Core Viewpoint - The white goods sector experienced a rise of 1.72% on January 20, led by Whirlpool, while the overall market indices showed slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4113.65, down 0.01% [1]. - The Shenzhen Component Index closed at 14155.63, down 0.97% [1]. - The white goods sector saw a net inflow of 844 million yuan from main funds, while retail investors experienced a net outflow of 378 million yuan [1]. Group 2: Individual Stock Performance - Whirlpool (600983) closed at 10.91 yuan, up 3.02%, with a trading volume of 108,100 hands and a transaction value of 116 million yuan [1]. - Gree Electric (000651) closed at 41.28 yuan, up 1.85%, with a trading volume of 906,400 hands and a transaction value of 3.72 billion yuan [1]. - Midea Group (000333) closed at 79.00 yuan, up 1.78%, with a trading volume of 455,400 hands and a transaction value of 3.58 billion yuan [1]. - Haier Smart Home (600690) closed at 26.38 yuan, up 1.70%, with a trading volume of 654,200 hands and a transaction value of 1.71 billion yuan [1]. - Hisense Home Appliances (000921) closed at 24.87 yuan, up 0.85%, with a trading volume of 142,900 hands and a transaction value of 355 million yuan [1]. Group 3: Fund Flow Analysis - Gree Electric saw a main fund net inflow of 4.26 billion yuan, while retail investors had a net outflow of 2.02 billion yuan [2]. - Midea Group had a main fund net inflow of 4.05 billion yuan, with retail investors experiencing a net outflow of 793.78 million yuan [2]. - Haier Smart Home recorded a main fund net inflow of 1.16 billion yuan, while retail investors had a net outflow of 1.58 billion yuan [2]. - Hisense Home Appliances faced a net outflow of 441.9 million yuan from main funds, but retail investors had a net inflow of 258.89 million yuan [2].

Group 1 - The Shenzhen Composite Index fell by 1.22% and the ChiNext Index dropped by 1.83% as of 11:30 AM on January 20, indicating a bearish trend in the market [1] - Notable stock performances included Nanshan Aluminum rising over 7%, Satellite Chemical and Conch Cement increasing by over 5%, and several other companies like Gujia Home, China Chemical, and Oppein Home gaining over 4% [1] Group 2 - The cash flow ETF managed by Harvest (159221) decreased by 0.08%, with a trading volume of 10.194 million yuan and a turnover rate of 1.29% [2] - There is an increasing market demand for high-dividend and stable cash flow assets, as funds are rotating from momentum-driven bubbles to high-value opportunities under the current "slow bull" market in A-shares [2] - The cash flow index, which includes non-ferrous metals and basic chemicals, benefits from the pricing of physical assets and high operating rates, showing significant cyclical alpha characteristics [2] - During the 14th Five-Year Plan, the State Grid is expected to invest 4 trillion yuan in fixed assets, a 40% increase compared to the previous plan, which directly benefits index components related to grid equipment and energy [2]

Core Insights - Gree Electric Appliances is set to mass-produce silicon carbide (SiC) chips for photovoltaic energy storage and logistics vehicles in addition to home appliances this year, following the successful production of SiC chips for home appliances [1][2] - SiC chips are known for their high voltage, high frequency, and high-temperature resistance, significantly improving efficiency and range in electric vehicles [1] - Gree's semiconductor business is expected to generate over 10 billion yuan in revenue by 2024, with cumulative chip sales exceeding 300 million by 2025 [2] Group 1 - Gree Electric's SiC chip factory has already shipped over 2 million units for air conditioning, enhancing temperature reduction and energy efficiency [2] - The company has established a fully automated SiC chip production line in Zhuhai, with an annual capacity of 240,000 six-inch wafers, ensuring a fully controllable supply chain from substrate to packaging [2] - Gree's chip team consists of nearly 1,000 members, with over 60% being technical personnel, reflecting the company's strong focus on semiconductor technology since entering the field in 2015 [2] Group 2 - Gree's collaboration with GAC Group aims to replace half of GAC's automotive chips with Gree's products, aligning with the growing demand for domestic chips [1][2] - The automotive industry is increasingly relying on SiC chips, with GAC planning to develop 12 vehicle-grade chips by 2025, indicating a robust market for Gree's offerings [2] - The efficiency improvements from SiC chips in electric vehicles can lead to a 2%-3% increase in range for 400V platforms and a 5%-8% increase for 800V platforms [1]

Air Conditioning - Gree's main brand maintains a leading position with a 36.15% online market share, up 5.40 percentage points year-on-year, while offline market share decreased by 9.25 percentage points[12] - The online sales of Gree air conditioners reached 859 million yuan, a year-on-year decline of 30.74%, while offline sales were 300 million yuan, down 66.42%[12] - The newly launched Jinghong air conditioner targets the cost-effective engineering machine and online retail market, achieving an online market share of 5.51%[16] Refrigerators - Jinghong refrigerator's online sales reached 994,500 yuan, down 66.66% year-on-year, and offline sales were 768,000 yuan, down 44.94%[22] - Jinghong refrigerator's online market share is 0.05%, a decrease of 0.05 percentage points year-on-year, while offline market share is 0.06%, an increase of 0.01 percentage points[22] Washing Machines - Gree washing machines saw online sales increase by 940.44% year-on-year, reaching 3.7757 million yuan, while offline sales rose by 150.12% to 190,800 yuan[24] - The online market share for Gree washing machines is 0.17%, up 0.15 percentage points year-on-year, and offline market share is 0.02%, an increase of 0.02 percentage points[24] Overseas Expansion - Gree's overseas revenue reached 16.335 billion yuan in the first half of 2025, a year-on-year increase of 10.19%[27] - The company has established a multi-brand strategy with brands like "GREE," "TOSOT," and "KINGHOME," covering over 190 countries and regions[27]

Group 1 - Gree Electric Appliances is actively diversifying its brand portfolio and leveraging multiple product categories to support long-term growth [7][11] - The company's main brand maintains a strong market position in air conditioning, with an online market share of 36.15%, up 5.40 percentage points year-on-year, despite a decline in offline market share [12][19] - Gree's sub-brand, Jinghong, is positioned to capture the low-end market, achieving an online market share of 5.51% in the air conditioning segment [16][18] Group 2 - Jinghong refrigerators focus on high-end preservation technology, but sales performance remains weak, with online sales down 66.66% year-on-year [22][23] - Gree's washing machines have seen significant growth, with online sales increasing by 940.44% year-on-year, particularly in the high-end market segment [24][26] - The company has expanded its overseas strategy, achieving a 10.19% year-on-year increase in overseas revenue, with products now available in over 190 countries [27][29] Group 3 - The home appliance sector has shown mixed performance, with the overall market down 0.1% recently, while specific segments like black goods have seen gains [30][32] - Recent data indicates a decline in sales for major appliances, with year-on-year decreases in categories such as air conditioning and refrigerators [43][58] - The report highlights the importance of adapting to local markets and developing products suited for extreme climates to enhance competitiveness [29][39]

Core Insights - The main focus of the news is on the significant inflow of capital into various stocks, highlighting the top 20 stocks with the highest capital inflow as of January 20, with specific amounts listed for each company [1][2][3] Group 1: Stock Performance - China Power Construction saw a capital inflow of 690 million yuan with a price increase of 6.85% [2] - Shanghai Electric experienced a capital inflow of 624 million yuan and a price increase of 8.22% [2] - Contemporary Amperex Technology reported a capital inflow of 509 million yuan with a modest price increase of 0.34% [2] - China Duty Free Group had a capital inflow of 460 million yuan and a price increase of 2.74% [2] - Sanzi Gaoke recorded a capital inflow of 441 million yuan with a price increase of 6.1% [2] Group 2: Industry Insights - The engineering sector, represented by China Power Construction, is showing strong investor interest with significant capital inflow [2] - The electric power industry, highlighted by Shanghai Electric, is also attracting substantial investments [2] - The battery industry, represented by Contemporary Amperex Technology, is experiencing steady capital inflow despite a small price increase [2] - The tourism and liquor sector, represented by China Duty Free Group, is seeing positive capital movement [2] - The automotive parts sector, represented by Sanzi Gaoke, is gaining traction with notable capital inflow [2]

Core Viewpoint - Gree Electric Appliances is expanding its production of silicon carbide (SiC) chips for various applications, including household appliances, photovoltaic energy storage, and logistics vehicles, aiming to enhance energy efficiency and reduce energy consumption in the Chinese market [4][5]. Group 1: Company Developments - Gree Electric has established a silicon carbide chip factory, which will begin mass production of chips for photovoltaic storage and logistics vehicles in 2023 [4]. - The company has a planned annual production capacity of 240,000 six-inch silicon carbide wafers by the end of 2023, with cumulative sales of over 300 million chips expected by 2025 [5]. - Gree's silicon carbide chips have already been installed in over 2 million air conditioning units, contributing to temperature reduction and energy efficiency improvements [5]. Group 2: Industry Context - The Chinese home appliance industry has significant potential for energy efficiency improvements, with new energy efficiency standards expected to save approximately 13 billion kilowatt-hours if fully implemented by 2026 [4]. - Gree's silicon carbide technology is positioned to meet the increasing energy efficiency demands in the industry, particularly in comparison to Japan's leading energy efficiency standards [4]. Group 3: Challenges and Opportunities - Gree faces challenges such as low-price competition in the industry, customer price sensitivity during chip promotion, and reliance on imported components for some machinery [5]. - The company aims to strengthen external collaborations to assist more chip design firms and address industry bottlenecks [5].

Core Viewpoint - Gree Electric Appliances is expanding its production of silicon carbide (SiC) chips for various applications, including home appliances, photovoltaic storage, and logistics vehicles, aiming to enhance energy efficiency and reduce energy consumption in the Chinese market [6][8]. Group 1: Company Developments - Gree's silicon carbide chip factory is set to begin mass production of chips for photovoltaic storage and logistics vehicles in 2023, following the successful production of chips for home appliances [6]. - The company has established a new electronic components division focused on the design, wafer processing, and packaging of silicon carbide chips, with plans for an annual production capacity of 240,000 six-inch silicon carbide wafers by 2025 [8]. - Gree has already shipped over 200,000 air conditioning units equipped with its silicon carbide chips, which contribute to temperature reduction and energy efficiency improvements [8]. Group 2: Industry Context - The Chinese home appliance industry has significant potential for energy efficiency improvements, with new energy efficiency standards expected to save approximately 13 billion kilowatt-hours if fully implemented [8]. - Gree's silicon carbide technology is positioned to meet the growing demand for energy-efficient solutions across various sectors, including automotive and renewable energy [9]. - The company faces challenges such as price competition in the industry and reliance on imported components for some machinery, prompting a need for increased collaboration with chip design firms and suppliers [9].

Group 1 - The State Intellectual Property Office of China has granted a patent titled "An Image Fusion Method, Device, Equipment, and Medium" to Zhuhai Gree Electric Appliances Inc. and Zhuhai Zero Boundary Integrated Circuit Co., Ltd. The patent authorization announcement number is CN119963426B, with an application date of December 2024 [1] - Zhuhai Gree Electric Appliances Inc., established in 1989, is located in Zhuhai City and primarily engages in the manufacturing of electrical machinery and equipment. The company has a registered capital of 6,015.73 million RMB. It has invested in 98 companies, participated in 5,000 bidding projects, and holds 5,000 trademark and patent information records, along with 908 administrative licenses [1] - Zhuhai Zero Boundary Integrated Circuit Co., Ltd., founded in 2018, is also based in Zhuhai City and focuses on research and experimental development. The company has a registered capital of 1,000 million RMB. It has participated in 3 bidding projects, holds 537 patent information records, and possesses 8 administrative licenses [1]

Core Viewpoint - Gree Electric Appliances is expanding its production of silicon carbide chips for various applications, indicating a strategic move into the semiconductor market, particularly for household appliances, photovoltaic energy storage, and logistics vehicles [1] Group 1: Company Developments - Gree Electric's assistant president revealed that the company will begin mass production of silicon carbide chips for photovoltaic energy storage and logistics vehicles this year, following the successful production for household appliances [1] - Gree Electric's chairman humorously mentioned that in the future, half of the automotive chips used by GAC Group will be replaced by Gree's products, highlighting a potential partnership and market expansion [1]