董明珠再次提及"内卷"问题，并回应近期有关玫瑰空调引发的网络讨论 本文自南都·湾财社。 策划 | 王莹 统筹 | 马建忠 11月18日，格力电器董事长董明珠在广州南沙举行的第二十届中国经济论坛上发表讲话，引发关注。 董明珠表示，一个好的制造业企业首要的考量指标是税收。"只有好的企业才能为国家做出更大的贡献，所以税收 是一个考核指标。" "作为我们制造业来讲，不断创新来满足消费者新的品质生活的需要，这就是新质生产力。"董明珠表示，"对我们 广东未来的发展，我们是大湾区的一员，我们义不容辞的要走在前面，不仅把消费产品做好，而且要把我们工业 装备做好。" 对于近期引发网络讨论的玫瑰空调，董明珠回应称，这是格力的一次创新尝试。"在空调行业，还没有人将空调打 造成艺术品，这是我们的起点。玫瑰空调已在部分酒店投入使用，并因其独特设计吸引顾客前往体验，这正体现 了我们创造的价值。"她强调，企业应具备利他思维，自身发展同时，也要带动上下游产业链共同成长。 采写 | 南都·湾财社记者 黄驰波 谈及行业竞争，董明珠再次提及"内卷"问题。她认为，空调行业并不存在真正的同质化。"过去空调追求送风，甚 至有广告称'送风15米'，但后来 ...

Core Insights - Brazil is increasingly seen as a key market for Chinese companies, second only to Mexico, due to strengthened political and diplomatic ties between China and Brazil [1] - Despite the high export figures from China to Brazil, the market share of Chinese cross-border e-commerce platforms in Brazil is declining, indicating a complex market environment [1][2] - The Brazilian market presents both opportunities and challenges, with a divide between successful head brands and struggling small and medium enterprises [2] Group 1: Market Dynamics - In 2024, China's export to Brazil is expected to reach $72.08 billion (approximately 513.78 billion RMB), a year-on-year increase of 22% [4] - Brazil is a major investment destination for China, with expected investments exceeding $4.8 billion (approximately 34.2 billion RMB) in 2024, more than doubling from the previous year [4] - The Brazilian automotive market is expanding, with new car sales projected to grow by 14.1% to 2.635 million units in 2024, driven by government policies promoting electric vehicles [5][6] Group 2: Investment Opportunities - Emerging industries such as clean energy, digital economy, and logistics are becoming focal points for Chinese investment in Brazil, with significant opportunities in electric vehicles and solar energy [5][9] - The Brazilian government is supportive of solar energy projects, with multiple initiatives launched since 2012 to promote the solar industry [9] - The local market's demand for electric vehicles is growing, with Chinese brands like BYD and Great Wall Motors capturing significant market shares [6] Group 3: Challenges for SMEs - The complex tax system in Brazil, with over 50 different tax types, poses significant challenges for small and medium enterprises, making market entry difficult [11] - The overall tax burden for businesses in Brazil can exceed 40%, which can erode profit margins for companies with lower gross margins [11][12] - Recent changes in tax policies, such as the cancellation of tax exemptions for small packages, have further increased costs for Chinese e-commerce businesses [15] Group 4: Localization and Compliance - Localization is critical for Chinese companies operating in Brazil, with a focus on hiring local talent to navigate the complex regulatory environment [16][19] - The Brazilian government encourages local hiring, and companies face penalties for non-compliance with labor laws, highlighting the importance of understanding local labor regulations [18] - Chinese companies must adapt their corporate culture and employment practices to attract and retain local talent, as Brazilian workers prioritize job flexibility and career development opportunities [19]

Core Viewpoint - Gree Electric Appliances, led by Chairman Dong Mingzhu, emphasizes continuous innovation and technological empowerment to transform and upgrade traditional industries during the 14th Five-Year Plan period [2] Group 1 - Gree Electric is focusing on a wide range of fields for future development [2] - The company aims to replace past technologies with new ones through innovation [2] - The transformation and upgrading of traditional industries is a key goal for Gree Electric [2]

Market Overview - The white goods sector experienced a decline of 1.0% on November 18, with major stocks like Deep Konka leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the white goods sector showed varied performance, with the following notable changes: - Snow Qi Electric: Closed at 14.38, up 0.14% - Gree Electric: Closed at 40.11, down 0.20% - Midea Group: Closed at 77.40, down 0.68% - Haier Smart Home: Closed at 26.34, down 0.87% - Deep Konka A: Closed at 5.38, down 2.89% [1] Capital Flow - The white goods sector saw a net outflow of 312 million yuan from institutional investors, while retail investors contributed a net inflow of 385 million yuan [1] - Detailed capital flow for specific stocks includes: - Deep Konka A: Net outflow of 55.04 million yuan from institutional investors, with a retail net inflow of 43.96 million yuan [2] - TCL Smart Home: Net outflow of 20.99 million yuan from institutional investors, with a retail net inflow of 15.50 million yuan [2] - Gree Electric: Net outflow of 3.94 million yuan from institutional investors, with a retail net inflow of 32.46 million yuan [2]

Core Points - The Investment Clock Index (399391) closed at 3379.42 points, down 0.59% with a trading volume of 74.9 billion yuan and a turnover rate of 0.83% [1] - Among the index constituents, 15 stocks rose while 83 stocks fell, with Yili Co., Ltd. leading the gainers at 3.33% and Lu'an Environmental Energy leading the decliners at 5.6% [1] Group 1: Index Performance - The Investment Clock Index reported a decline of 0.59% on the trading day [1] - The total trading volume for the day was 749.0 billion yuan [1] Group 2: Top Constituents - The top ten constituents of the Investment Clock Index include: - Kweichow Moutai (16.68% weight) at 1476.00 yuan, up 0.34% [1] - China Merchants Bank (15.74% weight) at 42.88 yuan, up 0.54% [1] - Zijin Mining (7.34% weight) at 28.39 yuan, down 2.04% [1] - Wuliangye (5.26% weight) at 120.36 yuan, up 0.17% [1] - Hengrui Medicine (4.84% weight) at 61.78 yuan, down 0.03% [1] - Gree Electric Appliances (4.03% weight) at 40.11 yuan, down 0.20% [1] - Yili Co., Ltd. (3.04% weight) at 29.52 yuan, up 3.33% [1] - Northern Rare Earth (2.49% weight) at 45.90 yuan, down 2.86% [1] - Fuyao Glass (2.35% weight) at 65.14 yuan, down 1.00% [1] - Luzhou Laojiao (2.31% weight) at 139.75 yuan, down 0.18% [1] Group 3: Capital Flow - The net outflow of main funds from the Investment Clock Index constituents totaled 252 million yuan, while speculative funds saw a net inflow of 80.248 million yuan and retail investors had a net inflow of 172 million yuan [1][2] - The detailed capital flow indicates a significant participation from retail investors despite the overall net outflow [2]

Group 1: Company Overview - The main products and services include dynamic pressure oil film sliding bearings, wind power sliding bearings, high-speed permanent magnet motor products, and industrial transmission services, focusing on energy generation, industrial drive, petrochemicals, and shipping sectors [2] - The company’s sliding bearing products are widely used in major equipment and high-precision devices such as heavy gas turbines, large steam turbines, wind power equipment, efficient compressors, high-speed motors, pumps, and gearboxes [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of 518 million CNY and a net profit attributable to shareholders of 115 million CNY, with a non-recurring net profit of 96.02 million CNY [2] - For the first three quarters of 2025, the company reported a revenue of 445 million CNY and a net profit attributable to shareholders of 102 million CNY, with a non-recurring net profit of 89.32 million CNY [2] Group 3: Clientele - International clients include Siemens AG, GE, ABB, Atlas Copco, Ingersoll Rand, KSB AG, Sulzer, Flender, Andritz AG, HHI, TECO, Alstom, EBARA, and LEROY SOMER [3] - Domestic clients include China CNR, Shanghai Electric, Dongfang Electric, China Shipbuilding Industry Corporation, Sinopec, Wolong Electric, Nanyang Explosion Protection, Hangzhou Turbine, NGC, Yancheng Energy, and Gree [3] Group 4: Product Development - The company has mastered the application of PEEK new materials in sliding bearings, which offer advantages such as high temperature resistance, excellent mechanical properties, self-lubrication, chemical corrosion resistance, flame retardancy, peel resistance, radiation resistance, and stable insulation [4] - The developed PEEK bearings can replace bearings made from other metal materials, demonstrating good wear resistance, mechanical performance, and high-temperature resistance [4] Group 5: Nuclear Power Sector - The company has focused on nuclear power sliding bearings for years, driving domestic substitution through continuous innovation, and has developed a complete solution for high-reliability sliding bearing design, manufacturing, testing, monitoring, and evaluation for nuclear power applications [5] - Recent years have seen a significant increase in nuclear power equipment orders, with the company achieving record high orders for nuclear power bearings [5] - To strengthen its technical capabilities and market position in the nuclear sector, the company has established a dedicated production line for main pump bearings, enhancing capacity and quality assurance [5] Group 6: Capacity Utilization - The company has steadily improved capacity utilization through optimization and improvements in production equipment, processes, and logistics [6] - Lower-technical content rough processing operations are outsourced, and with the gradual commissioning of fundraising projects, capacity is expected to increase significantly to meet business growth demands [6]

Core Points - The Ministry of Industry and Information Technology has selected 177 products for the "2025 Elderly Products Promotion Directory," aimed at enhancing the quality and availability of elderly care products in China [1][6]. Group 1: Product Categories - The selected products include various categories such as daily assistive products, elderly care products, and health management products [3][4][6]. - Notable products include exoskeleton rehabilitation devices, digital hearing aids, and smart nursing equipment [1][3]. Group 2: Regional Representation - Shandong province has a significant representation with 19 products, including a lower limb exoskeleton rehabilitation trainer and a laser walking aid [1][3]. - Other provinces also contribute to the directory, showcasing a diverse range of innovative products for elderly care [6]. Group 3: Government Initiatives - The initiative is part of a broader effort by five government departments to promote high-quality elderly products and services, encouraging local governments to include these products in consumer subsidy programs [6][7]. - Regular assessments will be conducted to ensure compliance and quality, with penalties for companies involved in illegal production or significant safety incidents [6].

证 券 研 究 报 告 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：陆偲聪 邮箱：lusicong@hcyjs.com 执业编号：S0360525050002 家电行业 2025Q3 基金重仓分析 重仓家电比例下降，家电上游及清洁电器获 推荐（维持） 增配 行业研究 家电 2025 年 11 月 18 日 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,320.65 | 1.67 | | 流通市值(亿元) | 18,146.56 | 1.85 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.4% | 8.0% | 9.9% | | 相对表现 | 3.4% | -9.4% | -4.7% | -11% -2% 8% 18% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11 ...

Group 1 - The Hong Kong and A-shares market experienced a deepening decline, with the Hang Seng Technology Index falling by 1.86% and the Hang Seng Internet ETF down by 0.56% as of the report time [1] - Recent market conditions have seen a surge in risk aversion, with a comprehensive sell-off in the US market, leading to the S&P 500 and Nasdaq both falling below their 50-day moving averages [1] - The Hang Seng Internet ETF has seen a continuous inflow of funds for 13 days, accumulating 1.66 billion yuan in the last two days, indicating strong investor interest in internet stocks [1] Group 2 - The Free Cash Flow ETF, which is noted for its low fees, declined by 1.66% and currently has a total size of 6.656 billion yuan, making it the largest in its category [2] - Key holdings in the Free Cash Flow ETF include China National Offshore Oil Corporation, SAIC Motor, Shaanxi Coal and Chemical Industry, and Gree Electric Appliances [2]

Core Viewpoint - The China Securities Cash Flow ETF (159235) experienced a decline of 1.27% as of the midday close on November 18, with a trading volume of 54.34 million yuan [1] Group 1: ETF Performance - The China Securities Cash Flow ETF (159235) closed at 1.245 yuan, with a year-to-date return of 26.19% since its inception on April 23, 2025 [1] - The ETF has shown a return of 6.62% over the past month [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - China National Offshore Oil Corporation (CNOOC) down 0.69% - Midea Group down 0.21% - Gree Electric Appliances up 0.17% - Wuliangye Yibin up 0.37% - COSCO Shipping Holdings down 0.66% - Luoyang Molybdenum down 2.55% - TCL Technology down 1.62% - China Aluminum Corporation down 3.05% - SF Express down 0.40% - Shaanxi Coal and Chemical Industry down 1.91% [1]