Core Viewpoint - Midea Group has reportedly instructed its after-sales service providers to stop accepting service contracts for air conditioning installations and repairs from Xiaomi and Gree, reflecting the intensifying competition in the home appliance industry [1][5]. Group 1: Industry Competition - The home appliance industry is experiencing fierce competition, with brands like Midea, Xiaomi, and Gree vying for market share and after-sales service dominance [1][5]. - Midea's actions may be aimed at protecting its market share against Xiaomi's rapid growth in the air conditioning sector, which has seen Xiaomi achieve a year-on-year sales growth of 53.9% [3][6]. - The competitive landscape has shifted, with Xiaomi's market share in air conditioning surpassing Gree, positioning it as a significant threat to traditional manufacturers [6][7]. Group 2: After-Sales Service Dynamics - After-sales service has become a critical battleground for user acquisition among major brands, with Midea's policy potentially limiting Xiaomi's access to service networks [2][4]. - Midea has denied enforcing exclusive partnerships with service providers, emphasizing its commitment to user experience [2][5]. - The establishment of a professional after-sales service network is challenging, particularly for Xiaomi, which relies heavily on third-party service providers [4][7]. Group 3: Market Share Insights - As of July 2025, Midea holds a 29% market share, followed by Gree at 17%, Haier at 15%, Xiaomi at 10%, and Aux at 8% [6]. - The competitive dynamics have led to a shift from capital cooperation between Midea and Xiaomi to direct competition, with Midea planning to divest its shares in Xiaomi [6][7]. - The ongoing price wars and resource competition between Midea and Xiaomi highlight the escalating rivalry in the home appliance sector [6][7].

今年以来，小米空调业务发展势头较猛，给美的带来竞争压力。 今年5月，小米集团董事长、CEO雷军表示："家电业务已经变成了小米的战略业务。" 11月21日，有消息称，美的近期不再允许售后服务商同时接小米或格力的业务合作，该政策由中国区经 各区域负责人单独向合作商传达，涉及小米、格力等其他品牌的空调售后及安装维修。 对此，上海证券报记者向美的集团进行了求证。 "相关消息不属实。"11月21日上午，美的集团回应记者称，"美的一直秉承用户体验第一的原则，并无 强制售后服务商排他性合作的行为，感谢关注。" 对此，美的集团董事长方洪波曾提出疑问："小米如果想要进入家电行业前三，那么需要挤掉现在的家 电三巨头其中哪一家？" 今年5月底，在美的集团2024年度股东大会的投资者交流环节，针对投资者"该如何理解战术上重视，但 战略上又不惧怕小米"的提问，方洪波回应称，家电本质上是一个门槛不高、高度竞争的行业，经过多 轮大战，已经是一片红海，打法固定；行业空间不大，行业价值链上可压缩的效率空间也不大；在高度 竞争的市场，无论怎么打，无论谁赢，都是一场巨大的消耗战。 "我坚信，家电行业里诞生伟大的、高科技企业的可能性没有。"方洪波说 ...

Group 1 - DJI refuted rumors of an "investor event," clarifying that the Avata 360 was only an internal experience meeting [1] - Ford recalled over 229,000 Bronco vehicles in the U.S. due to dashboard display screen malfunctions [1] - Luckin Coffee's chairman, Lei Hui, stated that the company remains profitable even with a cup priced at 9.9 yuan [1][11] Group 2 - Faraday Future's founder, Jia Yueting, announced the establishment of a second creditor trust to expedite debt repayment and return to China [2] - OpenAI suspended a toy manufacturer's access due to safety concerns regarding an AI teddy bear [3][4] - The IELTS organizer confirmed a technical fault in score assessments, affecting a small number of candidates from August 2023 to September 2025 [5] Group 3 - Xiaomi's SU7 Ultra and YU7 vehicles will have free activation for built-in ETC functionality [4] - Russian President Putin announced a visa-free policy for Chinese citizens, expected to enhance economic and cultural exchanges [5] - Gree Electric's chairman, Dong Mingzhu, discussed the innovative design of the "rose air conditioner," which is being used in select hotels [6] Group 4 - Xpeng Motors denied market rumors about plans to produce thousands of autonomous taxis in the next two years [6] - Meta began notifying Australian teenagers that their accounts will be closed in compliance with new social media regulations [9] - The European Court upheld Amazon's classification as a "very large online platform," requiring compliance with EU digital regulations [9] Group 5 - Adobe agreed to acquire marketing platform Semrush for $1.9 billion, with the deal expected to close in the first half of 2026 [10] - Nvidia reported third-quarter revenue of $57.01 billion, a 62% year-over-year increase [17] - Klarna's third-quarter revenue exceeded expectations at $903 million, following its NYSE listing [18]

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 现实格局趋稳，钢矿震荡运行 核心观点 螺纹钢：主力期价震荡下行，录得 0.49%日跌幅，量增仓缩。现阶段， 螺纹钢供应收缩至低位，但需求表现偏弱，供需双弱局面下基本面并未 改善，钢价仍易承压，相对利好的是估值偏低以及成本尚有支撑，短期 走势延续低位震荡运行，关注需求表现情况。 热轧卷板：主力期价震荡运行，录得 0.18%日跌幅，量仓收缩。目前来 看，热卷供需格局变化不大，产业矛盾未缓解，卷价继续承压，相对利 好则是成本尚有支撑，短期走势延续低位震荡运行态势，关注钢厂生产 情况。 铁矿石：主力期价偏强震荡，录得 0.76%日涨幅，量缩仓增。现阶 段，得益于套利逻辑切换以及矿石需求改善提振，矿价低位回升，但供 应居高不下，矿市基本面并无实质性改善，上行驱动不强，预计走势延 续震荡运行态势，关注钢材表现情况。 （仅供参考，不构成任何投资建议） 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 本人具有中国期货业协会 ...

证券研究报告 |报告要点 基数及经营节奏影响下，空调 10 月内外销压力如期释放，国内龙头终端表现好于出货，产业 健康运行，价格体系稳定为主，经营面α及积极变化值得关注；出口关税压力减轻，美国开启 降息，有望带动外需，龙头 OBM 势能强劲，海外转产持续推进，修复阶段或好于线性预期。 |分析师及联系人 行业研究|行业点评研究|家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 请务必阅读报告末页的重要声明 glzqdatemark1 2025年11月19日 证券研究报告 请务必阅读报告末页的重要声明 1 / 6 孙珊 管泉森 蔡奕娴 SAC：S0590523110003 SAC：S0590523100007 行业研究|行业点评研究 glzqdatemark2 2025年11月19日 家用电器 产业在线 10 月空调数据简评： 压力释放，静待拐点 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -10% 3% 17% 30% 2024/11 2025/3 2025/7 2025/11 家用电器 沪深300 相关报告 1、《家用电器：从双十一看家电：韧性收官， 关注结构红利》2025 ...

Core Viewpoint - Gree Electric's introduction of the Rose Air Conditioner represents an innovative attempt to transform air conditioning into an art form, showcasing the company's commitment to creativity and value creation in the industry [1]. Group 1: Innovation and Product Development - The Rose Air Conditioner has been deployed in select hotels, attracting customers due to its unique design, which reflects the value created by Gree Electric [1]. - Gree Electric announced the launch of a new strategic brand, "Dong Mingzhu Healthy Home," in February, with plans to rename stores nationwide [1]. Group 2: Business Expansion and Performance - As of September 17, Gree Electric has established 970 stores under the "Dong Mingzhu Healthy Home" brand, with a goal of opening 3,000 stores this year [1]. - Retail sales from 293 stores that have been open for over 30 days reached approximately 390 million yuan [1].

"我觉得它创历史纪录，在空调行业，还没有人将空调做成艺术品，这是我们的起点。"董明珠表态强 调。 11月19日消息，近日，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演讲，引 发关注。 董明珠指出，中国企业走向世界，是让人们了解我们中国，了解我们有什么样的技术、文化，我们赋能 世界，这就是制造业生存的意义。 期间，她再次谈到了网络热议的玫瑰空调，董明珠回应称，这是格力的一次创新尝试。 值得一提的是，在格力线上旗舰店，目前玫瑰空调柜机售价为32999元。 【来源：快科技】 随后，她还举例称，"玫瑰空调在一些酒店里面招来了巨大的生意，别人因为一个玫瑰空调，冲到饭店 里去吃饭。" 谈到这里，董明珠引申到"你说我们生存的价值意义是什么？我们在自己的发展中，不仅我们自己要发 展，让上下游共同发展，这才是真正的一个好企业"。 ...

Core Viewpoint - The air conditioning industry is undergoing a critical phase of "breaking through and restructuring," driven by policies promoting low-carbon transformation, extreme high temperatures, and consumer subsidy policies, leading to increased market demand. The shift in consumer preferences is moving from basic temperature control to "comfort + health + high-end" features, with comfort and health-oriented air conditioners emerging as new growth points in the industry [1]. Group 1: Environmental Factors - The dual drivers of policy and technological innovation are reshaping the air conditioning market, promoting energy-efficient products and supporting the green transformation of the industry [2]. - National subsidy policies have reduced consumer purchase costs, while extreme high temperatures have directly stimulated market demand, enhancing air conditioning sales and positively impacting the related supply chain [3]. Group 2: Market Dynamics - The air conditioning market is entering a mature phase with stable growth, where online sales account for 60% of the market, and traditional e-commerce remains the core traffic entry point [5]. - The online price landscape shows a K-shaped differentiation, with both low-priced (below 1599) and high-priced (3000+) 1.5P wall-mounted units seeing increased market share [5]. Group 3: Consumer Demand - Social media discussions reflect the upgraded demand for air conditioning, with energy efficiency, comfort, cooling performance, aesthetics, and health being the top ten topics in 2025 [9]. - The evolution of air conditioning is shifting from a "single temperature regulator" to a "quality lifestyle hub" that integrates comfort, health, and aesthetics [11]. - The demand for high-end air conditioning is evolving towards a comprehensive experience that combines "extreme comfort + health purification + aesthetic integration + smart connectivity" [13]. Group 4: Opportunities - The transition from "selling products" to "selling lifestyles" is emerging, focusing on specific living scenarios, spatial functions, and emotional needs of users [15]. - The air conditioning market is seeing new segmentation, with specific user groups such as families with newborns or elderly members, and pet owners driving demand for features like air purification and no direct airflow [38][40]. Group 5: Purchasing Behavior - The main consumer groups for air conditioning are shifting, with post-00s and post-90s families becoming the primary buyers, particularly in first-tier cities where comfort is a significant concern [19]. - The motivation for purchasing air conditioning is evolving from basic needs to a desire for higher quality, better experiences, and compatibility with home environments [21]. - Consumers are increasingly rational and mature in their purchasing decisions, focusing on performance, quality, and comprehensive experience rather than just price sensitivity [28]. Group 6: Product Features and Feedback - High satisfaction rates (99%) are reported for features like "no wind feeling," "soft wind," and "quiet operation," indicating a strong consumer preference for comfort and health functionalities [56]. - The integration of health features, such as air purification and self-cleaning technologies, is becoming a key selling point for high-end air conditioning products [55]. Group 7: Industry Collaboration - Major e-commerce platforms like JD.com are collaborating with leading air conditioning brands to promote comfort and health technologies, achieving significant sales success [59].

昨日，在第二十届中国经济论坛主论坛发表主旨演讲时，中国金融四十人论坛学术顾问黄奇帆表示，中 国制造业正经历新格局下的三大转型。 11月18日，第二十届中国经济论坛在广州南沙举行。本届论坛以"中国式现代化与'十五五'中国经济展 望"为主题，一众中国经济领域大咖齐聚南沙，共同把脉中国经济发展新机遇。 主论坛邀请多位经济学家和企业家发表主题演讲；9个平行论坛分别聚焦"规则衔接机制对接:推进大湾 区市场一体化""向海图强:海洋经济新展望""全球经贸新格局:出海的机遇与挑战"等热点议题，论坛前还 组织了相关主题调研活动。 黄奇帆 中国制造业正经历新格局下的三大转型 在进行主论坛主旨演讲时，中国金融四十人论坛学术顾问黄奇帆认为，中国制造业正经历新格局下的三 大转型:一是科研开发领域实现自研自立，通过促进科研成果产业化和产业链集群创新，显著增强了产 业竞争力；二是制造业发展模式从依赖加工贸易转向内外并重，提升了产业链的自给自足能力，同时保 持高水平对外开放，形成新开放格局；三是中国在全球制造业中的份额增加，特别是在数字化、智能化 及新能源装备领域成为全球领导者。 他同时表示，目前国内也还面临资源消耗高、产值利润率低和全要素 ...

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 ...