GREE(SZ:000651) Di Yi Cai Jing·2026-01-05 07:47Core Viewpoint - The rising copper prices and the national policy of "using aluminum to replace copper" have brought the development of aluminum in air conditioning to a critical juncture, with industry standards still under discussion [1][3]. Group 1: Industry Trends - The price of copper futures has exceeded $10,000 per ton, leading to increased pressure on air conditioning prices, with some companies announcing price hikes of 2% to 5% [4]. - The Chinese household appliance research institute has formed a working group to explore the application of aluminum in air conditioning, with 19 member units including major air conditioning manufacturers [3][4]. - The cost of copper constitutes about 40% of the bill of materials (BOM) for air conditioning units, making the industry particularly sensitive to fluctuations in copper prices [4]. Group 2: Company Responses - Gree Electric Appliances has stated that it will not raise air conditioning prices and has no current plans to adopt aluminum in place of copper, citing that aluminum has not yet reached the same technical standards as copper [3][6]. - Other companies, such as Wanbao Air Conditioning, have begun to experiment with aluminum, launching a model priced 20% lower than copper-based units [6]. - Gree's market strategy appears to be focused on maintaining high prices to enhance its competitive position, despite rising material costs [4][5]. Group 3: Technical Considerations - The performance standards for aluminum alloy pipes in air conditioning applications are still being defined, with ongoing research into their thermal conductivity and corrosion resistance [7][9]. - The thickness and structure of aluminum pipes have been adjusted to improve heat exchange efficiency, making them comparable to copper pipes [7]. - There is a consensus that while aluminum may not completely replace copper, a hybrid approach using both materials is likely to develop rapidly [6][9]. Group 4: Future Outlook - The industry anticipates that the national standards for air conditioning heat exchangers will be revised by 2026, which may include guidelines for the use of aluminum [9]. - Research into the long-term reliability and performance of aluminum in air conditioning applications is ongoing, with expectations for improved understanding and technology in the coming years [8][9].