5、2023年4月7日互动易回复：公司在AI语音控制、AI智能双变频技术等方面已有布局，公司产品智能 化水平可以满足客户的需求。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 来源：新浪证券-红岸工作室 12月17日，TCL智家涨0.66%，成交额8659.92万元，换手率0.75%，总市值116.11亿元。 异动分析 跨境电商+家用电器+一带一路+人民币贬值受益+人工智能 1、2022年10月31互动易回复：公司有部分出口业务通过线上跨境电子商务平台开展，目前占比较小。 2、公司的主营业务是家用冰箱、冷柜及洗衣机的研发、生产及销售。 3、2023年5月9日公司互动：公司已实现连续14年中国冰箱出口量第一，公司为包含一带一路国家在内 的全球130多个国家和地区提供优质的冰箱冷柜产品。据公司官网显示，公司设有欧洲事业部以促产品 销往欧洲。 4、根据2024年年报，公司海外营收占比为73.50%，受益于人民币贬值。 该股筹码平均交易成本为10.58元，近期筹码关注程度减弱；目前股价靠近压力位10.73，谨防压力位处 回调，若突破压力位则可能会开启一波上涨行情。 公司简介 资料显 ...

来源：新浪证券-红岸工作室 12月16日，TCL智家跌2.39%，成交额1.07亿元，换手率0.92%，总市值115.35亿元。 异动分析 跨境电商+家用电器+一带一路+人民币贬值受益+人工智能 1、2022年10月31互动易回复：公司有部分出口业务通过线上跨境电子商务平台开展，目前占比较小。 2、公司的主营业务是家用冰箱、冷柜及洗衣机的研发、生产及销售。 3、2023年5月9日公司互动：公司已实现连续14年中国冰箱出口量第一，公司为包含一带一路国家在内 的全球130多个国家和地区提供优质的冰箱冷柜产品。据公司官网显示，公司设有欧洲事业部以促产品 销往欧洲。 今日主力净流入-477.34万，占比0.05%，行业排名4/10，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-1.17亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-477.33万936.01万229.39万-1286.06万-798.56万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额2872.29万，占总成交额的5.65%。 技术面：筹码平均交易成本为10.58元 该股筹码平均交易成本为10. ...

来源：新浪证券-红岸工作室 12月15日，TCL智家涨2.64%，成交额1.41亿元，换手率1.20%，总市值118.17亿元。 异动分析 跨境电商+家用电器+一带一路+人民币贬值受益+人工智能 1、2022年10月31互动易回复：公司有部分出口业务通过线上跨境电子商务平台开展，目前占比较小。 2、公司的主营业务是家用冰箱、冷柜及洗衣机的研发、生产及销售。 3、2023年5月9日公司互动：公司已实现连续14年中国冰箱出口量第一，公司为包含一带一路国家在内 的全球130多个国家和地区提供优质的冰箱冷柜产品。据公司官网显示，公司设有欧洲事业部以促产品 销往欧洲。 4、根据2024年年报，公司海外营收占比为73.50%，受益于人民币贬值。 5、2023年4月7日互动易回复：公司在AI语音控制、AI智能双变频技术等方面已有布局，公司产品智能 化水平可以满足客户的需求。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入1139.40万，占比0.09%，行业排名3/10，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-2.03亿，连续3日被主力资金 ...

（文章来源：证券日报） 证券日报网讯 12月12日，海信家电在互动平台回答投资者提问时表示，公司主要从事冰箱、家用空 调、中央空调、冷柜、洗衣机、厨房电器等电器产品以及模具、汽车空调压缩机及综合热管理系统的研 发、制造和营销业务，并提供围绕家电智能化升级为核心的全场景智慧家庭解决方案。同时，公司也积 极布局功率半导体等前沿技术开发，致力于为绿色能源转型与低碳发展提供高效、可靠的半导体解决方 案。 ...

4、根据2024年年报，公司海外营收占比为73.50%，受益于人民币贬值。 来源：新浪证券-红岸工作室 12月11日，TCL智家跌1.12%，成交额8373.01万元，换手率0.73%，总市值114.37亿元。 异动分析 跨境电商+家用电器+一带一路+人民币贬值受益+人工智能 1、2022年10月31互动易回复：公司有部分出口业务通过线上跨境电子商务平台开展，目前占比较小。 2、公司的主营业务是家用冰箱、冷柜及洗衣机的研发、生产及销售。 3、2023年5月9日公司互动：公司已实现连续14年中国冰箱出口量第一，公司为包含一带一路国家在内 的全球130多个国家和地区提供优质的冰箱冷柜产品。据公司官网显示，公司设有欧洲事业部以促产品 销往欧洲。 该股筹码平均交易成本为10.57元，近期筹码减仓，但减仓程度减缓；目前股价靠近支撑位10.48，注意 支撑位处反弹，若跌破支撑位则可能会开启一波下跌行情。 公司简介 资料显示，广东TCL智慧家电股份有限公司位于广东省中山市南头镇南头大道中59号2楼A1，成立日期 2002年11月1日，上市日期2012年4月16日，公司主营业务涉及冰箱的设计、制造和销售。软件和信息技 术服务 ...

Core Viewpoint - Chinese cold chain appliance companies are intensifying investments in Indonesia, establishing production bases to tap into the Southeast Asian market, driven by favorable market conditions and strategic positioning [1][4]. Group 1: Company Investments - Qingdao Hairong Commercial Cold Chain Co., Ltd. has opened its first overseas production base in Indonesia with a total investment of 467 million RMB, covering over 70,000 square meters [1]. - Haier Smart Home has laid the foundation for its Indonesian refrigerator base, planning an annual production capacity of 1 million units, focusing on customized products for local families and commercial storage [2]. - Aucma has initiated a phased construction approach for its Indonesian smart manufacturing plant, with a planned annual capacity of 500,000 refrigerators, aiming for comprehensive coverage of household and commercial cold chain needs [3]. Group 2: Market Insights - Indonesia's dense population and high temperatures create strong demand for cold chain equipment, with a projected annual market growth rate exceeding 15% [6]. - The cold chain infrastructure in Southeast Asia is still developing, with commercial cold chain penetration below 30%, indicating significant market opportunities for companies [6]. - Localized production strategies are being employed by companies to enhance service response times and reduce delivery cycles by over 30% [2]. Group 3: Strategic Considerations - The shift from "product export" to "industry and brand export" marks a critical transition for Chinese home appliance companies, with a focus on local market integration [5]. - Companies are leveraging Indonesia's favorable investment policies and political stability to mitigate international trade risks and enhance supply chain resilience [4][5]. - The establishment of manufacturing bases in Indonesia is seen as a strategic move to transform the country from a cold chain product importer to a manufacturing hub [3]. Group 4: Competitive Landscape - As Chinese cold chain appliance companies expand their capacities, they face increasing competition from international brands like Samsung and LG, necessitating continuous innovation and localized operations to maintain market share [7].

Core Insights - The report highlights the competitive landscape of the refrigeration equipment industry, emphasizing the advantages held by developed countries in brand establishment and channel operations, while emerging economies like China leverage cost advantages and supply chain efficiencies to participate in the global market [5][6]. Industry Analysis - The refrigeration equipment manufacturing sector in China has seen significant advancements, with local manufacturers enhancing their technological capabilities through innovation and collaboration, leading to the production of high-efficiency, low-energy, and environmentally friendly products [6]. - Major players in the ice machine sector include global leaders such as Manitowoc, Hoshizaki, and Scotsman, alongside Chinese manufacturers like Xinbao and Xue Ren Group [7]. - In the refrigerator and freezer market, leading companies include Midea Group, Haier Smart Home, and TCL Smart Home, with Midea being a global technology group with a strong presence in the refrigeration sector [8]. Competitive Landscape - The report provides a detailed overview of key companies in the ice machine sector, including: - Manitowoc, established in 1902, is a leading manufacturer of commercial ice machines and was acquired by Pentair in 2022 [7]. - Hoshizaki, founded in 1947, is Japan's largest ice machine manufacturer and a global leader in the commercial ice machine market [7]. - Scotsman, part of the Italian ALI Group, is also a major player in the commercial ice machine sector [7]. - In the refrigerator and freezer market, notable companies include: - Midea Group, founded in 1968, has become a leading global technology group in the refrigeration industry [8]. - Haier Smart Home, established in 1984, focuses on smart home appliances and has maintained a leading market share in the global refrigerator sector [8]. - TCL Smart Home, a major ODM manufacturer, has consistently ranked first in China's refrigerator export volume from 2009 to 2023 [8]. Market Trends - The report indicates a growing trend of Chinese refrigeration equipment manufacturers expanding their market share through overseas market penetration, driven by improved product performance and quality [6]. - The competitive dynamics in the refrigeration equipment industry are shaped by the technological advancements and brand investments made by domestic manufacturers, which are increasingly capable of meeting both domestic and international market demands [6].

Core Viewpoint - TCL Smart Home's stock experienced a decline of 1.67% on November 20, with a trading volume of 140 million yuan and a total market capitalization of 11.502 billion yuan [1] Group 1: Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines [3] - TCL has maintained the highest export volume of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those along the Belt and Road Initiative [3] - As of the 2024 annual report, overseas revenue accounted for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Group 2: Financial Performance - For the period from January to September 2025, TCL achieved a revenue of 14.346 billion yuan, representing a year-on-year growth of 2.87%, while the net profit attributable to shareholders was 977 million yuan, up 18.45% year-on-year [8] - The company has distributed a total of 224 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [9] Group 3: Market Dynamics - The company has a presence in the cross-border e-commerce sector, although it currently represents a small portion of its business [2] - The average trading cost of the stock is 10.57 yuan, with the stock price approaching a resistance level of 10.73 yuan, indicating potential for upward movement if this level is surpassed [7]

Core Insights - Shandong Bingyijia Cold Chain Technology Co., Ltd. has launched its production facility in Zibo, marking a significant step in establishing a commercial smart cold chain equipment industry in the region [1][2] - The project showcases advanced automation and smart manufacturing capabilities, positioning it competitively against leading companies like Haier and Hisense [2] - The establishment of Bingyijia is expected to generate substantial economic impact, with projected annual output value exceeding 100 million yuan in the first year and aiming for 300 million yuan within three years [5] Industry Development - The cold chain industry in Zibo was previously underdeveloped, and Bingyijia's entry fills this gap, indicating a growing market potential [1][3] - The project benefits from a comprehensive supply chain integration, leveraging e-commerce resources from Ningbo Ounan, which has a significant annual operating revenue of 3 billion yuan across major online platforms [2] - The Zibo Xianchuang District has implemented targeted solutions to attract and support businesses, facilitating rapid project development and operational readiness [3][6] Ecosystem and Collaboration - Bingyijia's establishment is part of a broader strategy to create a resilient industrial ecosystem, attracting other key players in the cold chain sector, such as Beijixiong and Xinfeng [5][6] - The district's approach includes a "project steward" service model, ensuring efficient support for businesses from project initiation to operational launch [8][9] - The formation of industry clusters is being actively pursued, with the district successfully attracting multiple projects and investments, enhancing its overall industrial appeal [6][7] Future Prospects - The Zibo Xianchuang District aims to continue its momentum in attracting high-quality projects, with a focus on creating a sustainable and collaborative industrial environment [6][9] - The district's strategic initiatives are expected to yield further growth opportunities, positioning it as a competitive hub for smart cold chain manufacturing [9]

Core Insights - Thailand is emerging as a new hub for Chinese home appliance manufacturers, driven by structural adjustments in global supply chains and the need for cost optimization and market restructuring [1][2][4]. Group 1: Major Developments - Chinese home appliance giants such as Haier, Hisense, and Oma are establishing significant production bases in Thailand, competing with Japanese and Korean brands [1][2]. - Haier's air conditioning industrial park in Chonburi, Thailand, has a planned annual capacity of 6 million units and is the largest air conditioning manufacturing base for Chinese brands in Southeast Asia [1]. - Hisense's HHA smart manufacturing industrial park in Thailand aims for an annual production capacity of 12 million units by 2030, with an expected annual output value exceeding 100 billion Thai Baht [2]. Group 2: Advantages of Thailand - Thailand's geographical location offers strategic advantages, being centrally located in Southeast Asia and connected to major trade routes, including the deep-water port of Laem Chabang [5]. - The cost advantage in Thailand includes lower labor costs, with the minimum monthly wage being approximately 77% of that in China, alongside a skilled workforce [6]. - Tax incentives, such as a 5% low tax rate for high-end manufacturing, further enhance Thailand's attractiveness for foreign investment [6]. Group 3: Industry Trends - The success of the "Thailand model" is evident not only in the home appliance sector but also in the automotive industry, with Chinese electric vehicle exports to Thailand increasing significantly [7][8]. - The evolution of Chinese home appliance companies is marked by a shift from merely exporting products to building comprehensive capabilities, including R&D and supply chain management [10][13]. - Localized product development has led to increased market share for Chinese brands in Thailand, with Haier's market share in air conditioning rising from 13.1% in 2018 to 21% in 2023 [10][11]. Group 4: Future Outlook - The ongoing structural changes in global supply chains are prompting Chinese companies to seek production bases in third countries like Thailand to mitigate trade barriers and tariffs [11][15]. - The transition from product output to capability output signifies a new phase in China's manufacturing narrative, with a focus on integrating local market needs into product development [16].