Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][5][10]. Core Viewpoints - The home appliance retail sector is experiencing a bottoming out in November, with expectations for recovery driven by continued national subsidies and improvements in exports [1][18]. - Despite a challenging environment with high base effects from the previous year, the resilience of leading companies in the home appliance sector remains strong, particularly in the white goods segment [13][14]. - The report highlights a potential rebound in retail demand for home appliances, supported by ongoing national subsidy policies and improved export conditions [18][19]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric Appliances, and Hisense Home Appliances in the white goods category; Hisense Visual Technology in the black goods category; and Roborock, Bear Electric, and Ecovacs in the small appliances category [5][6][14]. 2. Market Performance and Insights - In November, the retail sales of home appliances and audio-visual equipment fell by 19.4% year-on-year, while the overall retail sales in China grew by 1.3% [2][19]. - The export value of home appliances decreased by 6% year-on-year in November, with air conditioning exports down by 25.7%, while refrigerators and washing machines showed signs of recovery with growth rates of 7.6% and 15.8%, respectively [3][46]. - Air conditioning production and sales saw declines exceeding 30% in November, but January production is expected to improve due to the timing of the Spring Festival [4][59]. 3. Key Data Tracking - The home appliance sector achieved a relative return of +0.44% compared to the broader market [61]. - Prices for copper and aluminum increased by 0.4% and 2.4%, respectively, while cold-rolled steel prices remained stable [63][64]. - The real estate sector continues to face challenges, with residential construction and sales areas down by 20.1% and 8.1% year-on-year, respectively [73].

Core Viewpoint - The white goods sector experienced a decline of 0.57% on December 22, with Aucma leading the drop, while the overall Shanghai Composite Index rose by 0.69% and the Shenzhen Component Index increased by 1.47% [1] Group 1: Market Performance - The closing price for Midea Group was 79.16, down by 0.37%, with a trading volume of 245,000 shares and a transaction value of 1.94 billion yuan [1] - Gree Electric Appliances closed at 40.88, down by 0.63%, with a trading volume of 345,800 shares [1] - Haier Smart Home closed at 27.33, down by 0.65%, with a trading volume of 231,900 shares [1] - Aucma saw the largest decline at 5.79%, closing at 8.63, with a trading volume of 519,600 shares [1] Group 2: Capital Flow - The white goods sector had a net outflow of 184 million yuan from institutional investors, while retail investors saw a net inflow of 16.2 million yuan [1] - Haier Smart Home had a net inflow of 7.685 million yuan from institutional investors, but a net outflow of 5.353 million yuan from retail investors [2] - Midea Group experienced a significant net outflow of 136 million yuan from institutional investors, while retail investors had a net inflow of 74.33 million yuan [2] - Aucma faced a net outflow of 37.77 million yuan from institutional investors, but retail investors contributed a net inflow of 34.78 million yuan [2]

Market Overview - The white goods sector experienced a slight decline of 0.05% on December 19, with Midea Group leading the drop [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] Stock Performance - Notable gainers in the white goods sector included: - Xueqi Electric (14.31, +2.51%, 41,600 shares, 59.01 million CNY) - TCL Smart Home (10.84, +2.07%, 124,500 shares, 133 million CNY) - Changhong Meiling (6.60, +1.54%, 78,400 shares, 51.44 million CNY) [1] - Midea Group's stock closed at 79.45, down 0.48%, with a trading volume of 278,000 shares and a transaction value of 2.205 billion CNY [1] Capital Flow - The white goods sector saw a net outflow of 78.22 million CNY from institutional investors and 78.94 million CNY from retail investors, while retail investors had a net inflow of 157 million CNY [1] - Specific stock capital flows included: - Gree Electric: -24.78 million CNY from institutional investors, -21.92 million CNY from retail investors, and -2.87 million CNY from individual investors [2] - TCL Smart Home: +15.61 million CNY from institutional investors, -12.50 million CNY from retail investors, and -3.10 million CNY from individual investors [2] - Midea Group: -69.72 million CNY from institutional investors, -53.02 million CNY from retail investors, and +123 million CNY from individual investors [2]

Core Insights - TCL Smart Home demonstrated strong operational resilience in the first three quarters of 2025, achieving a net profit of 977 million yuan, a year-on-year increase of 18.5% [4] - The company is focusing on global expansion and AI strategies to enhance profitability, with significant revenue growth from non-European markets [4] Group 1: Performance Overview - In Q1-Q3 2025, TCL Smart Home sold 13.055 million refrigerators and freezers, a 2.8% increase year-on-year, and 2.7 million washing machines, a 1.7% increase year-on-year [4] - The company reported total revenue of 14.346 billion yuan, reflecting a 2.9% year-on-year growth, driven by market expansion in Asia-Pacific, Latin America, and the Middle East [4] Group 2: Product Innovation - TCL Smart Home launched several successful new products in 2025, including the "Ice Qilin" series refrigerator, which won the AWE 2025 Applan Innovation Award for its advanced cooling technology [5] - The "Big Eye AI Super Drum" washing machine features AI technology for personalized washing solutions and has achieved a cleaning ratio exceeding 1.31 [5] Group 3: R&D Investment - The company has over 1,000 R&D personnel and more than 2,000 authorized patents, focusing on health technology, cooling efficiency, and energy optimization [6] - TCL Smart Home plans to increase investment in key technologies for refrigerators and washing machines to enhance its competitive edge [6][7] Group 4: Global Expansion - TCL Smart Home has established a sales network in over 80 countries and regions, covering more than 160 countries, and aims to leverage its partnership with the Olympics to enhance brand visibility [8] - The subsidiary, Oma Refrigerators, has been the top exporter of refrigerators in China for 16 consecutive years and ranks first in Europe, with significant market shares in Japan, the UK, France, Italy, and Canada [8] Group 5: Dividend Policy - As of the end of Q3 2025, TCL Smart Home reported undistributed profits of 862 million yuan, meeting the conditions for profit distribution [9] - The company plans to consider strategic development, profit scale, and cash flow when deciding on future dividends [9]

截至发稿，TCL智家市值为115亿元。 每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… 每经AI快讯，TCL智家（SZ 002668，收盘价：10.62元）发布公告称，2025年12月17-18日，TCL智家接 受招商基金等投资者调研，公司董事会秘书温晓瑞；证券事务代表吴鑫；投资者关系主管王珮璇参与接 待，并回答了投资者提出的问题。 2025年1至6月份，TCL智家的营业收入构成为：工业占比99.28%，其他业务占比0.72%。 （记者 曾健辉） ...

Sales and Financial Performance - In the first nine months of 2025, TCL achieved refrigerator and freezer sales of 13.055 million units, a year-on-year increase of 2.8% [2] - Washing machine sales reached 1.7 million units, reflecting a growth of 270.0% [2] - The company reported a revenue of 14.346 billion yuan, up 2.9% year-on-year [2] - Net profit attributable to shareholders was 977 million yuan, marking an 18.5% increase compared to the previous year [2] Product Strategy and Innovation - TCL focuses on creating standout products and enhancing product competitiveness, leading to a 0.6 percentage point increase in overall gross margin [3] - The company aims to become a global leader in smart home appliances, emphasizing AI integration and product interconnectivity [3] - New product innovations include the "Ice Unicorn" series refrigerator and the "Big Eye Cute AI Super Drum" washing machine, both of which have received industry accolades [4] Research and Development - As of June 2025, TCL has over 1,000 R&D personnel and more than 2,000 authorized patents [5] - The company prioritizes advancements in health technology, cooling efficiency, and energy consumption reduction [4] Global Expansion and Brand Development - TCL has established a sales network in over 80 countries and regions, with a presence in more than 160 markets globally [6] - The brand has partnered with the International Olympic Committee, enhancing its global recognition and market position [6] - The company plans to strengthen its presence in Asia-Pacific, North America, and Latin America, leveraging its Olympic partnership for brand promotion [7] Financial Returns and Shareholder Engagement - As of the end of Q3 2025, the company reported an undistributed profit of 862 million yuan [7] - The company is committed to returning value to shareholders in accordance with legal regulations and its articles of association [7] Legal Matters - TCL is currently involved in a lawsuit regarding the validity of certain provisions in the articles of association of its subsidiary, which is under judicial review [8]

Market Overview - The white goods sector experienced a decline of 0.62% on December 18, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3876.37, up 0.16%, while the Shenzhen Component Index closed at 13053.98, down 1.29% [1] Individual Stock Performance - Whirlpool (600983) closed at 9.62, up 0.52% with a trading volume of 20,000 shares and a turnover of 19.2182 million yuan [1] - Snowball Electric (001387) closed at 13.96, up 0.43% with a trading volume of 44,600 shares and a turnover of 62.3946 million yuan [1] - Changhong Meiling (000521) closed at 6.50, down 0.15% with a trading volume of 58,300 shares and a turnover of 37.9871 million yuan [1] - Haier Smart Home (600690) closed at 27.41, down 0.29% with a trading volume of 179,900 shares and a turnover of 493 million yuan [1] - Gree Electric (000651) closed at 40.96, down 0.34% with a trading volume of 247,400 shares and a turnover of 1.012 billion yuan [1] - Hisense Home Appliances (000921) closed at 25.83, down 0.46% with a trading volume of 33,400 shares and a turnover of 86.2352 million yuan [1] - Midea Group (000333) closed at 79.83, down 0.80% with a trading volume of 214,100 shares and a turnover of 1.710 billion yuan [1] - TCL Smart Home (002668) closed at 10.62, down 0.84% with a trading volume of 80,800 shares and a turnover of 85.7174 million yuan [1] - Deep Blue Konka A (000016) closed at 5.14, down 1.53% with a trading volume of 169,000 shares and a turnover of 87.2602 million yuan [1] - Aucma (600336) closed at 9.10, down 4.71% with a trading volume of 710,900 shares and a turnover of 648 million yuan [1] Capital Flow Analysis - The white goods sector saw a net inflow of 11.5501 million yuan from institutional investors, while retail investors contributed a net inflow of 56.1258 million yuan [1] - However, there was a net outflow of 67.6759 million yuan from speculative funds [1] Detailed Capital Flow by Company - Midea Group (000333) had a net inflow of 10.2 million yuan from institutional investors, but a net outflow of 11.9 million yuan from speculative funds [2] - Gree Electric (000651) saw a net inflow of 13.5475 million yuan from institutional investors, with a net outflow of 30.2722 million yuan from retail investors [2] - Hisense Home Appliances (000921) had a net inflow of 5.6853 million yuan from institutional investors, but a net outflow of 6.9064 million yuan from retail investors [2] - Changhong Meiling (000521) experienced a net outflow of 26.61 million yuan from institutional investors [2] - Whirlpool (600983) had a net outflow of 35,100 yuan from institutional investors [2] - Snowball Electric (001387) saw a net outflow of 1.3889 million yuan from institutional investors [2] - TCL Smart Home (002668) had a net outflow of 6.753 million yuan from institutional investors [2] - Deep Blue Konka A (000016) experienced a significant net outflow of 15.4027 million yuan from institutional investors [2] - Haier Smart Home (600690) had a net outflow of 21.8413 million yuan from institutional investors [2] - Aucma (600336) faced a substantial net outflow of 63.8104 million yuan from institutional investors [2]

来源：新浪证券-红岸工作室 12月18日，TCL智家跌0.84%，成交额8571.74万元，换手率0.74%，总市值115.13亿元。 异动分析 跨境电商+家用电器+一带一路+人民币贬值受益+人工智能 1、2022年10月31互动易回复：公司有部分出口业务通过线上跨境电子商务平台开展，目前占比较小。 2、公司的主营业务是家用冰箱、冷柜及洗衣机的研发、生产及销售。 3、2023年5月9日公司互动：公司已实现连续14年中国冰箱出口量第一，公司为包含一带一路国家在内 的全球130多个国家和地区提供优质的冰箱冷柜产品。据公司官网显示，公司设有欧洲事业部以促产品 销往欧洲。 4、根据2024年年报，公司海外营收占比为73.50%，受益于人民币贬值。 5、2023年4月7日互动易回复：公司在AI语音控制、AI智能双变频技术等方面已有布局，公司产品智能 化水平可以满足客户的需求。 资金分析 今日主力净流入-635.18万，占比0.07%，行业排名7/10，连续3日被主力资金减仓；所属行业主力净流 入-3537.57万，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入-635.18万-1 ...

Market Performance - The white goods sector increased by 0.76% on December 17, with Aucma leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] Individual Stock Performance - Aucma (600336) closed at 9.55, up 8.65% with a trading volume of 796,600 shares and a turnover of 73 million [1] - Other notable performers include: - Deep Blue Technology (000016) at 5.22, up 1.56% [1] - Haier Smart Home (600690) at 27.49, up 1.10% [1] - Midea Group (000333) at 80.47, up 0.64% [1] - Gree Electric (000651) at 41.10, up 0.61% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 13.31 million from institutional investors, while retail investors contributed a net inflow of 16.23 million [1] - Notably, Gree Electric experienced a net outflow of 117 million from institutional investors [2] - Aucma also faced a net outflow of 30.4 million from retail investors [2] Summary of Capital Flows by Company - Gree Electric (000651): Institutional net inflow of 117 million, retail net outflow of 65.16 million [2] - Aucma (600336): Institutional net inflow of 50.08 million, retail net outflow of 19.68 million [2] - Deep Blue Technology (000016): Institutional net inflow of 14.95 million, retail net outflow of 5.09 million [2]

Core Viewpoint - TCL Smart Home has shown a slight increase in stock price and has a market capitalization of 11.611 billion yuan, indicating stable performance in the market [1] Group 1: Company Overview - TCL Smart Home specializes in the research, production, and sales of household refrigerators, freezers, and washing machines, with a significant focus on the export market [3] - The company has maintained the highest export volume 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 September 30, 2025, the company reported a revenue of 14.346 billion yuan, a year-on-year increase of 2.87%, and a net profit of 977 million yuan, up 18.45% year-on-year [8] Group 2: Financial Performance - The company's overseas revenue accounted for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] - The main business revenue composition includes refrigerators and freezers at 84.92%, washing machines at 14.37%, and other products at 0.72% [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 Dynamics - The stock has experienced a net outflow of 1.4015 million yuan from major investors, indicating a reduction in holdings over the past two days [5] - The average trading cost of the stock is 10.58 yuan, with the current price approaching a resistance level of 10.73 yuan, suggesting potential volatility [7] - The stock's trading volume shows a lack of control by major investors, with a very dispersed distribution of shares [6]