文/王新喜 中国空调业正在上演一场史无前例的材料工艺变革。12月初，在2025年中国家电科技年会上，海尔、美 的、海信、TCL、奥克斯、小米等空调主流品牌，共同签署了一份《空调铝强化应用研究工作组自律公 约》，联手推动一项变革："铝代铜"。 以前不管是空调、电冰箱还是小到电磁炉等产品，好产品基本都是以铜材料铜管为主，这一点居家过日 子的老百姓都明白。而家用空调对铜的需求量非常大，核心部件冷凝器和蒸发器（换热器）都用铜管， 2023年国内家用空调行业铜消费占中国铜消费10.7%，约172.3万吨。 空调行业的以铝代铜的争议来自于铝的导热性、耐腐蚀性和机械耐久性不如铜。 我们知道，空调中所有的管道，包括压缩机都离不开焊接。铜这种金属，具有可塑，耐腐蚀，易焊的特 性，铝这种金属，耐候，易焊性就要差很多的。但问题在于，铜材在空调制造成本中的占比高达 20%-27%，我国铜80%依赖进口，而同年中国电解铝产量占全球60%。 近期有自称为铆工，也是焊接技师的用户提醒空调行业："用铝代铜，我不发表意见，我同事今年从某 电商买个便宜风扇，结果一个礼拜不到就烧电机了，拆开一看，铝线的，我劝他，一分钱一分货。空调 里压缩机是核心 ...

Group 1 - A total of 19 air conditioning companies, including Haier, Midea, Hisense, TCL, and Xiaomi, have signed a self-regulatory agreement to promote the breakthrough of aluminum replacing copper technology, with Gree Electric being the only major company absent from this initiative [2] - The cost of copper accounts for 20% of the total cost of a single air conditioner, while the cost of aluminum is only 1/10 of that of copper, indicating potential for significant price reductions if aluminum can effectively replace copper [2] - Copper has superior thermal conductivity, corrosion resistance, and long-term reliability compared to aluminum, with copper's thermal conductivity being 1.7 times that of aluminum and copper pipes having an average lifespan of 15-20 years compared to aluminum pipes' lifespan of less than 8 years [2] Group 2 - China's copper demand has been steadily increasing, reaching 11.6983 million tons in 2023, a year-on-year increase of 4.09% [3] - The air conditioning industry consumes approximately 850 million kilograms of copper annually, accounting for about 21% of China's total copper demand [5] - The production of white goods, including refrigerators, air conditioners, and washing machines, has shown a fluctuating upward trend from 2012 to 2023, with air conditioner production reaching 157.056 million units in the first half of 2024, a year-on-year increase of 13.8% [5] Group 3 - Gree Electric's CEO, Dong Mingzhu, has stated that the company currently has no plans to adopt aluminum replacing copper technology due to concerns over quality and reliability, emphasizing that quality is the primary consideration over cost [6][8] - Gree Electric's Vice President, Hu Yusheng, confirmed during an earnings briefing that the company will not pursue aluminum replacing copper until performance, quality, and reliability can be fully guaranteed [6] - Dong Mingzhu has expressed that the rising copper prices do put pressure on Gree, but the company prioritizes responsibility towards the country, shareholders, and employees over merely focusing on cost [8]

Group 1 - The National Fund Flow Credit Information Sharing Platform, organized by the People's Bank of China, aims to enhance financing opportunities for small and micro enterprises by providing accurate credit information reflecting their operational and financial status [2] - Since its launch in October 2024, the platform has facilitated nearly 512 million yuan in loans for 92 enterprises through Jiajing Rural Commercial Bank, creating a positive financial ecosystem [2] - The platform helps financial institutions assess credit status more accurately, thereby reducing financing costs for enterprises, especially those with limited credit history [2] Group 2 - Shandong Qitian New Materials Co., Ltd., a subsidiary of Suzhou Qitian New Materials Co., Ltd., has established a project for lithium battery electrolyte materials with an annual capacity of 3,700 tons and is currently in the ramp-up phase of its second project, which has a total investment of 1.36 billion yuan [3][4] - The company successfully secured a credit line of 9.8 million yuan through the fund flow information platform, addressing its working capital needs [3] - Jining Huasheng Environmental Technology Co., Ltd. has diversified its product offerings in aluminum profiles and has expanded its production capacity, leading to increased working capital requirements [5][6] Group 3 - Jiajing Rural Commercial Bank has been proactive in utilizing the fund flow information platform to analyze enterprise data, enhancing credit assessment and risk evaluation processes [6] - The bank aims to continue expanding the application of the fund flow information platform in key industrial chains, ensuring that financial services meet the actual needs of small and micro enterprises [6]

Core Viewpoint - Argentina's Ministry of Economy has initiated an anti-dumping sunset review and a change of circumstances review investigation against aluminum pipes originating from China, following a request from local producers [1] Group 1: Investigation Details - The investigation period for dumping is set from July 2024 to June 2025, while the damage investigation period spans from January 2022 to June 2025 [1] - The products involved are non-alloy or alloy aluminum pipes with an outer diameter of 130 millimeters or less, produced according to the IRAM681 standard, including coiled aluminum pipes, but excluding precision drawn aluminum pipes from the 3xxx series [1] - During the investigation period, the implementation of anti-dumping measures will be suspended [1] Group 2: Regulatory Context - The announcement regarding the investigation is effective immediately upon publication [1]

Core Insights - The global market for air conditioning refrigerant system piping components is projected to reach 13.51 billion by 2031, with a compound annual growth rate (CAGR) of 6.3% in the coming years [2]. Market Overview - The air conditioning refrigerant system piping components market is primarily composed of copper pipes, which hold approximately 70.8% market share due to their excellent conductivity and reliability. However, fluctuating copper prices are driving the adoption of aluminum pipes, especially in residential systems seeking cost reduction and weight savings [9]. - The main demand source for these components is residential air conditioning, accounting for about 66.5% of the market. The growth in emerging markets and the popularity of energy-efficient products are increasing the use of pre-insulated aluminum and copper pipes [12]. Key Players - Major manufacturers in the global air conditioning refrigerant system piping components market include Amagasaki Pipe, Sanhua Intelligent Controls, Fuso Industry, DunAn Environment, Hengjin Metal, Danfoss, Mueller Industries, Inoue Kiko, Arrow Fabricated Tubing, and Tongxing Technology. The top five manufacturers hold approximately 52.0% of the market share as of 2024 [7]. Market Drivers - The expanding air conditioning market is driving demand for refrigerant system piping components, supported by increasing air conditioning needs in new and existing buildings [16]. - Urbanization is accelerating globally, with rising construction projects further propelling the development of the piping components industry [16]. - The focus on renewable energy and green refrigeration technologies is creating new opportunities for the piping components sector, particularly with the application of new refrigerants and eco-friendly materials [16]. Challenges - Increased competition in emerging markets poses challenges for manufacturers, who must adapt to varying market demands and standards [18]. - Fluctuations in raw material prices, particularly for metals like copper, aluminum, and steel, significantly impact production costs [18]. - Changes in international trade policies and trade tensions may affect the import and export dynamics of the piping components industry [18]. Development Trends - There is a trend towards lightweight, integrated, and structurally diverse piping components to meet the complex requirements of refrigeration systems [20]. - The industry is moving towards substituting aluminum for copper to reduce costs and weight in refrigeration equipment [20]. - There is a clear preference for components that can handle higher pressure conditions, necessitating manufacturers to develop strategies for producing higher pressure components tailored to specific markets or applications [20].

Group 1: Company Overview and Global Presence - Zhejiang Hailiang Co., Ltd. has established 23 production bases globally, with domestic bases located in provinces such as Zhejiang, Shanghai, and Guangdong, and overseas bases in countries including the USA, Germany, and Vietnam [1][2] - The company has built long-term stable business relationships with nearly 10,000 customers across over 130 countries or regions [1] Group 2: Product Development and Market Position - Copper foil is a key product for the company, with significant resources invested in its development; the business faced temporary profit pressure but is showing signs of recovery in 2024 [2] - The company is focusing on lithium battery copper foil and standard copper foil, supporting the growth of the new energy and electronic circuit sectors [2] - Hailiang's Gansu subsidiary is developing solid-state battery copper foil, with plans for mass production in 2025 [2] Group 3: Response to Market Changes - The company has a limited direct impact from recent tariff policy changes due to its established global production network, which mitigates risks from single market fluctuations [3] - Hailiang is proactively addressing the trend of aluminum replacing copper by enhancing its aluminum production capabilities, particularly in the air conditioning and new energy vehicle sectors [3]

Group 1: Company Overview and Development - Zhejiang Hailiang Co., Ltd. has a strong development history and a clear mission and vision, focusing on product services and global layout [1] - The company has been actively investing in new product development, particularly in copper foil, which is expected to improve profitability in 2024 [2] Group 2: Production and Operations - The U.S. factory, established in 2019, is currently in a stable capacity ramp-up phase with good order status [1] - The copper foil business faced short-term profit pressure but is showing signs of recovery, with production efficiency gradually improving [2] Group 3: Financial Information - As of March 31, 2025, the remaining convertible bonds amount to ¥2,702,368,200, with 27,023,682 bonds outstanding, indicating a strong repayment capability [3] Group 4: Risk Management and Innovation - The company has established an aluminum production base to address the risk of aluminum replacing copper, focusing on product innovation and process optimization [4] - Digital transformation is a key focus, with ongoing upgrades to ERP systems and global deployment of MES, recognized by provincial honors [2]

Group 1: Business Development Strategy - The company will focus on both overseas expansion and solidifying domestic business, leveraging early advantages in local capacity construction in regions like the U.S. and Southeast Asia [1] - The company aims to enhance overseas business contributions while maintaining a strong domestic presence [1] Group 2: Revenue and Profitability Insights - Revenue and gross margin growth in copper busbars is driven by high-quality demands from emerging sectors like data centers, with the company utilizing its raw material scheduling advantages [2] - The company has elevated its heat dissipation copper material business to a strategic level, integrating two research institutes to enhance technological implementation [2] Group 3: Market Adaptation and Technology - The company has prepared for the trend of aluminum replacing copper in air conditioning applications, having developed mature aluminum tube production capabilities over nearly a decade [2] - The company is well-equipped to handle cost changes due to industry iterations, with established technical reserves [2] Group 4: Impact of Tariff Policies - Recent tariff policies have had minimal impact on the company's overseas operations, thanks to its global layout and early advantages [2] Group 5: Copper Foil Business Outlook - The copper foil industry faces overall development pressure in 2024, with profit margins squeezed by copper price fluctuations; however, production utilization rates at Gansu Hailiang are improving [3] - The company is committed to continuous innovation in advanced copper foil technologies to provide differentiated, high-quality products [3] Group 6: U.S. Operations Performance - The U.S. factory is operating normally, with production capacity utilization steadily increasing and contributing positively to the business [3]