12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选中，阿里巴巴(09988.HK/BABA.US)、波司登 (03998.HK)、均胜电子(600699.SH/00699.HK)、理想汽车(02015.HK/LI.US)、上美股份(02145.HK)、TCL 电子(01070.HK)、香港中华煤气(00003.HK)、心动公司(02400.HK)、招金矿业(01818.HK)、中国平安 (601318.SH/02318.HK) 10家企业荣获"年度投资价值奖（大市值）"奖项。（排名不分先后，按公司首部字母顺序排列） | | | 2025年度卓越公司评选榜单 | | | --- | --- | --- | --- | | 公司名称 | 公司代码 | 公司名称 | 公司代码 | | 阿里巴巴 | 09988.HK/BABA.US | TCL电子 | 01070.HK | | 波司登 | 03998.HK | 香港中华煤气 | 00003.HK | | 均胜电子 | 600699 SH/00699.HK | 心动公司 ...

Investment Rating - The report suggests a cautious outlook on the home appliance industry, indicating a potential for stable growth among leading brands due to their integrated advantages and strong pricing power [5]. Core Insights - The retail sales of consumer goods in November 2025 showed a total value of 43,898 billion yuan, with a year-on-year growth of 1.3%, reflecting a slowdown compared to October's 2.9% growth [11]. - The home appliance retail sales in November 2025 were approximately 100 billion yuan, down 19.4% year-on-year, marking a further decline from October's 14.6% drop [14]. - The air conditioning production for January 2026 is expected to rebound due to the holiday scheduling impact, with domestic production planned at 8.84 million units, up 32.0% year-on-year, while exports are projected at 11.13 million units, up 14.0% year-on-year [2][18]. Summary by Sections 1. Market Performance - The overall retail sales growth has been declining month by month since June 2025, with November showing a significant drop in home appliance sales due to high base effects from previous government subsidies and a decrease in subsidy intensity [11][14]. 2. Key Data Tracking - The Shanghai Composite Index decreased by 0.28%, while the home appliance index increased by 0.16% during the week [21]. - Raw material prices showed a mixed trend, with copper prices up 2.04% and aluminum prices down 0.29% [3]. - The exchange rate for USD to RMB was reported at 7.06, with a slight decrease of 0.01% for the week [33]. 3. Real Estate Data - In October 2025, new residential construction area decreased by 19.3% year-on-year, indicating ongoing adjustments in real estate investment and sales, which may suppress long-term demand for home appliances [40]. 4. Investment Recommendations - Leading brands are expected to achieve stable growth in domestic sales, while external sales may benefit from the US entering a rate-cutting cycle and a gradual recovery in European consumption [5][51].

Core Viewpoint - The Hang Seng Index Company announced the launch of the Hang Seng Hong Kong Stock Connect Electronic Industry Theme Index, which reflects the performance of Hong Kong-listed companies in the electronic industry [1] Group 1: Index Overview - The index includes companies involved in semiconductors, basic electronic components, telecommunications equipment, IT devices, and audio/video equipment [1] - A fixed sample of 40 stocks representing the largest market capitalization will be evaluated biannually for weight and adjusted quarterly [1] Group 2: Investment Purpose - The index aims to focus on the electronic sector within the Hong Kong Stock Connect market, capturing the stock price performance of companies in technology hardware and electronic manufacturing [1] - It serves as a tracking benchmark for index funds and ETFs, providing investors with tools for cross-market allocation of electronic assets [1] Group 3: Component Stocks - Notable constituent stocks of the index include TCL Electronics, Skyworth Group, Xiaomi-W, SMIC, Lenovo Group, Hua Hong Semiconductor, BYD Electronics, ZTE Corporation, Lenovo Holdings, and AAC Technologies [1]

Core Viewpoint - The report from GF Securities indicates that the home appliance industry is expected to experience a slowdown in growth in 2026 due to high base effects, despite significant benefits from the "old-for-new" policy in 2025. Leading companies are anticipated to outperform the industry due to their channel and brand advantages. Long-term growth in overseas sales is also expected to remain stable, supported by an increase in global market share [1][2]. Summary by Sections 2025 Review - The home appliance sector has shown a cumulative increase of 8.1% year-to-date as of November 28, 2025, ranking 27th among all sectors and underperforming the CSI 300 index by 10.4 percentage points [2]. - The performance of various segments includes: home appliance components (+64.7%), black appliances (+12.6%), lighting equipment (+11.9%), small appliances (+9.5%), kitchen appliances (-0.7%), and white appliances (-1.1%) [2]. - Retail sales of home appliances from January to October 2025 increased by 20.1% year-on-year, driven by the "old-for-new" policy, although growth slowed in September and October due to high base effects. Exports in the same period decreased by 3.4% in USD terms and 2.5% in RMB terms, primarily due to the impact of the US-China trade war, but the decline was manageable, indicating resilience and global competitiveness [2]. 2026 Outlook - Domestic demand is expected to slow down in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are likely to outperform the industry due to their channel and brand advantages. For external sales, companies have adapted to trade policy fluctuations since 2018-2019, and long-term growth in overseas sales is anticipated [3]. - Profitability is expected to remain stable, with manageable cost pressures as copper prices have risen, shipping costs have returned to normal levels, and the exchange rate has shown slight appreciation [3]. - As of November 28, 2025, the price-to-earnings ratio (PE-TTM) for the home appliance sector increased from 15.1x at the beginning of the year to 17.3x, placing it at the 66th percentile historically since 2016. The proportion of public funds heavily invested in the home appliance sector decreased to 2.5%, down 1.8 percentage points from the previous quarter, marking a continuous decline over three quarters [3]. 2026 Sub-industry Outlook - White Appliances: Expected to face a slowdown in growth due to high base effects from national subsidies, but overseas sales are projected to remain resilient, benefiting from emerging market demand [4]. - Small Appliances: Continued policy support is expected to improve average prices in kitchen small appliances, with significant growth potential in the overseas market for robotic vacuum cleaners [4]. - Black Appliances: Product structure upgrades are anticipated to enhance average prices and profitability, with continued growth in overseas market share [5]. - Two-Wheelers: The implementation of new regulations in 2026 is expected to sustain industry growth, with leading companies likely to increase their market share as smaller competitors exit the market, and significant opportunities in overseas markets [5].

Core Viewpoint - The report from GF Securities indicates that the home appliance industry is expected to experience a slowdown in growth in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are likely to outperform the industry due to their channel and brand advantages [1][3]. 2025 Review - The overall performance of the home appliance sector has lagged behind, with the Shenyin Wanguo Home Appliance Index showing a cumulative increase of 8.1% from January 1 to November 28, 2025, ranking 27th among all sectors and underperforming the CSI 300 Index by 10.4 percentage points [2]. - The home appliance retail sales from January to October 2025 increased by 20.1% year-on-year, driven by the "old-for-new" policy, but growth rates slowed in September and October due to high base effects [2]. - Home appliance export values from January to October 2025 decreased by 3.4% in USD terms and 2.5% in RMB terms, primarily impacted by the US-China trade war, yet the decline was manageable, reflecting resilience and global competitiveness [2]. 2026 Outlook - On the demand side, the home appliance industry is expected to slow down in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are anticipated to leverage their channel and brand advantages to outperform the market [3]. - The profitability outlook remains stable, with only copper prices rising recently, while shipping costs have returned to normal levels and exchange rates have shown slight appreciation, keeping overall cost pressures manageable [3]. - As of November 28, 2025, the price-to-earnings ratio (PE-TTM) for the home appliance sector increased from 15.1x at the beginning of the year to 17.3x, placing it at the 66th percentile historically since 2016 [3]. 2026 Sub-industry Outlook - In the white goods sector, growth may slow due to high base effects from national subsidies, but exports are expected to remain resilient, supported by emerging markets, leading to stable growth for leading companies [4]. - The small appliance segment is likely to see continued improvement in average prices due to ongoing policy support, with the vacuum cleaner industry expected to gain market share overseas, indicating significant long-term growth potential [4]. - In the black goods sector, product structure upgrades are anticipated to drive price increases and improve profitability, with overseas market share expected to continue rising [5]. - The two-wheeler industry is projected to maintain growth in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to increase their market share, particularly in overseas markets [5].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: TCL電子控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01070 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 1 HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 1 HKD | | 3,000,000,000 | 本月底 ...

Core Insights - The report highlights that the home appliance industry is expected to face a slowdown in growth due to high base effects from national subsidies in 2026, but leading companies are projected to maintain stable performance [2] - The small appliance sector is anticipated to see continued improvement in average prices due to ongoing policy support, with significant growth potential in the robotic vacuum cleaner market [2] - The black appliance segment is expected to benefit from product upgrades leading to higher average prices and improved profitability, with overseas market share likely to continue increasing [2] - The two-wheeler market is projected to grow in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to gain market share, particularly in overseas markets [2] 2025 Annual Summary - The home appliance sector underperformed overall, with an 8.1% increase from January 1 to November 28, 2025, ranking 27th among all industries and lagging behind the CSI 300 index by 10.4 percentage points [17] - The appliance components sector outperformed with a 64.7% increase, while white goods and kitchen appliances saw declines of 1.1% and 0.7%, respectively [17] - Domestic retail sales of home appliances showed a cumulative year-on-year increase of 20.1% from January to October 2025, but growth slowed in September and October due to high base effects [35] 2026 Outlook - Domestic sales are expected to slow down due to high base effects from the previous year's subsidy policies, but leading companies are likely to outperform the industry due to their channel and brand advantages [53] - Export performance is anticipated to remain stable despite short-term concerns over tariffs, as many companies have adapted their overseas production strategies since 2018-2019 [56] - The report emphasizes the importance of monitoring policy changes that could impact both domestic and international sales in 2026 [56] Investment Recommendations - The report recommends investing in leading companies in the white goods sector such as Midea Group and Haier Smart Home, which are expected to deliver stable returns and high dividends [7] - For the black appliance segment, companies like Hisense and TCL are highlighted as beneficiaries of global market share growth and product upgrades [7] - The report also suggests considering companies like Ninebot and Roborock, which are positioned for share gains and category expansion [7]

Group 1 - The core viewpoint of the article highlights the recent upward trend in Hong Kong's home appliance stocks, with TCL Electronics leading the gains at nearly 4% [1] - Haier Smart Home and Midea Group also saw increases of 2% and over 1% respectively, while Hisense Home Appliances followed suit [1] - The market is paying close attention to high-dividend sectors like home appliances as the year-end approaches, with historical data indicating a higher probability of absolute and excess returns during this period [1] Group 2 - According to Guangfa Securities, the Hong Kong Stock Connect high-dividend total return index is entering a period (from December to mid-January) known for significant calendar effects, suggesting it may be an effective strategy for investors to enhance returns [1] - Huachuang Securities projects that the home appliance sector will demonstrate unique investment value by 2026 [1] Group 3 - Specific stock performance data includes TCL Electronics at a latest price of 11.100 with a gain of 3.64%, Haier Smart Home at 27.340 with a gain of 2.01%, Midea Group at 91.500 with a gain of 1.16%, and Hisense Home Appliances at 26.540 with a gain of 0.53% [2]

Group 1 - The core viewpoint of the articles highlights the recent upward trend in Hong Kong's home appliance stocks, with TCL Electronics leading the rise by nearly 4% and showing a reversal trend [1] - Haier Smart Home increased by 2%, Midea Group rose over 1% to reach a new phase high, and Hisense Home Appliances also followed suit [1] - The market is paying significant attention to high-dividend sectors like home appliances as the year-end approaches, with historical data indicating a higher probability of absolute and excess returns during this period [1] Group 2 - According to Guangfa Securities, the Hong Kong Stock Connect high-dividend total return index is entering a period (from December to mid-January) known for its calendar effect, which historically yields considerable returns [1] - Huachuang Securities anticipates that the home appliance sector will demonstrate unique investment value looking ahead to 2026 [1] - The latest price and percentage changes for key companies are as follows: TCL Electronics at 11.100 with a 3.64% increase, Haier Smart Home at 27.340 with a 2.01% increase, Midea Group at 91.500 with a 1.16% increase, and Hisense Home Appliances at 26.540 with a 0.53% increase [2]

Group 1 - TCL Electronics (01070) showed strong stock performance with an increase of 5.62%, reaching HKD 10.72, and a trading volume of HKD 108 million [1] Group 2 - Thunderbird Innovation successfully completed a multi-hundred million C round financing, setting a record for the largest single financing amount in the domestic AI + AR glasses sector for 2025 [3] - The funds from this financing will focus on the research and development of AI + AR core technologies, including near-eye displays, AI algorithms, and multimodal interactions, as well as ecosystem development [3] - Thunderbird Innovation aims to consolidate and expand its leading position in the global consumer AI + AR glasses market and actively increase its global market share [3] - According to Guotai Junan's analysis, Thunderbird Innovation was incubated by TCL Electronics, with a core team from industry giants like TCL, DJI, Meta, and ByteDance, providing significant innovation advantages [3] - TCL Electronics is entering a profit recovery phase, and its 11.5% stake in Thunderbird Innovation positions it to benefit from the booming AI industry [3]