Core Viewpoint - The Hong Kong stock market started 2026 with a strong performance, indicating a continuation of the structural bull market from 2025, with a clear investment focus on hard technology sectors like semiconductors, AI, and smart hardware, as well as policy-driven consumption sectors like home appliances and automobiles [1][5]. Market Performance - The Hang Seng Index rose by 2.76% to close at 26,338.47 points, while the Hang Seng Technology Index surged by over 4% to 5,736.44 points, and the Hang Seng China Enterprises Index increased by 2.86% to 9,168.99 points [1]. Semiconductor Sector - The semiconductor sector saw significant gains, driven by mergers and acquisitions as well as domestic production initiatives. Notable stock performances included Huahong Semiconductor (up 9.42%), SMIC (up 5.11%), and Jingmen Semiconductor (up 3.53%) [5][6]. - Huahong Semiconductor announced a major asset restructuring plan to acquire a 97.5% stake in Huali Micro for a transaction price of 8.268 billion yuan, alongside plans to raise up to 7.556 billion yuan for technology upgrades [6][7]. Internet Technology Sector - Internet technology stocks rebounded strongly, with Baidu Group rising by 9.53%, NetEase by 6.62%, and Alibaba by 4.34%. A key catalyst was Baidu's announcement of its AI chip subsidiary Kunlun's application for a mainboard listing [9][10]. - Kunlun's expected revenue for 2025 is around 5 billion yuan, with a potential valuation of 3 to 11 billion USD for Baidu's stake in the company [11]. Home Appliances Sector - Home appliance stocks benefited from favorable policies, with Skyworth Group rising by 10.45%, Midea Group by 5.12%, and Haier Smart Home by 4.20%. The National Development and Reform Commission and the Ministry of Finance announced a new policy to support large-scale equipment updates and trade-in programs [11][12]. - The new policy is expected to alleviate sales pressure in the short term and benefit leading companies with R&D and brand advantages in the long term [13]. Automotive Sector - Several automotive stocks gained, including Li Auto (up 4.93%) and BYD (up 3.57%), supported by the implementation of the "old-for-new" vehicle trade-in policy [14][16]. - The policy allows consumers to receive subsidies for trading in eligible old vehicles for new ones, which is expected to stimulate market confidence [16]. Solar Energy Sector - Solar energy stocks saw gains, with GCL-Poly Energy rising by 20.99% and GCL-Technology by 4.72%. The market regulator is enhancing compliance guidance for price competition in the solar industry [17]. Commercial Aerospace Sector - Commercial aerospace stocks performed well, with Asia Pacific Satellite rising by 34.53% and Aerospace Holdings by 18.33%. Blue Arrow Aerospace's IPO application was accepted, marking a significant milestone in the sector [18][19]. Individual Stock Movements - Delin Holdings rose by 11.76% following the conditional approval of its subsidiary to provide virtual asset trading services [21]. - Meitu Inc. increased by 6.14% after issuing $250 million in convertible bonds to Alibaba, which could make Alibaba the third-largest shareholder in Meitu [22].

Group 1 - Home appliance stocks have risen across the board, with significant increases in companies such as Skyworth Group (up 10.45% to HKD 5.18), Midea Group (up 5% to HKD 89.2), Haier Smart Home (up 4.2% to HKD 25.3), and Hisense Home Appliances (up 2.33% to HKD 23.72) [1] - The National Development and Reform Commission and the Ministry of Finance announced a new policy on December 30, 2026, regarding large-scale equipment updates and the replacement of consumer goods [1] - Dongfang Securities anticipates that domestic sales pressure will improve in the first quarter of 2026 as national subsidy funds become available, and that the industry will gradually enter a post-subsidy era [1] - Guotou Securities forecasts that the continuation of the old-for-new policy will support domestic appliance consumption, benefiting companies with advantages in R&D, distribution, and branding [1] - The easing of the US-China trade conflict is expected to reduce tariff pressures, allowing home appliance companies to gradually release global production capacity and continue to gain incremental contributions from emerging markets [1]

Group 1 - The Hong Kong home appliance stocks experienced a significant increase, with major companies showing notable gains [1] - Skyworth Group (00751.HK) rose by 10.45%, reaching HKD 5.18 [1] - Midea Group (00300.HK) increased by 5%, trading at HKD 89.2 [1] - Haier Smart Home (06690.HK) saw a rise of 4.2%, priced at HKD 25.3 [1] - Hisense Home Appliances (00921.HK) grew by 2.33%, with a price of HKD 23.72 [1]

Group 1 - Home appliance stocks experienced a significant increase, with Skyworth Group rising by 10.45% to HKD 5.18, Midea Group increasing by 5% to HKD 89.2, Haier Smart Home up by 4.2% to HKD 25.3, and Hisense Home Appliances gaining 2.33% to HKD 23.72 [1] - The National Development and Reform Commission and the Ministry of Finance jointly issued a notice on December 30 regarding the implementation of large-scale equipment updates and the replacement of consumer goods by 2026, which is expected to positively impact the home appliance sector [1] - Dongfang Securities anticipates that the domestic sales pressure will improve in the first quarter of 2026 as national subsidy funds become available, and the industry will gradually enter a post-subsidy era [1] - Guotou Securities forecasts that the home appliance replacement policy will continue into 2026, with optimized support scope, subsidy standards, and implementation mechanisms, benefiting companies with R&D, channel, and brand advantages [1] - The easing of the US-China trade conflict is expected to reduce tariff pressures, allowing home appliance companies to gradually release global production capacity, with emerging markets contributing to incremental growth [1]

Group 1 - Home appliance stocks experienced a significant rise, with Skyworth Group increasing by 10.45% to HKD 5.18, Midea Group rising by 5% to HKD 89.2, Haier Smart Home up by 4.2% to HKD 25.3, and Hisense Home Appliances gaining 2.33% to HKD 23.72 [1] - The National Development and Reform Commission and the Ministry of Finance jointly issued a notice on December 30 regarding the implementation of large-scale equipment updates and the old-for-new policy for consumer goods in 2026 [1] - Dongfang Securities anticipates that the domestic sales pressure will improve in the first quarter of 2026 with the arrival of national subsidy funds, and the industry will gradually enter a post-subsidy era [1] - Guotou Securities forecasts that the old-for-new policy for home appliances will continue in 2026, with optimized support scope, subsidy standards, and implementation mechanisms, leading to steady domestic home appliance consumption [1] - Companies with advantages in research and development, distribution, and branding in both white goods and black goods sectors are expected to benefit more from the new policy [1] - The easing of the China-U.S. trade conflict is expected to reduce tariff pressures, and home appliance companies are gradually releasing global production capacity, with emerging markets contributing incremental growth [1]

Group 1 - The 2026 appliance replacement policy will provide subsidies for consumers purchasing energy-efficient home appliances, with a subsidy of 15% of the product price, capped at 1,500 yuan per item [1] - The first batch of subsidies for the 2026 policy amounts to 62.5 billion yuan, which is lower than the 2025 plan, and the eligible appliance categories are fewer [1] - Citigroup believes the new policy will boost consumer sentiment despite the limited overall impact on e-commerce platforms due to high baseline effects and smaller subsidy scale [1] Group 2 - The 2026 policy is expected to stimulate domestic appliance sales and improve product structure, benefiting companies with R&D, channel, and brand advantages in the white and black goods sectors [2] - The easing of US-China trade tensions may reduce tariff pressures, allowing home appliance companies to gradually release global production capacity and gain incremental contributions from emerging markets [2] - The new policy is anticipated to drive the home appliance industry towards high-end, intelligent, and green upgrades, favoring large appliance companies with competitive advantages [2] Group 3 - Related Hong Kong-listed companies in the home appliance industry include Midea Group, Haier Smart Home, Hisense Home Appliances, TCL Electronics, Skyworth Group, and Xiaomi Group [3]

Group 1 - The Chinese government has announced a new policy for 2026 to support the replacement of old appliances and consumer goods, providing a subsidy of 15% of the product price for eligible energy-efficient appliances, with a maximum subsidy of 1,500 yuan per item [1][2] - The first batch of funding for this policy amounts to 62.5 billion yuan, aimed at stimulating consumer sentiment despite a smaller subsidy scale compared to 2025 [1][2] - The policy is expected to benefit e-commerce platforms, although the overall impact may be limited due to high baseline effects and reduced subsidy amounts [1][2] Group 2 - The 2026 policy focuses on high-efficiency products, with a narrower scope and lower subsidy rates compared to 2025, which aligns with market expectations and is anticipated to improve domestic appliance sales [2] - Companies with advantages in research, distribution, and branding in the white and black goods sectors are expected to benefit more from the new policy [2] - The policy is likely to drive the home appliance industry towards higher-end, smart, and green upgrades, optimizing product structures [2] Group 3 - Relevant Hong Kong-listed companies in the home appliance supply chain include Midea Group, Haier Smart Home, Hisense Home Appliances, TCL Electronics, Skyworth Group, and Xiaomi Group [3]

Summary of Key Points Core Viewpoint - A total of 50 companies, including Tencent Holdings and Xiaomi Group, conducted share buybacks by December 31, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent on buybacks [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.061 million shares for a total of 635 million, representing 1.110% of its total share capital [2][3]. - Xiaomi Group (01810) repurchased 3.8 million shares for 149 million, accounting for 0.560% of its total share capital [2][3]. - Other notable buybacks include: - Sanhua Intelligent Control (02050): 909,700 shares for 48.47 million [2]. - Midea Group (00300): 1.3277 million shares for 26.69 million [2]. - Kuaishou-W (01024): 310,000 shares for 19.72 million [2]. Group 2: Additional Companies and Their Buybacks - Companies with significant buybacks include: - Country Garden Services (06098): 2 million shares for 12.06 million, representing 1.839% of total share capital [2]. - Ming Yuan Cloud (00909): 3 million shares for 9.79 million, accounting for 3.408% of total share capital [2]. - Vitasoy International (00345): 392,000 shares for 248,560, representing 2.405% of total share capital [2]. Group 3: Overall Market Implications - The buyback activities reflect a trend among companies to return capital to shareholders, indicating confidence in their financial health and future prospects [1][2]. - The total buyback amounts and share counts suggest a strategic move to enhance shareholder value amidst market fluctuations [1][2].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 美的集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期： 2025年12月31日 | 3). | 購回股份 (股份購回並註銷) | -641,286 | 0.009312 % | RMB | 19.39 | | --- | --- | --- | --- | --- | --- | | | 註銷根據本公司2023年限制性股票激勵計劃項下所購買的A股 | | | | | | | 變動日期 2025年12月31日 | | | | | | 4). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 51,369 | 0.000746 % | RMB | 70.29 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 根據於第八期股票期權激勵計劃行使期權 | | | | | | | 變動日期 2025年12月23日 | | | | | | 5). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎 ...

Core Viewpoint - The article discusses the impact of the 2026 "National Subsidy" policy for replacing old home appliances on leading home appliance companies' performance in the coming year, particularly focusing on Midea Group's stock buyback and financial performance [3][31]. Group 1: Stock Buyback and Market Performance - Midea Group has spent 10 billion on stock buybacks from June 17, 2025, to December 8, 2025, with 70.36% of the repurchased shares set for cancellation, signaling strong cash flow and valuation discount [3][4]. - Since the buyback began, Midea Group's stock has seen a maximum increase of over 15%, closing at a price that attempted to reach its historical high of 88.74 yuan per share [4]. - The stock's price-to-earnings ratio (PE) reached 13.32 times, with a dividend yield of 5.16%, indicating an attractive valuation [30]. Group 2: Financial Performance - Midea Group's revenue for 2024 is projected to be 409.1 billion, a year-on-year increase of 9.5%, with the first three quarters of 2024 showing a revenue of 364.7 billion, up 13.8% [5][10]. - The net profit for 2024 is expected to be 38.54 billion, reflecting a 14.3% increase year-on-year, with the first three quarters showing a net profit of 37.88 billion, up 19.5% [10]. - Midea Group has consistently outperformed competitors like Gree Electric and Haier Smart Home in terms of revenue and net profit since 2020 [10][12]. Group 3: B2B Business Contribution - Midea Group's B2B business contributed significantly to its revenue, with 2024 B2B revenue at 104.5 billion, accounting for 26% of total revenue [15]. - The B2B segment includes various solutions such as new energy and industrial technology, smart building technology, and robotics, with the new energy and industrial technology segment showing a 20.58% year-on-year growth [16][20]. - The company has strategically elevated its B2B business to be on par with its consumer-oriented smart home business since 2020, marking a significant shift in its operational focus [19]. Group 4: Acquisition Strategy - Midea Group has a history of strategic acquisitions that have bolstered its growth, including the purchase of Toshiba's air conditioning business and KUKA Robotics, enhancing its capabilities in various sectors [22][24]. - The acquisitions have allowed Midea to fill gaps in its product offerings and expand its global influence, with a notable increase in goodwill, reaching 34.37 billion by the end of Q3 2025 [25]. - The company has not experienced significant goodwill impairment in any fiscal year, indicating successful integration of acquired entities [25]. Group 5: Future Outlook with National Subsidy - The new "National Subsidy" policy for 2026 will continue to support the home appliance sector but will be more focused and optimized, which is seen as a positive for leading companies like Midea [31].