记者表示，容声冰箱获得行业首款自动制冰冰箱技 术认证，标志着家电行业在"健康+家电"融合发展路径上迈出了关键一步。他指出，随着消费升级和市 场需求持续变化，技术创新已成为推动家电行业高质量发展的核心动力，而标准引领则是确保技术落 地、提升用户体验的关键支撑。此次认证不仅为消费者提供了权威选购参考，更通过规范制冰性能指 标，解决了行业长期存在的制冰效率低、卫生隐患多等痛点，为冰箱行业从"普惠式增长"向"精准化突 围"探索新模式。 冰爽经济背后的"冰火两重天" 随着社交热度提升与消费趋势变化，冰块成家庭生活新刚需。 中国家用电器研究院副院长葛丰亮指出，在消费分级背景下，冰块使用文化在中国逐步渗透，应用领域 从饮品扩展至食材保鲜 ...

Core Viewpoint - The rise of homemade coffee and ice drink culture has led to an increased demand for refrigerators with ice-making functions, marking the beginning of the "ice-making era" in the industry [1][4]. Group 1: Industry Trends - The demand for ice cubes has grown significantly as consumers increasingly prefer homemade beverages, leading to a diversification in the need for refrigerators equipped with ice-making capabilities [1][4]. - The introduction of the first "automatic ice-making performance certification" by Rongsheng Refrigerator signifies a major advancement in the technical standards and quality assurance systems within the ice-making function of refrigerators [1][4]. Group 2: Consumer Needs and Challenges - Current challenges in the automatic ice-making process include slow ice-making speed, melting ice cubes, small storage capacity, hygiene issues related to water storage, and the potential for cross-contamination of flavors [2][3]. - Consumers are demanding cleaner and higher-quality ice cubes, which has prompted companies to innovate and improve their ice-making technologies [3][4]. Group 3: Company Innovations - Rongsheng Refrigerator has increased its R&D investment in ice-making technology, with the W60 series capable of producing ice in just 60 minutes and featuring antibacterial designs and easy-to-clean components [3][4]. - The automatic ice-making technology developed by Rongsheng covers four key advantages: cleanliness, efficiency, quality assurance, and user convenience, addressing core consumer needs [4]. Group 4: Industry Impact - The certification of Rongsheng's automatic ice-making technology sets a new technical benchmark for the refrigerator industry, indicating the formal arrival of the "ice-making era" and outlining future development directions [4].

中金发布研报称，根据百川盈孚数据，1H25制冷剂R32/R134a/R125产量分别为13.8/7.6/5.7万吨，约占 全年配额的49%/37%/34%。8月末空调新冷年临近，尽管空调产量7月以来有所走低，但终端消费量持 续走高，结合当前销售形势，空调进入新冷年后排产量预计维持高位，制冷剂需求有望得到提振。25年 中及26年政策端预期稳定，制冷剂价格淡季涨势不改，空调新冷年需求有望维持高位，市场预期有望逐 步改善，板块估值有望得到修复。 空调相关概念港股：美的集团（000333）(00300)、海尔智家（600690）(06690)、海信家电（000921） (00921)、小米集团-W(01810) 《央视财经》报道，拱北海关所属中山海关驻石岐办事处企业管理科科长许丹侠：今年前7个月，中山 市对欧洲出口空调24.8亿元，同比增长36.8%。广东顺德一家企业在发展欧洲市场的同时，还进一步加 大非洲和中东市场的开拓力度。近日，企业成功拿下了7万台迪拜空调的订单。今年1至7月，企业累计 向非洲和中东市场出口空调30万台。 海关最近公布数据显示，在去年较高基数基础上，今年1至6月，我国空调累计出口额达93.5亿美 ...

证券之星消息，8月15日白色家电板块较上一交易日下跌0.08%，惠而浦领跌。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000521 | 长虹美菱 | 7.32 | 1.53% | 16.27万 | | 1.18亿 | | 002668 | TCL智家 | 10.38 | 1.07% | 12.57万 | | 1.30亿 | | 000921 | 海信家电 | 24.36 | 0.74% | 13.36万 | | 3.23亿 | | 600336 | 澳柯玛 | 7.39 | 0.68% | 21.03万 | | 1.55亿 | | 001387 | 雪祺电气 | 14.43 | 0.56% | 3.87万 | | 5583.89万 | | 000651 | 格力电器 | 47.79 | 0.19% | 35.12万 | | 16.71亿 | | 0 ...