Q4 手机家电市场调研-华南 20260114 摘要 2025 年第四季度，广东地区未受国补退坡显著影响，因全年国补对冲。 小米手机板块销量持平，但因价格上涨，销售额增长约 8%。大家电板 块全年 GMV 同比增长约 50%，但四季度持平。可穿戴设备占比稳定在 18%-20%左右。 小米 17 系列新机发布初期（10 月）业绩爆发式增长，但 11 月和 12 月 大幅下滑。国家补贴常态化导致消费者持观望态度，零售门店促成交易 难度增加。6 月底至 10 月中旬国补暂停期间，销售额断崖式下滑。 2025 年小米手机销量持平，单价微涨 6%-7%。大家电全年 GMV 增长 50%，可穿戴设备占比稳定。手机销售额占比 65%-70%，大家电占比 10%-12%，其余为其他产品。 小米 Ultra 系列手机 2025 年 12 月上市，销量略低于上一代，但性能和 质量提升，特别版价格达 8,999 元，用户评价较好。舆论风波可能影响 部分消费者购买决策。 2026 年小米高端机型（3,500 元以上）占比增至 35%，主要归功于高 端机型销量提升，而非依赖补贴。小米 17 Pro 和 17 Pro Max 在无补 贴 ...

在两江新区京东MALL，记者看到，"政府补贴、以旧换新"的宣传海报随处可见，前来咨询和选购的市 民络绎不绝。刚刚在收银台办完手续的市民周女士介绍："家里的空调用了八年多，制热效果越来越 差。正好赶上新政策实施，就来换一台一级能效空调。"她算了一笔账，新空调享受折扣后价格近7000 元，叠加15%的政府补贴，可省下约1000元，"不仅购买省了钱，也更节能省电，长远看很划算。" "今年政策启动后，门店客流量和销售额大幅提升，客流量环比激增110%。"该门店相关负责人表示， 政策还推动了从销售到服务的生态升级，门店联合品牌推出"旧房局改"方案，带动家电家居一体化消 费，实现销售额环比倍增。同时，政策的实施也让消费者的消费观念也发生了转变，从以往"买便宜 的"转向"买对的、买好的"，绿色智能家电成为主流选择，销量占比高达65%，远超去年同期。 市商务委监测数据显示，截至1月11日，全市家电以旧换新补贴累计交易60870笔，累计发放补贴约4600 万元，直接带动家电销售3.246亿元。 新年伊始，重庆全面启动新一轮消费品以旧换新补贴政策，覆盖家电、数码智能产品等多个领域，为市 民送上开年"消费礼包"。政策落地以来，市场 ...

Key Points - The U.S. White House announced a 25% tariff on certain imported semiconductors and related products starting January 15, 2026, following a previous statement by former President Trump regarding tariffs on chips and semiconductors [4][5] - Baoneng Group's chairman, Yao Zhenhua, accused local authorities of undervaluing assets of Qoros Auto, claiming a third-party evaluation valued the assets at approximately 8 billion yuan, while they were set to be auctioned at 1.5 billion yuan [7][8] - Ctrip Group is under investigation for alleged monopolistic practices by the State Administration for Market Regulation, with the company stating it will cooperate with the investigation [10] - RoboSense announced it expects to sell 303,000 units of its robotic lidar products in 2025, marking a 1141.8% year-on-year increase [13] - Liang Wenfeng's company, Huanfang Quantitative, achieved a 56.6% return in 2025, with assets exceeding 70 billion yuan [10][11] - Tesla will discontinue the one-time purchase option for its Full Self-Driving (FSD) software, transitioning to a subscription-only model starting February 14, 2026 [39][40] - The Chinese smartphone market saw Huawei leading in shipments with 46.7 million units, followed closely by Apple with 46.2 million units, while the overall market experienced a slight decline of 0.6% year-on-year [27][28] - Meta plans to double its production capacity for AI smart glasses to 20 million units by 2026, focusing on AI integration [46][47] - TSMC is reportedly planning to invest significantly in the U.S. by building at least five new semiconductor factories, despite facing high production costs compared to its Taiwan facilities [50]

智通财经APP获悉，根据2026年1月14日披露数据，中国电信（00728）、绿色动力环保（01330）、凯 盛新能（01108）位居港股通持股比例前3位，分别为71.10%、69.65%、67.73%。此外，腾讯控股 （00700）、快手-W（01024）、小米集团－Ｗ（01810）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+43.92亿元、+31.64亿元、+27.00亿元;盈富基金（02800）、恆生中国企业（02828）、 阿里巴巴－W（09988）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-69.19亿 元、-29.74亿元、-23.42亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 98.67亿股 | 71.10% | | 绿色动力环保(01330) | 2.82亿股 | 69.65% | | 凯盛新能(01108) | 1.69亿股 | 67.73% | | 天津创业环保股份(01065) | 2.29亿 ...

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 40.31 亿元 | 9.88% | -4.41% | | 腾讯控股(00700) | 25.53 亿元 | 14.07% | 3.39% | | 阿里健康(00241) | 17.76 亿元 | 23.84% | 1.53% | | 美团-W(03690) | 13.57 亿元 | 16.66% | -0.03% | | 小米集团-W(01810) | 10.94 亿元 | 16.34% | -4.90% | | 快手-W(01024) | 9.57 亿元 | 16.38% | 1.36% | | 中国人寿(02628) | 8.95 亿元 | 24.11% | 3.90% | | 泡泡玛特(09992) | 8.79 亿元 | 36.21% | 13.10% | | 中国平安(02318) | 7.50 亿元 | 19.75% | -8.73% | | 携程集团-S(09961) | 7.09 亿元 | 22.75% | 6.46% | 前十大沽空偏离值排行 ...

Focus Events - Some large and medium-sized brokerages have exhausted their margin financing funds, despite many brokerages raising the upper limit of margin financing last year. The current market sentiment is high, and the willingness to finance is unprecedented, leading to a situation where not only one brokerage's margin financing quota is no longer sufficient, but brokerages may also intentionally slow down liquidity release for risk control considerations [1] Company Focus - Qifu Life Service Holdings Limited announced the completion of the sale of 280,000 ounces of unallocated silver bars, receiving approximately RMB 161.7 million. This follows a previous announcement on January 9, where the company sold 400,000 ounces for about RMB 226.2 million. In total, Qifu has sold 21.15 tons of silver, generating proceeds of RMB 388 million [3] - CITIC Securities expects to achieve an operating income of RMB 74.83 billion in 2025, a year-on-year increase of 28.75%, and a net profit attributable to shareholders of RMB 30.05 billion, up 38.46% [19] - Aerospace Hongtu has disclosed a pre-loss announcement, expecting a net profit attributable to shareholders to be negative for the 2025 fiscal year [21] - Hu Silicon Industry has released a 2025 annual performance forecast, expecting a net loss of RMB 1.28 billion to RMB 1.53 billion, widening from a loss of RMB 971 million in the previous year [23] - Dayou Energy announced an expected net loss of RMB 1.7 billion for 2025, which represents an increase in loss of approximately RMB 609 million compared to the previous year [24] - CITIC Bank reported total assets of RMB 10.131658 trillion by the end of 2025, a year-on-year increase of 6.28%. The bank achieved a net profit of RMB 70.62 billion, up 2.98% from the previous year [26] - Wuzhong Development disclosed a major asset restructuring plan, proposing to exchange its main assets and liabilities with its controlling shareholder, Wuzhong Co., for 100% equity of Wuzhong Mining and 100% equity of Luzhong Mining [28] - Huibo Technology announced that its controlling shareholder plans to transfer 341 million shares, representing 25.6% of the total share capital, to Tianjin Baili Machinery Equipment Group Co., Ltd. The transfer price is approximately RMB 1.175 billion [29] Industry Dynamics - The U.S. announced a 25% import tariff on certain semiconductors and related products starting January 15 [14] - The China Automobile Industry Association predicts that total automobile sales in 2026 will reach 34.75 million units, with new energy vehicle sales expected to be 19 million units [14] - A meeting was held by the Ministry of Industry and Information Technology and other departments to discuss the regulation of competition in the new energy vehicle industry, emphasizing the need to resist disorderly price wars [14] - Huawei regained the top position in China's smartphone market share, with the latest IDC report indicating that Huawei led the market in 2025 [17]

中国移动（00941）、美团-W（03690）、盈富基金（02800）南向资金净流出金额位列市场前三，分别 净流出-10.27 亿、-4.88 亿、-4.25 亿 在净流入比方面，秦港股份（03369）、中国水务（00855）、统一企业中国（00220）以76.18%、 58.76%、51.73%位列市场前三。 智通财经APP获悉，1月12日,快手-W（01024）、腾讯控股（00700）、南方恒生科技（03033）南向资 金净流入金额位列市场前三，分别净流入22.50 亿、20.05 亿、8.57 亿 在净流出比方面，碧桂园服务（06098）、至源控股（00990）、香港中旅（00308） 以-61.71%、-60.45%、-55.01%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 快手-W(01024) | 22.50 亿 | 33.62% | 80.250（+7.43%） | | 腾讯控股(00700) | 20.05 亿 | 11.73% | 623.000（+1.96%） | | 南方恒生 ...

Core Viewpoint - The resale value of Xiaomi cars, particularly the SU7 Ultra, has significantly declined, raising concerns among consumers and dealers about the brand's market stability and consumer confidence [1][3]. Group 1: Resale Value Decline - The Xiaomi SU7 Ultra has depreciated nearly 180,000 yuan within a year, with a current price of 368,000 yuan compared to its original price of 546,700 yuan [2]. - The SU7 Max version, which was recently purchased for 338,900 yuan, is now being sold for 273,000 yuan, reflecting a depreciation of 65,900 yuan within just one month [2]. - Overall, the average resale price of the SU7 has dropped by over 100,000 yuan from its original price, with some models experiencing declines exceeding 150,000 yuan [2][3]. Group 2: Market Dynamics - Initially, the SU7 was highly sought after, with resale prices exceeding new car prices due to high demand and limited supply, but this trend reversed dramatically in the latter half of 2025 [3]. - Dealers are now adopting more cautious strategies, focusing on vehicle condition and market demand rather than speculative purchases, due to the volatility in prices [3]. Group 3: Factors Influencing Price Stability - The fluctuation in Xiaomi's car prices is attributed to industry norms where new energy vehicles often see initial price hikes due to limited supply, followed by a return to normalcy as production ramps up [3]. - Consumer confidence has been impacted by marketing discrepancies and safety incidents, including a notable accident involving the SU7 that raised concerns about its safety features [4]. Group 4: Current Market Situation - Despite previous volatility, the resale prices of Xiaomi cars have stabilized, with some dealers noting that prices are now more aligned with typical market conditions [5]. - The overall resale value of new energy vehicles has seen an uptick, with Xiaomi's SU7 achieving a one-year resale value of 80.1%, ranking second among major electric vehicles [7]. Group 5: Industry Trends - In 2025, the total transaction volume of used cars in China reached 20.108 million units, with new energy vehicles accounting for 1.6 million units, marking a 2.2 percentage point increase from the previous year [8].

Core Viewpoint - The recent news highlights a significant drop in the resale prices of Xiaomi's electric vehicles, particularly the SU7 model, leading to public controversy and scrutiny of the company's automotive segment [1][3][8]. Group 1: Resale Price Decline - Reports indicate that the resale prices of Xiaomi's electric vehicles have plummeted, with the SU7 model experiencing a drop of over 100,000 yuan from its initial price of approximately 530,000 yuan to around 410,000 yuan [3][11]. - The SU7 Ultra has seen the most dramatic depreciation, with some vehicles losing more than 150,000 yuan in value within a year [3][11]. - The media's portrayal of the situation suggests a collapse of the "value retention myth" associated with Xiaomi's vehicles, raising concerns about their market performance [3][6]. Group 2: Company Response - In response to the negative publicity, Xiaomi executives, including Lei Jun and Xu Jieyun, publicly refuted claims of a drastic price drop, stating that the actual turnover efficiency and value retention rates of Xiaomi's second-hand cars are above average [8][11]. - A report from the China Automobile Circulation Association indicates that the SU7's value retention rate was 88.91% in the first half of 2025, ranking it first among all models, and 80.1% by December of the same year, indicating that the vehicle's value retention remains strong despite some decline [11]. Group 3: Factors Behind the Controversy - The controversy surrounding Xiaomi's vehicles is attributed to various factors, including the natural pressure of model updates, the fading of initial hype, and the stabilization of supply after ramping up production [6][12]. - The company has become a target for negative publicity due to its high visibility and the competitive nature of the automotive market, where rival companies may resort to discrediting tactics [12][15]. - Internal controversies, such as marketing strategies that have drawn criticism, also contribute to the negative narrative surrounding the company [12][15].

Market Overview - The Hang Seng Index (HSI) closed at 26,783.18, down by 216.63 points or 0.80% as of January 14, 16:00 Eastern Time [1] - The index reached a high of 26,918.58 and a low of 26,724.89 during the trading session, with a trading volume of 82.41 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 127.501, up by 0.39% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 632.594, down by 0.06% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 633.000, with an increase of HKD 5.500 or 0.88%, but its ADR price is HKD 632.594, showing a decrease of HKD 0.406 [3] - Alibaba Group (09988) latest price is HKD 169.000, up by HKD 9.100 or 5.69%, with an ADR price of HKD 165.595, down by HKD 3.405 [3] - HSBC Holdings (00005) latest price is HKD 127.000, up by HKD 0.600 or 0.47%, with an ADR price of HKD 127.501, up by HKD 0.501 [3] - Other notable movements include Meituan (03690) down by 3.24% and Ctrip Group (09961) down by 6.49% [3]