Economic Overview - Thailand's GDP growth has been highly volatile, with an average annual growth rate of 8.2% from 1960-1970, but slowing to 2.5% by 2024, below the global average of 2.9%[6][7]. - Thailand's GDP was approximately $526.4 billion in 2024, down from a peak of around $540 billion in 2019, and its global GDP share has decreased to about 0.47%[7][12]. Economic Drivers - The economy is primarily driven by manufacturing and tourism, with the service sector contributing nearly 60% to GDP and tourism accounting for about 20%[14][29]. - Manufacturing, particularly in automotive and electronics, remains a key sector, with Thailand being the largest automotive producer and exporter in Southeast Asia[24][18]. Challenges and Opportunities - Thailand's economy is facing stagnation, with a reliance on low-value manufacturing and tourism, leading to a need for industrial upgrades[35][38]. - The tourism sector has not fully recovered post-pandemic, with visitor numbers at 290 million in 2025, down 17.8% from 2019 levels[38][39]. Policy Responses - The Thai government has introduced various policies to stimulate tourism and manufacturing, including tax incentives and promotional campaigns aimed at attracting international visitors[48][51]. - Efforts are being made to enhance the electric vehicle sector and promote high-tech investments, particularly from China, which has become a significant source of foreign direct investment (FDI) in Thailand[60][63]. Trade Relations - Thailand's trade with China has significantly increased, with total trade volume rising from around $10 billion to approximately $13 billion in 2025[56][61]. - The U.S.-Thailand trade framework has been updated, with Thailand eliminating tariffs on 99% of U.S. goods, while the U.S. maintains a 19% tariff on Thai products[55][56].

证券日报网讯12月18日，海尔智家（600690）在互动平台回答投资者提问时表示，公司目前跟苏宁的合 作有多种合作模式，账单模式每周滚动性支付结算；部分新零售场景在送货到达用户处时系统自动结 算。 ...

证券日报网讯12月18日，海尔智家（600690）在互动平台回答投资者提问时表示，公司会充分保障应收 款回收的确定性，应收款有相关抵押物。 ...

据 香港交易所 披露， 贝莱德 对洛阳栾川钼业集团股份有限公司- H股的多头持仓比例于2025年12月12 日从7.84%增至8.14%；在 海尔智家 H股的持股比例于12月12日从6.89%升至7.40%。 ...

Market Overview - The white goods sector experienced a decline of 0.62% on December 18, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3876.37, up 0.16%, while the Shenzhen Component Index closed at 13053.98, down 1.29% [1] Individual Stock Performance - Whirlpool (600983) closed at 9.62, up 0.52% with a trading volume of 20,000 shares and a turnover of 19.2182 million yuan [1] - Snowball Electric (001387) closed at 13.96, up 0.43% with a trading volume of 44,600 shares and a turnover of 62.3946 million yuan [1] - Changhong Meiling (000521) closed at 6.50, down 0.15% with a trading volume of 58,300 shares and a turnover of 37.9871 million yuan [1] - Haier Smart Home (600690) closed at 27.41, down 0.29% with a trading volume of 179,900 shares and a turnover of 493 million yuan [1] - Gree Electric (000651) closed at 40.96, down 0.34% with a trading volume of 247,400 shares and a turnover of 1.012 billion yuan [1] - Hisense Home Appliances (000921) closed at 25.83, down 0.46% with a trading volume of 33,400 shares and a turnover of 86.2352 million yuan [1] - Midea Group (000333) closed at 79.83, down 0.80% with a trading volume of 214,100 shares and a turnover of 1.710 billion yuan [1] - TCL Smart Home (002668) closed at 10.62, down 0.84% with a trading volume of 80,800 shares and a turnover of 85.7174 million yuan [1] - Deep Blue Konka A (000016) closed at 5.14, down 1.53% with a trading volume of 169,000 shares and a turnover of 87.2602 million yuan [1] - Aucma (600336) closed at 9.10, down 4.71% with a trading volume of 710,900 shares and a turnover of 648 million yuan [1] Capital Flow Analysis - The white goods sector saw a net inflow of 11.5501 million yuan from institutional investors, while retail investors contributed a net inflow of 56.1258 million yuan [1] - However, there was a net outflow of 67.6759 million yuan from speculative funds [1] Detailed Capital Flow by Company - Midea Group (000333) had a net inflow of 10.2 million yuan from institutional investors, but a net outflow of 11.9 million yuan from speculative funds [2] - Gree Electric (000651) saw a net inflow of 13.5475 million yuan from institutional investors, with a net outflow of 30.2722 million yuan from retail investors [2] - Hisense Home Appliances (000921) had a net inflow of 5.6853 million yuan from institutional investors, but a net outflow of 6.9064 million yuan from retail investors [2] - Changhong Meiling (000521) experienced a net outflow of 26.61 million yuan from institutional investors [2] - Whirlpool (600983) had a net outflow of 35,100 yuan from institutional investors [2] - Snowball Electric (001387) saw a net outflow of 1.3889 million yuan from institutional investors [2] - TCL Smart Home (002668) had a net outflow of 6.753 million yuan from institutional investors [2] - Deep Blue Konka A (000016) experienced a significant net outflow of 15.4027 million yuan from institutional investors [2] - Haier Smart Home (600690) had a net outflow of 21.8413 million yuan from institutional investors [2] - Aucma (600336) faced a substantial net outflow of 63.8104 million yuan from institutional investors [2]

Group 1 - The Anhui Province Huai Bei Market Supervision Administration has released the results of the quality supervision and random inspection of electric bicycles and household gas stoves for 2025 [2] - The inspection results include various brands and models of electric bicycles, with some passing and others failing due to issues such as battery tampering prevention and size limits [3][4] - A total of 30 household gas stoves were inspected, all of which passed the quality checks, indicating a strong compliance in this category [4] Group 2 - Specific brands of electric bicycles that failed the inspection include New Day and Aima, with failures primarily related to battery tampering prevention [3] - The inspection covered multiple retailers in Huai Bei, including both physical stores and e-commerce platforms, highlighting the diverse sales channels for these products [3] - The results suggest a need for improved quality control measures among manufacturers of electric bicycles, as several models did not meet safety standards [3]

Core Viewpoint - Haier Smart Home (600690) acknowledges that its stock price fluctuations in the secondary market are influenced by multiple complex factors, including macroeconomic environment, industry cycles, market sentiment, and capital preferences [1] Group 1 - The company's operations are stable, reflecting the effectiveness of its strategy and the resilience of its core business [1] - The company places a high emphasis on investment returns and has established a diversified return mechanism, including cash dividends and share buybacks [1] - The management team will continue to be diligent and responsible, focusing on core business operations and enhancing operational quality and core competitiveness [1] Group 2 - The company is committed to delivering steady performance growth and long-term development prospects to reward the trust of its investors [1]

Core Viewpoint - The U.S. International Trade Commission (ITC) has initiated a Section 337 investigation into specific microwave-hood combinations following a complaint from U.S. companies regarding violations of U.S. trade laws [1] Group 1: Investigation Details - The investigation was prompted by a complaint filed on November 18, 2025, by U.S. companies alleging that the products in question violate Section 337 of U.S. trade law [1] - The ITC will determine the end date of the investigation within 45 days of the case being filed [3] - Unless vetoed by the U.S. Trade Representative for policy reasons, any relief order issued by the ITC in Section 337 cases will take effect on the date of issuance and will have finality 60 days after that date [3] Group 2: Defendants - The defendants in this case include major companies such as Samsung Electronics, LG Electronics, Midea Group, Haier Group, and several others from the U.S. and Canada [2]

Core Viewpoint - Haier Central Air Conditioning has launched the industry's first 4Hz ultra-low frequency stable operation technology, marking a significant step in its commitment to the "dual carbon" strategy and the promise of "good air" for users [1] Group 1: Technological Innovation - The 4Hz technology represents a substantial advancement from the previous 6Hz technology, allowing for a minimum operating power of 124W, nearly halving the energy consumption compared to standard 6Hz models [4] - This innovation addresses challenges in control algorithms, system stability, and noise vibration, enhancing the overall user experience by reducing temperature fluctuations and energy loss [3][4] - The development involved 118 engineers over a span of more than 720 days, emphasizing the complexity and significance of this technological leap [4] Group 2: User Experience - The implementation of 4Hz technology leads to three key improvements for users: significantly reduced electricity consumption in low-load scenarios, quieter operation akin to a baby's breathing, and stable temperature control without the discomfort of temperature fluctuations [6] - The products featuring this technology are produced in a leading "lighthouse factory," ensuring top quality and consistency through digitalization [4] Group 3: Strategic Alignment - The launch of the 4Hz technology aligns with the broader industry trend towards greener and healthier living standards, reflecting a shift from merely providing heating and cooling to offering comprehensive air solutions [3][7] - Haier Central Air Conditioning's commitment to technological originality and the core responsibility of providing "good air" is evident in its strategic approach, which integrates user comfort and energy efficiency [7]

Core Insights - Haier has been listed in the "World's 500 Most Valuable Brands" for 22 consecutive years, ranking 33rd globally and maintaining its position among the top three Chinese brands, reflecting its growing global competitiveness [1] - The brand's continuous innovation is driven by the evolving user demands in the AI era, shifting from product functionality to experiential sovereignty and emotional value [2][3] - Haier's global branding strategy has led to significant market share in various regions, including being the top large home appliance brand for 16 years and achieving leading positions in multiple countries [4][5] Brand Performance - The "World's 500 Most Valuable Brands" list evaluates brands based on market share, brand loyalty, and global leadership, with Haier's consistent ranking indicating its strong global influence [1] - Haier's sales of the Mai Lang refrigerator exceeded 700,000 units within nine months of launch, showcasing its successful user co-creation and iterative product development [2] AI Strategy - Haier has positioned 2025 as its "AI Application Year," aiming for comprehensive integration of AI across all processes to enhance user experience [3] - The company utilizes AI technology to capture user needs and transform them into innovative products and services, demonstrating its commitment to continuous improvement [2][3] Global Branding and Market Expansion - Haier has maintained a global branding strategy for over 40 years, being one of the first Chinese companies to export under its own brand [4] - The company has established a high-end brand matrix, achieving significant growth in various international markets, including Europe, Australia, Japan, Southeast Asia, and Pakistan [4][5] Emotional Connection and Sports Marketing - Haier emphasizes the importance of emotional connections in globalization, partnering with renowned sports clubs and events to enhance brand recognition and acceptance [5] - The collaboration with sports entities aims to deepen emotional links with users, transitioning from mere recognition to genuine brand acceptance [5] Ecosystem Development - Haier is transitioning from a traditional appliance manufacturer to an ecosystem enterprise, focusing on smart living, health, and digital economy sectors [6] - The company is expanding its ecosystem through strategic investments and partnerships, enhancing its industrial internet capabilities and creating a comprehensive ecosystem [6][7]