Group 1 - Haier Smart Home Co., Ltd. has obtained a patent for "Control Method and Refrigeration Equipment," with authorization announcement number CN116164485B, applied on November 2021 [1] - Haier Smart Home Co., Ltd. was established in 1994 and is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 943,811.4893 million RMB [2] - The company has made investments in 59 enterprises and participated in 1,847 bidding projects, holding 285 trademark records and 5,000 patent records, along with 10 administrative licenses [2] Group 2 - Dalian Haier Refrigerator Co., Ltd. was founded in 2001, focusing on instrument manufacturing, with a registered capital of 110 million RMB [1] - The company has invested in 1 enterprise, participated in 181 bidding projects, and holds 103 patent records, along with 20 administrative licenses [1] - Qingdao Haier Refrigerator Co., Ltd. was established in 1994, primarily engaged in electrical machinery and equipment manufacturing, with a registered capital of 211,711.26379 million RMB [1] - The company has invested in 2 enterprises, participated in 627 bidding projects, and holds 160 trademark records and 5,000 patent records, along with 10 administrative licenses [1]

Core Viewpoint - The article discusses the strategic opportunities presented by the upcoming closure of Hainan Free Trade Port, emphasizing how companies can leverage this to enhance global resource connectivity and business growth [1][3]. Group 1: Haier Group - Haier Group views the policy changes associated with Hainan's closure as a historic strategic opportunity, enabling significant cost reduction and efficiency improvements through policy benefits [3]. - The company aims to explore new technologies and business models in sectors like smart home, health, and digital economy, driving innovation for high-quality development [5]. - Haier has maintained its goal of creating a "world-renowned brand" from China, emphasizing the importance of long-term commitment and technological innovation in achieving global competitiveness [5][6]. - The company has established a "three-step" strategy for globalization, focusing on local market integration and building a global brand matrix to meet diverse consumer needs [6]. Group 2: Qianji Technology - Qianji Technology sees Hainan's closure as a chance to expand into international markets and build a global low-altitude economy innovation hub [8]. - The company plans to leverage duty-free shopping and low-altitude tourism to create immersive cultural experiences, integrating technology with cultural expression [10]. - Qianji emphasizes the need for a localized approach in global expansion, respecting local cultures and building sustainable overseas trust networks [11]. Group 3: Huya - Huya identifies Hainan's closure as a valuable policy window that aligns with its data-driven and content-exporting strategy, facilitating smoother cross-border data flows [13]. - The company has established a comprehensive service system for overseas users, enhancing user engagement and supporting domestic game developers in international markets [16]. - Huya advocates for deep localization in its overseas operations, ensuring content resonates with local audiences and fostering emotional connections [17]. - The company plans to utilize the advantages of the closure policy to enhance cross-border esports events and optimize content distribution efficiency [18].

海尔智家（600690）(06690)发布公告，于2025年12月5日，该公司斥资1219.91万港元回购45万股。 ...

智通财经APP讯，海尔智家(06690)发布公告，于2025年12月5日，该公司斥资1219.91万港元回购45万 股。 ...

格隆汇12月5日丨海尔智家(06690.HK)公告，12月5日耗资821.8万元回购30万A股，回购价格每股27.35- 27.45元。 ...

| | | 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | A | | | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | | 600690 | 說明 | | | 每股面值人民幣1元之普通股(A股) (於上海證券交易所上市) | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前 ...

Group 1: Haier Group - Haier Group views the policy of Hainan's full island closure as a historic strategic opportunity, enabling significant cost reduction and efficiency improvement through policy dividends [2][4] - The company aims to leverage its market hub position to optimize its global layout and provide new momentum for industrial upgrades [2][4] - Haier has maintained its goal of creating a "world brand" for Chinese products, emphasizing the importance of long-term commitment and technological innovation in achieving global competitiveness [4][5] - The company has established ten major R&D centers globally and has launched over 200 original products, positioning itself as a leader in international standard formulation [5][6] Group 2: Qianji Technology - Qianji Technology sees Hainan's closure as a springboard for expanding into international markets and building a global innovation hub for the low-altitude economy [7][9] - The company plans to integrate duty-free consumption scenarios in the free trade port to create immersive cultural tourism IPs [7][9] - Qianji Technology emphasizes the need for a cross-cultural approach, combining technology and creativity to resonate with diverse audiences [9][10] Group 3: Huya - Huya identifies Hainan's full closure as a valuable policy window that aligns with its data-driven and content-exporting strategy [12][14] - The company anticipates enhanced efficiency in cross-border live streaming and esports data synchronization, facilitating smoother content distribution to global audiences [12][14] - Huya has established a comprehensive service system that supports game publishers in overseas markets, enhancing user engagement and operational efficiency [14][15] - The company advocates for deep localization and building an ecosystem of interconnected services to ensure sustainable growth in international markets [15][16]

Core Viewpoint - The report from GF Securities indicates that the home appliance industry is expected to experience a slowdown in growth in 2026 due to high base effects, despite significant benefits from the "old-for-new" policy in 2025. Leading companies are anticipated to outperform the industry due to their channel and brand advantages. Long-term growth in overseas sales is also expected to remain stable, supported by an increase in global market share [1][2]. Summary by Sections 2025 Review - The home appliance sector has shown a cumulative increase of 8.1% year-to-date as of November 28, 2025, ranking 27th among all sectors and underperforming the CSI 300 index by 10.4 percentage points [2]. - The performance of various segments includes: home appliance components (+64.7%), black appliances (+12.6%), lighting equipment (+11.9%), small appliances (+9.5%), kitchen appliances (-0.7%), and white appliances (-1.1%) [2]. - Retail sales of home appliances from January to October 2025 increased by 20.1% year-on-year, driven by the "old-for-new" policy, although growth slowed in September and October due to high base effects. Exports in the same period decreased by 3.4% in USD terms and 2.5% in RMB terms, primarily due to the impact of the US-China trade war, but the decline was manageable, indicating resilience and global competitiveness [2]. 2026 Outlook - Domestic demand is expected to slow down in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are likely to outperform the industry due to their channel and brand advantages. For external sales, companies have adapted to trade policy fluctuations since 2018-2019, and long-term growth in overseas sales is anticipated [3]. - Profitability is expected to remain stable, with manageable cost pressures as copper prices have risen, shipping costs have returned to normal levels, and the exchange rate has shown slight appreciation [3]. - As of November 28, 2025, the price-to-earnings ratio (PE-TTM) for the home appliance sector increased from 15.1x at the beginning of the year to 17.3x, placing it at the 66th percentile historically since 2016. The proportion of public funds heavily invested in the home appliance sector decreased to 2.5%, down 1.8 percentage points from the previous quarter, marking a continuous decline over three quarters [3]. 2026 Sub-industry Outlook - White Appliances: Expected to face a slowdown in growth due to high base effects from national subsidies, but overseas sales are projected to remain resilient, benefiting from emerging market demand [4]. - Small Appliances: Continued policy support is expected to improve average prices in kitchen small appliances, with significant growth potential in the overseas market for robotic vacuum cleaners [4]. - Black Appliances: Product structure upgrades are anticipated to enhance average prices and profitability, with continued growth in overseas market share [5]. - Two-Wheelers: The implementation of new regulations in 2026 is expected to sustain industry growth, with leading companies likely to increase their market share as smaller competitors exit the market, and significant opportunities in overseas markets [5].

Core Viewpoint - The report from GF Securities indicates that the home appliance industry is expected to experience a slowdown in growth in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are likely to outperform the industry due to their channel and brand advantages [1][3]. 2025 Review - The overall performance of the home appliance sector has lagged behind, with the Shenyin Wanguo Home Appliance Index showing a cumulative increase of 8.1% from January 1 to November 28, 2025, ranking 27th among all sectors and underperforming the CSI 300 Index by 10.4 percentage points [2]. - The home appliance retail sales from January to October 2025 increased by 20.1% year-on-year, driven by the "old-for-new" policy, but growth rates slowed in September and October due to high base effects [2]. - Home appliance export values from January to October 2025 decreased by 3.4% in USD terms and 2.5% in RMB terms, primarily impacted by the US-China trade war, yet the decline was manageable, reflecting resilience and global competitiveness [2]. 2026 Outlook - On the demand side, the home appliance industry is expected to slow down in 2026 due to high base effects from the "old-for-new" policy in 2025, but leading companies are anticipated to leverage their channel and brand advantages to outperform the market [3]. - The profitability outlook remains stable, with only copper prices rising recently, while shipping costs have returned to normal levels and exchange rates have shown slight appreciation, keeping overall cost pressures manageable [3]. - As of November 28, 2025, the price-to-earnings ratio (PE-TTM) for the home appliance sector increased from 15.1x at the beginning of the year to 17.3x, placing it at the 66th percentile historically since 2016 [3]. 2026 Sub-industry Outlook - In the white goods sector, growth may slow due to high base effects from national subsidies, but exports are expected to remain resilient, supported by emerging markets, leading to stable growth for leading companies [4]. - The small appliance segment is likely to see continued improvement in average prices due to ongoing policy support, with the vacuum cleaner industry expected to gain market share overseas, indicating significant long-term growth potential [4]. - In the black goods sector, product structure upgrades are anticipated to drive price increases and improve profitability, with overseas market share expected to continue rising [5]. - The two-wheeler industry is projected to maintain growth in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to increase their market share, particularly in overseas markets [5].

这些贴合本土需求的智慧家电与场景，是海尔智家全面家电网器化战略的深度落地成果。进入中东非以 来，海尔智家洞察用户需求，在研发层面，通过AI科技，将家电升级为可连接、可交互、可协同的网 器，精准匹配用户需求;制造层面，去年投产的埃及生态园，不仅实现核心产品本地生产、缩短交付周 期，更能敏捷响应区域差异化需求，支持场景方案的快速迭代与普及。 从精准适配的智能单品，到互联协同的场景，海尔智家以"全面网器化"战略推动智慧生活在中东扎实落 地，并获得市场认可。数据显示，截至今年10月，海尔智家在中东非市场同比增长超60%。 展会现场，海尔智家以一系列深度本土化的智慧家电响应用户需求。比如展会中展示的空调不仅能在 68℃极端高温下稳定运行，更搭载AI智能控温系统，在保证强冷效果的同时实现节能降耗。搭载AI材 质识别技术的洗衣机，能自动判断棉、麻、丝绸等不同面料并匹配最优洗涤程序，从根源解决衣物护理 难题。搭载防电墙与金刚三层胆专利技术，有效应对当地水质偏硬、电压不稳等问题，同时融入AI智 能预约功能，满足用户随时用水需求。 除了单品智慧家电的优势，海尔智家还通过场景展示，直观呈现智慧家电之间的协同能力。在智慧洗护 场景中 ...