6月30日，国证港股通消费指数完成成份股更新，前十大席位汇聚了泡泡玛特、安踏体育、海尔智家等 消费各领域龙头企业。该指数被视作新消费领域的 "先锋旗手"，其成份股既包含传统消费领域的创新 典范，也涵盖新兴消费领域的活力代表。 | 日期 | 样本代码 | 样本简称 | 所属行业 | 总古值* | 权重(%) | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 09992 | 炮泡局特 | 可选消费 | 3580.29 | 8.53 | | 2025-06-30 | 09987 | 目胜中国 | 可选消费 | 1304.13 | 8.07 | | 2025-06-30 | 02020 | 安霜体育 | 可选消费 | 2652 82 | 7.84 | | 2025-06-30 | 09633 | 农夫山泉 | 主要消费 | 2018.90 | 7.15 | | 2025-06-30 | 06181 | 老铺黄金 | 可选消费 | 1405.90 | 4.59 | | 2025-06-30 | 06690 | 舞尔智家 | 可选消费 | 641.49 | 4. ...

今年 618 熬成了马拉松，从5月中旬打到了6月中旬。如今，618不仅是促销节点、流量高地，更是一场用户争夺战。有的品牌擅长用价格吸引消费者，有 的抓住了 网红的影响力，有的则着力做好用户交互……大家各自发挥所长，最终成绩如何呢？ 海尔智家的第一，是用户一单单买出来的，每一项都是用户对海尔系产品的认可。而这种认可，是海尔智家用硬核AI科技、硬核用户交互体验、硬核服 务保障"撑"起来的！ 其一，硬核AI科技引领，让日常生活只有享受、没有难题。随着气温逐渐升高，各种生活难题接踵而至。不用怕果蔬存不住、冻肉口感发柴，拿下行业 8000+价位段TOP1的海尔麦浪冰箱，创新AI全空间保鲜科技，可让果蔬存7日依然新鲜如初，鱼肉冷冻30天依然色味俱全，营养几乎不流失。不用愁夏天 频繁洗衣费时费水还伤衣物，拿下洗烘套装行业热销榜TOP1的海尔云溪系列洗烘套装，创新AI直驱洁净科技，最快15分钟洗净衣物，对打工人更友好。 不用担心夏天在空调房待一天头昏脑胀，海尔洗空气空调创新AI健康空气净化科技，不仅能除菌、除病毒、祛异味等，还能吹出上亿级负离子，让客厅 变氧吧，守护全家健康呼吸。也不用烦夏天频繁洗澡，水质不好更伤皮肤，拿下天 ...

Core Viewpoint - The article discusses the overwhelming influence of advertising on consumer behavior and the need for a return to a slower, more mindful lifestyle, exemplified by the "Slow People Festival" organized by Xiaohongshu, which emphasizes genuine human connections and experiences over commercialism [2][24]. Group 1: Advertising and Consumer Behavior - The current market is saturated with similar products, leading brands to resort to aggressive advertising strategies to capture consumer attention [3][24]. - The phenomenon of "slow living" has gained popularity as a counter to the fast-paced, consumer-driven lifestyle, allowing individuals to reconnect with their senses and experiences [4][22]. Group 2: Xiaohongshu and Community Engagement - Xiaohongshu serves as a platform for sharing authentic life experiences, fostering a sense of community among users who seek genuine connections and emotional resonance [22][26]. - The "Slow People Festival" is a community-driven event that celebrates slow living, featuring art, music, and local culture, which enhances user engagement and brand connection [9][30]. Group 3: Brand Strategy and Value - Brands are recognizing the importance of emotional connection and trust with consumers, moving beyond mere product sales to establish a lifestyle narrative that resonates with their audience [25][42]. - The festival provides brands with a unique opportunity to integrate their marketing efforts with user-generated content, enhancing brand visibility and fostering long-term consumer relationships [34][36].

在设计端，海尔智家用绿色科技回应用户对节能家电的需求。国内市场上，麦浪冰箱凭借全空间保鲜技 术，每天耗电不足1度，上市两季度卖出40万台；Leader懒人洗衣机三筒分区洗设计省时省力，618大促 至今已拿下京东金榜TOP1。海外市场同样亮眼，海尔X11洗衣机节能超欧标60%，成欧洲用户心头好； 美国COMBO洗衣机定价是行业均价的3倍，节能50%引爆美国市场，15个月卖了100多万台。 6月13日，由广东时代传媒集团主办，时代周报等承办的"ESG与高质量发展创新论坛"在北京举行，并 发布了ESG"金羚奖"系列榜单。其中，海尔智家凭借全链条绿色发展模式与社会价值实践，荣膺"2025 年度ESG典范企业"。 绿色"包圆"全流程，用户生活也跟着省 如今，用户选购家电时越来越精打细算：空调开一晚上耗电多少？洗衣机洗一次衣服能省多少水？电 费、水费这些看得见的成本，成为影响购买决策的重要因素。海尔智家深入洞察用户需求，从采购、设 计、制造到经营、回收、处置，凭借"6-Green"战略，构建起一张覆盖全球的绿色网络，将ESG理念从 冰冷的数据指标，转化为实实在在的生活体验。 在采购端，海尔智家建立起严格的"绿色规矩"，要 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Views - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company is expected to see a notable increase in air conditioning operations in 2025, with retail growth outpacing the industry [5] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% for 2025-2026 [7] Summary by Sections Company Overview - Haier Smart Home has appointed a new board and executive team, with key positions filled to enhance operational efficiency [5][11] - The company is focusing on digital marketing and inventory reforms to improve efficiency and brand recognition [6] Financial Performance - The company forecasts a net profit of 21.5 billion CNY for 2025, with a projected growth rate of 14.82% [10] - Revenue is expected to reach 307.31 billion CNY in 2025, reflecting a growth rate of 7.46% [10] Market Position - Haier's air conditioning retail volume has increased significantly, with online and offline sales growing by 76% and 25% respectively in early 2025 [5] - The company's market share in air conditioning has strengthened, with a year-on-year increase of 3.6% in online sales [5] Digital Transformation - The launch of Haier Smart Home AI Data Cloud has improved customer interaction and product offerings [6] - The company is replicating its successful digital strategies from the Chinese market to its overseas operations [6] Dividend and Share Buyback - The company plans to repurchase up to 10% of its H shares and 30% of its D shares, with a total buyback amount between 1 billion and 2 billion CNY [7] - The expected dividend yield for 2025 is 4.8% based on a projected net profit of 21.5 billion CNY [7]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company is experiencing strong growth in both domestic and international markets, with a notable increase in market share [5][6] - The digital marketing and inventory reforms are enhancing operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in 2025-2026 [7] Summary by Sections Financial Performance - Revenue for 2025 is projected at 307.31 billion CNY, with a growth rate of 7.46% [10] - The net profit for 2025 is estimated to be 21.52 billion CNY, reflecting a growth rate of 14.82% [10] - The expected earnings per share (EPS) for 2025 is 2.29 CNY [10] Market Position - Haier's air conditioning retail sales significantly outperformed the industry, with online and offline retail volumes increasing by 76% and 25% respectively in the first four months of 2025 [5] - The company's market share in air conditioning has strengthened, with a year-on-year increase of 3.6% in online sales and 1.0 percentage points in offline sales [5] Digital Transformation - The launch of the Haier Smart Home AI Data Cloud in Q1 2025 has improved customer interaction and product offerings [6] - The digital inventory model has reduced operational costs for clients, with over 60 new clients introduced to the POP model, resulting in a retail sales increase of over 100% [6] Management and Governance - A new board of directors and executive team has been established, with key appointments including Kevin Nolan for North America and Song Yujun for air conditioning [5][11] - The board has been authorized to repurchase up to 10% of H shares and 30% of D shares [5] Valuation and Forecast - The report maintains profit forecasts for 2025-2027 at 215 billion CNY, 243 billion CNY, and 273 billion CNY respectively, with corresponding price-to-earnings (PE) ratios of 11, 10, and 9 [7][10]

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (600690.SH) with a current price of 25.04 CNY and a target price of 35.54 CNY [1] Core Insights - The air conditioning business is significantly improving, and digital transformation is accelerating [1] - The company has seen substantial growth in both domestic and international markets, with a notable increase in retail sales and market share in the air conditioning sector [5][6] - The digital marketing and inventory reforms have enhanced operational efficiency and brand recognition [6] - The company continues to implement a high dividend policy, with a cash dividend ratio of 48.0% for 2024, expected to remain above 50% in the coming years [7] Summary by Sections Company Overview - Haier Smart Home has appointed a new board and executive team, with key positions filled to enhance operational focus across various regions and product lines [5][11] Financial Performance - The company reported a significant increase in air conditioning retail sales, outperforming the industry average [5] - The expected net profit for 2025 is projected at 21.5 billion CNY, with a consistent growth trajectory in subsequent years [7][10] Digital Transformation - The launch of AI data cloud has improved customer interaction and product offerings, leading to successful new product launches [6] - The digital inventory model has reduced operational costs for clients, resulting in a substantial increase in retail sales through new channels [6] Dividend Policy - The company maintains a high dividend payout, with a projected dividend yield of 4.8% for 2025, supported by a robust cash flow [7][10] Valuation Metrics - The report forecasts a price-to-earnings (P/E) ratio of 11 for 2025, indicating a favorable valuation compared to historical performance [7][10][14]

5月16日，《财富》正式揭晓了2025年中国ESG影响力榜，这也是其第四年以专业视角评估中国企业的 ESG表现。其中，海尔智家再次上榜，并连续四年稳居行业榜首。荣誉的背后，是海尔智家践行ESG， 始终走在可持续发展之路上。 每一环都是绿色的：科技如何改变生活？ 这份环保决心没有止步于国内。海尔Europe、GE Appliances、斐雪派克等品牌将旧家电回收网络铺展到 新西兰、英国、法国、意大利、新加坡等全球各地。其中，海尔Europe加入了欧盟WEEE循环联盟，GE Appliances携手美国环保署减少碳排放，斐雪派克在澳大利亚将废弃物回收率提升至95%。 用行动传递温暖关怀：持续创造社会价值 ESG不是一项冷冰冰的指标，而是一份充满温度的责任。在国内，海尔智家援建了400多所希望学校， 是团中央希望工程中援建希望小学最多的企业，为无数孩子点亮了求学的灯塔；在海外，海尔智家通过 捐赠物资、提供实习机会、举办体育活动等，把关怀传递到世界的每一个角落。 而围绕公司治理，海尔智家也会秉持"诚信经营、规范治理、信息透明"理念，以高标准管治和完善内控 构建诚信生态，保障企业可持续发展。 未来，海尔智家还会继续在可 ...

当家电开始读懂人心，奇迹就发生了。从百万网友选出的冰箱颜色，到解决中东主妇烦恼的冷柜，再到 让年轻人解放双手的懒人洗衣机——这些看似简单的产品创新，正在重新定义全球好家电的标准。 4月29日，海尔智家发布了2025一季报。财报显示，海尔智家一季度实现营业收入791.2亿元，同比增长 10%；归母净利润54.9亿元，同比增长15%；扣非归母净利润53.64亿元，同比增长15.61%，经营质量继 续稳步提升。 亮眼的数据背后，是一个个与用户深度共创的鲜活故事，这些温暖的细节故事，不仅拼出了一幅清晰的 海尔智家发展图景，更展现了海尔智家以创新赢取用户偏爱的生动实践。 听懂需求：让"吐槽"变成"爆款" "懒人三筒洗衣机首发16小时卖爆2万台""麦浪冰箱名字是用户投票选的"……这些"不按套路出牌"的操 作，正是海尔智家贴近用户的缩影。 比如，当下年轻人吐槽"洗衣分类太麻烦"，Leader品牌敏锐捕捉到这一需求，行业首创一体三滚筒 的"网红爆款"懒人洗衣机，实现快净0手洗、Ai动平衡、三筒同洗，首发16小时突破20000台；而麦浪冰 箱的治愈系淡金色，甚至产品名称，都来自百万用户交互的创意。 参与共创：让用户成为设计师 ...

家用电器/白色家电 海尔智家（600690.SH） 海外及卡萨帝保持较快增长，盈利能力稳健提升 2025 年 05 月 03 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 24.79 | | 一年最高最低(元) | 35.37/23.10 | | 总市值(亿元) | 2,326.02 | | 流通市值(亿元) | 1,550.49 | | 总股本(亿股) | 93.83 | | 流通股本(亿股) | 62.55 | | 近 3 个月换手率(%) | 47.79 | 股价走势图 风险提示：降费提效不达预期；高端市场需求不达预期；海外行业竞争加剧。 相关研究报告 《经营利润稳健增长，分红比例提升 至 近 一 半 — 公 司 信 息 更 新 报 告 》 -2025.4.1 《2024Q3 持续提效降费，归母净利润 实现较快增长—公司信息更新报告》 -2024.11.1 《2024Q2 提效降费成果显著，盈利持 续保持提升—公司信息更新报告》 -2024.8.29 ——公司信息更新报告 | 吕明（分析师） 周嘉乐（分析师） | 陈怡仲（联系人） ...