Core Insights - Shandong manufacturing is increasingly integrating with ASEAN's resource endowments and market potential, leading to a new paradigm of win-win cooperation [1] Group 1: Company Developments - Shandong Heyang Wood Industry Co., Ltd. is exporting environmentally friendly particle boards to markets in Vietnam and the Middle East from its industrial park in Malaysia [2] - Linglong Tire Co., Ltd. has established its first overseas production base in Thailand, leveraging the country's status as the world's largest rubber producer, with an annual production capacity exceeding 17.2 million tires [3] - Haier Smart Home is preparing to launch 10 mid-to-high-end new products in Malaysia, with its Thai manufacturing base producing a full range of air conditioning units, aiming for an annual output of over 6 million units [4] Group 2: Strategic Shifts - Shandong companies are transitioning from traditional processing trade to a more integrated approach that includes technology, standards, and ecosystem building [2][5] - The establishment of a wood industry park in Malaysia by Heyang Wood Industry has resulted in a 30% reduction in raw material procurement costs and doubled production output compared to local competitors [5] - The collaboration between Shandong and Malaysian companies aims to create a larger wood industry park, enhancing the supply chain and management capabilities [6] Group 3: Economic Cooperation - In 2024, China and ASEAN are expected to become each other's largest trading partners, with trade volume nearing 7 trillion RMB, making ASEAN Shandong's largest trade partner [7] - Shandong has comparative advantages in sectors such as machinery, automotive, organic chemicals, and shipbuilding, while ASEAN excels in agricultural products, energy, and rubber, indicating significant economic complementarity [7] - Infrastructure connectivity, such as the establishment of the Shandong-China-Europe Railway Express Southeast Asia collection center in Laos, is enhancing trade efficiency, allowing products to reach Laos within a week without transfer [7]

Core Viewpoint - The air conditioning industry is experiencing intense price competition, leading to significant personnel changes and strategic partnerships among key players, including the potential collaboration between Huang Hui and Meibo Air Conditioning [2][6]. Company Developments - Huang Hui, former president of Gree Electric, has reportedly joined Meibo Air Conditioning, although the specifics of his role remain undisclosed [2]. - Huang Hui previously left Gree in February 2021 for Philips Air Conditioning, where he served as chairman and oversaw the establishment of a major production base in Chuzhou, Anhui, with an investment of 10 billion yuan [2][4]. - Philips Air Conditioning has struggled to gain market share, failing to break into the top 20 in both online and offline channels in China [3]. Market Dynamics - The air conditioning market is facing a price war, with brands like Xiaomi offering low-cost models, which has pressured mid-tier and lower-tier brands [6][7]. - Data indicates that from May 26 to June 1, 2023, online sales in the air conditioning market saw a slight decline in both sales volume and average price, while offline sales experienced a minor increase [6]. - The competitive landscape is shifting, with leading brands like Midea and Gree now targeting lower price segments, which could threaten smaller brands [7]. Strategic Partnerships - Meibo Air Conditioning is in discussions with Huang Hui, potentially related to the transfer of his 19% stake in Enboli (Philips Air Conditioning) [5]. - Meibo aims to leverage Huang Hui's experience to enhance the quality and reputation of its air conditioning products [5][7]. - The collaboration may face challenges due to Meibo's focus on cost-effective products, which may not align with Huang Hui's previous experience in higher-end markets [8].

单一资产管理合同 合同编号：鑫众海尔智家 11 号 兴证资管鑫众海尔智家 11 号员工持股 单一资产管理计划 资产管理合同 投资者：海尔智家股份有限公司（代海尔智家股份 有限公司 2025 年度 H 股核心员工持股计划） 管理人：兴证证券资产管理有限公司 托管人：兴业银行股份有限公司上海分行 第 1页 单一资产管理合同 附件六：《兴证资管鑫众海尔智家 11 号员工持股单一资产管理计划成立通知书》（样本） ...94 第 2页 单一资产管理合同 重要提示 本《兴证资管鑫众海尔智家 11 号员工持股单一资产管理计划资产管理合同》仅 作为"海尔智家股份有限公司 2025 年度 H 股核心员工持股计划"项目披露材料，不代 表各方已实际按照本合同建立法律权利义务关系，合同各方的权利义务需以各方正 式签订的《兴证资管鑫众海尔智家 11 号员工持股单一资产管理计划资产管理合同》 及相关法律文本为准。 前言 为规范单一资产管理业务的运作，明确单一资产管理合同当事人的权利与义务， 根据《中华人民共和国民法典》《中华人民共和国证券法》（以下简称《证券法》） 《中华人民共和国证券投资基金法》（以下简称《基金法》）《关于规范金融机构 ...

股票简称：海尔智家 股票代码：600690 编号：临 2025-041 海尔智家股份有限公司 第一次持有人会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海尔智家股份有限公司（以下简称"公司"）2025 年度 A 股核心员工持股计 划（以下简称"A 股持股计划"）第一次持有人会议、2025 年度 H 股核心员工持 股计划（以下简称"H 股持股计划"）第一次持有人会议均于 2025 年 6 月 6 日在 海尔生态品牌中心大楼中 303A 会议室以现场会议方式和通讯方式召开，会议均由 董事长李华刚召集和主持。 A 股持股计划第一次持有人会议（以下简称"A 股持有人会议"）应到会持有 人 2,570 人，实际到会持有人 2,570 人，代表 A 股持股计划份额 75,700 万份，占 A 股持股计划份额的 100%；A 股持有人会议符合《海尔智家股份有限公司 2025 年 度 A 股核心员工持股计划（草案） 》（以下简称" 《A 股员工持股计划》"）的相关规 定。 H 股持股计划第一次持有人会议（以下简称"H 股持有人 ...

海尔智家股份有限公司 2025 年度 A 股核心员工持股计划管理办法 海尔智家股份有限公司 2025 年度 A 股核心员工持股计划 管理办法 第一章 总则 第一条 为规范海尔智家股份有限公司（以下简称"海尔智家"或"公司"） 2025 年度 A 股核心员工持股计划（以下简称"本计划"）的实施，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、中国证监会《关于上市公司实施员工持股计划试点的指导意见》 （以下简称"《指导意见》"）等相关法律、行政法规、规章、规范性文件和《海 尔智家股份有限公司公司章程》（以下简称"《公司章程》"）、《海尔智家股份有限 公司 2025 年度 A 股核心员工持股计划》之规定，特制定《海尔智家股份有限公 司 2025 年度 A 股核心员工持股计划管理办法》（以下简称"本办法"）。 公司实施本计划，严格按照法律、行政法规的规定履行程序，真实、准确、 完整、及时地实施信息披露。任何人不得利用本计划进行内幕交易、操纵证券市 场等证券欺诈行为。 2、自愿参与原则 第二章 本计划的制定 第二条 本计划所遵循的基本原则 1、依法合规原则 ...

海尔智家股份有限公司 2025 年度 H 股核心员工持股计划管理办法 海尔智家股份有限公司 2025 年度 H 股核心员工持股计划 管理办法 第一章 总则 第一条 为规范海尔智家股份有限公司（以下简称"海尔智家"或"公司"） 2025 年度 H 股核心员工持股计划（以下简称"本计划"）的实施，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）等相关法律、行政法规、规章、规范性文件和《海尔智家股份 有限公司公司章程》（以下简称"《公司章程》"）、《海尔智家股份有限公司 2025 年度 H 股核心员工持股计划》之规定，特制定《海尔智家股份有限公司 2025 年 度 H 股核心员工持股计划管理办法》（以下简称"本办法"）。 第二章 本计划的制定 第二条 本计划所遵循的基本原则 3、风险自担原则 本计划参与人盈亏自负、风险自担，与其他投资者权益平等。 1 海尔智家股份有限公司 2025 年度 H 股核心员工持股计划管理办法 第三条 本计划的实施程序 1、依法合规原则 公司实施本计划，严格按照法律、行政法规的规定履行程序，真实、准确、 完整、及时地实施信息披露 ...

股票简称：海尔智家 股票代码：600690 编号：临 2025-041 2025 年度 A 股、H 股核心员工持股计划 第一次持有人会议决议公告 | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 | | --- | | 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 海尔智家股份有限公司（以下简称"公司"）2025 年度 A 股核心员工持股计 划（以下简称"A 股持股计划"）第一次持有人会议、2025 年度 H 股核心员工持 股计划（以下简称"H 股持股计划"）第一次持有人会议均于 2025 年 6 月 6 日在 海尔生态品牌中心大楼中 303A 会议室以现场会议方式和通讯方式召开，会议均由 董事长李华刚召集和主持。 A 股持股计划第一次持有人会议（以下简称"A 股持有人会议"）应到会持有 人 2,570 人，实际到会持有人 2,570 人，代表 A 股持股计划份额 75,700 万份，占 A 股持股计划份额的 100%；A 股持有人会议符合《海尔智家股份有限公司 2025 年 度 A 股核心员工持股计划（草案）》（以下简称"《A 股员工持股计划》"）的相关规 定。 ...

单一资产管理合同 合同编号：鑫众海尔智家 11 号 兴证资管鑫众海尔智家 11 号员工持股 单一资产管理计划 资产管理合同 投资者：海尔智家股份有限公司（代海尔智家股份 有限公司 2025 年度 H 股核心员工持股计划） 管理人：兴证证券资产管理有限公司 托管人：兴业银行股份有限公司上海分行 第 1页 | | | | 前言 | 3 | | --- | --- | | 一、释义 6 | | | 二、承诺与声明 9 | | | 三、当事人及权利义务 13 | | | 四、资产管理计划的基本情况 19 | | | 五、资产管理计划的成立与备案 22 | | | 六、资产管理计划的参与和退出 23 | | | 七、资产管理计划的投资 27 | | | 八、服务机构及投资顾问 31 | | | 九、利益冲突及关联交易 31 | | | 十、投资经理的指定与变更 35 | | | 十一、资产管理计划的财产 35 | | | 十二、资金划拨指令的发送、确认和执行 | 40 | | 十三、越权交易处理 42 | | | 十四、交易及清算交收安排 44 | | | 十五、资产管理计划财产的估值和会计核算 | 46 | | 十六 ...

Group 1 - The 618 shopping festival is recognized as a crucial event for boosting annual consumption, with calls for government support through subsidies and targeted consumption vouchers to stimulate spending in specific regions and demographics [1] - The Hong Kong stock market experienced a V-shaped rebound, with significant gains in sectors such as short videos, food and beverages, home appliances, and blind boxes, indicating strong market interest in consumer stocks [1] - The Hong Kong Consumption ETF (159735) tracks the Hong Kong consumption index, which includes a higher proportion of new consumption categories compared to A-shares, reflecting the impact of consumption policies on market recovery [1] Group 2 - The government is actively promoting consumption through measures such as increasing personal and internet consumption loan limits, which is expected to release pent-up consumer demand [2] - The Ministry of Commerce plans to launch a "Healthy Consumption Special Action Plan" during the Consumer Expo, focusing on health-related sectors to expand consumption scenarios [2] - Local governments are also contributing, with initiatives like Hainan's health and wellness industry development plan aimed at enhancing the quality of consumption in the region [2]

Core Viewpoint - The refrigerator market in China has shown a dual increase in both sales volume and revenue in 2023, driven by government subsidies and technological innovations by companies [1] Group 1: Market Performance - In Q1 2023, the domestic refrigerator market sold 9.96 million units, a year-on-year increase of 2.7%, with retail revenue exceeding 32 billion yuan, up 3.8% [1] - The market's resilience is highlighted by a growth rate of over 20% in Q4 2022, with Q1 2023 showing a slight positive growth, indicating strong consumer demand [1] - The average price of refrigerators in both online and offline markets has steadily increased, with significant growth in mid-to-high-end segments [1] Group 2: Technological Innovations - Companies are focusing on innovations in preservation technology, AI food management, and embedded designs to meet evolving consumer needs [1][2] - Haier launched a new AI refrigerator that integrates with DeepSeek, offering personalized preservation and dietary plans based on user habits [2] - The application of AI technology is becoming a key area for innovation, with potential developments in smart ingredient management and health data integration [3] Group 3: Consumer Trends - The shift towards high-end and innovative products is evident, with a significant portion of retail volume driven by replacement consumption [2] - There is a growing demand for both large-capacity and compact refrigerators, with opportunities for small refrigerators to incorporate high-end features [2] - Understanding the needs of younger consumers and continuous differentiated innovation are crucial for achieving stable growth in the market [2] Group 4: Industry Outlook - The refrigerator industry is at a critical juncture of technological transformation and scenario innovation, emphasizing the importance of aligning innovations with real user needs for high-quality development [4]