Core Viewpoint - The rising copper prices have led to discussions about the potential for aluminum to replace copper in air conditioning units, with major manufacturers like Gree and Midea currently not planning to adopt aluminum alternatives [1][2][3] Group 1: Copper Price Impact - Copper prices have reached historical highs, with LME copper exceeding $11,870 per ton and domestic prices surpassing 90,000 and 100,000 yuan per ton [2][7] - The air conditioning industry is feeling pressure to raise prices due to high copper costs, but the 2026 appliance replacement subsidy policy may mitigate this pressure [2][7] - Gree Electric has committed to not raising prices for household air conditioners to align with the 2026 subsidy policy, aiming to boost consumer spending [2][7] Group 2: Market Reactions - There were rumors of Midea increasing prices by over 6%, but these were clarified as misinterpretations, with only minor adjustments to specific models [3][8] - Gree's decision to maintain prices reflects its strategy of emphasizing quality and brand value, while Midea's approach shows flexibility in response to cost pressures [3][8] - Gree's air conditioning units reportedly have a gross margin that is over 5 percentage points higher than Midea's, which may explain its ability to avoid price increases [3][8] Group 3: Aluminum as a Substitute - The air conditioning sector is highly sensitive to copper prices, with approximately 85,000 tons of copper consumed annually, accounting for 21% of national demand [4][9] - Some manufacturers, like Wanbao, are exploring aluminum alternatives, with their new series priced significantly lower than traditional models after subsidies [4][9] - Cost savings from switching to aluminum can range from 70 to 80 yuan per unit for evaporators, and up to 300 to 500 yuan for comprehensive replacements [5][9] Group 4: Future Price Trends - The introduction of aluminum may not necessarily lead to lower retail prices, as the market dynamics could result in stable high-end prices and increased competition in the mid-range segment [10][11] - Analysts suggest that if raw material prices do not continue to rise and considering the impact of subsidies, air conditioning prices may remain low in 2026 [11]

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，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Midea Group Co., Ltd. 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） （股份代號：0300） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列美的集團股份有限公司於深圳證券交易所網站(www.szse.cn)刊登的公告如 下，僅供參閱。 承董事會命 美的集團股份有限公司 董事長、執行董事兼總裁 方洪波先生 香港，2026年1月5日 於本公告日期，董事會成員包括(i)執行董事方洪波先生、王建國先生、顧炎民博 士、管金偉先生及張添博士，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事許 定波博士、肖耿博士、劉俏博士及邱鋰力博士。 证券代码：000333 证券简称：美的集团 公告编号：2026-002 美的集团股份有限公司 关于对 2021 年、2022 年和 2023 年限制性股票激励计划 部分激励股份回购注销完成的公 ...

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，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Midea Group Co., Ltd. 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） （股份代號：0300） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列美的集團股份有限公司於深圳證券交易所網站(www.szse.cn)刊登的公告如 下，僅供參閱。 承董事會命 美的集團股份有限公司 董事長、執行董事兼總裁 方洪波先生 香港，2026年1月4日 於本公告日期，董事會成員包括(i)執行董事方洪波先生、王建國先生、顧炎民博 士、管金偉先生及張添博士，(ii)非執行董事趙軍先生，及(iii)獨立非執行董事許 定波博士、肖耿博士、劉俏博士及邱鋰力博士。 证券代码：000333 证券简称：美的集团 公告编号：2026-001 美的集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 ...

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]