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].

中国青年报客户端讯（中青报·中青网记者 慈鑫）12月21日，备受关注的"大力神杯来中国暨海信2026世 界杯定制产品展"在青岛奥帆中心举行。 来源：中国青年报客户端 展出现 场。活动主办方供图 "大力神杯"是国际足联世界杯冠军奖杯，象征着世界足坛的至高荣耀。 此次活动反响火爆，预约人数超出预期，活动主办方紧急增加参观名额。此次"大力神杯"的真身展览仅 持续一天，是中国球迷近距离欣赏世界杯冠军奖杯的难得机会。 作为2026年世界杯全球官方赞助商，海信为顶级赛事量身定制的全系列科技产品也在本次活动期间亮 相。 ...

Group 1: Industry Trends - 2025 marks a pivotal year for the global technology industry, transitioning from "smart connectivity" to "intelligent autonomy" [1] - Hardware products are entering a new era of "edge AI explosion," driven by advancements in AI technology, the proliferation of 5G-A, and sustainable development [1] - The transformation of smart hardware is shifting from "single hardware parameters" to a "full-scenario intelligent ecosystem" [1] Group 2: Consumer Electronics and Innovations - Seamless integration between different types of devices is becoming more common, enhancing user experience across smartphones, computers, and tablets [1] - The rise of smart home appliances, automotive technology, and drones is significantly transforming lifestyles and industrial models [1] - The automotive sector is redefining its role, moving beyond being just a transportation tool to becoming part of a broader economic opportunity in low-altitude airspace [1] Group 3: 2025 EDGE Awards - The 2025 EDGE Awards will recognize outstanding technological products that have made significant contributions in functionality, design, user experience, and market performance [3] - Award-winning products are expected to address industry pain points, optimize user experiences, and explore new scenarios, setting market benchmarks and driving innovation [3] - The awards will highlight the most innovative products of the year, showcasing the profound impact of technological innovation on human life [3]

今天上午，象征着世界足球最高荣誉的世界杯冠军奖杯——大力神杯在青岛奥帆中心迎来了首秀，数千 名岛城球迷有幸来到现场，与大力神杯近距离接触。而作为这次活动的主办方，2026年美加墨世界杯官 方赞助商海信，在现场展出了世界杯定制产品的全套阵容，800多人组成的方阵，挑战最多人组成的大 力神杯图形，从而创下吉尼斯世界纪录，更是让本次活动写进了历史。 自从1970年世界杯上，巴西第三次夺冠，从而永久保留了雷米特杯后，国际足联于1974年德国世界杯 上，正式启用了意大利艺术家加扎尼加设计的新奖杯。该奖杯高36.8厘米，重6.175公斤，主体以4.97公 斤18K黄金铸造，基座宽13厘米并嵌有孔雀石雕刻的"FIFA"字样，其造型为两名运动员托举地球，在奖 杯基座镌刻夺得冠军的国家名称。由于造型的两个运动员看上去很像是大力士，所以被命名为大力神 杯。 当天，在活动现场，海信展出了世界杯官方定制产品的全套阵容，包括电视、冰箱、空调、洗衣机等家 电产品，球迷现场体验了世界杯定制家电的黑科技，享受了顶级看球体验。值得一提的是，当天在奥帆 中心，800多人组成的方阵，摆出了大力神杯造型，挑战最多人的吉尼斯世界纪录成功，让本次活动进 ...

Core Viewpoint - Hisense, as the global official sponsor of the 2026 World Cup, showcased a range of customized technology products at the "Hercules Cup Comes to China" event, highlighting the integration of sports IP and technology products, while also setting a Guinness World Record for the largest human Hercules Cup formation [1][2][3] Group 1: Event Highlights - The event took place at the Qingdao Olympic Sailing Center and attracted significant attention, with pre-registration numbers exceeding expectations, prompting Hisense to increase visitor capacity [1] - Attendees included fans and technology enthusiasts eager to experience the Hercules Cup and the innovative World Cup customized products [1] Group 2: Product Innovations - Hisense introduced the world's first RGB-Mini LED TV, which accurately replicates the passionate atmosphere of the World Cup [2] - The Hercules air conditioner features a starry human-sensing smart wind technology with an industry-leading fresh air volume of 270m³/h, ensuring a comfortable viewing environment [2] - The refrigerator utilizes pioneering vacuum magnetic field preservation technology to keep fruits and beverages fresh, catering to various viewing scenarios [2] - The large mint washing machine offers a segmented washing function, enhancing the consumer experience during the events [2] Group 3: Brand and Market Strategy - Hisense's collaboration with FIFA is seen as a way to merge sports spirit with technological innovation, enhancing the brand's global presence [3] - The company aims to deepen its sports IP layout and strengthen its global technology brand image through product innovation and brand activities [3] - With the approach of the 2026 World Cup, Hisense is positioned to expand its global market presence, showcasing the international influence of Chinese technology companies [3]

Group 1 - The core event showcased the FIFA World Cup trophy, the Jules Rimet Cup, in Qingdao, highlighting the intersection of technology and sports through Hisense's specially designed refrigerators for the 2026 World Cup [1][2] - Hisense presented three models of refrigerators: the Hisense Brilliant Vacuum First-Class 501, the Hisense Brilliant Vacuum First-Class 650, and the Hisense Big Mint 509, emphasizing their innovative vacuum preservation technology [2][4] - The vacuum preservation technology creates a sealed environment that prevents oxidation and inhibits enzyme activity, achieving superior freshness, as demonstrated by the 7-day storage test of beef in the Hisense Brilliant Vacuum First-Class 501 refrigerator [2][4] Group 2 - Hisense refrigerators are leading the vacuum preservation market in China, with sales data from Aowei Cloud Network indicating they hold the top position in 2024 [4] - Internationally, Hisense refrigerators ranked first in sales across 13 countries, including Canada, France, and Mexico, and achieved dual victories in markets like the Czech Republic and South Africa [4] - The exhibition linked the pursuit of peak performance in sports with the need for maintaining food freshness, reinforcing the brand's commitment to high-quality and healthy living through technological innovation [4]

Group 1 - The core event was the Guinness World Record challenge for the "largest human formation of the Hercules Cup," successfully initiated by Hisense, the global official sponsor of the 2026 World Cup [1][8] - The Hercules Cup symbolizes the highest honor in football, representing the pursuit of dreams and excellence, as demonstrated by the coordinated efforts of nearly a thousand participants [3][8] - Hisense showcased a full range of products customized for the 2026 World Cup, including the innovative RGB-Mini LED TV, enhancing the viewing experience for consumers [6][8] Group 2 - Hisense's products, such as the Hercules air conditioner and refrigerators utilizing advanced technologies, aim to provide a healthy and comfortable viewing environment for fans [5] - The successful Guinness World Record challenge reflects Hisense's brand vitality and technological strength, closely linking the brand with the enthusiasm for football [8]