Market Performance - The white goods sector increased by 0.76% on August 5, with TCL leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] Stock Performance - TCL Smart Home (002668) closed at 10.48, up 2.14% with a trading volume of 177,700 shares and a turnover of 185 million [1] - Gree Electric Appliances (000651) closed at 46.72, up 1.30% with a trading volume of 277,900 shares and a turnover of 1.292 billion [1] - Midea Group (000333) closed at 71.38, up 0.62% with a trading volume of 191,700 shares and a turnover of 1.365 billion [1] Capital Flow - The white goods sector saw a net inflow of 100 million from institutional investors, while retail investors experienced a net outflow of 75.72 million [1] - Major stocks like Haier Smart Home (600690) and Gree Electric Appliances (000651) had significant net outflows from retail investors [2]

Core Viewpoints and Investment Recommendations - The report maintains an "Outperform" rating for the home appliance sector, indicating a positive outlook for the industry [7] - The report highlights the expected stable growth in domestic demand driven by the "old-for-new" policy, while external sales may face challenges due to U.S. tariff policies [15][17] - Key recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, with a focus on those with strong overseas growth potential and efficient operations [14][15][17] Monthly Research Tracking and Investment Insights - In August, the white goods production volume decreased by 5% year-on-year, with domestic sales experiencing a slowdown due to the seasonal demand drop and adverse weather conditions [20][21] - The report notes that in June, domestic sales of major home appliances showed robust growth, with air conditioners, refrigerators, and range hoods achieving over 10% growth [27][29] - U.S. retail sales of home appliances grew by 0.7% year-on-year in June, with inventory levels rising, indicating a stable demand despite tariff impacts [30][33] Key Data Tracking - The home appliance sector experienced a relative decline of 2.90% in July compared to the Shanghai Composite Index, which rose by 3.54% [35][37] - In July, the prices of copper and aluminum decreased by 1.9% and 0.4% respectively, while cold-rolled steel prices increased by 15.8% [38][40] - Shipping indices showed a significant decline in rates for routes to the U.S. West and East coasts, while European routes saw a slight increase [48][49] Key Company Announcements and Industry Dynamics - The report indicates that the home appliance market in China saw significant growth in H1 2025, particularly in the cleaning appliance segment, which grew by 30% year-on-year [52] - The kitchen appliance market is expected to show resilience, with stable performance from leading companies like Robam Appliances, which is focusing on expanding its product categories [15][52] - The report also highlights the ongoing adjustments in the home appliance sector, with companies like Ecovacs and Roborock showing strong overseas growth and product diversification [18][19]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600983 | 惠両浦 | 11.22 | 1.91% | 7.50万 | 8357.12万 | | 001387 | 雪祺电气 | 14.48 | 1.83% | 4.59万 | 6594.47万 | | 000651 | 格力电器 | 46.12 | 0.50% | 21.08万 | 9.71亿 | | 600336 | 澳柯玛 | 6.97 | 0.43% | 9.51万 | 6602.08万 | | 600690 | 海尔智家 | 24.96 | 0.24% | 19.99万 | 4.98 Z | | 000333 | 美的隻厨 | 70.94 | 0.21% | 19.78万 | 13.98亿 | | 000016 | 深康佳A | 4.84 | -0.21% | 19.45万 | 9372.97万 | | 000921 | 海信家电 | 25.42 | -0.31% | 15.47万 | 3.92亿 | | 000521 | 长虹美菱 ...

证券之星消息，8月1日白色家电板块较上一交易日上涨0.65%，TCL智家领涨。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。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) | | --- | --- | --- | --- | --- | --- | | 002668 | TCL智家 | 10.33 | 1.87% | 20.84万 | 2.16亿 | | 001387 | 雪祺电气 | 14.22 | 1.79% | 5.49万 | 7758.03万 | | 000333 | 美的集团 | 70.79 | 0.85% | 28.64万 | 20.19亿 | | 600336 | 澳柯玛 | 6.94 | 0.73% | 8.63万 | 5977.68万 | | 600983 | 惠而浦 | 11.01 | 0.64% | 5.54万 | 6092.05万 | | 000651 | 格力电器 | 45.89 | 0.59% | 23.40万 | 10.73亿 | | 000521 | 长虹美菱 ...

Core Viewpoint - TCL Smart Home has filed a lawsuit against its subsidiary, Guangdong Oma Refrigerator Co., Ltd., seeking to invalidate certain provisions of the company's articles of association, which TCL believes restricts the legitimate rights of the controlling shareholder and is detrimental to the long-term development of Oma Refrigerator [1][5]. Group 1: Lawsuit Details - The lawsuit was submitted to the Zhongshan Second People's Court of Guangdong Province in June 2025 and has been accepted by the court [1][5]. - The specific provisions in question relate to the election and replacement of directors not representing employees, which require a special resolution when there is a change in the actual control of the listed company [1][5]. - The lawsuit does not involve any monetary claims and is currently in the preliminary stage, with no impact on the company's current or future profits [4][5]. Group 2: Parties Involved - The plaintiff in the case is TCL Smart Home, while the defendant is Guangdong Oma Refrigerator Co., Ltd. [6]. - The case is being handled by the Zhongshan Second People's Court of Guangdong Province [6].

Core Viewpoint - TCL Smart Home has shown a positive market performance with a 1.87% increase in stock price and a total market capitalization of 11.199 billion yuan as of August 1 [1] Group 1: Business Overview - The company specializes in the research, production, and sales of household appliances, primarily refrigerators, freezers, and washing machines, with revenue contributions of 84.49% from refrigerators and freezers, and 14.71% from washing machines [6] - As of March 31, the company reported a revenue of 4.6 billion yuan for Q1 2025, representing a year-on-year growth of 9.58%, and a net profit of 302 million yuan, up 33.98% year-on-year [6] - The company has a significant overseas revenue share of 73.50%, benefiting from the depreciation of the Chinese yuan [3] Group 2: Market Activity - The stock has seen a net inflow of 6.2869 million yuan today, with a total of 31.9 million yuan in net inflows for the industry, indicating a lack of clear trends in major funds [4][5] - The average trading cost of the stock is 10.76 yuan, with the current price near a support level of 10.15 yuan, suggesting potential volatility if the support level is breached [5] Group 3: Shareholder Information - As of March 31, the number of shareholders decreased by 1.48% to 37,200, while the average number of circulating shares per person increased by 1.50% to 29,145 shares [6] - 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 [7]

Group 1 - TCL Smart Home (002668) closed at 10.14 yuan on July 31, 2025, down 2.03% with a turnover rate of 1.36% and a trading volume of 147,500 hands, amounting to 1.50 billion yuan [1] - The latest quarterly report shows total revenue of 4.6 billion yuan, a year-on-year increase of 9.58%, and a net profit attributable to shareholders of 302 million yuan, up 33.98% year-on-year [1] - The company has a current ratio of 1.105, a quick ratio of 0.957, and a debt-to-asset ratio of 72.76% [1] Group 2 - TCL Smart Home has made investments in 7 companies and participated in 20 bidding projects, holding 61 patents and 20 administrative licenses [2]

Market Overview - The white goods sector increased by 0.94% on July 30, with Shenzhen Konka A leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Stock Performance - Shenzhen Konka A (000016) closed at 5.00, up 1.83% with a trading volume of 819,900 shares [1] - Hisense Home Appliances (000921) closed at 27.20, up 1.64% with a trading volume of 179,800 shares [1] - Midea Group (000333) closed at 72.11, up 1.22% with a trading volume of 411,300 shares [1] - TCL Smart Home (002668) closed at 10.35, up 0.98% with a trading volume of 148,100 shares [1] - Haier Smart Home (600690) closed at 25.58, up 0.67% with a trading volume of 313,400 shares [1] - Gree Electric Appliances (000651) closed at 46.37, up 0.54% with a trading volume of 320,200 shares [1] Capital Flow - The white goods sector saw a net inflow of 307 million yuan from institutional investors, while retail investors experienced a net outflow of 189 million yuan [1] - Midea Group had a net inflow of 14.5 million yuan from institutional investors, but retail investors had a net outflow of 82 million yuan [2] - Gree Electric Appliances experienced a net inflow of 68.42 million yuan from institutional investors, with retail investors also seeing a net outflow of 18.42 million yuan [2] - Haier Smart Home had a net inflow of 32.30 million yuan from institutional investors, while retail investors had a net outflow of 21.02 million yuan [2]

Core Insights - The white goods sector experienced a decline of 0.98% on July 29, with Changhong Meiling leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Company Performance - Hisense Home Appliances (000921) closed at 26.76, with a slight increase of 0.04% and a trading volume of 86,100 shares [1] - Deep Blue Technology (000016) closed at 4.91, down 0.61%, with a trading volume of 309,400 shares [1] - Whirlpool (600983) closed at 10.87, down 0.82%, with a trading volume of 36,600 shares [1] - Haier Smart Home (600690) closed at 25.41, down 0.94%, with a trading volume of 316,000 shares [1] - Midea Group (000333) closed at 71.24, down 0.97%, with a trading volume of 398,400 shares [1] - Gree Electric Appliances (000651) closed at 46.12, down 1.09%, with a trading volume of 427,600 shares [1] - TCL Smart Home (002668) closed at 10.25, down 1.16%, with a trading volume of 140,900 shares [1] - Xuqiqi Electric (001387) closed at 14.35, down 1.17%, with a trading volume of 45,700 shares [1] - Aucma (600336) closed at 7.09, down 1.25%, with a trading volume of 207,300 shares [1] - Changhong Meiling (000521) closed at 7.45, down 1.59%, with a trading volume of 161,200 shares [1] Capital Flow - The white goods sector saw a net outflow of 727 million yuan from institutional investors, while retail investors contributed a net inflow of 681 million yuan [1] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with Haier Smart Home experiencing a net inflow of 9.97 million yuan from institutional investors [2] - Changhong Meiling had the highest net outflow from institutional investors at 19.80 million yuan, indicating significant selling pressure [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [4][5][12]. Core Views - The home appliance sector is expected to experience steady growth driven by government subsidies and a recovery in domestic demand, despite challenges in export markets due to tariffs [11][12][18]. - The second quarter saw a decline in the heavy holding ratio of home appliance stocks, with an increase in the black appliance sector's weight [3][11][22]. - The report highlights the positive impact of the third batch of 690 billion yuan in government subsidies on consumer demand for home appliances [2][20]. Summary by Sections 1. Investment Recommendations - Key recommendations include Midea Group, Gree Electric, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector [4][12]. - For kitchen appliances, Boss Electric is recommended, while for small appliances, Bear Electric, Roborock, and Ecovacs are highlighted [12][15]. 2. Market Tracking and Investment Insights - In August, air conditioner production decreased by 7%, with domestic sales entering a seasonal slowdown [1][17]. - The third batch of 690 billion yuan in government subsidies is expected to support strong domestic sales [2][20]. - The heavy holding ratio for home appliance stocks fell to 3.3%, with white goods seeing the largest decline [3][22]. 3. Key Data Tracking - The home appliance sector's relative performance was -1.65% this week compared to the broader market [29]. - Raw material prices showed an increase, with LME copper and aluminum prices rising by 1.2% and 2.3% respectively [32][36]. - Shipping prices have decreased, with the export shipping index for the West America route down by 6.44% [46]. 4. Company Announcements and Industry Dynamics - The report includes forecasts for key companies, indicating stable growth in domestic sales and a recovery in export orders [53][54]. - The overall market for home appliances is expected to benefit from the government's "old for new" policy, which has already led to significant sales increases [20][21].