Core Viewpoint - TCL Smart Home (002668.SZ) is actively participating in the "Double Eleven" shopping festival on platforms like Tmall and JD, encouraging investors and consumers to purchase its products through these channels [1] Group 1 - The company and its distribution partners are engaging in promotional activities for the upcoming shopping event [1] - The participation in major e-commerce platforms indicates a strategic move to boost sales during a peak shopping season [1]

Core Viewpoint - TCL Smart Home (002668.SZ) is actively participating in the "Double Eleven" shopping festival on platforms like Tmall and JD, encouraging investors and consumers to purchase its products through these channels [1] Group 1 - The company and its distribution partners are engaging in promotional activities for the upcoming shopping event [1] - The participation in major e-commerce platforms indicates a strategic move to boost sales during a peak shopping season [1]

Core Viewpoint - TCL Smart Home has shown a positive market performance with a 1.26% increase in stock price, reaching a total market capitalization of 10.462 billion yuan [1] Business Overview - The main business of the company includes the research, production, and sales of household refrigerators, freezers, and washing machines [3] - The company has maintained the position of the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions globally, including those along the Belt and Road Initiative [3] - As of the 2024 annual report, overseas revenue accounts for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Financial Performance - For the first half of 2025, TCL Smart Home achieved operating revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] - The company has distributed a total of 224 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [9] Market Activity - The stock has seen a net inflow of 5.2188 million yuan today, with a trading volume of 81.0886 million yuan and a turnover rate of 0.78% [1][5] - The average trading cost of the stock is 10.46 yuan, with the current price near a support level of 9.48 yuan [7] Shareholder Structure - As of June 30, 2025, the number of shareholders is 37,000, a decrease of 0.54% from the previous period, with an average of 29,302 circulating shares per person, an increase of 0.54% [8] - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 26.4271 million shares, a decrease of 8.5982 million shares from the previous period [10]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [5][6]. Core Views - The home appliance sector is experiencing a mixed performance, with major appliances under pressure due to high base effects from last year, while small appliances continue to show growth. The upcoming Double Eleven shopping festival is expected to further boost sales in small appliances [1][12]. - The export value of home appliances in September saw a decline of 9.6%, with air conditioning exports particularly affected, while refrigerators and washing machines showed positive growth [3][40]. - The report highlights the resilience of the home appliance sector despite external challenges, with expectations for continued growth potential in overseas markets as companies expand their global presence [12][40]. Summary by Sections 1. Investment Rating - The home appliance industry is rated as "Outperform" [5]. 2. Market Performance - In September, retail sales of major appliances declined by approximately 20% due to high base effects, while small appliances like rice cookers and air fryers saw growth of 6.1% and 27.7% respectively [1][18]. - The Double Eleven shopping festival has been extended, allowing consumers more time to make purchases, which is expected to benefit sales [2][36]. 3. Export Performance - Home appliance exports fell by 9.6% in September, with air conditioning exports down 23.2%. However, washing machines and vacuum cleaners continued to grow by over 10% [3][40]. - The report notes that the actual overseas sales performance may be better than export figures suggest, as companies are diversifying their production and sales channels [40]. 4. Key Company Recommendations - Recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, and TCL for white goods; Boss Electric for kitchen appliances; and Roborock and Ecovacs for small appliances [4][12][13].

Group 1 - TCL Smart Home executed a block trade on October 17, with a transaction volume of 431,100 shares and a transaction amount of 4.1084 million yuan, at a price of 9.53 yuan per share [2][3] - The buyer of the block trade was CITIC Securities Co., Ltd. Shanghai Branch, while the seller was Shenwan Hongyuan Securities Co., Ltd. Shanghai Minhang District Xinsong Road Securities Branch [2][3] - In the last three months, TCL Smart Home has recorded a total of 2 block trades, with a cumulative transaction amount of 7.4439 million yuan [2] Group 2 - The closing price of TCL Smart Home on the day of the block trade was 9.53 yuan, reflecting a decrease of 0.83%, with a daily turnover rate of 0.96% and a total transaction amount of 99.4694 million yuan [2] - The net inflow of main funds for the day was 2.7613 million yuan, and over the past five days, the stock has seen a cumulative decline of 2.85% with a total net inflow of 8.9990 million yuan [2] - The latest margin financing balance for TCL Smart Home is 438 million yuan, which has increased by 4.9968 million yuan over the past five days, representing a growth rate of 1.15% [3]

Core Insights - TCL Smart Home executed a block trade of 431,100 shares on October 17, with a transaction value of 4.1084 million yuan, accounting for 3.97% of the total trading volume for the day, at a price of 9.53 yuan, which is flat compared to the market closing price of 9.53 yuan [1][2]. Summary by Category - **Transaction Details** - Date of transaction: October 17, 2025 [2] - Security code: 002668 [2] - Security name: TCL Smart Home [2] - Transaction price: 9.53 yuan [2] - Transaction volume: 431,100 shares [2] - Transaction amount: 4.1084 million yuan [2] - Buyer brokerage: CITIC Securities Co., Ltd. Shanghai Branch [2] - Seller brokerage: Shenwan Hongyuan Securities Co., Ltd. Shanghai Minhang District Xinyi Road Securities Business Department [2]

Core Viewpoint - TCL Smart Home's stock experienced a decline of 0.83% on October 17, with a trading volume of 99.47 million yuan and a market capitalization of 10.33 billion yuan [1] Group 1: Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines [3] - TCL has maintained the position of the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those along the Belt and Road Initiative [3] - As of the 2024 annual report, overseas revenue accounted for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Group 2: Financial Performance - For the first half of 2025, TCL achieved a revenue of 9.48 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] - The company has distributed a total of 224 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [9] Group 3: Market Activity - The stock has seen a net outflow of 3.33 million yuan from major investors today, with a continuous reduction in holdings over the past two days [5] - The average trading cost of the stock is 10.47 yuan, with the current price fluctuating between resistance at 9.62 yuan and support at 9.46 yuan, indicating potential for range trading [7]

Market Overview - The white goods sector experienced a slight decline of 0.02% on October 16, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Midea Group (000333) closed at 73.18, with a slight increase of 0.36% and a trading volume of 346,800 shares [1] - Gree Electric (000651) closed at 40.77, down 0.12%, with a trading volume of 397,500 shares and a transaction value of 1.619 billion [1] - Haier Smart Home (600690) closed at 25.25, down 0.63%, with a trading volume of 321,500 shares and a transaction value of 813 million [1] - Whirlpool (600983) closed at 10.46, down 0.76%, with a trading volume of 31,200 shares and a transaction value of 33.05 million [1] - TCL Smart Home (002668) closed at 9.61, down 0.93%, with a trading volume of 89,300 shares and a transaction value of 86.25 million [1] - Hisense Home Appliances (000921) closed at 25.80, down 1.04%, with a trading volume of 76,300 shares and a transaction value of 198 million [1] - Changhong Meiling (000521) closed at 7.12, down 1.11%, with a trading volume of 90,300 shares and a transaction value of 64.49 million [1] - Deep Blue Konka A (000016) closed at 5.08, down 1.17%, with a trading volume of 233,200 shares and a transaction value of 119 million [1] - Snowman Electric (001387) closed at 13.36, down 1.26%, with a trading volume of 14,300 shares and a transaction value of 1.919 million [1] - Aucma (600336) closed at 6.92, down 2.12%, with a trading volume of 161,500 shares and a transaction value of 113 million [1] Capital Flow Analysis - The white goods sector saw a net outflow of 706 million from institutional investors, while retail investors contributed a net inflow of 417 million [1] - The following stocks had notable capital flows: - Hisense Home Appliances (000921) had a net inflow of 2.3026 million from institutional investors, but a net outflow of 19.2985 million from speculative funds [2] - Snowman Electric (001387) experienced a net outflow of 373,900 from institutional investors, with a net inflow of 95,500 from speculative funds [2] - Whirlpool (600983) had a net outflow of 1.1962 million from institutional investors, but a net inflow of 1.0942 million from speculative funds [2] - TCL Smart Home (002668) saw a net outflow of 6.4928 million from institutional investors, with a net inflow of 2.6876 million from speculative funds [2] - Aucma (600336) had a net outflow of 7.5552 million from institutional investors, but a net inflow of 2.1876 million from speculative funds [2] - Changhong Meiling (000521) experienced a net outflow of 9.0440 million from institutional investors, with a net inflow of 5.0717 million from speculative funds [2] - Deep Blue Konka A (000016) had a significant net outflow of 15.6153 million from institutional investors, but a net inflow of 6.8073 million from speculative funds [2] - Haier Smart Home (600690) had a net outflow of 1.21 million from institutional investors, with a net inflow of 54.5379 million from speculative funds [2] - Gree Electric (000651) had a net outflow of 1.33 million from institutional investors, but a net inflow of 1.44 million from retail investors [2] - Midea Group (000333) had a net outflow of 1.67 million from institutional investors, with a net inflow of 2.47 million from retail investors [2]

Market Overview - The white goods sector increased by 0.44% on October 15, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Key stocks in the white goods sector showed the following closing prices and percentage changes: - Whirlpool: 10.54, up 1.35% [1] - TCL Smart Home: 9.70, up 1.25% [1] - Hisense Home Appliances: 26.07, up 1.20% [1] - Gree Electric: 40.82, up 0.59% [1] - Midea Group: 72.92, up 0.44% [1] - The trading volume and turnover for these stocks varied, with Gree Electric having a turnover of 1.79 billion yuan [1] Capital Flow - The white goods sector experienced a net inflow of 117 million yuan from institutional investors, while retail investors saw a net inflow of 11.55 million yuan [1] - The capital flow for individual stocks indicated: - Midea Group: Net outflow of 828.19 million yuan from retail investors [2] - TCL Smart Home: Net inflow of 1.01 million yuan from institutional investors [2] - Gree Electric: Net outflow of 40.32 million yuan from institutional investors [2]

Core Viewpoint - TCL Smart Home has shown a positive market performance with a 1.25% increase in stock price, reaching a total market capitalization of 10.516 billion yuan [1] Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines, with a significant export presence in over 130 countries, including those along the Belt and Road Initiative [3] - As of the 2024 annual report, overseas revenue accounts for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Financial Performance - For the first half of 2025, TCL Smart Home achieved operating revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] Market Activity - The stock has seen a net inflow of 10.947 million yuan today, with a continuous increase in main funds over the past three days [5][6] - The average trading cost of the stock is 10.49 yuan, with the current price near a support level of 9.62 yuan [7] Shareholder Information - As of June 30, 2025, the number of shareholders is 37,000, a decrease of 0.54% from the previous period, with an average of 29,302 circulating shares per person, an increase of 0.54% [8] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [10]