智通财经APP获悉，瑞银近日发布研报称，受住宅市场持续疲软的影响，美国空调供热制冷协会(AHRI) 公布的暖通空调十月出货量数据为第四季度提供了早期观察——空调/热泵机组出货量同比下降49%， 渠道实际销售同比下降1%。总体而言，出货量仍然十分疲弱，尤其是在住宅市场。这与近期相关企业 的评论所指出的疲软态势加剧基本一致。例如，开利全球(CARR.US)近期表示，其住宅暖通空调业务在 第四季度的表现将比先前预期更差(指引为销量同比下降40%)。 展望第四季度剩余时间，瑞银预计，在严峻的同比基数以及终端消费需求疲弱的影响下，暖通空调行业 年内将持续疲软。去库存的逆风预计将持续至2026年第一季度，之后在同比基数转好及需求趋于稳定的 推动下，明年下半年将有所改善。 据 悉 ， 美 国 暖 通 空 调 行 业 的 相 关 标 的 包 括 ： 雷 诺 士 (LII.US) 、 A.O. 史 密 斯 (AOS.US) 、 SPX Technologies(SPXC.US)、Trane技术(TT.US)、开利全球、Johnson Controls(JCI.US)。 瑞银指出，AHRI公布的十月数据显示，空调/热泵机组出货量 ...

Core Viewpoint - Tianyi New Materials, once a star enterprise in the Sci-Tech Innovation Board, is now facing severe liquidity issues, industry downturns, and significant losses, highlighted by a recent lawsuit over a nearly 100 million yuan loan dispute [1][6]. Financial Performance - In 2024, the company reported a revenue of 763 million yuan, a dramatic decline of 63.85% year-on-year, and a net profit loss of 1.495 billion yuan, marking its first annual loss since listing [2]. - For the first half of 2025, revenue was 423 million yuan, down 17.26% year-on-year, with a net profit loss of 209 million yuan, although this represented a 57.52% reduction in losses compared to the previous year [2]. Legal and Financial Issues - The company and its subsidiaries are involved in a lawsuit due to a loan of 100 million yuan taken by its subsidiary Tianli New Ceramics, which remains unpaid, leading to potential asset liquidation [1][6]. - As of August 1, 2023, the company had 61.534 million yuan in frozen bank accounts, totaling 87.5792 million yuan, which is 2.39% of its audited net assets and 39.35% of its cash as of the first quarter of 2025 [2]. Industry Challenges - The rail transportation sector, where Tianyi's main products are used, is facing intensified competition due to low-price bidding policies from the China National Railway Group [3]. - The photovoltaic sector is experiencing a significant downturn, with new installations dropping sharply, leading to a drastic decline in profit margins for Tianyi's solar energy products [3]. Strategic Responses - In August 2023, the company announced plans to sell assets worth 51.4 million yuan, reflecting a 43.77% discount from their book value, indicating urgent cash needs [4]. - Tianyi has proposed a systematic valuation enhancement plan with seven measures aimed at optimizing asset structure and improving operational efficiency [5]. Market Sentiment - The company's stock has been trading below its net asset value for 12 consecutive months, indicating a pessimistic market outlook on its future profitability [5].