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空调：格力累计抢眼的1月美国的表现在2007年9月出口空调，分别增长19％和20％，而在今年上半年的平均价格约10％的升幅。北方进入炎热的天气提前，中国经济的持续增长所带来的消费升级，相对年轻的人口结构以及城市化所增加的销售业主自用房地产，这三点是促进销售增长带来的，以及空调高端产品销售增长的基本因素。这项比赛已进入了寡头垄断的价格竞争趋于缓和，又带来了2007年空气调节国内大局的最佳。三季度

显示格力作为空调冠军遥遥领先，美国电力综合白色迅速上升的趋势，我们认为，在中国的龙头企业有电白维持目前的制造业向中国承认的国际竞争力呈上升趋势中国过渡到品牌知名度。美国和格力将在这个过程中被共享的声音继续增长。

冰箱，洗衣机：新的资本，将引发行业的整合是干预高端冰箱2007年新一轮的洗衣机提高了产品的高需求，以及这些产品的高毛利率，吸引更多新的资金介入，在2007年年底和2008年将继续在新的生产能力。我们相信，在未来的9月10日这两个行业将进入新一轮行业整合。此外，第三季度海尔仍然独占头筹的同时，在高的领先企业最终产品的毛利率略有增加。

小家电：厨房电器数量从2007年1月更突出了局势8月，厨房用具收入增长去年同期增长29％，比其他类型的产品更高。小家电产品的差异，在不同的消费品牌越来越明显，我们相信，未来必须在国内市场销售为基础，以更好的分辨能力，他们的产品和企业能够得到更好的持续增长，美国和小家电电器，苏伯尔尼是如此典型。

保持三电龙头和三白的花的股票评级基础上，白色的建议在不断增加，相反全球竞争力的电力行业，以及大公司良好业绩预期，我们维持格力电器，美电青岛海尔的“推荐”评级。这个月，我们还要特别注意三花股份

Home Appliances Industry: Consumer-driven profit growth upgrade

Air conditioning: Gree accumulated eye-catching performance of the United States in 2007 with January to September export air-conditioning, respectively, up 19% and 20%, while the first half of the average price rose by about 10%. The north to enter the hot weather ahead of time, China’s sustained economic growth brought about by consumption upgrade, relatively young population structure as well as urbanization brought about by increased sales of owner-occupied real estate, these three points are to promote sales growth, as well as air-conditioning high-end product sales increase in the basic factors. The competition has made into the oligopoly price competition is easing, in turn brought about air conditioning in 2007 the overall domestic situation to the best. Three quarterly

show Gree air conditioners champion as far ahead, the U.S. electric power integrated white rapid upward trend, we believe that the leading enterprises in China have electricity White sustained upward trend in the international competition strength by the current manufacturing to China recognition of China’s transition to brand recognition. The United States and Gree will be in the process to share the sound continued to grow.

refrigerators and washing machines: The new capital will trigger a new round of intervention in industry consolidation in 2007 of high-end refrigerators and washing machines increased demand for products high, and higher gross profit margins of such products, attract more new capital intervention, by the end of 2007 and 2008 will continue to have new production capacity. We believe that these two industries in the years 09-10 will enter a new round of industry consolidation. In addition the third quarter头筹Haier still exclusive at the same time, in high-end products for leading companies have gross profit margins increased slightly.

small electrical appliances: kitchen appliances grew more prominent in 2007 from January to August of the situation, kitchen appliances revenue growth year-on-year growth of 29%, higher than the other types of products. Small household electrical appliances consumer brands in different product differentiation becoming increasingly obvious, we believe that the future must be based on the home market sales, with better ability to differentiate their products and companies can obtain better sustained growth, the United States and the small household electrical appliances, Su Bern are so typical.

maintain three electric hydrants and three white flower shares rating based on the white recommend electric industry in the global competitiveness of the continuous increase in contrast as well as leading the company expected a good performance, we maintain the Gree Electric Appliances, the U.S. electrical, Qingdao Haier’s “Recommended” rating. This month we also pay special attention to the three flower shares (002,050), the future will be ended in the original valve, four-way valve Product steady growth through the electronic expansion valve driven growth companies to enter the second peak, the company committed to give the corresponding results are also to provide investors with a better investment security rating to “recommend.” (07-11-2)