以下文章来源于智商税研究中心 ，作者潘哥 智商税研究中心 . 新能源汽车，空调为何吹臭气？ 文 ｜ 潘哥 编辑 ｜ 大曼 来源｜ 智商税研究中心（ID： gh_c55b3561ece1） 封面来源 ｜ 视觉中国 买来新能源汽车，夏天打开空调后，车内为何弥漫臭气？ 为此，新能源车主、乘客们，有的练习憋气、有的捂住口鼻、有的频频干呕，坐进开着空调的新能源车，很可能体会一场臭味之旅。 新能源汽车，空调为何吹臭气？这似乎因为相比油车，其冷凝水无法及时排出，导致渐渐滋生了霉味儿。 为了解决这一问题，车主们可以先更换清洗滤芯、蒸发器，再在吹风时选择合适模式，最后放入车载香薰等物品，从而让车子保持空气清新。 对于新能源车主来说，车载空调除了容易发臭之外，影响续航也是痛点之一；而对于油车车主来说，开空调时容易一氧化碳中毒，部分车型不支持远程开 空调，同样让他们相当难受。 这样看来，电车油车的空调各有利弊，论战中谁也没有绝对优势；而电车党与油车党，关于空调的隔空论战，也许还会持续很久。 尘世套路深，我替你踩坑。 电车空调变臭了 夏天开车，空调必不可少。 但是，很多新能源车主，每次开空调之前，却都要做一番心理建设。 这是因为，汽 ...

Group 1: Liquidity and Performance of Rare Metal ETF - The rare metal ETF had an intraday turnover of 1.2%, with a transaction value of 10.24 million yuan [3] - Over the past year, the average daily transaction value of the rare metal ETF was 36.11 million yuan, ranking first among comparable funds [3] - The net asset value of the rare metal ETF increased by 13.41% over the past year [3] - The highest monthly return since inception was 24.02%, with the longest consecutive monthly increase being 3 months and an average monthly return of 7.60% [3] Group 2: Growth and Valuation of Rare Metal ETF - The rare metal ETF's scale grew by 5.45 million yuan over the past year, also ranking first among comparable funds [3] - The latest financing buy-in amount reached 1.70 million yuan, with a financing balance of 25.74 million yuan [3] - The valuation of the index tracked by the ETF is at a historical low, with a price-to-book ratio (PB) of 2.21, lower than 84.84% of the time over the past five years, indicating strong valuation attractiveness [3] Group 3: Export Controls and Market Dynamics - Since 2023, China has implemented export controls on various rare metals, leading to significant price increases for most of these metals [4] - The demand for rare earth materials in domestic sectors such as new energy vehicles and air conditioning is expected to grow at rates of 37% and 19%, respectively, by 2025 [4] - The domestic rare earth market may be entering a destocking phase, with overseas price increases likely to drive domestic prices up [4] Group 4: Top Holdings in Rare Metal Index - The top ten weighted stocks in the rare metal index include Salt Lake Co., Northern Rare Earth, and others, accounting for 54.9% of the index [4] - The individual weightings of these stocks vary, with Salt Lake Co. at 9.04% and Northern Rare Earth at 8.25% [6]

原内容出自理想材料技术负责人吉超超有材 Q：公司组织活动，有媒体伙伴说自己开过很多车，只有理想汽车和国外某豪华品牌的车在 梅雨季节开空调没有异味，这是为啥？ A：其他品牌暂不评论，但理想汽车的空调是出厂自带"一抗双防"功能的，即抗菌、防霉及防 螨，实现这些功能主要有两招： 南方的梅雨季节，空气仿佛能拧出水来，空调滤芯在过滤空气时，既会截留空气中的细 菌和霉菌等微生物，也会吸收大量水分，产生潮湿环境，导致微生物的大量滋生（世卫组织研究表 明，在相对湿度达到60%以上时，霉菌即可滋生；相对湿度达到75%以上时，霉菌极易繁殖）。滋生 的细菌和霉菌在代谢过程中会分解有机物质，产生多种挥发性有机酸，如乳酸和乙酸等酸臭类气味物 质，从而产生异味。 Q：梅雨季，有没有除湿小tips? A：以下来自车主推荐，实测有效：第一步，打开空调内循环全冷模式，空调蒸发器 表面温度降低，使空气中的水分凝结成水滴排出车外。第二步，开启空调自干燥功能，吹干蒸发器， 让座舱内变得干爽（任务大师分享码101 288 249，扫码即用） 加微信，进群深度交流理想长期基本面。不是车友群。 布置"电网"：理想全系空调滤芯添加了植物提取的果酸类抗菌剂， ...

Group 1 - The former executive of Gree Electric, Huang Hui, has reportedly joined Meibo Air Conditioning, although the company denies the rumors and states that they are only discussing potential cooperation [1] - The air conditioning market is experiencing intense price competition, particularly during the "6.18" shopping festival, with many models priced over 1000 yuan appearing on e-commerce platforms [1] - The air conditioning industry is facing challenges as leading brands lower prices, raising questions about how second and third-tier brands can survive [1] Group 2 - According to AVC data, from May 26 to June 1, 2023, online sales of air conditioners in China decreased by 1% year-on-year, while offline sales increased by 0.23% [2] - The average price of air conditioners is declining, with online prices averaging 2668 yuan (down 0.33% year-on-year) and offline prices averaging 4104 yuan (down 0.23% year-on-year) [2] - Xiaomi's air conditioning brand is rapidly growing, ranking third in the online market, prompting other brands like Midea's Hualing and Haier's Tongshuai to respond with lower prices [2] - The trend of declining air conditioning prices is expected to continue into the peak season [2]

Core Viewpoint - The air conditioning industry is experiencing intense price competition, leading to significant personnel changes and strategic partnerships among key players, including the potential collaboration between Huang Hui and Meibo Air Conditioning [2][6]. Company Developments - Huang Hui, former president of Gree Electric, has reportedly joined Meibo Air Conditioning, although the specifics of his role remain undisclosed [2]. - Huang Hui previously left Gree in February 2021 for Philips Air Conditioning, where he served as chairman and oversaw the establishment of a major production base in Chuzhou, Anhui, with an investment of 10 billion yuan [2][4]. - Philips Air Conditioning has struggled to gain market share, failing to break into the top 20 in both online and offline channels in China [3]. Market Dynamics - The air conditioning market is facing a price war, with brands like Xiaomi offering low-cost models, which has pressured mid-tier and lower-tier brands [6][7]. - Data indicates that from May 26 to June 1, 2023, online sales in the air conditioning market saw a slight decline in both sales volume and average price, while offline sales experienced a minor increase [6]. - The competitive landscape is shifting, with leading brands like Midea and Gree now targeting lower price segments, which could threaten smaller brands [7]. Strategic Partnerships - Meibo Air Conditioning is in discussions with Huang Hui, potentially related to the transfer of his 19% stake in Enboli (Philips Air Conditioning) [5]. - Meibo aims to leverage Huang Hui's experience to enhance the quality and reputation of its air conditioning products [5][7]. - The collaboration may face challenges due to Meibo's focus on cost-effective products, which may not align with Huang Hui's previous experience in higher-end markets [8].

英国《经济学人》杂志 5 月 29 日文章，原题：印度需要打开空调 今年3月底，印度气象部门预测，4月将 比往年同时段气温更高，4月也是印度步入炎热季节的第一个月。这一预测很快得到印证：4月第一周， 印度大城市气温比正常阈值高出3°C。到了第二周，印度首都新德里遭遇强劲热浪，就连夜间最低气温 也创下多年来新高，导致与高温相关的疾病患病率急剧上升。 升温慢 ≠ 遭罪少 印度向来气候炎热，最近几年更是有越来越热的趋势。过去10年是有记录以来最热的10年。然而，它的 变暖速度不如地球其他地区快。在过去40年里，地球陆地的温度每10年上升0.3°C，印度同纬度地区的 温度则上升0.23°C，而印度的这一数字仅为0.09°C。 相较同纬度地区，印度为何升温没那么快？原因有两个。一是农业灌溉面积扩大。自1980年以来，印度 的农业灌溉面积翻了一番，空气中的水分吸走部分热量，但代价是湿度急剧上升，有时甚至会达到危险 的程度。在酷热的印度，尽管37°C的气温对许多人而言可以接受，但如果加上90%的湿度，那么这份湿 热甚至可能致命。 印度升温幅度较小的另一个原因是空气污染。白天，空气中的颗粒物会阻挡太阳光线，吸收热量。它还 会 ...

行业研究丨深度报告丨家用电器 [Table_Title] 如何看待近期空调行业价格回落？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年年初以来，根据第三方数据显示，国内空调行业的均价有所回落，也使得部分投资者对 空调产业未来的竞争格局与盈利水平产生了一定担忧。为正确理解年初以来行业的变化，本篇 报告详尽地分析了近期空调价格趋势与格局，旨在回答以下四个主要问题：1）什么因素导致了 国内空调价格出现波动；2）当前的行业竞争究竟到了什么程度；3）本轮博弈对市场格局造成 了哪些影响；4）价格下探会不会对企业盈利端造成显著影响。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 家用电器 cjzqdt11111 [Table_Title2] 如何看待近期空调行业价格回落？ [Table_Summary2] 企业为何调整竞争策略？ 近年来国内经济增速放缓导致居 ...

Core Viewpoint - The company is a leading player in the aluminum thermal transmission materials industry, with a target price of 21.24 yuan based on a P/E valuation method, corresponding to a 15.0 times P/E for 2025 [1] Group 1: Company Overview - The company focuses on aluminum thermal transmission materials and has rapidly expanded its production capacity, aiming for a total of 500,000 tons/year of finished aluminum capacity by the end of 2024 [2] - The company plans to increase its production capacity to 800,000 tons/year after the completion of its Chongqing facility, positioning itself as a global leader in aluminum thermal transmission materials [2] Group 2: Competitive Advantages - The company boasts strong R&D capabilities, scale advantages, and cost management, leading to an average ROE of 20.6% from 2021 to 2024, significantly higher than the industry average of 12.0% [2] - The company’s focus on high-end markets allows it to achieve higher processing fees, while its scale reduces unit manufacturing costs and enhances supply capabilities [2] Group 3: Market Demand and Supply Dynamics - The demand for aluminum thermal transmission materials is expected to grow, particularly in the transportation sector, with the use in new energy vehicles doubling compared to traditional vehicles [3] - Emerging markets such as air conditioning and data centers are anticipated to further drive demand growth [3] - The competitive landscape is characterized by high industry barriers due to the customized and differentiated nature of customer demands, allowing leading companies to strengthen their market positions [3] Group 4: Growth Catalysts - Potential catalysts for growth include high demand from downstream orders, successful capacity expansion, and better-than-expected cost reduction and efficiency improvements [4] Group 5: Financial Projections - The company is projected to have EPS of 1.42 yuan and 1.68 yuan for 2025 and 2026, respectively, with a CAGR of 17.4%, corresponding to current P/E ratios of 11.4 times and 9.6 times [5] - The target price of 21.24 yuan implies a 31% upside from the current stock price, based on a 15.0 times P/E for 2025 [5]

Group 1 - Xiaomi aims to become a top player in the air conditioning market in mainland China by 2030, with a sales target of being third in the market this year [1] - The air conditioning market is currently experiencing a price war, intensified by Xiaomi's aggressive pricing strategy [6][8] - Xiaomi's air conditioning business has shown rapid growth, with Q1 revenue from IoT and lifestyle products reaching 32.3 billion yuan, a year-on-year increase of 58.7% [2] Group 2 - Xiaomi's air conditioning shipment exceeded 1.1 million units in Q1, representing a growth rate of over 65%, but this is still small compared to the overall market [2] - The company plans to increase its offline presence by adding 5,000 more Xiaomi stores this year, enhancing both quantity and quality of retail locations [3] - The air conditioning market is entering a phase of stock competition, with Xiaomi's growth coming at the expense of other manufacturers [4] Group 3 - Major competitors like Gree and Midea are responding to Xiaomi's market entry by adopting similar low-price strategies [7] - The online air conditioning market shares for April showed Midea at approximately 25.5%, Gree at 24%, and Xiaomi at 14.5%, while in the offline market, Gree and Midea significantly outperformed Xiaomi [5] - The price war is expected to escalate during the upcoming 618 shopping festival, with Xiaomi's air conditioning products priced lower than those of its competitors [6][8]

气温攀升 又到空调使用季 不想得空调病 空调内部的微生物随着空调的运行散播到室内空气中，可能引起皮肤过敏、哮喘、肺炎等疾病，几乎每 年夏天都有因为空调病进ICU的新闻。 微生物是怎样对 健康造成危害的呢 实际上，空调中的微生物主要来自室内空气。如果我们没有保持室内干净整洁，经常通风换气以及定期 清洗空调的习惯，那么我们就很可能会因与致病菌亲密接触而患病。 空调的卫生状况 对健康产生很大影响吗 这个动作很重要 ↓↓↓ 记得先给空调洗个澡！ 注意： 空调长时间未使用或室内空气质量不良时，会积累大量灰尘，为微生物生长提供条件，极大可能影响人 类健康。 答案是肯定的 ★ 由于致病菌污染空调，而导致人群健康损害的事件已经遍及世界各国，并引起了各国政府的高度重 视。 ★ 对于集中空调通风系统我国已经有国家卫生标准和严格的卫生监督制度进行监管，以保障广大群众 的健康。 ★ 而家用空调的卫生状况则需要人们自身提高认识，定期维护保养，从而达到预防疾病的目的。 未及时清洗的 空调到底有多脏呢？ 我们拿出了一个室内卫生条件还不错的家中使用了1年的空调滤网，上面布满了灰尘和棉絮状的物质， 让人感觉特别脏，很不舒服。 但是，这个世界上 ...