2025年4月22日，中国节能协会组织召开海尔空调科技成果鉴定会。本次鉴定会专家委员会由北京航空航天大学王 浚院士领衔，包括来自于山东科技大学、中科院自动化所、中国石油大学(华东)、上海交通大学等单位的多位专 家学者。 这项技术的价值还体现在电费账单上。据了解，凭借AI节能技术，海尔空调不仅三年就为百万用户省电456.31亿 度，节省电费91.26亿元，更减少了4548.97万吨CO₂排放，相当于植树1.8亿棵，对我国电力资源保护、节能降耗 有着非常重要的实用价值和推广意义，助力国家"双碳"战略推进。 在空调行业迈向智能化、绿色化的关键节点，海尔空调以 AI 节能技术重新定义行业价值标杆。这一突破不仅是 用户痛点的解决方案，更是推动产业升级的技术引擎。从家庭到国家，每一度电的节省，都在印证：真正的行业 引领，从来都是让技术与时代责任同频共振，为千万家庭凉夏，为绿色未来赋能。 对于用户来说，AI智慧节能技术最直接的感受就是让"电费账单数字变小了"。海尔空调压缩机以极低的6Hz频率 运行，更好的匹配房间最低负荷需求，减少空调频繁启停导致的能耗高及噪音，更加节能舒适;用久了换热器脏 堵、冷媒泄露，它会自己利用空调运 ...

格力电器交接班向前迈出了一步，走稳需要新老团队的合作与智慧。 4月23日，在公布了新管理层名单的第二天，格力电器（000651.SZ）的股价先跌后涨，当天上午微涨0.31%至45.69元/股。 22日晚，格力电器公告，董明珠连任公司董事长，张伟接替董明珠任公司总裁。格力电器年轻化的管理团队走上前台。 一位资本市场的观察人士向第一财经记者分析，董明珠继续担任格力电器董事长，可保持管理层稳定，同时使公司的战略和经营具有一定持续性；总裁职位 由张伟接任，为格力电器今后管理层梯队发展做好人力方面的准备。 在一位空调行业的资深人士看来，董明珠没有完全"放手"，本次格力电器董事会换届，专业化的力量也加强了，舒立志、钟成堡成为新晋的非独立董事。舒 立志是审计出身，原是格力电器副总裁。钟成堡是技术出身，现在是格力电器的总工程师、智能装备业务的负责人。 从张伟的经历和他提名的团队名单看，格力电器年轻化管理团队的人员安排将有助于格力巩固在空调行业的地位、进一步加强技术研发和提升产品质量。 张伟1999年加入格力电器，历任公司管路分厂、物资供应部、外协外购质量管理部、企业管理部负责人、总裁助理；2013年至2020年任格力集团副总 ...

中金主要观点如下： 25Q1内销高基数稳健增长，后续排产积极 1)出货端：25Q1空调内销出货量同比+6%(1Q23/1Q24均同比+17%)，其中3月同比+3.5%，高基数下实现 稳健增长。25Q1/3M25内销出货相比于2021年同期CAGR分别为+10%/+11%。较低的渠道库存保证出货 保持稳健增长。2)零售端：AVC数据显示，25Q1空调线上/线下零售量分别同比+6%/+10%，1-2月销售 有补贴落地节奏及24年底短期虹吸影响，3月线上销售环比改善。3)排产：产业在线数据显示，4-6月空 调内销排产同比+9%/+17%/+31%。预计5-7月在同期低基数和旺季催化的带动下，内销出货弹性明显。 格局相对稳定，零售价格有所波动 中金发布研报称，产业在线数据显示，4-6月空调内销排产同比+9%/+17%/+31%。预计5-7月在同期低基 数和旺季催化的带动下，内销出货弹性明显。出货端，251Q空调出口出货量同比+25%，整体仍延续高 增，其中3月出口同比+15%，好于此前排产计划(+10%)，但估计有部分受关税影响的出口订单或提前出 货。排产方面，据产业在线最新反馈，北美客户陆续取消或暂停从国内发货的订 ...

Group 1: Industry Overview - The air conditioning industry is experiencing steady growth in domestic sales and an optimized export structure, with leading companies effectively mitigating tariff risks through overseas production layouts [1][3] - The domestic air conditioning retail sales in Q1 2025 showed a year-on-year increase of 4.2% online and 12.6% offline, with a total shipment volume of 12.78 million units in March 2025, reflecting a 3.5% year-on-year growth [1] - The industry is optimistic about future domestic air conditioning demand, supported by government subsidies and a low base in retail demand from April to July 2024 [1] Group 2: Competitive Landscape - The competition in the air conditioning market has improved, with first and second-tier companies showing significant profitability, although retail prices have begun to decline as companies compete for market share [2] - Xiaomi's market share in air conditioning has stabilized since May 2024, with a notable increase in online retail sales by 84% in Q1 2025, although growth is expected to slow down in Q2 2025 due to a lack of low year-on-year base [2] Group 3: Export Dynamics - Air conditioning exports have exceeded expectations in 2024, with a year-on-year increase of 36.1% and 24.5% in Q1 2025 [3] - Due to rising year-on-year bases and the shift of export orders to Thailand, actual export volumes are expected to fall below predicted production volumes in the coming months [3] - Leading companies like Midea have established overseas production capabilities, particularly in Thailand, which is becoming a key production base for air conditioning products [3] Group 4: Government Initiatives - The government has prioritized boosting consumption as a key task for 2025, implementing policies such as subsidies for replacing old consumer goods and promoting tax refund services for overseas shoppers [4] - New policies also emphasize the high-quality development of the heat pump industry, aiming for a 20% improvement in energy efficiency for key heat pump products by 2030 [4]

Core Insights - The report indicates that the Chinese home appliance market has entered a quality upgrade phase, with kitchen air conditioners expected to accelerate in popularity by 2025 due to various factors including government policies aimed at boosting consumption and consumer confidence [1][11][12]. Market Trends - The kitchen air conditioner market is projected to grow in volume from 2024 to 2025, with split-type models gaining market share and embedded and wall-mounted types becoming mainstream. The primary power ratings are expected to be 0.75 HP, 1 HP, and 1.5 HP [1][38]. - The overall retail market for home appliances is expected to stabilize and grow, with kitchen air conditioners being a significant contributor to this growth [21]. Government Policies - The Central Economic Work Conference emphasized the importance of expanding domestic demand and promoting consumption as key tasks for 2025, with a focus on early implementation of supportive policies [11][12]. - The government has introduced a special action plan to boost consumption, which includes measures to stabilize the stock and real estate markets, thereby enhancing consumer confidence [12][19]. Consumer Behavior - Consumers are increasingly focused on the quality of their living environment, leading to a rise in demand for kitchen air conditioners. However, consumer awareness of these products is still in the early stages, indicating significant market potential [1][11][31]. - Most consumers have a budget of under 5,000 yuan for kitchen air conditioners and prioritize brand reputation and product performance [1][11]. Challenges and Opportunities - The kitchen air conditioner industry faces challenges such as low consumer awareness and insufficient installation services. Manufacturers are encouraged to enhance product performance in energy efficiency and oil resistance to meet consumer needs [1][11]. - Marketing strategies should leverage platforms like Douyin and Xiaohongshu, as well as offline stores, to improve consumer awareness and address installation issues [1][11][12]. Brand Insights - The report highlights several brands in the kitchen air conditioner market, including Midea, Haier, and others, showcasing their product features to help consumers understand market offerings [1].

Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].

华鑫证券指出，海外再迎超级避险节点，衰退交易加剧全球资产波动；国内聚焦一季度财报、经济数据验证和4月中央政治局会议信号等。"4月决断"面临内 外多重考验，港股震荡为主，A股震荡调整，微盘承压，风格高低切换。建议关注业绩修复、周期涨价、红利防御等方向。待中下旬止跌信号确认后，可逐 步博弈成长反弹机会。 4月首个交易日，A股市场全天冲高回落，三大指数涨跌不一。截至收盘，沪指涨0.38%，深成指跌0.01%，创业板指跌0.09%。沪深两市全天成交额1.13万亿 元，较上个交易日缩量893亿元。全市场超3800只个股上涨。板块方面，可控核聚变、创新药、中药、电力等板块涨幅居前，人形机器人、算力、软件开 发、金融科技等板块跌幅居前。 回顾3月，A股整体呈震荡趋势，三大指数在3月初上涨之后，在3月下旬出现了回调。当月沪指上涨0.45%，深证成指下跌0.99%，创业板指下跌3.07%，北证 50下跌2.74%。在行业方面，申万31个一级行业中有17个行业实现了上涨，涨幅前三分别是：有色金属（7.75%）、家用电器（4.32%）、煤炭（3.63%）； 在下跌行业中，计算机（-5.43%）跌幅最大，房地产（-4.80%）、电子 ...

Core Insights - Haier Smart Home reported impressive performance in its air conditioning segment, with domestic self-manufacturing rates of core components continuously increasing and Zhengzhou compressor production capacity exceeding 2.24 million units [1] - Internationally, Haier's air conditioning revenue grew nearly 30%, with export volume increasing by 31%, leading the industry [1] - The company has expanded its product offerings from individual units to a comprehensive home air ecosystem, addressing user pain points such as air circulation and varying temperature preferences [1] Group 1 - Haier's innovative air purification technology effectively eliminates PM2.5, catering to sensitive families [1] - The company introduced rapid cooling and heating technologies, achieving cooling in 15 seconds and heating in 30 seconds, enhancing user comfort during extreme weather [1] - Haier's dual-zone air conditioning system allows for simultaneous cooling and heating, meeting diverse temperature needs [1] Group 2 - At the 2025 AWE, Haier unveiled a dual-temperature air conditioning technology that adapts to user preferences [2] - The company is committed to AI integration, launching energy-saving air conditioners that respond to user movements and preferences, with new products expected to account for 50% of offerings by 2025 [2] - Haier's global supply chain strategy includes localized production and branding in countries like Thailand, Egypt, and Uzbekistan, ensuring that users can access region-specific products [2]

Core Insights - The conference themed "Gathering Strength, Coexistence, and Win-Win" focused on Midea's strategic layout in technology innovation, product launches, channel integration, and ecosystem building for the air conditioning market in 2025 [1][11] Group 1: Technology and Product Innovation - Midea Air Conditioning aims to lead industry transformation by focusing on user needs and showcasing a new technology matrix for 2025 that emphasizes energy efficiency, comfort, and health [3][5] - The introduction of the AI energy-saving algorithm, which utilizes cloud models and edge chips, promises significant energy savings while ensuring user comfort [5] - Midea's new product lines, including the Ultra series and WF1 series, are designed to meet diverse consumer needs, providing one-stop solutions for various environments [5][11] Group 2: Channel and Ecosystem Development - Midea announced a comprehensive upgrade of its support system for distributors, covering design, promotion, live streaming, and service to enhance market competitiveness [7][9] - The company introduced eight live streaming templates to improve product promotion and customer engagement, reflecting the growing importance of new media in e-commerce [9] - Midea's online customer service has integrated an intelligent Q&A system to enhance user experience and reduce operational costs for distributors [9] Group 3: Future Outlook - Midea's commitment to technological inclusivity and ecosystem co-creation is expected to drive growth in the air conditioning market, especially with government policies promoting upgrades [11] - The company aims to deepen green technology research and explore carbon neutrality while building a smart air ecosystem with distributors [11] - The conference energized distributors and marketing teams, reinforcing Midea's position as a market leader and its strategy to navigate the competitive landscape [11]

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].