长理轩 长沙获得"华南五虎"的青睐，绝不仅仅因为地缘上的优势，更是持续优化营商环境的结果。在2021互联 网岳麓峰会上，华为时任轮值董事长徐直军公开表示："到长沙来办企业、布局产业得到的服务，比深 圳还要好得多，我已经拿长沙速度去督促深圳。" 跟强者比力量，跟优者比质量，跟快者比速度，长沙正是在日复一日的比学赶超中，实现了营商环境的 蝶变。"短短1个工作日，就完成了所有审批程序。"广汽埃安负责人对长沙行政审批效率和全流程帮代 办服务的高度评价，就是这座城市"与最快者赛跑"的生动缩影。今年1月，长沙再次获评"国际化营商环 境建设标杆城市"，彰显出这座"青春之城"优化营商环境永不停步的朝气和雄心。 牛耕沃野千仓满，虎啸青山万木荣。良好的营商环境，是"群虎啸星城"必不可少的生态空间，它来 自"刀刃向内"的自我革命勇气，来自"不用扬鞭自奋蹄"的辛勤耕耘。 "虎啸而谷风生，龙举而景云属。"有人的地方必有烟火，有虎的地方必有风生水起、云兴霞蔚。 2009年，比亚迪落子长沙雨花区，建起其在华中首个新能源汽车基地。从最初的一片荒地到如今六大基 地协同发力，仅仅16年，比亚迪在长沙完成了从"一棵树"到"一片林"的产业蜕变。 2 ...

Core Insights - The HVAC (Heating, Ventilation, and Air Conditioning) industry is experiencing increased demand for energy-efficient electric drive systems due to global carbon neutrality goals and rising energy costs [1][7][10] - The global market for HVAC electric drive systems is projected to reach 232.7 billion yuan in 2024, with a year-on-year growth of 2.8% [1][7] - China has become the largest market for HVAC electric drive systems, with a market size of 59.3 billion yuan in 2024, accounting for 25.5% of the global total [1][8] Industry Overview - HVAC systems are essential for indoor climate control, utilizing thermodynamics and fluid mechanics [1][2] - The core function of HVAC electric drive systems is to drive compressors, fans, and pumps for cooling, ventilation, and air circulation [1][2] Market Size and Growth - The commercial HVAC electric drive systems segment holds the largest market share, projected at 115.4 billion yuan in 2024, representing 49.6% of the global market [1][8] - The residential market is expected to reach 84.4 billion yuan, accounting for 36.3% of the total market [1][8] - The industrial sector represents 14.2% of the market [1][8] Competitive Landscape - The HVAC electric drive systems market is characterized by a fragmented competitive landscape, with major players including Dayang Electric and Wolong Electric [1][10][12] - Dayang Electric is expected to lead the market with an 11.3% share in 2024, followed by Wolong Electric at approximately 7.8% [1][12] Industry Trends - The HVAC electric drive systems market is anticipated to grow steadily, with projections indicating a market size of 87 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 6.6% from 2024 to 2030 [1][13] - The adoption of Brushless DC (BLDC) motors is accelerating due to their superior efficiency, noise control, and longevity, making them a key solution for energy savings and compliance with low-carbon policies [1][13] - AI technology is increasingly integrated into HVAC systems, enabling real-time data analysis and predictive energy savings, enhancing overall system efficiency [1][14]

Investment Rating - Industry rating: "Accumulate" (maintained) [7] Core Viewpoints - The home appliance industry is expected to see a boost in domestic demand due to the implementation of the 2025 appliance replacement policy [4] - The production data for major home appliances in October 2025 shows a total production of 29.24 million units, a year-on-year decrease of 9.9% [7] - The domestic sales of air conditioners, refrigerators, and washing machines have all experienced declines compared to the same period last year, with air conditioners down 18%, refrigerators down 5.8%, and washing machines down 1.6% [7] - The international consumer electronics fair (IFA) in Berlin showcased new products from domestic cleaning appliance companies, including multi-floor cleaning robots, indicating a shift towards more advanced technology in the industry [7] Summary by Sections Recent Industry Performance - The relative returns over the past month, three months, and twelve months are -4.18%, -7.25%, and -13.16% respectively, while absolute returns are -1.99%, 8.06%, and 15.18% [3] Production and Sales Data - In August 2025, the production of home air conditioners reached 12.881 million units, a year-on-year increase of 9.4%, while total sales were 13.023 million units, a slight decline of 1.0% [7] - Domestic sales of air conditioners increased by 1.2%, while exports decreased by 4.2% [7] Market Dynamics - The home appliance market faced pressures from high base effects and the exhaustion of national subsidy funds in certain regions, leading to a temporary adjustment in demand [7] - Major home appliance companies are responding to the subsidy cessation by promoting high-end models, pushing for a shift towards premium products [7] Investment Recommendations - The report suggests focusing on white goods companies such as Midea Group, Gree Electric Appliances, and Hisense Home Appliances, as well as black goods exporters like TCL Electronics and Hisense Visual [7]

点击注册小程序 查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周小结：继续看好铜价上行 截至2025年9月19日，SHFE铜收盘价79910元/吨，环比9月12日-1.42%；LME铜收盘价9997 美元/吨，环比9月 12日-0.71%。（1）宏观：美国9月降息25bp落地后，美元指数短期反弹，铜价回落；但降息周期仍未结束，后 续美元指数或继续走弱。（2）供需：此前美国铜关税导致的库存搬运已进入尾声，LME和COMEX累库有望 逐步结束。矿端、废铜后续仍维持紧张，8月电解铜产量环比微降，8月空调实际产量好于此前预期，随着电 网、空调需求Q4环比回升以及贸易冲突逐步消化，铜价后续有望上行。 库存：国内铜社库环比+3.2%，LME铜库存环比-3.2% （1）国内港口铜精矿库存：截至2025年9月19 ...

2025 年 9 月 21 日 行业研究 8 月国内空调产量同比增长 9%，好于此前预计的同比下跌 2.8% ——铜行业周报（20250915-20250919） 要点 本周小结：继续看好铜价上行。截至 2025 年 9 月 19 日，SHFE 铜收盘价 79910 元/吨，环比 9 月 12 日-1.42%；LME 铜收盘价 9997 美元/吨，环比 9 月 12 日 -0.71%。（1）宏观：美国 9 月降息 25bp 落地后，美元指数短期反弹，铜价回 落；但降息周期仍未结束，后续美元指数或继续走弱。（2）供需：此前美国铜 关税导致的库存搬运已进入尾声，LME 和 COMEX 累库有望逐步结束。矿端、废 铜后续仍维持紧张，8 月电解铜产量环比微降，8 月空调实际产量好于此前预期， 随着电网、空调需求 Q4 环比回升以及贸易冲突逐步消化，铜价后续有望上行。 库存：国内铜社库环比+3.2%，LME 铜库存环比-3.2%。（1）国内港口铜精矿 库存：截至 2025 年 9 月 19 日，国内主流港口铜精矿库存 72.5 万吨，环比上周 +4.6%。（2）全球电解铜库存：截至 2025 年 9 月 15 日，全球 ...

Core Viewpoint - The article discusses the challenges faced by Chinese enterprises in a highly competitive environment characterized by homogenization, price wars, and rising costs, emphasizing the need for a systematic methodology to navigate these challenges and achieve sustainable growth [2][4]. Group 1: Challenges in the Business Environment - By 2025, the business landscape is undergoing unprecedented restructuring, with common issues such as homogenized competition eroding profits and price wars squeezing survival space [2]. - The failure rate of mergers and acquisitions remains high, indicating a pressing need for effective strategies among Chinese companies [2]. Group 2: The Danaher Model - The book "The Danaher Model" dissects the success strategies of Danaher, known as the "king of acquisitions," highlighting the Danaher Business System (DBS) as a key engine for success [2][10]. - Danaher’s approach involves transforming lean management from a tool into a core competency, validated by over 400 successful acquisitions [2]. Group 3: Midea Group's Implementation - Midea Group began learning from international advanced enterprises, specifically the Toyota Production System, but initially saw limited success [4]. - After engaging with Danaher, Midea developed its own Midea Business System (MBS), focusing on establishing a lean talent system and achieving factory lean transformation [4][5]. - By 2018, Midea completed the lean transformation of its domestic factories, leading to an average efficiency improvement of approximately 15% annually [5]. Group 4: Globalization and Core Competencies - Danaher’s strategy evolved from diversified acquisitions to a focus on healthcare, demonstrating that a company's boundaries are defined by its core competencies rather than capital [7]. - Midea's global strategy includes establishing 17 R&D centers and 22 manufacturing bases, emphasizing the importance of localizing R&D to meet local demands [8]. Group 5: Lessons for Chinese Enterprises - The book serves as a high-density management tool, addressing key questions about achieving capability integration through acquisitions, evolving lean management into a core competency, and balancing localization with integration in globalization [10]. - The success of Danaher, which grew from a $1 million loan for its first acquisition to a market value exceeding $200 billion, underscores the importance of adhering to fundamental principles such as process reliance, fact respect, and efficiency [10].

Core Viewpoint - Hisense Home Appliances Group Co., Ltd. has announced the subscription of wealth management products using its idle funds, aiming to enhance capital efficiency and increase cash asset returns [3][5][7]. Group 1: Announcement Details - The company disclosed the subscription of wealth management products on September 16, 2025, in compliance with the Shenzhen Stock Exchange's rules for simultaneous disclosure [1][3]. - The board approved the use of up to RMB 23 billion for low to medium-risk investments through various financial institutions [3][7]. Group 2: Subscription Specifics - The company and its subsidiaries subscribed to the wealth management products from Shanghai Pudong Development Bank, with a total subscription amount of RMB 1.97 billion [5][6]. - The wealth management agreements are considered independent transactions and do not constitute a disclosure requirement under the listing rules [8]. Group 3: Rationale and Benefits - The investment in wealth management products is expected to improve the efficiency of idle funds without negatively impacting the company's daily operations or the interests of minority shareholders [7]. - The board believes that the subscription is conducted on fair commercial terms and aligns with the overall interests of the company and its shareholders [7].

Core Insights - The report maintains a positive outlook on the white goods industry, particularly focusing on the air conditioning sector, highlighting the growth potential and market dynamics [1][2] Company Overview - The company, Aux Electric, is one of the top five air conditioning providers globally, with a market share of 7.1% as of 2024, and has experienced a compound annual growth rate (CAGR) of 30% in sales from 2022 to 2024, significantly outpacing the global market growth rate of 4.6% [10][14] - Aux Electric offers a diverse product range, including home air conditioners and central air conditioning systems, designed to meet various consumer needs and application scenarios [14][15] Financial Performance - From 2022 to 2024, the company's revenue increased from 19.53 billion to 29.76 billion RMB, while net profit rose from 1.44 billion to 2.91 billion RMB, indicating robust financial health and operational efficiency [43][44] Product Strategy - The company has developed a comprehensive product matrix that includes various air conditioning models focusing on energy efficiency, comfort, health, and smart technology [27][28] - The flagship model, Aux Zhi Yin II Pro, incorporates advanced AI technology for enhanced user interaction and energy management [29][30] Marketing and Sales Strategy - Aux Electric employs a dual-channel strategy, integrating online and offline marketing efforts to enhance brand visibility and consumer engagement, achieving a digital procurement process for 97.8% of its distributors [32][33] - The company has established strategic partnerships for targeted marketing, such as collaborating with high-tech platforms to drive consumer traffic to physical stores [34] Supply Chain and Manufacturing - The company utilizes an intelligent production system that has led to a 30% reduction in energy consumption and improved product quality, supporting scalable production [36][38] - By collaborating with Panasonic for compressor development, Aux Electric aims to enhance its supply chain stability and reduce dependency on external suppliers [37][38] Global Market Position - Aux Electric's international revenue share reached 45.9% in 2024, with a focus on localizing operations in key markets such as Southeast Asia and the Middle East to mitigate domestic competition pressures [40][41] - The company maintains a strong brand presence in the domestic market, particularly in the budget segment, reinforcing its competitive edge in global markets [41][42]

Group 1: Historical Significance - The year marks the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, highlighting the historical importance of this event [1] - The visit to various historical sites in Hebei reveals the enduring spirit of resistance and its transformation into a driving force for modern development [1][2] Group 2: Cultural Heritage and Education - The memorials and historical sites, such as the Jinji-Lu-Pu Martyrs' Cemetery and Yingtan Village, serve as living narratives of the anti-Japanese war, preserving the stories of sacrifice and resilience [2][3] - The Anti-Japanese Military and Political University has become a center for cultural education, promoting the "Anti-Da Spirit" through various activities and attracting thousands of participants [6] Group 3: Economic Development and Modernization - The integration of red resources and green development in villages like Qianshuyuan has led to significant economic benefits, with annual fruit income reaching 87 million yuan [5] - Companies in Hebei, such as Midea Group, are leveraging advanced technologies and sustainable practices, with projected revenues of 15.489 billion yuan in 2024 [7] Group 4: Environmental Monitoring and Innovation - The establishment of an ecological environment monitoring system in Xiong'an New Area utilizes advanced technologies like remote sensing and AI for effective water quality management [8][9] - Continuous improvements in water quality at Baiyangdian Lake demonstrate the successful application of innovative monitoring techniques, with water quality maintaining a Class III standard for four consecutive years [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has demonstrated strong revenue growth quality, with net profit exceeding expectations [3] - The company achieved a significant increase in revenue and net profit in the first half of 2025, driven by domestic sales and business-to-business (B2B) performance [6][11] - The company has initiated mid-year dividends, distributing a total of 3.8 billion yuan, with a dividend payout ratio of 15% [6] Financial Performance Summary - For 2023, the company reported operating revenue of 373.71 billion yuan, with a year-on-year growth rate of 8% [4] - The net profit attributable to the parent company for 2023 was 33.72 billion yuan, reflecting a year-on-year growth of 14% [4] - The company forecasts operating revenue of 409.08 billion yuan for 2024, with a growth rate of 9% [4] - The net profit attributable to the parent company is expected to reach 38.54 billion yuan in 2024, maintaining a growth rate of 14% [4] Business Segment Analysis - The company's consumer segment (2C) showed strong performance with a profit margin of 12% in the first half of 2025, benefiting from cost reductions and government subsidies [7] - The business-to-business (2B) segment reported a revenue of 32.3 billion yuan in Q2 2025, with a year-on-year growth of 17% [8] - The company aims to focus on robotics and renewable energy as key strategic areas for future growth in the 2B segment [10] Earnings Forecast - The company expects to achieve a net profit of 44.86 billion yuan in 2025, representing a year-on-year growth of 16% [11] - The earnings per share (EPS) is projected to be 5.84 yuan in 2025, with a continued upward trend in subsequent years [4][12]