证券研究报告 | 行业深度 | 家用电器 如何看待小米大家电 2025 年的增长持续性？ ——家用电器行业深度报告 投资要点 2024 年小米白电规模大幅增长，黑电经营质量提升 2024 年小米智能大家电收入同比增长 56.4%；其中空调出货量 680 万台，同比增长超 50%。2024 年小米品牌电视线上零售均价同比增长 57%（奥维云网），价格指数大幅提 升，并且红米电视线上零售市场份额提升显著。我们认为小米 2024 年在家电领域的成 功来自于：1）天时：顺应消费降级趋势；2）地利：薄利多销的打法、持续差异化产品 创新的能力、造车及企业家 IP 引流的营销方式；3）人和：改造大家电事业部，家电 在人车家全生态战略地位提升。 2025 年空调：中低端市场竞争加剧，小米向更高价格带寻求突破。 1）2025 年国补政策有所调整，空调释放销量弹性，但预计价格弹性不大。线上 2100~2700 元核心价格带竞争加剧。本轮国补一个消费者至多可以补贴三台空调，因 此空调量增明显，25 年国补以来，冰箱、洗衣机、空调线上销量同比-7%、+1%、+6%， 空调跑赢其他白电；但 25Q1 空调线上零售均价同比-3%，反映当 ...

哈空调：控股股东获不超过3200万元银行贷款承诺用于增持股份 龙江交通：股东拟减持不超过3%公司股份 5月13日，龙江交通（601188）发布公告称，持股5%以上股东穗甬控股有限公司（简称"穗甬控股"）计 划自2025年6月4日至2025年9月3日期间，通过集中竞价和大宗交易方式减持公司股份，合计减持数量不 超过3947.64万股，占公司总股本的3%。 资料显示，龙江交通成立于2010年3月，主营业务是高速公路收费运营管理。 所属行业：交通运输–铁路公路–高速公路 双一科技：拟收购澳大利亚公司股权及资产 5月13日，双一科技（300690）发布公告称，公司拟通过新设全资子公司双一（澳大利亚）有限公司， 以自筹资金1800万澳元加股权收购调整的价格，收购Marky Industries Pty Ltd的100%股权及Martin Nikolas和Krystyna Maria Nikolas持有的特定资产（土地和厂房）。 资料显示，双一科技成立于2000年3月，主营业务是复合材料的研发、生产、销售和服务。 所属行业：电力设备–风电设备–风电零部件 所属行业：电力设备–电机Ⅱ–电机Ⅲ 5月13日，哈空调（60020 ...

Core Insights - The "New Wind Air Conditioning Sleep White Paper" was officially released, providing new solutions for improving sleep quality through collaboration between Hisense, the China Sleep Research Society, and the China Household Electrical Appliances Research Institute [1][3] - Hisense's new wind air conditioning system significantly enhances sleep environment quality, leading to improved sleep comfort and efficiency, as evidenced by experimental data [3][4] Group 1: Product Features and Benefits - Hisense's new wind air conditioning system features new wind oxygenation, efficient purification, and extreme quietness, which collectively optimize air quality for better sleep [3] - Experimental results showed that the proportion of deep sleep duration for users of Hisense's new wind air conditioning reached 20.4%, compared to 15.6% for the control group, with deep sleep duration increasing from 74.7 minutes to 85.6 minutes, a rise of 14.6% [3] Group 2: Market Position and Strategy - Hisense is positioned as a leader in the new wind air conditioning sector, focusing on user needs and continuous technological innovation [4] - The company launched a "One More Hour of Sleep with Hisense New Wind Air Conditioning" campaign, aiming to promote sleep health for families and has shown strong market performance with leading sales figures in the first four months of 2025 [4]

Core Insights - The industrial manufacturing sector is undergoing a profound transformation driven by global economic adjustments and technological changes, with a focus on innovation, capacity optimization, and market expansion [1] - Leading companies in the Shenzhen market are providing strong momentum for the industry, reflecting a shift from scale expansion to value transition in Chinese industrial manufacturing [1] Group 1: Leading Enterprises - CIMC (China International Marine Containers) is a global leader in logistics and energy equipment, focusing on continuous innovation and technology development, with a projected R&D investment of 2.71 billion yuan in 2024 [2][4] - Baoshan Iron & Steel Co., Ltd. is a significant domestic manufacturer of screw compressors, recognized for its high-quality products and services, with its screw compressor being awarded as a national manufacturing champion product [3] - Sanhua Intelligent Controls is the largest manufacturer of refrigeration and air conditioning control components globally, with a compound annual growth rate of over 23% in revenue and 25% in net profit since its listing in 2005 [3][4] Group 2: Innovation and Technology - CIMC has achieved international leadership in several product segments through continuous technological innovation and R&D investment, with 32 star products and 8 national manufacturing champion products certified by the Ministry of Industry and Information Technology [6] - Baoshan Iron & Steel emphasizes energy-saving and import substitution in its product philosophy, aligning with national strategies for energy conservation and self-sufficiency [6] - Sanhua Intelligent Controls has developed a three-tier R&D system to enhance product performance and reduce costs, leveraging big data and AI for smart manufacturing [7]

同时，委员会的成立也体现出海尔空调在行业中的担当与前瞻性。从技术创新来看，海尔空调近期的可变分流技 术斩获日内瓦国际发明展金奖，在AI节能等领域的连续突破，正走在行业前列。在标准制定上，海尔空调把国家 标准做到了行业最多。此外，海尔空调还与北京大学、清华大学、西安交大、华科大、上海交大等多所高校及科 研机构联合成立三大核心技术领域专家委员会，共同开展技术研发和创新，促进了科技成果转化和产业升级。 对于用户而言，在技术创新方面，海尔空调将深化与科研机构、高校的合作，加速智能控制、高效制冷、健康净 化等技术的研发与应用，让用户更快享受前沿科技带来的舒适体验。如更智能的控制方式、更高效的制冷制热效 果、更健康的空气净化功能等，满足用户对高品质生活的追求。在服务优化方面，海尔空调通过整合产学研资 源，提供从方案设计、设备安装到维护保养的一站式空气解决方案，针对客厅、卧室、厨房等不同场景，打造定 制化的智能家居环境，实现"会呼吸的家"，全方位提升用户的生活品质与幸福感。 当前沿技术转化为实实在在的家居空气解决方案，相信在家居环境工作委员会的推动下，海尔空调将引领整个行 业的创新技术发展，成为用户需求的贴心响应者，让每一 ...

Core Insights - Bosch achieved a sales revenue of €90.3 billion for the fiscal year 2024, with an EBIT margin of 3.5% [1][4] - Bosch's sales in China reached ¥142.7 billion, reflecting a year-on-year growth of 2.7% [4][5] - The company plans to focus on electrification and smart technology in its future investments in China [5] Financial Performance - For fiscal year 2024, Bosch's sales decreased by 1.4% compared to the previous year, with an adjusted decline of 0.5% after currency effects [4] - The EBIT for Bosch was €3.1 billion, maintaining a profit margin of 3.5% [4] - In Q1 2025, Bosch's sales grew by 4% year-on-year [4] Investment Strategy - Over the past decade, Bosch has invested more than ¥60 billion in China [1][5] - Bosch's venture capital arm established a new €250 million fund to support innovative Chinese startups [4][5] - The company emphasizes collaboration with local enterprises to enhance its presence in electrification and smart technology sectors [5] Future Outlook - Bosch aims for an annual sales growth of 6% to 8% by 2030, with a target EBIT margin of 7% by 2026 [4] - The establishment of Bosch Electric Drive Systems (Nanchang) Co., Ltd. in early 2025 will focus on electric drive systems for light commercial vehicles [5] - Bosch plans to integrate HVAC businesses from Johnson Controls and Hitachi as part of its comfort technology strategy [5]

想当年，小米凭借高性价比手机在市场上一路狂飙，雷军更是意气风发地与董明珠豪赌十亿，那场面，可谓赚足了眼球。 如今再看，小米跨界造车后，也曾经历上市时风光无限，粉丝们满心期待，本以为能续写小米的辉煌，结果故障不断。 而董明珠带领的格力，在产品品质和技术创新上一路高歌猛进。 这背后的发展轨迹，究竟藏着怎样的商业密码？ 中国汽车质量网2025年第一季度新能源汽车质量排行榜公布后，小米SU7竟然垫底，而蔚来汽车则是作为平均值存在。 作为忠实米粉，仔细想想小米集团跨界做新能源汽车以来的种种，只能怒其不争。 想想小米SU7自从上市以来，一边有着巨大流量加持，粉丝支持，一边却故障频出，实在令人唏嘘。 该榜单依据车辆投诉、缺陷风险、可靠性、安全性和环保度这5个维度进行排名。 2025年3月，一位小米SU7的车主在正常行驶中，车辆竟突然触发"制动性能受限""前方防碰撞辅助受限"等多项警报，紧接着刹车系统疑似失灵，让车主被 吓出一身冷汗。 可在后续的维权中，小米售后称这只是出厂时接头接错，掰回就可以修复。 车主质疑小米出厂质检流程并要求换车，小米则以未达退车条件拒绝退换。 而出现问题的并非只有这位车主。 同年1月就有一位杭州车主 ...

Meeting Information - The annual general meeting of shareholders for Harbin Air Conditioning Co., Ltd. is scheduled for May 30, 2025, at 14:00 [1] - The meeting will be held at the 12th floor conference room, No. 7, Dianchi Street, Yingshi Road, Harbin High-tech Development Zone [1] - Shareholders can participate through both on-site and online voting, with online voting available from May 29, 2025, 15:00 to May 30, 2025, 15:00 [1][4] Voting Procedures - The voting will include both on-site and online methods, utilizing the China Securities Depository and Clearing Corporation Limited's online voting system [2][4] - Shareholders must register to attend the meeting, with registration open from May 27, 2025, 9:00 to 15:00 [5] - Voting rights are limited to the number of shares held, and any excess votes will be considered invalid [3][9] Agenda Items - The meeting will review the independent directors' annual performance report for 2024 and the proposal for the annual audit remuneration [2] - There are no related shareholders required to abstain from voting on the proposals [2] Attendance Requirements - Only shareholders registered by the close of trading on the equity registration date (May 26, 2025) are eligible to attend [5] - Shareholders can appoint proxies to attend the meeting, provided they present the necessary documentation [5][8] Additional Information - Attendees are responsible for their own travel and accommodation expenses [5] - Contact information for inquiries includes a phone number and address for the company's board office [5]

佳力图(603912)今日涨停，全天换手率6.17%，成交额3.05亿元，振幅6.39%。龙虎榜数据显示，营业部 席位合计净买入1291.83万元。 上交所公开信息显示，当日该股因日涨幅偏离值达9.76%上榜，营业部席位合计净买入1291.83万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.05亿元，其中，买入成交额为5879.89 万元，卖出成交额为4588.06万元，合计净买入1291.83万元。 具体来看，今日上榜营业部中，第一大买入营业部为东方证券股份有限公司常熟李闸路证券营业部，买 入金额为1677.73万元，第一大卖出营业部为高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营 业部，卖出金额为1272.08万元。 近半年该股累计上榜龙虎榜8次，上榜次日股价平均跌0.82%，上榜后5日平均跌9.59%。 资金流向方面，今日该股主力资金净流入1.21亿元，其中，特大单净流入1.23亿元，大单资金净流出 201.04万元。近5日主力资金净流入9254.65万元。 4月30日公司发布的一季报数据显示，一季度公司共实现营业收入1.36亿元，同比增长18.90%，实现净 利润-1283 ...

证券代码：000521 200521 证券简称：长虹美菱 虹美菱 B 长虹美菱股份有限公司投资者关系活动记录表 编号：2025-08 投资者关系活 动类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称 及人员 阳光资产：舒维康、赵浩远、王晓君、孙冬；国盛家电：徐程颖 时间 2025 年 5 月 7 日 地点 公司行政二号会议室 上市公司接待 人员姓名 副总裁兼董事会秘书：李霞 财务管理部主管：段平 证券事务主管：肖莉 投资者关系活 动主要内容介 绍 1.请介绍下公司 2024 年全年经营情况 2024 年，家电行业竞争压力激烈，公司坚持价值导向、全面 提效，强化产业协同、内外融合，公司经营质量稳步提升。2024 年，公司实现营业收入约 286.01 亿元，同比增长 17.32%；实现 归属于上市公司股东的净利润 6.99 亿元，同比减少 4.97%，良性 经营能力持续提升。 冰箱柜产业，国内市场方面，坚持"抢存量、拓增量、练能 力"，全面提升存量渠道、存量客户、增量品类、新兴渠道，同 时围绕客户的产品运营能力、品牌 ...