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。 来源：新浪证券-红岸工作室 10月20日，TCL智家涨1.26%，成交额8108.86万元，换手率0.78%，总市值104.62亿元。 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10.46元，近期筹码减仓，但减仓程度减缓；目前股价靠近支撑位9.48，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 ...

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。 来源：新浪证券-红岸工作室 10月17日，TCL智家跌0.83%，成交额9946.94万元，换手率0.96%，总市值103.32亿元。 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额3526.44万，占总成交额的6.7%。 技术面：筹码平均交易成本为10.47元 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-33 ...

来源：新浪证券-红岸工作室 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1094.70万，占比0.12%，行业排名2/10，连续2日被主力资金增仓；所属行业主力净流 入1.38亿，连续3日被主力资金增仓。 10月15日，TCL智家涨1.25%，成交额8768.77万元，换手率0.84%，总市值105.16亿元。 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 ...

10月14日，TCL智家涨0.31%，成交额1.09亿元，换手率1.05%，总市值103.86亿元。 异动分析 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。 来源：新浪证券-红岸工作室 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。 技术面：筹码平均交易成本为10.49元 该股筹码平均交易成本为10.49元，近期筹码减仓，但减仓程度减缓；目前股价靠近压力位9.62，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 资料显示，广东TCL智慧家电股份有限公司位于广东 ...

Core Viewpoint - TCL Smart Home has shown a positive market performance with a 1.34% increase in stock price and a total market capitalization of 10.635 billion yuan as of October 10, 2023 [1] Group 1: Business Overview - The main business of the company includes the research, production, and sales of household refrigerators, freezers, and washing machines [3] - The company has maintained the position of the largest exporter 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 accounts for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Group 2: Financial Performance - For the first half of 2025, TCL Smart Home achieved operating revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% 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 is involved in cross-border e-commerce, although this segment currently represents a small portion of its overall business [2] - The stock has seen a slight net inflow of 10.364 million yuan today, with a net inflow of 1.08 billion yuan in the industry, indicating a mixed trend in market interest [5][6] Group 4: Technical Analysis - The average trading cost of the stock is 10.53 yuan, with the current price near a support level of 9.62 yuan, suggesting potential for a rebound if this support holds [7]

"萨瓦迪卡，来泰国啦！"近日，海尔集团高管在微信视频号中，透露了泰国春武里海尔空调智能工厂投 产的情况。这里一年前动工，今年9月23日智慧互联工厂已投产。 同日，海信HHA智能制造工业园开工仪式在泰国安美德春武里工业园举行，将建成海信最大的海外工 业园，项目分三期，一期投资47亿泰铢，超10亿元人民币。 不只海尔、海信，美的集团今年也进一步深化在泰国的供应链布局。而格力电器旗下的盾安环境在泰国 的基地主要做制冷配件的生产和销售，目前在手订单充足。 中国机电产品进出口商会家电分会秘书长周南向第一财经记者分析说，从泰国出口空调至美国相比从中 国直接出口目前仍有不小的税差，但关税变化的不确定性依然存在。中国与东盟已形成产业链协作，中 国家电龙头加码投资泰国等东南亚地区，旨在复杂多变的贸易环境下，通过加大全球布局来应对各种不 确定性。 打通通往全球市场的"快车道" 泰国白色家电产业链还需完善 加码泰国等东南亚地区的投资布局，稳定对外国市场的出口订单，是重要的考虑之一。空调业资深人 士、三友环境董事长肖友元向第一财经记者分析说，如果要规避外国的关税壁垒，需要满足泰国原产地 的条件，而且从泰国去外国的成本增加不能超过15 ...

Core Viewpoint - Chinese home appliance leaders are increasing investments in Thailand and Southeast Asia to navigate the complex and changing trade environment by deepening their global presence [1][3][5] Group 1: Investment and Expansion - Haier Group has launched its smart air conditioning factory in Thailand, which began construction a year ago and commenced operations on September 23 this year [3] - Hisense has initiated the construction of its largest overseas industrial park in Thailand, with an initial investment of 4.7 billion Thai Baht (over 1 billion RMB) [3][6] - Midea Group is also enhancing its supply chain layout in Thailand this year, while Gree Electric's subsidiary is focused on producing and selling refrigeration components in Thailand [3][5] Group 2: Strategic Considerations - Thailand is the second-largest air conditioning manufacturing base globally, benefiting from good Sino-Thai relations and multiple free trade agreements, which facilitate exports to the EU and the US [5][8] - The establishment of local production bases in Thailand allows Chinese companies to respond quickly to Southeast Asian market demands and mitigate tariff barriers [5][8] Group 3: Production Capacity and Technology - Haier's Thai factory covers approximately 324,000 square meters with a planned annual production capacity of 6 million units, serving both Southeast Asian and global markets [5][6] - Hisense's HHA smart manufacturing park aims for an annual production capacity of 12 million units by 2030, with an estimated annual output value of 100 billion Thai Baht (approximately 21.97 billion RMB) [6] - The trend towards "green" and "smart" manufacturing is evident, with companies adopting eco-friendly refrigerants and advanced technologies to enhance efficiency and reduce carbon emissions [6][8] Group 4: Local Supply Chain Development - There is a need to improve the local supply chain in Thailand to meet the origin requirements for exports and to keep production costs competitive [8][9] - Midea has been actively engaging with local suppliers to enhance the procurement of components, aiming to generate over 1.5 billion Thai Baht in parts sales [9] - Gree Electric is transitioning from an agency model to independent operations in Thailand, focusing on establishing a comprehensive overseas manufacturing and sales network [9][10]

Core Viewpoint - TCL Smart Home's stock experienced a decline of 0.71% on September 29, with a trading volume of 153 million yuan and a market capitalization of 10.548 billion yuan [1] Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines [2] - As of June 30, the company's revenue composition is 84.92% from refrigerators and freezers, 14.37% from washing machines, and 0.72% from other sources [8] Export and International Presence - The company has maintained the highest export volume of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those involved in the Belt and Road Initiative [3] - In 2024, overseas revenue accounted for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Technological Advancements - The company has made advancements in AI voice control and AI intelligent dual-frequency technology, enhancing the intelligence level of its products to meet customer demands [4] Financial Performance - For the first half of 2025, TCL Smart Home achieved a revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 0.54% to 37,000, while the average circulating shares per person increased by 0.54% to 29,302 shares [8] - The stock has seen a net outflow of 23.6062 million yuan from major investors today, with a total of 1.88 billion yuan net outflow in the industry [5][6]

Core Viewpoint - TCL Smart Home's stock experienced a decline of 1.60% on September 25, with a trading volume of 97.81 million yuan and a total market capitalization of 10.678 billion yuan [1] Business Overview - The company's main business includes the research, production, and sales of household refrigerators, freezers, and washing machines [2] - As of June 30, 2025, the revenue composition is as follows: refrigerators and freezers account for 84.92%, washing machines for 14.37%, and other products for 0.72% [8] Export and International Presence - The company has maintained the position of the largest exporter of refrigerators in China for 14 consecutive years, serving over 130 countries and regions, including those involved in the Belt and Road Initiative [3] - In the 2024 annual report, overseas revenue accounted for 73.50% of total revenue, benefiting from the depreciation of the RMB [4] Technological Advancements - The company has made advancements in AI voice control and AI intelligent dual-frequency technology, enhancing the intelligence level of its products to meet customer demands [4] Financial Performance - For the first half of 2025, TCL Smart Home achieved a revenue of 9.476 billion yuan, representing a year-on-year growth of 5.74%, and a net profit attributable to shareholders of 638 million yuan, up 14.15% year-on-year [8] Shareholder Information - As of June 30, 2025, the number of shareholders is 37,000, a decrease of 0.54% from the previous period, with an average of 29,302 circulating shares per person, an increase of 0.54% [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] Market Activity - The stock has seen a net outflow of 8.105 million yuan today, with a net inflow of -64.3 million yuan in the industry, indicating a lack of clear trends in major capital movements [5][6]

Core Insights - The home appliance industry is entering a critical period of policy effect transition and market demand adjustment in 2025, with overall negative growth becoming a consensus due to the diminishing impact of national subsidies and weak consumer demand [1][6][13] - The promotional rhythm in the industry is tightly connected, with offline channels focusing on the National Day peak season while online platforms prepare for "Double Eleven," leading to differentiated performance across channels [2][10] Policy Impact - The marginal effect of national subsidies is weakening, with retail sales growth for home appliances expected to drop significantly from 23.8% in late 2024 to just 7% by mid-2025 [4][6] - The national subsidy policy has shifted to batch issuance and control, resulting in reduced support for offline channels, which previously benefited from strong subsidy implementation [6][13] Market Performance - The home appliance industry is experiencing negative growth, particularly in traditional categories like refrigerators, washing machines, and air conditioners, with refrigerators expected to see a decline exceeding 20% [6][9] - Online channels are anticipated to outperform offline channels during the promotional periods due to the lower baseline from last year's strong subsidy-driven growth [2][4] Sales Data - For the refrigerator category, online sales volume decreased by 23.8% year-on-year, while offline sales dropped by 20.3%, indicating a significant overall decline in the market [7][9] - Air conditioning sales are projected to decline by 8% in volume and 14.4% in revenue during the "Double Eleven" period, reflecting the ongoing price war and market challenges [8][9] Strategic Recommendations - Companies are advised to focus on retail-driven strategies to accelerate inventory turnover and optimize cash flow, shifting from channel-centric to end-user retail thinking [14] - Emphasis on product structure improvement is recommended to counteract the decline in subsidies by promoting higher value-added products [14] - The industry should leverage the upcoming energy efficiency standard upgrades as an opportunity to launch new products and capture market share [14]