Investment Rating - The report maintains a positive outlook on the consumer sector, emphasizing the importance of domestic demand and consumption recovery [1]. Core Insights - The consumer sector experienced a decline across various segments, with notable drops in retail, social services, food and beverage, beauty care, home appliances, and textiles [3]. - High-end liquor, particularly Moutai, is showing signs of bottoming out despite a significant price drop, indicating potential recovery as demand stabilizes [3]. - The central economic work conference highlighted the commitment to boosting domestic consumption, with policies aimed at increasing residents' income and optimizing supply of quality goods and services [3]. - The report suggests focusing on service consumption sectors, which have room for growth compared to developed countries [3]. Summary by Sections Market Weekly Review - The consumer sector saw a broad decline, with specific weekly performance metrics indicating negative trends across various sub-sectors [3][5]. - Notable stock performances included significant gains for certain companies, while others faced substantial losses [3][13][14]. Industry News and Key Company Announcements - Recent regulatory approvals and policy initiatives are expected to impact various sectors, including tourism and electric vehicles, with a focus on enhancing consumer experiences and market growth [15][16][19]. - Companies like Tim Hortons and others reported positive financial results, indicating resilience in the consumer market despite broader sector challenges [19][20].

Group 1 - BlackRock's long position in Haier Smart Home Co., Ltd. H-shares increased from 6.95% to 7.43% as of December 9, 2025 [1]

Core Insights - The Shandong Provincial Market Supervision Administration announced the inclusion of two experts from Haier Smart Home in the International Standardization Talent Pool, leading the home appliance industry with the highest number of entries and accounting for half of the total slots in the home appliance sector [1][2] Group 1: Talent Pool Selection - The talent pool aims to implement national standardization development requirements by gathering leaders with international vision and significant contributions to build a specialized standardization talent team, aiding in the high-quality upgrade of Shandong's industry [1] - Selection criteria for the talent pool emphasize comprehensive capabilities, including professional expertise, international coordination ability, influence, and foreign language proficiency, requiring candidates to have senior titles, over ten years of standardization experience, and leadership roles in international standardization organizations [1] Group 2: Haier's Standardization Achievements - Haier Smart Home has led and participated in 116 international standards and 840 national or industry standards, holding the top position in the industry, and has over 100 international standard expert seats globally [1] - The company has spearheaded the upgrade of international standards for refrigerator preservation and established the world's first performance testing international standard for multi-tub washing machines, addressing specific user needs [1] Group 3: Innovation and Standardization - Haier Smart Home has established ten R&D centers globally and utilizes the HOPE platform to connect with 250,000 technical experts and over one million R&D resources, creating a rapid development chain from user demand to technology implementation [2] - The selection of the Shandong Standardization Talent Pool recognizes the company's talent cultivation and affirms its standardization efforts, indicating that Chinese home appliance companies will continue to contribute to global standardization and industry development through technological innovation and leadership in standards [2]

Summary of Conference Call Records Industry Overview - **Consumer Trends for 2026**: The demand side is expected to stabilize, with CPI likely to rise. The consumer industry may see absolute returns, with the extent depending on price elasticity. The service sector is anticipated to outperform mass consumption, which in turn is expected to outperform high-end consumption. The food and beverage mass market has stabilized, while high-end liquor faces destocking pressure [1][4]. Key Insights - **Tourism and Jewelry**: Short-term optimism for the tourism sector due to extended holiday periods. The gold and jewelry market is also expected to perform well if gold prices remain stable, leading to significant company performance growth [1][6]. - **Subsidy Policies**: Anticipation of continued national subsidies in 2026, potentially exceeding expectations. The home appliance sector, despite poor performance this year, is expected to receive around 100 billion in subsidies, with a positive outlook [1][7][8]. - **Mobile Market**: The mobile market is projected to reach approximately 600 billion in 2026, with a shift towards high-value-added products. Traditional home appliances and high-value products like robotic vacuums are expected to continue receiving subsidies [1][9]. Sector-Specific Insights - **Service Sector Performance**: The service sector is expected to perform better than mass consumption, with mass consumption outperforming high-end consumption. The food and beverage sector shows stabilization in mass products, while high-end liquor is in a downward trend [1][5]. - **Home Appliance Sector**: The home appliance sector is expected to maintain stable subsidy policies, with new energy efficiency standards and national standards being implemented. This will positively impact sales and growth in low-penetration categories like robotic vacuums [1][10][11]. - **Macro Economic Environment**: The macroeconomic environment is expected to be stable overall, with potential pressure in the first half of the year but easing in the second half. Positive statements regarding the real estate market post-two sessions could stimulate demand [1][11][12]. Company Recommendations - **Leading Companies**: Midea and Haier are highlighted as key companies to watch. Midea has shown a recovery in stock price and strong overseas export capabilities, with expected profit growth of 5-10% [1][13]. - **Two-Wheeler Industry**: Companies like 9号公司 are recommended for their high-end positioning and growth potential despite regulatory challenges [1][14]. - **Nanfu Technology**: The company is seen as stable and resilient to economic cycles, with significant growth potential due to its underlying assets [1][15]. - **Paper and Metal Packaging**: Positive outlook for price increases in the paper and metal packaging sectors, driven by raw material costs and optimistic pricing outlooks from clients [1][16]. - **Export Sector**: Companies like 共创草坪 and 中兴股份 are recommended for their rapid growth and profitability in the export sector [1][17]. Emerging Opportunities - **New Consumption Areas**: AI glasses are identified as a significant emerging consumption area, with major companies expected to launch related products in 2026 [1][18]. - **Stable Dividend Stocks**: Companies like 恒安国际 are recommended for their stable growth and high dividend yields, making them attractive investment options [1][19]. - **Sports Goods Sector**: The sports goods sector is expected to grow, with brands like 安踏 and 李宁 showing strong performance and potential for improvement in 2026 [1][20]. Agricultural Sector Insights - **Agricultural Prices**: The agricultural sector is expected to see a recovery in prices, with corn prices recently rising. The pig farming industry is under pressure but may stabilize due to policy measures [1][22]. Pet Industry Trends - **Pet Industry Growth**: The pet industry is experiencing strong growth, with domestic brands gaining market share. 中宠股份 is recommended for its robust cash flow and growth potential [1][23].

Core Viewpoint - Goer Group and Haier Group have signed a strategic cooperation agreement focusing on smart home appliances, industrial internet, new energy, and artificial intelligence [2][4] Group 1: Company Profiles - Goer Group has over 20 years of experience in smart hardware development, possessing core technological advantages in acoustics, optics, and microelectronics [2] - Haier Group is a leading provider of solutions for a better life and digital transformation, consistently ranking first in global large home appliance retail volume for 16 consecutive years [2] Group 2: Areas of Collaboration - The collaboration will leverage Goer's expertise in precision components, smart hardware, and smart manufacturing alongside Haier's focus on smart home ecosystems, health industries, and digital economy [4] - Both companies aim to promote research and development collaboration, technology project implementation, and practical cooperation across various scenarios [4]

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns that outperform the market benchmark by over 5% [5][13]. Core Insights - The optimization and continuation of the "Two New" policies are expected to activate greater consumer potential in the home appliance sector. The policies aim to stimulate demand through measures such as large-scale equipment updates and trade-in programs [8]. - The domestic sales driven by government subsidies are showing marginal slowdown, but the ongoing policies are anticipated to provide sustained demand stimulation in both product and service consumption [8]. - The report highlights that the impact of Mexico's proposed tariffs on Chinese home appliance companies is limited, as the revenue contribution from this market is relatively small [8]. - The market share of Miniled TVs is on the rise, with RGB-Miniled technology expected to lead the next generation of display technology upgrades, enhancing the competitive edge of Chinese brands in the global market [8]. Summary by Sections Investment Recommendations and Targets - Domestic sales are expected to benefit from the "Two New" policy, with leading white goods companies likely to gain more from trade-in programs due to their higher efficiency and mature management processes [3]. - Key investment themes include: - Leading companies with higher operational efficiency and mature overseas production layouts, such as Midea Group, Haier Smart Home, and Hisense Visual, are recommended for stable allocation [3]. - The long-term focus on overseas expansion is emphasized, with Stone Technology highlighted as a potential beneficiary [3]. - Companies with stable core business performance and potential for a second growth curve, such as Anfu Technology, are also noted [3].

Market Performance - The main board saw significant gains with notable stocks such as Copper Peak Electronics (+10.04%), Xilong Science (+10.00%), and Dongfang Communication (+9.98%) leading the charge [1] - The ChiNext board experienced a surge, highlighted by Guoci Materials (+20.02%) and LianTe Technology (+15.87%) [1] - The Sci-Tech Innovation board also performed well, with Jingfeng Mingyuan (+20.00%) and Yandong Micro (+16.84%) among the top gainers [1] - Active sub-industries included SW Electronic Chemicals III (+4.36%) and SW Semiconductor Equipment (+3.55%) [1] Domestic News - Taiwan's Industrial Technology Research Institute announced the development of the region's first full-color high-resolution Micro LED AI smart glasses, featuring a 0.49-inch display with 1920x1080 FULL HD resolution and over 3000 nits brightness [1] - Shanghai Jiao Tong University and Guoxing Aerospace signed an agreement to establish China's first space computing joint laboratory, focusing on autonomous space computing chip development and related technologies [1] - Goer Group and Haier Group signed a strategic cooperation agreement to collaborate on smart home, health, and digital economy sectors, leveraging Goer's expertise in precision components and smart manufacturing [1] - According to BCI's report, Huawei's smartphone market share is projected to reach 27.81% by the 48th week of 2025, significantly ahead of Apple's 17.12% [1] Company Announcements - Electric Science and Technology Network announced a significant decrease in expected daily related transactions for 2026, with actual transactions for 2025 being 283.25 million yuan compared to an expected 1.17385 billion yuan [3] - Chip Origin announced progress in acquiring Zhudian Semiconductor, with a capital increase of 350 million yuan for the acquisition [3] - Yunding Technology projected daily related transactions for 2026 to be approximately 1.355 billion yuan, with actual transactions expected to be around 1.484 billion yuan [3] - Aisino Security reported receiving a government subsidy of 1 million yuan, classified as a revenue-related government grant [3] International News - Dell plans to increase prices for its commercial product line by approximately 10%-30% starting December 17, depending on computer configuration [1] - STMicroelectronics secured a new credit line of 1 billion euros from the European Investment Bank, with 60% allocated for enhancing manufacturing capabilities [1] - SK Hynix ordered seven sets of thermal compression bonding machines from ASMPT for HBM4 production, a critical technology for ensuring product yield and performance [1] - Kioxia plans to start producing next-generation NAND flash memory chips in Iwate Prefecture in 2026, increasing storage capacity by 59% and data transfer speed by 33% [1]

Core Insights - The home appliance industry is currently in a stock competition phase, where companies typically engage in price wars and marketing battles to gain market share. However, Haier Smart Home has demonstrated a different approach, achieving significant revenue and profit growth while reducing sales expenses [1][4]. Group 1: Financial Performance - Haier Smart Home's revenue increased from 227.1 billion yuan in 2021 to 285.9 billion yuan in 2024, a growth of 58.8 billion yuan [1][3]. - The company's profit rose from 13.067 billion yuan in 2021 to 18.741 billion yuan in 2024, an increase of approximately 5.7 billion yuan [1][3]. - Sales expense ratio decreased from 16.1% in 2021 to 11.7% in 2024, a reduction of 4.4 percentage points [3][4]. - Absolute sales expenses fell from 36.5 billion yuan in 2021 to 33.5 billion yuan in 2024, a decrease of 3 billion yuan [3][4]. Group 2: Cost Reduction Strategies - Haier Smart Home achieved cost reduction through comprehensive digital transformation across all processes, including R&D, manufacturing, supply chain, marketing, logistics, and service [4][5]. - The company improved logistics efficiency by increasing direct delivery from company to user, with 74% of orders from county specialty stores being directly delivered to users by the end of September [4][5]. - Global brand and channel expansion has reached a harvest period, leading to reduced costs in overseas sales as the brand matrix is now well-established [4][5]. Group 3: Product Strategy and Innovation - The company focuses on high-end brands and product suites, which enhance pricing power while lowering costs. For instance, the Casarte brand saw an 18% revenue growth in the first three quarters, leading in the high-end appliance market [5][6]. - The sales proportion of Casarte suite products increased to 36%, up 7% year-on-year, while Haier brand suite products rose to 15%, up 11% year-on-year [5][6]. - R&D investment has consistently increased from 8.364 billion yuan in 2021 to 10.74 billion yuan in 2024, indicating a significant annual growth rate [5][6].

Core Viewpoint - Haier Group has officially signed a strategic cooperation agreement with Goer Group, focusing on deep collaboration in smart home appliances, industrial internet, new energy, and artificial intelligence fields [1] Group 1 - The partnership aims to leverage both companies' strengths in technology and innovation to enhance product offerings and market competitiveness [1] - The collaboration is expected to drive advancements in smart home solutions and industrial applications, aligning with current market trends towards digitalization and sustainability [1]

文 | 《BUG》栏目 周文猛 近日，海尔、美的、小米、 TCL 等多家企业联合发声将遵守空调《空调铝强化应用研究工 作组自律公约》（下称"自律公约"），表态将全面认同并严格遵守公约各项条款，共同维 护行业整体形象与竞争力，为空调"铝代铜"技术突破与高质量发展注入动力。 值得注意的是，此次发声遵守"自律公约"的企业中，除了格力电器外，其他头部空调企业 均悉数到场。今年以来，格力电器先后多次表态"没有空调'铝代铜'计划"，在行业集体发声 遵循"自律公约"并有序推动"铝代铜"的背景下，格力的做法有些格格不入。 在与《 BUG 》栏目沟通中，格力最新回应称："目前没有'铝代铜'计划，铜材在导热性、 耐腐蚀性和长期可靠性方面具有优势，在没有 100% 把握之前，格力空调不会铝代铜"。 一方面，是整个空调行业对于"铝代铜"进展的热切观望，另一方面，却是头部厂商明确表 态"没有把握"。空调行业的"铝代铜"推进工作，道阻且长。 美的、海尔等共推"铝代铜" 格力却"缺席"了 近日举办的 2025 中国家电科技年会上，空调领域"铝代铜"创新应用及产业标准落地成为 一大重点。大会期间，由海尔、海信等企业参与的《房间空调器用铝管翅 ...