1.《铝代铜遇阻？空调价格战下的材料选择难题》摘要 ■ 2025年618大促期间，空调市场陷入 激烈价格战 ，1.5匹一级能效产品价格低至 1200元 ，行业 均 价同比下跌18% ，库存逼近 5000万台 ，反映出 需求疲软与产能过剩 并存。 ■ 虽然政策端（工信部等十部门）支持铝材在家电领域应用，但 产业落地缓慢 ，受限于 材料性能、 标准缺失和消费者信任 三重掣肘。 ■ 格力、长虹 坚持铜材路径，通过铜材性能优化（如长虹的专利铜管技术）打造高品质形象，突出" 10年免费包修 "等售后承诺。 ■ 2025年上半年空调投诉量同比 激增22% ，其中" 能效虚标 "" 寿命缩水 "占比超 40% ，凸显消费者 对新材料产品的信任缺失。 ■ 强化铜材性能、打品质战的厂商（如格力、长虹）适合 稳健型投资者 关注其盈利能力与品牌溢价 维持情况。 2、《 绿氢困局：繁荣赛道下的经济性之痛 》摘要 ■ 绿氢是"双碳目标"背景下的国家战略性新兴产业，具备清洁能源、储能载体、化工原料等多重功 能，是实现工业脱碳的重要工具。 ■ 截至2024年底，全国出台氢能相关政策超 560项 ，中央与22省级政府将氢能列入重点工作；《能 ...

Core Viewpoint - Sanhua Intelligent Control plans to raise HKD 8 billion through its IPO in Hong Kong, but the necessity of this fundraising is questionable due to fluctuating capacity utilization and slowing growth rates in recent years [1][2]. Group 1: IPO Details - Sanhua Intelligent Control is set to launch its IPO on the Hong Kong Stock Exchange, having secured cornerstone investment agreements with 16 well-known institutions, including Schroders and GIC [1]. - The company plans to issue 360 million H-shares, with 7% allocated for public offering in Hong Kong and 93% for international placement, along with a 15% over-allotment option [2]. - The indicative price range for the shares is HKD 21.21 to HKD 22.53, with a midpoint price of HKD 21.87 expected to yield approximately HKD 77.41 billion in net proceeds [2][3]. Group 2: Fund Utilization - Approximately 30% of the net proceeds (HKD 23.22 billion) will be allocated for ongoing global R&D and innovation to strengthen existing capabilities and achieve sustainable growth over the next three years [2][3]. - Another 30% (HKD 23.22 billion) is earmarked for expanding and constructing new factories in China, as well as enhancing production automation to improve capacity and efficiency [2][3]. - 25% of the net proceeds (HKD 19.35 billion) will be used to deepen global presence by expanding overseas capacity, while 5% (HKD 3.87 billion) will enhance digital infrastructure across various business processes [3]. Group 3: Capacity and Financial Performance - The company's capacity utilization has shown volatility, with a decline noted in the past year, recording 83.8%, 92.2%, and 91.2% from 2022 to 2024 [4]. - The capital expenditure is on the rise, but the net cash flow from operating activities is sufficient to cover these expenses [4][6]. - As of the end of Q1, the company's debt-to-asset ratio decreased significantly to 44.91% from 53% in 2022, indicating improved financial health [6]. Group 4: Revenue Growth and Challenges - Sanhua Intelligent Control is the largest manufacturer of refrigeration control components globally, with revenue growth from 121 billion to 279 billion from 2020 to 2024, but growth rates have been slowing [7][9]. - The revenue growth rates for the same period were 7.29%, 32.30%, 33.25%, 15.04%, and 13.8%, while net profit growth rates were 2.76%, 15.7%, 52.98%, 12.49%, and 6.07% [7]. - Accounts receivable have increased significantly, with a 20% growth rate in 2024, while revenue growth was only 13.8%, indicating potential issues with cash flow management [9]. Group 5: Market Position and Competition - The company holds a dominant market share of 45.5% in the global refrigeration control components market, but faces intense competition from major manufacturers [10]. - In the automotive parts sector, Sanhua's revenue grew from 75.14 billion to 113.87 billion from 2022 to 2024, with a market share of approximately 4.1% in the automotive thermal management systems [12]. - The company is also exploring opportunities in the robotics sector, planning to invest at least HKD 3.8 billion in a new R&D and production base for robotic actuators [12].

Core Viewpoint - Sanhua Intelligent (02050) is set to launch an IPO from June 13 to June 18, 2025, aiming to issue 360 million H-shares, with 7% allocated for public offering in Hong Kong and 93% for international offering, plus a 15% over-allotment option [1] Group 1: Company Overview - According to Frost & Sullivan, Sanhua is the largest manufacturer of refrigeration and air conditioning control components globally, with a market share of approximately 45.5% in the refrigeration and air conditioning control components market as of 2024 [1] - The company is also a leading manufacturer of automotive thermal management system components, ranking fifth globally with a market share of about 4.1% as of 2024 [1] - Sanhua aims to develop a smart low-carbon economy and create a green quality environment, focusing on research, promotion, and application of thermal management technology [1] Group 2: Fundraising and Use of Proceeds - The cornerstone investors, including Schroders, GIC, and others, have agreed to subscribe to shares amounting to approximately $562 million, with a total of 202 million shares expected to be subscribed at a price of HKD 21.87 per share [2] - Assuming no exercise of the over-allotment option and after deducting commissions and estimated expenses, the net proceeds from the global offering are expected to be approximately HKD 7.741 billion [3] - The net proceeds will be allocated as follows: 30% for ongoing global R&D and innovation, 30% for expanding and building new factories in China, 25% for enhancing overseas capacity, 5% for strengthening digital infrastructure, and 10% for working capital and general corporate purposes [4]

Group 1 - The company, Sanhua Intelligent (02050), plans to conduct an initial public offering (IPO) from June 13 to June 18, 2025, offering 360 million H-shares globally, with 7% allocated for public sale in Hong Kong and 93% for international sale, plus a 15% over-allotment option [1] - The company is the largest manufacturer of refrigeration and air conditioning control components globally, with a market share of approximately 45.5% in the refrigeration and air conditioning control components market and ranked fifth in the automotive thermal management system components market with a 4.1% share, according to Frost & Sullivan [1] - The company aims to develop a smart low-carbon economy and focuses on research, promotion, and application of thermal management technology, providing energy efficiency solutions to global customers [1] Group 2 - The company has entered into cornerstone investment agreements with several investors, including Schroders and GIC, agreeing to subscribe for shares at the offering price, totaling approximately $562 million [2] - Assuming no exercise of the over-allotment option and based on a median offering price of HKD 21.87 per share, the company estimates net proceeds from the global offering to be approximately HKD 7.741 billion [3] - The estimated net proceeds will be allocated as follows: 30% for ongoing global R&D and innovation, 30% for expanding and building new factories in China, 25% for enhancing overseas capacity, 5% for strengthening digital infrastructure, and 10% for working capital and general corporate purposes [3]

假设发售量调整权及超额配股权未获行使，且假设发售价为每股21.87港元(即指示性发售价范围的中位 数)，集团估计将收取全球发售所得款项净额约77.406亿港元。集团拟将全球发售所得款项用作以下用 途：所得款项净额约30%将用于产品组合的持续全球研发及创新，包括集团的技术、现有产品、新产品 及新兴业务，以巩固集团的现有实力，并于未来三年实现持续增长；约30%将用于未来三年内于中国扩 建及新建工厂以及提高生产自动化水平，以进一步提高集团的产能及效率；约25%将用于通过扩大集团 的海外产能深化全球化布局，预期可使集团在未来三年内把握全球范围内的新商机，深化实施供应链本 地化策略；约5%将用于在未来三年内加强集团的数字智能基础设施，提高供应链管理、研发、生产、 质量控制、销售及运营等多项业务流程的数字化能力；以及所得款项净额约10%将用作营运资金及一般 企业用途。 集团秉持"专注领先、创新超越"的发展战略，致力于完善现有产品组合的同时，积极培育新的可持续增 长引擎。集团从早期便高度重视建立全球网络。综合的全球研发布局以及因地制宜的生产销售网络能够 让集团快速对接客户需求，同时增强集团对多元化市场的洞察力，进而开发出满 ...

2025.06. 12 本文字数：1422，阅读时长大约3分钟 作者 | 第一财 经 王珍 格力是全球最大的分体式空调生产商。近年国内外空调市场竞争加剧，格力电器2024年营收1892亿 元，同比下降7.26%；2025年一季度营收415.07亿元，同比增长14.14%。面对激烈的竞争，格力 需要用技术创新巩固和提升自己的行业地位。此外，海外市场是格力未来增长点，主导国际标准制定 将有助于格力进一步开拓国际市场。 6月12日，格力电器（000651.SZ，简称格力）和合肥通用机械研究院在珠海正式对外公布了两项 制冷压缩机国际标准。作为国际标准化组织（ISO）制冷压缩机的试验和评定分委会主席，格力电器 董事长董明珠表示，藉此希望为全球空调压缩机企业创造绿色能源环境提供技术支持。她并且认为， 消费者认可才是最高的标准。 压缩机是空调的"心脏"。中国空调、空调压缩机产量在全球居首位，像格力每年对内对外要提供 5000万台压缩机，但是中国企业此前在该领域缺乏国际标准话语权。当天公布的两项国际标准包括 《离心式制冷压缩机性能评价》、《容积式制冷压缩机性能评价》，是由格力、合肥通用机械研究院 和清华大学联合主导制定的，体 ...

Core Viewpoint - Gree Electric Appliances and Hefei General Machinery Research Institute announced two international standards for refrigeration compressors, aiming to enhance the global competitiveness of Chinese companies in the air conditioning sector [2][4]. Company Summary - Gree Electric Appliances, as the largest split air conditioner manufacturer globally, produces 50 million compressors annually and is now establishing international standards to leverage its technology [2][4]. - The company reported a revenue of 189.2 billion yuan for 2024, a decrease of 7.26% year-on-year, while the first quarter of 2025 saw a revenue of 41.507 billion yuan, an increase of 14.14% year-on-year [5]. Industry Summary - The global refrigeration compressor market is valued at 128.55 billion yuan in 2023 and is projected to grow to 177.22 billion yuan by 2029, highlighting the importance of developing efficient compressors and establishing standards for industry growth [4]. - The international standards announced include performance evaluation for centrifugal and volumetric refrigeration compressors, which are crucial for various applications such as air conditioning, heat pumps, and refrigeration [4][5]. - The global air conditioning market is expected to triple by 2050, reaching 4.5 billion units, with significant growth anticipated in tropical and non-traditional regions [3].

行业研究丨深度报告丨家用电器 [Table_Title] 从奥克斯看空调行业特征及格局 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 空调行业由于其本身的空间较大，且头部企业相对侧重中高端布局，同时其品类属性又决定了 低价需求将持续存在，因此对中小品牌的发展更为友好。正是得益于前述特性，奥克斯通过积 极布局空调电商，采取价格、产品差异化策略实现了阶段性的份额突破，但这种模式的脆弱性 也已经被验证；当市场竞争加剧或原材料进入上涨周期时奥克斯成本端的压力将限制其降价空 间，从而失去价格竞争力。基于此，我们认为以价换量模式难以对空调行业长期格局造成干扰。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title2] 从奥克斯看空调行业特征及格局 陈亮 SAC：S0490517070017 SFC：BUW408 2025 年 1 月 15 日，奥克斯电气向港交所提交上市申请书。公司曾多次凭借价格策略向行业龙 头发起挑 ...

新华财经北京6月11日电（王鑫方）现年62岁的德国人鲁道夫·基斯林多年来经营自家的供暖、通风和空调业务，如今想退休却苦于找不到人接班。 "我找不到人。我有一个儿子，但他做不来，因为他的职业（与这个）完全不同。"基斯林说，"一些员工可能感兴趣，但他们有点害怕承担责任。" 据路透社10日报道，在德国，像基斯林这样面临接班困境的中小企业主不在少数。一旦找不到继承人，他们可能不得不关掉自家生意，这使德国这个欧洲最 大的经济体正在面临越来越大的风险。 2023年6月28日，行人经过德国柏林一家打折店铺。新华社记者任鹏飞摄 中小企业占德国经济产出的一半以上，提供了近60%的就业岗位，是私人投资的引擎。然而，德国国有开发银行复兴信贷银行的一项调查显示，德国约有 23.1万中小企业主打算在今年年底前关闭自己的企业，比一年前增加6.75万人。 银行中小企业专家米夏埃尔·施瓦茨说："自我们开始关注企业继承问题以来，从没有这么多中小企业考虑放弃经营。" 依据路透社说法，德国几乎所有大公司的供应商中都有难以替代的中小企业。 德国一名经济部门发言人说，政府长期以来采取多种措施尝试解决企业继承问题，比如提供低息贷款，开设网站nexxtc ...

Group 1 - Over 60% of actively managed equity funds have recovered their net value to levels seen two months ago, with a strong performance from funds focused on innovative pharmaceuticals and AI sectors [1] - The upcoming mid-year assessment is prompting wealth management companies to optimize asset allocation strategies, including shortening bond durations to control volatility [1] - The Hong Kong IPO market is heating up, with 190 companies queued for listing, many of which are from mainland China, indicating a trend of A+H listings [2] Group 2 - The domestic robotics industry is experiencing a surge in IPO activity in Hong Kong, with nine companies disclosing plans to list, reflecting strong investor interest in hard technology [2] - Midea Group has initiated a voluntary recall of over one million window air conditioners in North America due to a rare issue with mold on a specific component, with a complaint rate of less than 0.01% [3] - Several major automotive companies have committed to a unified payment term of no more than 60 days, indicating a shift in industry payment practices [3] Group 3 - The launch of the world's first AI-based fully automated design system for processor chips marks a significant advancement in chip design, addressing the growing demand for specialized chips [4] - The successful listing of a leading company in the panoramic camera sector has attracted significant attention from capital markets, with the global market for panoramic cameras expected to grow at a CAGR of over 10% [4] - The summer grain wheat harvest in China has progressed to over 70%, with significant contributions from major wheat-producing provinces [5] Group 4 - OpenAI is investigating increased error rates affecting its API and ChatGPT services, with over 1,000 service interruption reports logged [5] - Haitian Flavor Industry plans to issue 263.24 million shares in its Hong Kong listing, with a price range set between HKD 35 and HKD 36.3 [6] - A food safety incident involving excessive bacterial counts at a specific store has led to regulatory actions against the establishment [7] Group 5 - The financial regulatory authority has imposed strict penalties on two insurance companies, marking a shift towards individual accountability in the insurance sector [8] - Tencent Music has signed an acquisition agreement with Himalaya, with assurances that the brand and management structure will remain unchanged post-acquisition [9] - A significant personnel change has occurred at Yanghe Co., with a board member resigning due to work relocation [10]