从资金流向上来看，当日黑色家电板块主力资金净流出1.6亿元，游资资金净流出729.27万元，散户资金 净流入1.67亿元。黑色家电板块个股资金流向见下表： 证券之星消息，12月26日黑色家电板块较上一交易日上涨0.28%，兆驰股份领涨。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。黑色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002429 | 兆驰股份 | 7.81 | 4.27% | 163.76万 | | 12.85 Z | | 000801 | 四川九洲 | 17.44 | 0.75% | 44.23万 | | 7.69亿 | | 000810 | 创维数字 | 11.61 | 0.17% | 10.23万 | | 261T | | 688609 | 九联科技 | 9.82 | -0.20% | 6.71万 | 6575.96万 | | | 600839 | 四川长虹 | 9.05 | -0 ...

12月26日，海信视像盘中下跌2.01%，截至13:10，报23.83元/股，成交1.52亿元，换手率0.49%，总市值 310.97亿元。 分红方面，海信视像A股上市后累计派现69.70亿元。近三年，累计派现30.39亿元。 资金流向方面，主力资金净流出3137.22万元，特大单买入0.00元，占比0.00%，卖出1260.26万元，占比 8.29%；大单买入2164.31万元，占比14.23%，卖出4041.26万元，占比26.57%。 机构持仓方面，截止2025年9月30日，海信视像十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股7577.56万股，相比上期增加1907.11万股。南方中证500ETF（510500）位居第八大流通股 东，持股1142.23万股，相比上期减少17.55万股。嘉实价值长青混合A（010273）位居第九大流通股 东，持股1123.82万股，持股数量较上期不变。嘉实价值精选股票A（005267）退出十大流通股东之列。 海信视像今年以来股价涨25.03%，近5个交易日跌4.83%，近20日跌8.03%，近60日跌5.17%。 责任编辑：小浪快报 资料显示，海信视像科 ...

Core Viewpoint - The refrigerator market is evolving from merely being a "cold storage container" to a "fresh storage management tool" with advanced technologies like vacuum preservation and independent cooling systems becoming key metrics for high cost-performance refrigerators [1] Group 1: Product Recommendations - Hisense Little Durian 500 Refrigerator (Price: 5359.2 yuan) features a vacuum magic box for independent sealing, preventing odor transfer between foods, and supports vacuum marinating, achieving three times the efficiency of ordinary refrigerators [2] - Hisense Brilliant Vacuum First Class 650 Refrigerator (Price: 19999 yuan) utilizes vacuum magnetic preservation technology to prevent food oxidation and has a dual preservation system, achieving a TVB-N value of 7.57mg/100g for stored beef, surpassing national standards [4] - Hisense Brilliant Vacuum First Class 503 Refrigerator (Price: 7998.4 yuan) offers a complete experience of vacuum preservation, odor removal, and no odor transfer, featuring a DBD ion active sterilization system with a 99.9999% sterilization rate [5] Group 2: Market Trends - The differentiation in the refrigerator market is not based on flashy parameters but on practical solutions that address everyday issues, such as effective food storage and management, which enhances the overall user experience [6]

2025年全球TV出货与终端零售市场备货节奏有一定的错位，一季度受中国国补强预期以及北美关税政策扰动，品牌出货强劲;二季度品牌严格进行库存管 理出货同比下滑，三季度在库存管理后需求恢复正常，四季度虽终端大促表现不佳，但受世界杯备货及半导体器件价格上涨提前拉货推动出货量超预期。 根据群智咨询数据显示，2025年全球出货量预计为2.21亿台，同比下降0.7%。 展望2026年，虽然世界杯赛事拉动，北美退税季及印度消费税改对需求有一定支撑，但受存储芯片等半导体价格飙涨带来生产成本压力陡增等因素影响， 预计全球TV市场全年出货量同比下降0.6%。然而成本压力有望转化为产品结构升级的推动力，带动平均尺寸恢复增长，预计2026年全球TV出货面积同比 增长2.3%。 三星(Samsung)：供应链减负+高端创新强化竞争力 品牌策略：从"规模扩张"转向"价值提升"，差异化路径构建壁垒 面对成本上升、利润下滑的现状，全球TV市场Top10品牌群凭借供应链韧性、全球化布局、产品技术实力、品牌并购等综合优势，积极扩张市场份额，群 智咨询数据显示，全球TV市场Top10品牌群出货量有望在2026年实现同比1.7%的增长。分品牌来看： ...

Core Insights - The report by Ipsos indicates that Chinese brands have seen a significant increase in global net trust, rising by 12 percentage points year-on-year, with Hisense Group maintaining its position as the leader in the smart home appliance sector [1][3]. Company Performance - Hisense has been globalizing for 30 years, establishing 30 R&D centers and 37 industrial parks worldwide. By 2024, overseas revenue is expected to account for nearly half of Hisense's total revenue, with its own brand contributing 85.6% [5]. - Hisense has been actively engaging in sports marketing, sponsoring major events like the UEFA European Championship and the FIFA World Cup, enhancing its global brand presence [5]. - The company has achieved high sales recognition globally, with Hisense TVs leading in market share in China, Japan, Australia, South Africa, and Slovenia, while its refrigerators have excelled in 12 countries [6]. Technological Innovation - Hisense is advancing in the high-end segments of the industry and value chain, with a significant share in the global market for 100-inch televisions, where one in every two sold is a Hisense product [6]. - Sales of refrigerators priced over $1,000 increased by 28% year-on-year, while sales of televisions in the same price range grew by 32% from January to November this year [6].

Group 1 - The core viewpoint of the report is that Chinese brands have seen a significant increase in global trust, with a net trust level rising by 12 percentage points compared to the previous year, and Hisense has maintained its position as the leader in the smart home appliance industry [1][5][3] - The Ipsos report has been tracking the global trust performance of Chinese brands since 2019, covering 20 major overseas markets and 11 sectors, indicating a historic shift in the global brand trust landscape [3][5] - Hisense's globalization efforts have spanned 30 years, with 30 R&D centers and 37 industrial parks worldwide, and overseas revenue now accounts for nearly half of its total revenue, with 85.6% coming from its own brand [5][7] Group 2 - Hisense has leveraged sports marketing to accelerate its global brand presence, sponsoring major events like the UEFA European Championship and the FIFA World Cup, enhancing its brand recognition and consumer trust [7][8] - The report highlights that 67% of consumers prefer brands that align with their personal values, and 77% trust familiar brands for new products, shifting brand building from technical competition to emotional connection [8] - Hisense aims to focus on user-centered approaches and enhance consumer experiences through "human-centered technology" and "exquisite quality" in the global market [8]

Investment Rating - The report maintains a "Positive" outlook for the home appliance industry, indicating a relative strength of over 5% compared to the market benchmark index [5]. Core Insights - The domestic sales performance aligns with expectations, with a gradual transition into a post-subsidy era in 2026. In November 2025, home appliance sales reached 10.49 million units, down 31.8%, with domestic sales at 4.05 million units, down 39.8%, and exports at 6.44 million units, down 25.6% [7]. - The new national standard for electric two-wheelers is being implemented, with a significant inventory replenishment expected in the first half of 2026. The new models are being introduced, and a concentrated restocking period is anticipated [7]. - Key players in the cleaning appliance sector are undergoing ownership changes, which may impact market dynamics. iRobot is undergoing bankruptcy restructuring, while the founder of追觅科技 is acquiring a controlling stake in 嘉美包装 [7]. Summary by Sections Domestic Market Performance - The domestic market is experiencing a decline, which was anticipated. The central economic work conference confirmed the continuation of national subsidy policies into 2026, with adjustments expected to enhance service consumption [3][7]. Electric Two-Wheelers - The implementation of the new national standard for electric two-wheelers began on September 1, 2025, leading to the cessation of production and sales of old standard models. A significant inventory depletion is expected by the end of December 2025, with new models set to launch soon [7]. Key Players and Market Changes - iRobot's bankruptcy restructuring is expected to maintain brand operations but may not significantly alter market dynamics. The acquisition of 嘉美包装 by 追觅科技's founder could lead to strategic shifts in the cleaning appliance sector [7].

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for a shift in business paradigms to resist "involution" competition and focus on value creation and high-quality development [2][26]. Group 1: Transition from Scale to Quality - Chinese enterprises have achieved significant growth, with 130 companies entering the Fortune Global 500 this year, but now must transition from speed and scale to quality and efficiency [4][29]. - The criteria for measuring development quality include investment returns, market presence, profitability, employee income, government tax revenue, and environmental improvement [4][29]. - Companies like Midea are focusing on modern governance to ensure stable development, projecting a profit of 38.5 billion yuan in 2024 with a market value of 630 billion yuan [4][29]. Group 2: Focus on Core Competencies - Companies should prioritize strengthening their core business rather than blindly expanding into unrelated areas, as many issues arise from straying from core competencies [6][31]. - The principle of business core focus suggests eliminating non-core and loss-making operations to maintain clarity and efficiency [6][31]. - For instance, CATL focuses solely on its core business of power batteries, projecting a profit of 50.7 billion yuan in 2024 with a market value of 1.8 trillion yuan [6][31]. Group 3: Shift from Management to Strategic Operations - The current era requires businesses to focus on strategic operations rather than just management, emphasizing the importance of making the right business decisions to enhance profitability [7][32]. - Effective leadership involves setting strategic direction and resource acquisition while delegating management tasks to subordinates [7][32]. - The distinction between management and operations is crucial, with a focus on generating revenue and market engagement being paramount [7][32]. Group 4: Value-Driven Pricing Strategies - Companies must transition from cost-based pricing to value-based pricing, focusing on the value delivered to customers rather than merely production costs [13][40]. - The importance of understanding the relationship between price, volume, and cost is highlighted, with a focus on maintaining price stability in over-saturated markets [17][42]. - Successful brands like Pop Mart leverage emotional and social value in their products, achieving significant revenue growth and market capitalization [41]. Group 5: Moving Towards Cooperative Competition - The need for a shift from harmful competition to cooperative competition is emphasized, where companies focus on creating value rather than engaging in destructive price wars [18][43]. - The concept of "prisoner's dilemma" illustrates the need for industry players to prioritize collective industry benefits over individual gains [19][44]. - Promoting a cooperative ecosystem within industries can lead to sustainable growth and mutual benefits for all stakeholders involved [19][44].

Group 1 - The event "The FIFA World Cup Trophy Comes to China and Hisense 2026 World Cup Customized Products Exhibition" took place in Qingdao, showcasing a full range of technology products tailored for the 2026 World Cup [1][3] - Hisense, as the global official sponsor for the 2026 World Cup, provided an immersive experience that combined football passion with innovative technology, attracting thousands of enthusiastic spectators [1][3] - The exhibition featured Hisense's RGB-Mini LED TVs, which enhanced the viewing experience, and the Hisense World Cup air conditioner, which offers a significant air supply of 270m3/h, ensuring a comfortable environment for fans [3] Group 2 - The event was highly popular, leading to an increase in visitor slots due to exceeding pre-registration expectations, with many fans arriving early to experience the trophy and Hisense's products [3] - Hisense's refrigerator utilizes vacuum magnetic field preservation technology and WILL natural preservation technology to keep fruits and beverages fresh, catering to fans during late-night matches or gatherings [3] - The event emphasized Qingdao's historical connection to football and its status as an open city, aligning with Hisense's commitment to bringing global sports enthusiasm back to its roots [5]

Core Viewpoint - The article discusses the valuation challenges faced by various industries in the A-share market, highlighting that despite global competitiveness, many sectors are undervalued due to market dynamics and investor behavior [1][10]. Group 1: Industry Valuations - Home Appliances: Midea (13x), Haier (12.3x), Hisense (12.73x) [1] - Engineering Machinery: Sany (23.6x), XCMG (20x), Zoomlion (17x) [2] - Forklifts: Hangcha (16x), Heli (14x) [2] - Tires: Zhongce (12x), Sailun (16x), Senqilin (14x) [2] - Heavy Trucks: China National Heavy Duty Truck (12x) [2] Group 2: Market Dynamics - The industries mentioned are characterized by low-frequency consumption and strong cyclicality, leading to fluctuating performance and valuations based on government subsidies and market conditions [1][2]. - The article suggests that a P/E ratio around 15x is reasonable for stable growth industries, providing a risk premium over ten-year government bonds [1][2]. Group 3: Investment Behavior - Institutional investors hold significant pricing power in these markets, making it challenging for individual investors to influence valuations [1][2]. - The article emphasizes that high expectations can lead to investment disasters, and that long-term returns may be better for established companies despite their low valuations [3][10]. Group 4: Valuation as an Incentive Mechanism - Valuation is described as an incentive mechanism that reflects market competition and societal evolution, where higher valuations encourage innovation and investment in growth sectors like technology [4][5][6]. - Conversely, traditional industries with stable earnings often receive lower valuations due to a lack of societal encouragement for new investments [7][10]. Group 5: Global Comparisons - The article notes that mature manufacturing companies globally, such as Toyota and Caterpillar, also exhibit low valuation multiples, indicating a broader trend beyond the A-share market [14][15][16].