Core Insights - The event marked the launch of China's first "positive pressure oil-free variable frequency centrifugal machine" in the medical sector, indicating a new phase in energy-saving renovations for green hospitals through integrated applications of "smart systems + high-end equipment" [1] Group 1: Event Overview - The technical release conference was themed "International Leading Technology · Model of Green Hospitals" and took place in Shunde [1] - Key representatives from the hospital, equipment providers, and technical solution service providers attended the event, including officials from Southern Medical University and Hisense Hitachi [2] Group 2: Technological Collaboration and Industry Empowerment - Hospital leadership emphasized the significant energy consumption characteristics of hospitals, with annual electricity usage exceeding 40 million kilowatt-hours, highlighting the shift from merely treating diseases to promoting health and ecological harmony [3] - The project implemented over 45 energy-saving measures, including six leading technologies applied for the first time domestically, such as a three-level hydraulic balance system for precise cooling [5] Group 3: Future Industry Leadership - The project at Shunde First People's Hospital exemplifies cross-disciplinary and cross-enterprise collaborative innovation, demonstrating that through the integration of top-notch equipment, smart platforms, and innovative models, hospitals can achieve significant energy efficiency improvements while ensuring medical functionality [5]

Market Overview - The white goods sector experienced a decline of 0.62% on December 18, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3876.37, up 0.16%, while the Shenzhen Component Index closed at 13053.98, down 1.29% [1] Individual Stock Performance - Whirlpool (600983) closed at 9.62, up 0.52% with a trading volume of 20,000 shares and a turnover of 19.2182 million yuan [1] - Snowball Electric (001387) closed at 13.96, up 0.43% with a trading volume of 44,600 shares and a turnover of 62.3946 million yuan [1] - Changhong Meiling (000521) closed at 6.50, down 0.15% with a trading volume of 58,300 shares and a turnover of 37.9871 million yuan [1] - Haier Smart Home (600690) closed at 27.41, down 0.29% with a trading volume of 179,900 shares and a turnover of 493 million yuan [1] - Gree Electric (000651) closed at 40.96, down 0.34% with a trading volume of 247,400 shares and a turnover of 1.012 billion yuan [1] - Hisense Home Appliances (000921) closed at 25.83, down 0.46% with a trading volume of 33,400 shares and a turnover of 86.2352 million yuan [1] - Midea Group (000333) closed at 79.83, down 0.80% with a trading volume of 214,100 shares and a turnover of 1.710 billion yuan [1] - TCL Smart Home (002668) closed at 10.62, down 0.84% with a trading volume of 80,800 shares and a turnover of 85.7174 million yuan [1] - Deep Blue Konka A (000016) closed at 5.14, down 1.53% with a trading volume of 169,000 shares and a turnover of 87.2602 million yuan [1] - Aucma (600336) closed at 9.10, down 4.71% with a trading volume of 710,900 shares and a turnover of 648 million yuan [1] Capital Flow Analysis - The white goods sector saw a net inflow of 11.5501 million yuan from institutional investors, while retail investors contributed a net inflow of 56.1258 million yuan [1] - However, there was a net outflow of 67.6759 million yuan from speculative funds [1] Detailed Capital Flow by Company - Midea Group (000333) had a net inflow of 10.2 million yuan from institutional investors, but a net outflow of 11.9 million yuan from speculative funds [2] - Gree Electric (000651) saw a net inflow of 13.5475 million yuan from institutional investors, with a net outflow of 30.2722 million yuan from retail investors [2] - Hisense Home Appliances (000921) had a net inflow of 5.6853 million yuan from institutional investors, but a net outflow of 6.9064 million yuan from retail investors [2] - Changhong Meiling (000521) experienced a net outflow of 26.61 million yuan from institutional investors [2] - Whirlpool (600983) had a net outflow of 35,100 yuan from institutional investors [2] - Snowball Electric (001387) saw a net outflow of 1.3889 million yuan from institutional investors [2] - TCL Smart Home (002668) had a net outflow of 6.753 million yuan from institutional investors [2] - Deep Blue Konka A (000016) experienced a significant net outflow of 15.4027 million yuan from institutional investors [2] - Haier Smart Home (600690) had a net outflow of 21.8413 million yuan from institutional investors [2] - Aucma (600336) faced a substantial net outflow of 63.8104 million yuan from institutional investors [2]

Market Performance - The white goods sector increased by 0.76% on December 17, with Aucma leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] Individual Stock Performance - Aucma (600336) closed at 9.55, up 8.65% with a trading volume of 796,600 shares and a turnover of 73 million [1] - Other notable performers include: - Deep Blue Technology (000016) at 5.22, up 1.56% [1] - Haier Smart Home (600690) at 27.49, up 1.10% [1] - Midea Group (000333) at 80.47, up 0.64% [1] - Gree Electric (000651) at 41.10, up 0.61% [1] Capital Flow Analysis - The white goods sector saw a net inflow of 13.31 million from institutional investors, while retail investors contributed a net inflow of 16.23 million [1] - Notably, Gree Electric experienced a net outflow of 117 million from institutional investors [2] - Aucma also faced a net outflow of 30.4 million from retail investors [2] Summary of Capital Flows by Company - Gree Electric (000651): Institutional net inflow of 117 million, retail net outflow of 65.16 million [2] - Aucma (600336): Institutional net inflow of 50.08 million, retail net outflow of 19.68 million [2] - Deep Blue Technology (000016): Institutional net inflow of 14.95 million, retail net outflow of 5.09 million [2]

Core Insights - A total of 1,094 A-share listed companies have subscribed to financial products this year, with a cumulative investment amount of 770.72 billion yuan [1][2] - In December alone, 138 companies announced the use of idle funds for financial product purchases, totaling 15.61 billion yuan [1] Group 1: Company Actions - Dongpeng Beverage announced an investment of 1.252 billion yuan in financial products through six institutions, aiming to enhance fund efficiency and ensure safety [1] - Hisense Home Appliances reported a total investment of 1.76 billion yuan in financial products through its subsidiaries [2] - Wangfujing disclosed an investment of 850 million yuan in structured deposits and large-denomination certificates of deposit [2] Group 2: Investment Preferences - Companies primarily invest in structured deposits, large-denomination certificates of deposit, bank wealth management, and securities company products, focusing on low-risk and high-liquidity options [2] - Structured deposits are the most favored investment product among listed companies [2] Group 3: Analyst Recommendations - Analysts suggest that investors should rationally assess the nature and scale of the funds used by companies for financial management, particularly distinguishing between short-term idle funds and long-term investments [2]

Core Viewpoint - The Shandong Provincial Market Supervision Administration has released the results of the provincial quality supervision sampling inspection for household electric washing machines for 2025, indicating compliance and non-compliance issues among various manufacturers [3][5]. Group 1: Inspection Results - A total of 30 batches of household electric washing machines were sampled, with 5 batches from the production stage and 25 from the sales stage [3]. - The inspection was conducted based on multiple national standards related to safety, noise limits, energy efficiency, and other performance criteria [4]. - One batch from Heze Jinba Trading Co., Ltd. was found non-compliant due to issues with stability and mechanical hazards, with the manufacturer, Henan Xinfly Smart Home Technology Co., Ltd., contesting the results but ultimately failing the re-inspection [5]. Group 2: Compliance Standards - The inspection adhered to standards such as GB 4706.1—2005 for general safety requirements, GB 4706.24—2008 for specific requirements for washing machines, and GB 12021.4—2013 for energy efficiency and water efficiency limits [4]. - Key inspection criteria included protection against electric shock, input power and current, leakage current, noise levels, and washing performance metrics [4]. Group 3: Manufacturer Details - The non-compliant product was identified as a washing machine model produced by Henan Xinfly Smart Home Technology Co., Ltd., with the specific model being XPB110-1 [6]. - The inspection results also included a summary table of compliant products from various manufacturers, including Qingdao Haier and Hisense, indicating a range of models and compliance statuses [6][7].

Core Viewpoint - The ongoing debate over "aluminum replacing copper" in the air conditioning industry has intensified following comments from Gree Electric's chairman, Dong Mingzhu, emphasizing that aluminum has not yet reached the technical standards necessary to replace copper [1][7]. Group 1: Industry Standards and Developments - The China Refrigeration Society released a group standard for aluminum tube fin heat exchangers on December 11, 2023, with major manufacturers like Gree, Midea, Haier, Xiaomi, Hisense, TCL, and Aux participating in the standardization process [1][8]. - A new round of discussions on national standards for heat exchangers is expected to take place in January 2026 [1][8]. Group 2: Industry Disagreements - Several air conditioning companies, including Haier, Midea, and Xiaomi, have joined a self-regulatory agreement to promote aluminum heat exchangers while avoiding false claims and enhancing consumer trust [2][8]. - Gree has not joined this agreement, with Dong Mingzhu stating that the company will consider aluminum only when it can fully replace copper [2][9]. Group 3: Economic Factors - The debate over "aluminum replacing copper" has persisted for over a decade, often reignited by fluctuations in copper prices, which have recently reached historical highs, with LME copper prices exceeding $11,461 per ton [3][9]. - The copper-aluminum price ratio has remained between 2.5 and 4.5 since the supply-side reforms of 2017-2018, with the current ratio at 3.8 as of November 2025 [3][10]. Group 4: Technical Considerations - Concerns regarding aluminum's inferior thermal conductivity, strength, and corrosion resistance compared to copper have been raised, suggesting that using aluminum could negatively impact the lifespan and reliability of air conditioning units [3][6]. - The application of aluminum in refrigerators has progressed more rapidly, with aluminum accounting for nearly 90% of the cooling systems, while air conditioning remains more complex due to varying operational conditions [5][11]. Group 5: Policy Support - The Chinese government has elevated the "aluminum replacing copper" initiative to a policy level, with a plan issued in March 2025 to promote aluminum consumption in various sectors, including home appliances [4][10].

Core Viewpoint - Major air conditioning companies including Haier, Midea, Xiaomi, and TCL have committed to adhering to the "Self-Discipline Convention" for aluminum reinforcement in air conditioning, while Gree Electric has notably not joined this initiative, indicating a divergence in industry strategy regarding the "aluminum replacing copper" technology [2][3][5]. Group 1: Industry Commitment and Standards - The "Self-Discipline Convention" aims to enhance the industry's overall image and competitiveness, promoting the transition to aluminum in air conditioning systems [2]. - A significant focus at the 2025 China Home Appliance Technology Annual Conference was the innovation and standardization of aluminum applications in air conditioning, with several group standards being developed [3]. - Gree Electric's absence from the convention highlights its cautious stance on the aluminum replacement technology, contrasting with the collective commitment of other leading manufacturers [3][5]. Group 2: Gree Electric's Position - Gree Electric has reiterated its lack of plans to adopt aluminum in air conditioning until it can ensure 100% reliability, emphasizing the advantages of copper in terms of thermal conductivity and long-term reliability [5][6]. - The company has consistently expressed its concerns regarding the quality and performance of aluminum as a substitute for copper, with leadership stating that while aluminum can replace copper, it cannot guarantee the same quality [5][8]. Group 3: Technical and Economic Implications - The cost of copper can account for approximately 20% of the total cost of an air conditioner, while aluminum costs only about one-tenth of copper, suggesting significant potential for cost reduction if aluminum is successfully implemented [6]. - Despite the potential cost benefits, the physical properties of copper present challenges for manufacturers considering the switch to aluminum, leading to varied approaches among different brands [6]. - The push for aluminum replacement is also aligned with national strategies to reduce reliance on imported copper, enhancing supply chain stability [7]. Group 4: Market Dynamics and Future Considerations - The ongoing debate over aluminum versus copper has been fueled by rising copper prices, which have recently surpassed $10,000 per ton, prompting manufacturers to reconsider their material choices [8]. - Gree Electric's conservative approach may protect its brand reputation and customer trust, but it risks falling behind in a market increasingly driven by cost efficiency and material innovation [8].

Core Viewpoint - Hisense Home Appliances is actively engaged in the development, manufacturing, and marketing of various home appliances and is focusing on smart home solutions centered around appliance intelligence upgrades [1] Group 1: Business Operations - The company primarily operates in the production of refrigerators, household air conditioners, central air conditioning, freezers, washing machines, kitchen appliances, and related products [1] - Hisense also provides comprehensive smart home solutions that emphasize the intelligent upgrade of home appliances [1] Group 2: Technological Development - The company is actively investing in the development of cutting-edge technologies such as power semiconductors [1] - Hisense aims to offer efficient and reliable semiconductor solutions to support the transition to green energy and low-carbon development [1]

1 特此公告。 股票代码：000921 股票简称：海信家电 公告编号：2025-069 海信家电集团股份有限公司 H 股公告-认购理财产品 海信家电集团股份有限公司董事会 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 2025 年 12 月 12 日 海信家电集团股份有限公司（「本公司」）于 2025 年 12 月 12 日在香港联合交易所 有限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市 规则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 5 月 8 日至 2025 ...

Core Viewpoint - Hisense Home Appliances (000921)(00921) announced a subscription agreement for wealth management products amounting to RMB 1.76 billion, utilizing idle funds for the investment [1] Group 1 - The company’s subsidiary air conditioning and refrigerator marketing companies are the subscribers to the wealth management agreement [1] - The subscription period for the wealth management products is from May 8, 2025, to December 12, 2025 [1] - The total subscription amount is RMB 1.76 billion, which reflects the company's strategy to leverage idle funds for investment opportunities [1]