Investment Rating - The report maintains a "Positive" outlook on the home appliance sector, highlighting its performance against the Shanghai and Shenzhen 300 Index [3][4]. Core Insights - The home appliance sector outperformed the Shanghai and Shenzhen 300 Index, with the sector index rising by 1.8% compared to a 1.6% increase in the broader index [4][5]. - Key companies such as Beiyi Co., Lek Electric, and Huaxiang Co. showed significant gains, while Aopu Technology and Stone Technology faced declines [4][7]. - December 2025 production data for major appliances indicates a total production of 30.18 million units, a 14.1% decrease from the previous year [10]. - The Ministry of Industry and Information Technology and five other departments issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming for a significant optimization of the supply structure by 2027 [11]. Summary by Sections Market Performance - The home appliance sector index increased by 1.8%, outperforming the Shanghai and Shenzhen 300 Index [4][5]. - Notable performers included Beiyi Co. (10.2%), Lek Electric (9.0%), and Huaxiang Co. (8.4%) [4][7]. Industry Dynamics - December 2025 production data shows a total of 30.18 million units for air conditioners, refrigerators, and washing machines, with air conditioner production down 22.3% year-on-year [10]. - The government plan aims to create three trillion-level consumption fields and ten hundred-billion-level consumption hotspots by 2027 [11]. Sales Data - October sales data revealed a significant decline in offline sales for major appliances, with air conditioner retail volume down 48.3% and retail value down 53.7% [33][36]. - The average retail price for air conditioners decreased by 10.7% to 4,224 yuan [33]. Investment Opportunities - The report identifies three main investment themes: 1. Head companies in white and black appliances with low valuations and high dividends [4]. 2. Core component manufacturers expanding into emerging tech fields [4]. 3. Growth in overseas demand for new consumer appliances [4]. Raw Material Prices - As of November 28, 2025, copper prices increased by 17.83% year-on-year, while aluminum prices rose by 5.15% [13][20].

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry in China [5]. Core Viewpoints - The expectation of interest rate cuts by the Federal Reserve is likely to boost sales in the U.S. real estate chain, particularly in home appliances and power tools by 2026. The domestic subsidy effect is slowing down, making leading companies more stable. The long-term focus remains on overseas expansion, with companies that diversify their production capacity being favored [3][7]. - Leading companies exhibit higher operational efficiency and mature overseas production layouts, making them preferred choices for stable investments. Recommended stocks include Midea Group, Haier Smart Home, and Hisense Visual [3]. - The export market holds potential, with expectations of a valuation switch by 2026, particularly for Stone Technology [3]. - Companies with stable core business performance are expected to explore new growth avenues, with Anfu Technology being highlighted [3]. Summary by Sections Investment Suggestions and Targets - Investment suggestions include focusing on leading companies with higher operational efficiency and overseas production capabilities, which are expected to perform better under pressure from demand and cost [3][7]. - The report highlights the ongoing trend of white goods production, with a total of 30.18 million units produced in December, reflecting a year-on-year decline of 14.1%. The report anticipates that leading companies will gain market share despite challenges [7]. - The cleaning appliance sector is experiencing a trend of market concentration, with the top two companies increasing their market share significantly, indicating a shift towards leading brands [7].

周五，美国假日购物季正式拉开帷幕，但消费者正面临一系列经济担忧——就业市场降温、薪资增长停 滞、通胀持续高企，外加关税政策即将引发的连锁反应。在这一背景下，黑色星期五将成为一块试金 石：美国消费者会顶住日益加剧的经济逆风继续消费，还是这场由消费驱动的美国经济将开始显露疲 态? 种种迹象表明，今年的假日消费季将趋于理性。 市场研究公司Circana首席零售顾问Marshal Cohen表示："我们预计这不会是一个狂热刺激的假日季。" 与此同时，关税政策让部分品牌难以提供黑色星期五标志性的大幅折扣。而前往实体店购物的消费者可 能会遭遇更长的排队队伍和更少的导购服务，因季节性零售岗位招聘预计将降至2009年以来的最低水 平。 尽管如此，促销活动并不会完全消失。 沃尔玛(WMT.US)推出了一系列折扣商品，包括Vizio电视五折优惠，以及仅售10美元的羽绒夹克。亚马 逊(AMZN.US)对兰蔻等品牌的美妆产品和其他奢侈香水提供最高五折优惠。塔吉特(TGT.US)除了1美元 的蝴蝶结装饰品、5美元的芭比时尚娃娃和10美元的毛毯外，还对苏打水机提供近五折优惠，对苹果 (AAPL.US)产品最高减免200美元。家得宝(HD ...

联合资信 工商评级一部 |郭察理 2025 年 10 月，国家发展改革委会同财政部向地方下达了今年第四批 690 亿元超长期特别国债支 持消费品以旧换新资金，至此，全年 3000 亿元中央资金已全部下达，本次下达的 690 亿元作为全年 3000 亿元国补计划中的最后一批，为四季度"双十一""双十二"消费旺季预留出充足的政策空 间。此外，国家贴息支持分期免息，形成"政策补贴+金融支持+商家优惠"的政策组合拳，进一步 释放消费潜力。 伴随国补进入第二年末期，政策激励效应边际递减，加之国内房地产市场仍低位运行、需求不 足等经济结构调整持续深化为家电行业带来挑战，家电行业增速放缓、竞争趋于白热化，或将面临 政策退坡带来的阵痛与转型。另一方面，《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》仍将"大力提振消费"放在首位，从国家到地方将协同发力，通过更为精准而有针对性的 补贴政策和深层次的民生保障稳定消费预期，实现家电行业从"补贴拉动"到"内生增长"的转 变。 www.lhratings.com 研究报告 0 一、政策背景及主要内容 以旧换新激活内需潜力，促进消费持续复苏 ——2025 年第四批国补落地政 ...

11月28日，浙江亿田智能厨电股份有限公司（下称"亿田智能"）在天风证券策略会举办路演活动，接待 了包括信泰人寿、上海慧珠、银华股份、中信建投、众安在线、中兵财富、泓德基金、中信保诚、民生 加银、方正富邦、嘉实基金、华夏基金在内的12家机构调研。公司董事会秘书、总经理助理董博女士就 主营业务转型、算力业务布局、国际品牌合作及基金投资等核心问题与投资者展开深入交流。 投资者活动基本信息投资者关系活动类别：路演活动时间：2025年11月28日地点：天风证券策略会参与 单位名称：信泰人寿、上海慧珠、银华股份、中信建投、众安在线、中兵财富、泓德基金、中信保诚、 民生加银、方正富邦、嘉实基金、华夏基金上市公司接待人员姓名：董事会秘书、总经理助理董博女士 主业转型与算力布局：从厨电龙头到"双轮驱动" 亿田智能成立于2003年，在集成灶领域拥有20余年技术积累，品牌与渠道稳居行业第一梯队。不过，由 于集成灶行业与房地产市场关联度较高，公司自2023年起启动战略转型，将算力与人工智能应用作为第 二增长曲线，坚定向高科技企业转型。 董博表示，算力基础设施建设及整体解决方案投入巨大，公司通过整合产业资本与资源推动相关业务发 展。 ...

证券代码：300911 证券简称：亿田智能 债券代码：123235 债券简称：亿田转债 答：集成灶跟房地产紧密挂钩，目前还处在"磨底"阶段，渠 道库存和需求修复需要一段时间。好在品牌力和渠道仍排在第 一梯队，能给转型期提供现金流和背书。公司不对全年营收净 利润等财务数据关键指标进行任何预测指引。 公司于 2025 年和意大利高端电器品牌 SMEG 以及它的大中华 区运营方"思美科"签约，拿下指定区域的进口、分销、推广 全案，采购、仓储、物流、营销、售后一条龙。借助 SMEG 的 品牌地位，亿田可以迅速补位高端空白，提升溢价能力，也给 后续再引其他国际品牌或推出自有高端系列铺路。SMEG 主打 冰箱、洗碗机、烤箱及小家电，轻烹饪场景跟亿田的集成灶正 好互补，凑成"好看又好用"的整体厨房方案，迎合消费升级。 下一步双方会把欧洲设计美学和亿田的本土制造、渠道、服务 网络深度整合，加快 SMEG 在中国高端市场的渗透。 3、问：公司与劳埃德私募基金合作设立上海德数云私募基金 的初衷是什么？该基金的主要投资方向和运作模式是怎样 的？ 答：公司长期看好人工智能产业的发展前景，算力基础设施建 设和整体解决方案投入巨大，公司 ...

证券研究报告·行业点评报告 2025 年 11 月 28 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 4.09 -2.68 -5.5 绝对收益 -0.17 0.27 10.07 数据来源：聚源 注：相对收益与沪深 300 相比 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 家用电器行业 行业评级：增持（维持） 据产业在线最新排产数据显示，2025 年 12 月空冰洗排产总量合计为 3018 万台， 同比去年同期实际生产下降 14.1%。分产品类别来看，12 月份家用空调/冰箱/ 洗 衣 机 排 产 1411/813/794 万 台 ， 分 别 同 比 去 年 同 期 实 际 生 产 下 降 22.3%/8.2%/1.9%。2025 年 12 月家用空调内销/出 ...

Global Home Appliance Industry Analysis - The global home appliance market reached a sales scale of $640 billion in 2023, an increase of 18.52% compared to 2019, with major appliances accounting for $400 billion and small appliances for $240 billion [3] - The market is projected to grow to $850 billion by 2029, with a 10-year CAGR of approximately 4.64% [3] - Asia is the largest market for home appliances, contributing $340 billion in sales in 2023, followed by North America at $130 billion and Europe at $100 billion, together accounting for about 89% of the global market [3] Competitive Landscape - The global home appliance industry is characterized by mature development and intense competition, dominated by leading Chinese brands like Midea, Gree, and Haier, as well as established foreign brands such as Whirlpool, Electrolux, Samsung, Panasonic, and LG [4] - The smart home market is expected to grow from $24.823 billion in 2019 to $92.2 billion by 2028, with a CAGR of 15.70%, indicating a shift in growth momentum towards emerging markets like smart appliances [4] China Home Appliance Industry Analysis - The Chinese home appliance market is projected to reach ¥906.4 billion in 2024, with a year-on-year growth of 6.4%, and is expected to grow to approximately ¥1.33 trillion by 2029 [5] - The market is transitioning from a blue ocean phase to a red ocean phase, facing intense competition and limited new demand as it becomes saturated [5] Policy and Market Trends - National policies such as "old-for-new" subsidies are stimulating mid-to-high-end consumption and driving demand for appliance upgrades [6] - The cumulative market size for Chinese home appliances from January to October 2024 reached ¥730.4 billion, with a year-on-year growth of 4.2%, and a significant increase to 7.6% in the third quarter due to the implementation of upgrade policies [6] Export and Economic Performance - China's home appliance exports are expected to reach $112.4 billion in 2024, a year-on-year increase of 14.0%, marking a historical high [7] - The overall revenue of the Chinese home appliance industry is projected to reach ¥19.5 trillion in 2024, with a year-on-year growth of 5.6%, and total profits expected to reach ¥173.7 billion, up 11.4% [7] Future Outlook - With rising domestic labor costs and increasing potential in overseas markets, more home appliance companies are expected to expand internationally, leveraging their supply chain management capabilities for growth [8]

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances, specifically focusing on air conditioning, refrigerators, and washing machines Key Points and Arguments Market Conditions - The central air conditioning business is under pressure in the real estate market, particularly in the refined decoration sector, with a potential decline of 15-20% expected [2][5] - Domestic sales (C-end and public construction) are anticipated to see slight growth, while external sales of refrigerators and washing machines are projected to grow in double digits [2][4] - Orders for processing products are expected to show a turning point in December, with a return to positive growth by the end of 2026 or early 2027 [2][3][5] Financial Performance and Projections - The company faces challenges in achieving its annual performance targets, aiming to unlock nearly 100% of its equity incentive goals [2][5] - For 2026, domestic sales will focus on enhancing product strength and cost competitiveness, while external sales are expected to grow by over 10% with improved profit margins [2][5] - The net profit margin for the central air conditioning business is stable, estimated between 6-10% [4][12] Strategic Initiatives - The company plans to enhance its foundational capabilities by reducing SKU counts, integrating R&D platforms, and improving procurement efficiency to boost single product profitability [2][6] - Expansion of proprietary channel stores and strengthening of lower-tier channel construction are key strategies [2][7] - The company is optimistic about long-term growth in emerging markets, driven by increasing appliance penetration and favorable demographic trends [4][10] External Market Dynamics - The impact of national subsidy policy reduction on price competition is not straightforward; the company does not expect significant price increases despite subsidy reductions [6] - The company is focusing on structural products that benefit from subsidies, such as high-end air conditioning and fresh air systems [7] Profitability and Cost Management - External sales profitability recovery is primarily driven by gross margin improvements, with a 0.5 percentage point increase in profit margin expected, of which 0.3 percentage points come from cost reduction and efficiency improvements [8] - The processing product orders are gradually reducing inventory, indicating a potential recovery in sales [9] Regional Performance - The European market accounts for over 30% of the overall structure for air conditioning and refrigerators, with emerging markets like ASEAN and Central-South America showing significant growth potential despite seasonal fluctuations [10][11] - The company aims to increase overseas revenue contribution to over 20% within 3 to 5 years, leveraging new production capabilities [11] Future Outlook - The company anticipates a modest growth in the C-end market for new housing and second-hand demand, with a projected growth of around 10% in 2025 and single-digit growth in 2026 [18] - The new fresh air conditioning products are expected to have a gross margin advantage of at least 10 percentage points over non-fresh air products [21] Shareholder Returns - The company plans to maintain a minimum dividend payout ratio of 50% and will consider increasing this ratio in the future [17] Additional Important Insights - The company is actively working on balancing cooperation and competition with Midea, focusing on resource optimization and market penetration strategies [15][16] - The integration of logistics and procurement strategies with Midea is progressing well, although details on overseas collaborations remain limited [14]

Summary of Changhong Meiling Conference Call Industry Overview - The home appliance industry is facing increased sales pressure due to the gradual reduction of subsidies starting from Q3 2025, with a complete cancellation expected in Q4 2025. This has posed challenges for air conditioners, refrigerators, and washing machines [2][3][4] Company Performance - In Q4 2025, overall performance was subpar, with significant pressure on domestic sales due to high comparison bases from the previous year when subsidies were at their peak [3][4] - For external sales, refrigerators and washing machines are projected to maintain a growth rate of 10% to 20% for the year, but growth is slowing in Q4, stabilizing overall [2][3] - Air conditioning sales are primarily driven by orders and production concentrated in Q3 and Q4 of the previous year [3] Strategic Focus - Changhong Meiling adheres to a "profitable scale growth" strategy, emphasizing both scale and profit amidst fierce price competition [2][5] - The company is focused on resource integration and centralized procurement to reduce costs, with plans to enhance product line collaboration to unlock more potential [2][7] Market Dynamics - The impact of Xiaomi's self-built factories on Changhong Meiling is expected to be limited, with stable order expectations for the following year [2][6] - The overseas market for washing and refrigeration products is primarily in Europe (over 30% of revenue), with other regions like Africa and the Middle East contributing around 10% each [2][8] Production Capacity and Investment - Changhong Meiling plans to build new production lines to increase overseas air conditioning output due to insufficient capacity [3][11] - A new production line is being established in Mianyang to supplement the Hefei factory's annual capacity by 2 million units for washing machines [12] - A new base for large-capacity refrigerators is planned to meet overseas market demand [12] Product Development - High-end products, such as the M series, currently have a low market share but are gradually increasing. The company is introducing new products with enhanced preservation features [13] - Future investments will focus on health technology and innovation to improve the mid-to-high-end product structure [13] Challenges and Future Directions - The company faces challenges in both domestic and international markets but remains committed to developing its white goods matrix [17] - Future strategies include increasing R&D investment, enhancing brand recognition through industrial and channel collaboration, and steadily advancing market development to provide better returns for investors [17]