Group 1: Pet Food Industry - Petty Co., Ltd. - Petty Co., Ltd. maintains growth in its self-owned pet food brand, particularly solidifying its position in the dog snack segment [2][19] - The company is actively expanding its overseas customer base, particularly in Europe, which is expected to drive new order growth [2][20] - During the 2025 Double 11 shopping festival, the company achieved significant revenue growth for its self-owned brand through strategic marketing initiatives [2][19] - The company’s production technology is leading in the pet food sector, and it has made breakthroughs with its self-owned brands [19][20] - The company is focusing on the mid-to-high-end pet food market, supported by strong production, marketing, and R&D capabilities [20] Group 2: iQIYI, Inc. - iQIYI's revenue stabilized in Q3 2025, achieving 6.68 billion yuan, with a year-on-year decrease of 8% but a quarter-on-quarter increase of 1% [5][30] - The company’s overseas business showed strong growth, with Q3 2025 total revenue and membership income achieving the highest growth in the past two years [6][31] - AI is driving innovation in content creation and advertising efficiency, with over 70% of promotional materials generated through AI [6][31] - The company plans to expand its original content production in successful overseas markets like Thailand [6][31] - Adjusted revenue forecasts for 2025-2027 are 27.3 billion, 28.9 billion, and 29.9 billion yuan, with adjusted net profits of 0.9 billion, 1.04 billion, and 1.56 billion yuan respectively [5][30]

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]

Q&A 近期家电板块的表现如何？有哪些月份表现较好？ 海信家电 20251118 摘要 家电板块在业绩期前（3-4 月、7 月）通常跑赢大盘，当前市场下行风 险中，建议关注估值低位、增长稳健的公司，把握高切低机会。 2026 年家电行业核心增长点预计在海外市场，欧美需求优于新兴市场， 美国受益于《大美丽法案》和降息周期，地产相关性高，预计下半年经 济和消费将转正。 国内市场面临国补退坡压力，但龙头企业报表韧性强。双十一数据显示 价格竞争缓解，渠道库存周转良好，大规模价格战条件不具备。美的、 海尔等公司股息率较高，具备配置价值。 小家电领域，扫地机器人市场竞争格局改善，石头科技等公司通过产品 迭代（如双圆盘、活水滚筒洗地机）实现收入增长和利润率改善，建议 关注石头科技未来表现。 出口链方面，需关注特朗普关税政策影响，具备海外产能布局弹性的公 司（如海尔、美的）更具优势。今年完成产能铺设但业绩负增长的公司， 明年表现值得关注。 从 2017 年到 2024 年的数据来看，家电板块在某些月份往往表现较好，尤其 是 11 月至 12 月。这段时间机构投资者的风险偏好降低，资金流向稳健增长的 行业，如家电。此外，在业绩 ...

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]

资金流向方面，主力资金净流出1719.46万元，特大单买入363.09万元，占比2.11%，卖出784.81万元， 占比4.55%；大单买入2475.88万元，占比14.36%，卖出3773.62万元，占比21.89%。 海信家电今年以来股价跌5.32%，近5个交易日跌2.38%，近20日涨4.51%，近60日涨7.55%。 11月17日，海信家电盘中下跌2.02%，截至13:43，报26.20元/股，成交1.72亿元，换手率0.71%，总市值 362.83亿元。 资料显示，海信家电集团股份有限公司位于广东省佛山市顺德区容桂街道容港路8号，成立日期1997年4 月21日，上市日期1999年7月13日，公司主营业务涉及冰箱、空调器及家用电器的制造和销售。主营业 务收入构成为：暖通空调48.02%，冰洗31.20%，其他主营13.40%，其他(补充)7.38%。 机构持仓方面，截止2025年9月30日，海信家电十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股2689.05万股，相比上期减少132.86万股。南方中证500ETF（510500）位居第七大流通股 东，持股673.42万股，相比上期减少9 ...

Core Insights - The home appliance industry in China is entering an era of full-home intelligence, with traditional appliance companies and tech firms like Huawei and Xiaomi intensifying competition through AI technology and smart ecosystems [1][2][7] Group 1: Market Dynamics - Traditional appliance companies such as Midea, Gree, Haier, and Hisense are seeking new growth points by developing AI technology, expanding product lines, and exploring international markets [1] - Tech companies like Huawei and Xiaomi leverage their established smart ecosystem advantages to enhance competition in the appliance market [1][2] - The trend towards smart appliances is evident, with many brands offering independent smart systems, often named with a prefix like "Xiao" [2] Group 2: Consumer Behavior - Consumers are increasingly drawn to smart appliances, with features like AI voice functionality appealing to families with children and elderly members [3] - A shift in consumer preferences is noted, with many opting for domestic brands over foreign ones, indicating a growing expectation for smart features in appliances [3][4] - The interest in full-home smart systems is rising, but many consumers face challenges due to incompatibility between different brands' systems [4] Group 3: Technological Advancements - Midea's full-home smart system integrates various home environments and appliances, evolving from passive responses to proactive services [5][6] - The interaction between vehicles and home systems is emerging, with Midea collaborating with companies like BYD and Tesla to enhance connectivity [5][6] - A report indicates that the smart home market in China is expected to grow at double-digit rates from 2023 to 2025, with smart security, lighting, and audio-visual products being the fastest-growing categories [6][7] Group 4: Competitive Landscape - Major players in the appliance sector include Gree, Midea, Haier, Hisense, and TCL, with the boundaries of the industry becoming increasingly blurred as companies embrace a broader home ecosystem [7][8] - The competition is intensifying, with a notable price war among domestic brands, as they strive to offer smart services that add higher value beyond traditional hardware manufacturing [8]

Core Viewpoint - The competition in the home appliance market is intensifying as traditional companies like Midea, Gree, Haier, and Hisense seek new growth through AI technology, product line expansion, and internationalization, while tech companies like Huawei and Xiaomi leverage their established smart ecosystem advantages to increase competition [2][3]. Group 1: Market Dynamics - Traditional home appliance companies are exploring new growth points through AI technology and expanding product lines [2][3]. - Tech companies are intensifying competition in the home appliance market by leveraging their smart ecosystem advantages [2][3]. - The shift towards a fully smart home environment is becoming evident, with consumers increasingly interested in integrated smart solutions [12]. Group 2: Consumer Behavior - Consumers are showing a preference for smart appliances, with features like AI voice control being particularly appealing to families with children and elderly members [6]. - There is a noticeable shift in consumer purchasing habits, with many moving from foreign brands to domestic brands due to the increasing expectations for smart features [6][7]. - Consumers are facing challenges with compatibility between different brands' smart systems, which complicates the integration of smart home devices [7]. Group 3: Technological Advancements - Home appliances are evolving from "single product intelligence" to "whole home intelligence," with systems like Midea's "Xiao Mei AI" integrating various smart functions [9][10]. - The interaction between vehicles and home systems is being developed, allowing for seamless integration and control of home environments from vehicles [11]. - The trend towards smart home integration is expected to continue, with significant growth projected in the smart home market over the next few years [12]. Group 4: Industry Trends - Major players in the home appliance sector, including Gree, Midea, Haier, and Hisense, are adapting to the blurred lines between home appliances and broader home ecosystems [14]. - The retail landscape is shifting, with smart home products being prominently displayed alongside traditional appliances to attract consumer interest [14]. - The release of technological potential in the home appliance sector is expected to reshape global competition, allowing Chinese companies to gain a more advantageous position in the market [15].

（文章来源：证券日报） 证券日报网讯海信家电11月14日在互动平台回答投资者提问时表示，管理层对公司未来发展充满信心， 目前正全力推进各项经营计划，致力于以更好的业绩回报广大投资者的信任。公司将通过扎实的工作和 持续的沟通，努力提升公司价值。 ...

今年双十一，容声方糖系列冰箱以全网成交额突破2.5亿元，斩获京东双系统冰箱品类销量TOP1。 奥维云网最新数据显示，容声搭载双净2.0技术的方糖系列冰箱在双十一预售期强势登顶销额市占率榜首。这不仅是单款产品的成功，更是一场关于产品 定位与技术创新的完美胜利。 在市场竞争白热化的冰箱行业，容声方糖系列凭借对用户需求的精准洞察，实现了从"功能导向"到"价值创造"的跨越。 精准定位：破解现代厨房的空间焦虑 面对中国家庭，尤其是年轻一代的居住场景变革，容声方糖系列直击"厨房空间一体化"的痛点。 技术内核：健康储鲜的硬核革新 如果说外观设计是容声方糖系列吸引消费者的第一印象，那么其健康储鲜技术则是让用户倾心的硬核实力。 在市场调研中，大多数消费者在选购冰箱时，已将净味功能列为前三大考虑因素，其重要性甚至一度超过传统的能耗指标。 容声IDP双净2.0技术实现了从"单一净化"到"识别-捕捉-分解"全链路智慧净化的跨越。 该系统通过释放高达3000万/cm³的负离子，动态破坏细菌蛋白结构，实现冷藏、冷冻双空间99.9999%除菌率。 市场表现：从爆品到现象级的销售奇迹 容声方糖系列的市场表现可圈可点，成功实现了"双线开花"。 ...