Core Insights - The 2026 home appliance national subsidy policy is expected to stimulate domestic demand and stabilize retail sales, particularly in the white goods sector [2][3][20] - The policy continues to support the replacement of old appliances with new ones, focusing on six major categories, including refrigerators, washing machines, and air conditioners, with a subsidy of 15% of the product price, capped at 1500 yuan per item [3][21][22] - The white goods production in January showed a positive trend, with a total output of 34.53 million units, representing a 6% year-on-year increase, driven by the national subsidy policy [4][24] Monthly Research Tracking and Investment Thoughts - The national subsidy policy for 2026 aims to boost the replacement demand for home appliances, which is expected to support domestic sales [20][21] - January's white goods production saw a recovery, with air conditioner production increasing by 11% year-on-year, indicating a potential stabilization in demand [4][24] - In November, the domestic sales of major appliances faced pressure due to high base effects from the previous year, but exports of refrigerators and washing machines showed good growth [5][32] Key Data Tracking - In December, the home appliance sector experienced a relative return of -1.06% compared to the Shanghai Composite Index, which rose by 2.28% [34] - The prices of raw materials such as copper and aluminum increased by 13.5% and 4.8% respectively in December, while cold-rolled steel prices decreased by 3.2% [36] - The shipping index for major routes showed a mixed performance, with the West America route down by 6.4% and the Europe route up by 4.8% [45] Key Company Announcements and Industry Dynamics - The report highlights key companies such as Midea Group, Haier Smart Home, TCL, and Gree Electric as strong performers in the white goods sector, with recommendations for investment based on their resilience and growth potential [14][15][54] - The home appliance industry is expected to face challenges due to high inflation in overseas markets and geopolitical tensions, but leading companies are adapting by enhancing local production capabilities [50][51]

证券代码:002668 -- - 证券简称:TCL智家 == 公告编号: 2026-001 广东 TCL 智慧家电股份有限公司 特别提示: 1、诉讼阶段:法院一审判决驳回公司诉讼请求; 2、上市公司为原告,广东奥马冰箱有限公司为被告; 3、涉案金额:无; 4、对上市公司损益的影响:本次诉讼事项对公司本期利润或期后利润暂无 影响。后续上诉及二审审理、判决结果存在不确定性,公司将就本次诉讼的进展 情况及时履行信息披露义务,敬请投资者注意投资风险。 广东 TCL 智慧家电股份有限公司(以下简称"公司"或"上市公司")于 2025年6月向广东省中山市第二人民法院递交了起诉控股子公司广东奥马冰箱有 限公司(以下简称"奥马冰箱")章程部分条款无效的诉讼材料,并获法院受理。 具体内容详见公司于 2025年 7 月 5 目在巨潮资讯网披露的《关于涉及诉讼的公 告》（公告编号:2025-031）。 关于公司涉及诉讼的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚假 记载、误导性陈述或重大遗漏。 一、本案的基本情况 1、受理法院:广东省中山市第二人民法院; 2、原告:广东 TCL 智慧家电股份有限公司 ...

Market Performance - The white goods sector increased by 0.85% on January 5, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Key stocks in the white goods sector showed the following closing prices and percentage changes: - Whirlpool: 9.79, up 2.41% [1] - Snowman Electric: 14.02, up 1.45% [1] - Deep Blue A: 5.04, up 1.41% [1] - Gree Electric: 40.76, up 1.34% [1] - TCL Smart Home: 10.50, up 1.16% [1] - Haier Smart Home: 26.32, up 0.88% [1] - Midea Group: 78.68, up 0.68% [1] - Changhong Meiling: 6.58, up 0.46% [1] - Hisense Home Appliances: 24.89, up 0.32% [1] - Aucma: 7.95, down 3.28% [1] Capital Flow - The white goods sector experienced a net outflow of 11.98 million yuan from institutional investors and 73.44 million yuan from retail investors, while retail investors had a net inflow of 85.43 million yuan [1] - Detailed capital flow for key stocks includes: - Gree Electric: 106 million yuan net inflow from institutions, but 30.02 million yuan net outflow from retail [2] - Hisense Home Appliances: 3.87 million yuan net inflow from institutions, with a net outflow of 9.75 million yuan from retail [2] - Whirlpool: 2.60 million yuan net inflow from institutions, with a net outflow of 1.50 million yuan from retail [2] - Aucma: 46.62 million yuan net outflow from institutions, but 37.85 million yuan net inflow from retail [2]

Core Viewpoint - TCL Smart Home has shown a positive stock performance with a 1.16% increase on January 5, 2023, and a total market capitalization of 11.38 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] - As of September 30, 2025, TCL Smart Home achieved a revenue of 14.35 billion yuan, representing a year-on-year growth of 2.87%, and a net profit attributable to shareholders of 977 million yuan, with an 18.45% increase [8] Group 2: Market Position and International Operations - TCL Smart Home has maintained the position of the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those involved in the Belt and Road Initiative [2][4] - The company's overseas revenue accounted for 73.50% of total revenue in the 2024 annual report, benefiting from the depreciation of the yuan [4] Group 3: Technological Advancements - The company has made advancements in AI voice control and AI intelligent dual inverter technology, enhancing the smart capabilities of its products to meet customer demands [4] Group 4: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for TCL Smart Home was 36,200, a decrease of 2.23% from the previous period, with an average of 29,971 circulating shares per person, an increase of 2.28% [8] - The stock has seen a net outflow of 7.54 million yuan from major investors, indicating a lack of clear trend in major holdings [5][6]

Market Overview - The white goods sector experienced a decline of 1.01% on December 31, with TCL leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Stock Performance - Changhong Meiling (000521) closed at 6.55, up 1.71% with a trading volume of 114,800 shares and a turnover of 74.87 million yuan [1] - Whirlpool (600983) closed at 9.56, up 0.53% with a trading volume of 19,900 shares and a turnover of 18.93 million yuan [1] - Aucma (600336) closed at 8.22, up 0.37% with a trading volume of 220,700 shares and a turnover of 182 million yuan [1] - Gree Electric (000651) closed at 40.22, down 0.76% with a trading volume of 503,000 shares and a turnover of 2.028 billion yuan [1] - Midea Group (000333) closed at 78.15, down 0.89% with a trading volume of 287,800 shares and a turnover of 2.257 billion yuan [1] - Hisense Home Appliances (000921) closed at 24.81, down 1.39% with a trading volume of 99,700 shares and a turnover of 249 million yuan [1] - Haier Smart Home (600690) closed at 26.09, down 1.70% with a trading volume of 435,700 shares and a turnover of 1.142 billion yuan [1] - TCL Smart Home (002668) closed at 10.38, down 4.07% with a trading volume of 254,100 shares and a turnover of 267 million yuan [1] Capital Flow Analysis - The white goods sector saw a net outflow of 424 million yuan from institutional investors, while retail investors contributed a net inflow of 235 million yuan [1] - TCL Smart Home experienced a net outflow of 45.27 million yuan from retail investors, despite a net inflow of 35.83 million yuan from institutional investors [2] - Midea Group had a net outflow of 44.91 million yuan from retail investors, with a net inflow of 29.11 million yuan from institutional investors [2] - Haier Smart Home had a significant net inflow of 68.95 million yuan from retail investors, despite a net outflow of 21.1 million yuan from institutional investors [2]

证券代码:002668 证券简称:TCL智家 == 公告编号:2025-046 广东 TCL 智慧家申股份有限公司 关于公司与高榕资本的股权转让纠纷 暨重大诉讼的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚 假记载、误导性陈述或重大遗漏。 特别提示: 案件一:公司为原告,高榕资本及赵国栋为被告,公司请求判令高榕资本返 还股权转让款本金及利息 158,581,174.51元,请求判令赵国栋承担连带责任。近 日,公司收到广东高院二审判决书:驳回公司上诉请求,维持原判。为保障公司、 广大中小股东及社会公众利益,维护市场公平正义,公司将依法申请再审。 案件二:公司为被告,高榕资本为原告,高榕资本请求判令公司支付剩余股 权转让款及滞纳金 55,048,515.06元。目前,深圳市南山区法院定于 2026年 1 月 14 日开庭审理。 上述案件一不会对公司本期利润或期后利润产生影响。案件二最终判决结果、 执行情况等存在不确定性,公司尚无法判断其对公司本期利润或期后利润产生的 影响。 一、诉讼的基本情况 2015 年 3 月,赵国栋成为中融金（北京）科技有限公司（已更名为"北京 题融科技有限公 ...

Market Overview - The white goods sector experienced a decline of 0.48% on December 29, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - TCL Smart Home (002668) closed at 10.76, up 0.47% with a trading volume of 112,500 shares and a transaction value of 122 million yuan [1] - Gree Electric Appliances (000651) closed at 40.72, down 0.10% with a trading volume of 392,700 shares and a transaction value of 1.606 billion yuan [1] - Midea Group (000333) closed at 78.41, down 0.58% with a trading volume of 257,000 shares and a transaction value of 2.026 billion yuan [1] - Haier Smart Home (600690) closed at 26.58, down 0.60% with a trading volume of 274,400 shares and a transaction value of 734 million yuan [1] - Aucma (600336) closed at 8.71, down 2.90% with a trading volume of 282,200 shares and a transaction value of 248 million yuan [1] Capital Flow - The white goods sector saw a net inflow of 60.7462 million yuan from institutional investors, while retail investors experienced a net outflow of 625.939 million yuan [1] - Gree Electric Appliances had a net inflow of 160 million yuan from institutional investors, but a net outflow of 58.1725 million yuan from retail investors [2] - Midea Group had a net inflow of 41.9801 million yuan from institutional investors, with a net outflow of 52.5536 million yuan from retail investors [2] - Haier Smart Home experienced a net outflow of 81.9545 million yuan from institutional investors, while retail investors had a net inflow of 9.8857 million yuan [2]

Market Overview - The Shanghai Composite Index is at 3979.82 points, above the annual line, with a change of 0.41% [1] - The total trading volume of A-shares is 11,702.17 million yuan [1] Stocks Breaking Annual Line - A total of 57 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Nova Star Cloud (4.63%) - Dong'an Power (4.51%) - Jida Communication (4.00%) [1] Detailed Stock Performance - Nova Star Cloud: Today's change is 6.74%, with a turnover rate of 3.75%, latest price at 166.51 yuan [1] - Dong'an Power: Today's change is 10.03%, with a turnover rate of 4.97%, latest price at 13.16 yuan [1] - Jida Communication: Today's change is 4.92%, with a turnover rate of 6.55%, latest price at 9.60 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tuo Wei Information: Change of 4.23%, latest price at 32.00 yuan, deviation rate of 3.66% [1] - Jingke Energy: Change of 6.29%, latest price at 6.08 yuan, deviation rate of 3.51% [1] - Stocks with smaller deviation rates that have just crossed the annual line include: - Hada Technology: Change of 2.45%, latest price at 10.88 yuan, deviation rate of 2.01% [1] - Blue Sail Medical: Change of 2.38%, latest price at 5.60 yuan, deviation rate of 1.96% [1]

Group 1 - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from regulatory bodies, industry associations, financial institutions, listed companies, and media [1] - The 14th "Jinzhi Award" results were announced, with TCL Smart Home winning the "Outstanding Investor Relations (IR) Team Award" [1][2] Group 2 - The "Jinzhi Award" aims to set benchmarks for high-quality development, guiding listed companies to focus on their core businesses, continue innovation, and fulfill social responsibilities, thereby promoting capital to gather towards quality enterprises [2] - The evaluation covered over 8,000 companies in A-shares, Hong Kong stocks, and Chinese concept stocks, with nearly 200 companies awarded based on a quantitative analysis model [2] Group 3 - TCL Smart Home views investor relations management as a core bridge connecting the company with the capital market, establishing a comprehensive IR management system [3] - The IR team adheres to compliance in information disclosure, focusing on timely and accurate communication, and aims to enhance investor confidence through effective communication channels [3][4] - The team customizes communication strategies to match the diverse needs of domestic and international investors, improving value transmission efficiency and maintaining shareholder rights [4] - TCL Smart Home plans to use this award as an opportunity to further enhance its IR management capabilities and improve the quality of information disclosure [4]

Market Overview - The white goods sector increased by 0.04% on December 26, with Aucma leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Aucma (600336) closed at 8.97, up 4.91% with a trading volume of 521,000 shares and a turnover of 461 million yuan [1] - Midea Group (000333) closed at 78.87, up 0.36% with a trading volume of 214,100 shares and a turnover of 1.688 billion yuan [1] - Hisense Home Appliances (000921) closed at 25.30, up 0.20% with a trading volume of 57,100 shares and a turnover of 145 million yuan [1] - Whirlpool (600983) closed at 9.65, down 0.21% with a trading volume of 16,400 shares and a turnover of 15.846 million yuan [1] - Gree Electric (000651) closed at 40.76, down 0.37% with a trading volume of 259,200 shares and a turnover of 1.057 billion yuan [1] - Haier Smart Home (600690) closed at 26.74, down 0.52% with a trading volume of 250,600 shares and a turnover of 672 million yuan [1] Capital Flow - The white goods sector experienced a net outflow of 218 million yuan from institutional investors, while retail investors saw a net inflow of 60.15 million yuan [1] - Midea Group had a net inflow of 28.86 million yuan from institutional investors, but a net outflow of 41.76 million yuan from retail investors [2] - Aucma saw a net inflow of 5.70 million yuan from institutional investors, with a slight outflow from retail investors [2] - TCL Smart Home (002668) had a net inflow of 1.57 million yuan from institutional investors, while retail investors contributed a net inflow of 914,500 yuan [2] - Haier Smart Home experienced a significant net outflow of 1.05 billion yuan from institutional investors, but a net inflow of 536.78 million yuan from retail investors [2]