拍一拍，卧室就懂你要睡了 美的全屋智能的"魔法"究竟有多神奇？拍一拍，我是就知道你要睡觉了。在美的全屋智能的卧室场景里，入睡不 是一件需要手动操作的事，系统通过无感感知你的状态，轻拍一下小夜灯，灯光渐暗、空调调温、窗帘闭合、新 风静启，整个空间自动进入最适合入眠的微气候。重点是，系统还能识别你的睡眠阶段，深睡时保持安静稳定， 浅睡时用轻柔音乐帮你延续好梦，从此再也不用手动关灯、调温，因为你的一"拍"，美的全屋智能就已经帮你想 好要做的事情，主动提供一系列服务了。 快节奏的工作与生活，令好好睡觉成为都市白领的一个难题。如今，随着科技的进步，是时候启用美的全屋智能 的"拍拍安睡"魔法了。困了？拍一拍床头的小夜灯，窗帘主动闭合、主灯自动关闭、空调开启睡眠模式、加湿器 开始补湿……脑子还没反应过来，身体已经进入晚安模式。从此早睡，真的可以很简单。 美的全屋智能，让家处处会思考 当然，美的全屋智能的用心不止于这两个场景，厨房里的烟灶联动、食材提醒，阳台上的洗衣晾晒自动衔接，客 厅里的光影、空气调节，卫浴里热水器、灯光联动，人们每一个生活场景都有着主动服务的巧思，甚至当你开车 回家，系统通过地理围栏提前开启回家模式，推门 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the home appliance industry, specifically the performance of major appliance segments including white goods, black goods, kitchen appliances, and small appliances [1][2][5]. Core Insights - **Fund Holdings in Home Appliances**: In Q4 2025, the proportion of actively managed equity funds holding home appliances increased, but it remains at a historically low level [1][3]. - **White Goods Performance**: The proportion of funds invested in white goods has seen a recovery, with a notable increase in the number of funds holding these stocks [5]. The market anticipates a continuation of national subsidies in 2026, which is expected to support domestic demand [5]. - **Black Goods Stability**: The proportion of funds in black goods remained stable, attributed to significant pressure on domestic sales due to the depletion of demand from previous subsidies [6][7]. - **Diverse Segment Performance**: Kitchen appliances, small appliances, and lighting segments are experiencing varied levels of attention, with some remaining underweight due to weak demand in the real estate sector [8]. Financial Metrics - **Fund Holdings Data**: - In Q4 2025, the proportion of actively managed equity funds in home appliances was 2.05%, up by 0.11 percentage points from the previous quarter [5]. - The allocation to white goods was 1.58%, an increase of 0.23 percentage points, with a significant rise in the number of funds holding these stocks [5]. - The underweight status for kitchen appliances, small appliances, and lighting was noted, with respective allocations of 0.03%, 0.03%, and 0.02% [8]. Future Outlook - **Market Expectations**: The outlook for leading home appliance companies is positive, with expectations of steady growth in performance [2][5]. - **Investment Recommendations**: - Focus on leading white goods companies that are expected to benefit from continued national subsidies in 2026 [8]. - Consider companies with manufacturing and brand advantages in overseas markets, such as Midea Group, Haier Smart Home, and TCL Electronics [8]. - Opportunities in MiniLED technology and commercial cold chain sectors are highlighted, with specific companies like Hisense and TCL leading in these areas [8][9]. Risks and Considerations - Potential risks include geopolitical trade risks, intensified industry competition, significant fluctuations in raw material prices, and the possibility of market demand recovery falling short of expectations [11].

Group 1 - The State Intellectual Property Office of China has granted a patent to Midea Group Co., Ltd. and its subsidiaries for a technology related to "inverters and their control methods and devices, motors, electrical equipment, and storage media" with the announcement number CN114935730B, applied for on June 2022 [1] - Guangdong Midea HVAC Equipment Co., Ltd., established in 2005, is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 5 billion RMB. The company has invested in 6 enterprises, participated in 3,330 bidding projects, holds 5,000 patent records, and has 136 administrative licenses [1] - Chongqing Midea General Refrigeration Equipment Co., Ltd., founded in 2004, focuses on the manufacturing of specialized equipment, with a registered capital of 5 billion RMB. The company has invested in 3 enterprises, participated in 649 bidding projects, holds 837 patent records, and has 42 administrative licenses [1] Group 2 - Midea Group Co., Ltd., established in 2000, is primarily engaged in the manufacturing of general equipment, with a registered capital of approximately 76.76 billion RMB. The company has invested in 132 enterprises, participated in 5,000 bidding projects, holds 5,000 trademark records, 5,000 patent records, and has 86 administrative licenses [2]

Focus Events - Spot gold and silver prices ended a three-day decline, with London gold rising by 2.24% to $4,763.63 per ounce and London silver increasing by 4.17% to $82.43 per ounce [1] - Chip导科技 released its 2025 annual report, reporting revenue of 394 million yuan, a year-on-year increase of 11.52%, and a net profit attributable to shareholders of 106 million yuan, a year-on-year decrease of 4.91% [1] Industry Dynamics - Multiple institutions remain optimistic about the future of gold, with Guotai Junan predicting that gold prices could reach $6,000 per ounce in 2026 due to ongoing monetary system restructuring and central bank purchases [10] - Morgan Stanley raised its gold price forecast for the end of 2026 from $5,400 to $6,300 per ounce, citing sustained demand from central banks and investors [11] - Yuguang Jin铅 mentioned that fluctuations in silver prices have a complex impact on its profit margins due to the dynamic nature of raw material pricing [18] Policy and Regulation - The State Taxation Administration announced adjustments to VAT tax declaration matters, optimizing the reporting scope for general taxpayers and small-scale taxpayers [8] - The Ministry of Industry and Information Technology issued a mandatory national standard for automotive door handle safety, effective January 1, 2027, to enhance vehicle safety [12] Corporate Actions - Shanghai has initiated a project to acquire second-hand housing for affordable rental housing, focusing on matching housing types with talent needs [15] - Beiyinmei announced that its controlling shareholder's pre-restructuring plan was approved by the creditors' meeting, which may lead to changes in shareholder equity and control [21] - Midea Group reported a total expenditure of 1.998 billion yuan for repurchasing 0.35% of its shares [25]

Group 1 - Chinese government emphasizes the implementation of policies to promote high-quality development and new growth points [2][39] - Local governments are urged to enhance service awareness and improve administrative efficiency to address business concerns [2][39] - The "14th Five-Year Plan" should focus on practical and systematic planning, avoiding overly ambitious projects [2][39] Group 2 - Recent incidents of Chinese enterprise personnel being detained in the US have raised concerns about the impact on business exchanges [3][40] - The Chinese government has expressed strong opposition to the US's actions and called for the cessation of such practices [3][40] Group 3 - The South Korean stock market experienced a significant drop, triggering temporary trading halts [5][42] - The KOSPI index fell by 5.26%, closing at 4949.67 points, after previously reaching a historic high [6][42][7] - The Indonesian stock market also faced turbulence, with the Jakarta Composite Index dropping by 4.88% [8][43] Group 4 - The domestic futures market saw a rare plunge, with 13 commodity futures hitting the limit down due to panic selling [9][44] - The decline was attributed to a combination of factors, including excessive leverage and market structure vulnerabilities [9][44] Group 5 - The National Investment Silver LOF fund announced a significant adjustment in its valuation method for silver futures contracts [10][45] - This adjustment aims to better reflect international market price fluctuations [10][45] Group 6 - The gaming industry reported record revenue per user, with several A-share companies expecting positive performance [17][52] - The humanoid robot industry is accelerating, with institutions actively researching companies with promising earnings [17][52] Group 7 - Shanghai Yizhong reported a net profit increase of 819.42% for 2025, driven by the inclusion of its core product in the national medical insurance directory [19][53] - The company plans to continue investing in R&D for innovative drugs [19][53] Group 8 - XGIMI Technology and Espressif Systems announced share buyback plans, with total amounts not less than 50 million yuan [20][54] - ST Kaiyuan may face delisting risk due to negative net assets projected for 2025 [21][55]

郭晨凯 制图 ◎记者 张问之 2026年以来，上市公司的回购热潮仍在持续。1月以来，多家A股公司"真金白银"实施回购。其中：步 长制药、兴发集团等在1月披露回购计划后便火速实施；华盛锂电、荣昌生物、依依股份等则因近期公 司股票价格持续超出回购价格上限，为保障回购方案顺利实施而大幅上调回购价格。 梳理可见："基于对公司未来发展前景的信心和对公司内在价值的基本判断"成为多家公司实施回购的重 要缘由；公司回购的股份，多计划用于员工持股计划或股权激励。 以家电龙头美的集团为例，公司最新公告显示，截至1月31日，公司已斥资19.98亿元回购A股股份 2694.37万股。回溯至2025年12月底，公司累计回购股份数量为2056.46万股，支付总金额约为15.10亿 元。这意味着，2026年1月，美的集团回购金额约为4.88亿元。 果链龙头歌尔股份2月2日晚披露，其回购股份比例达到1%。公告显示，截至2月2日，歌尔股份累计回 购股份4054.81万股，斥资约11.08亿元。而截至2025年12月底，其回购股份数量为3449.70万股，支付金 额约9.50亿元。 步长制药、珀莱雅、兴发集团等回购动作则颇为迅速。2月2日晚，步 ...

Core Viewpoint - Shanghai Yizhong reported a significant increase in net profit for 2025, driven by the inclusion of its core product in the national medical insurance directory and increased R&D investments [2]. Group 1: Company Performance - Shanghai Yizhong's total revenue for 2025 reached approximately 317.08 million yuan, a year-on-year increase of 82.72%, with net profit soaring by 819.42% to about 64.13 million yuan [2]. - Chipway Technology achieved a revenue of 394 million yuan in 2025, reflecting an 11.52% increase, while net profit decreased by 4.91% to 10.6 million yuan [5]. Group 2: Share Buybacks - XGIMI Technology plans to repurchase shares with a total fund of no less than 50 million yuan and no more than 100 million yuan, at a price not exceeding 159.51 yuan per share [3]. - Lexin Technology also intends to repurchase shares with a similar financial commitment, with a maximum price of 170.29 yuan per share [3]. Group 3: Risk Warnings - ST Kaiyuan anticipates a potential delisting risk warning due to expected negative net assets for 2025 [4]. Group 4: Important Investments - Aorui Technology's subsidiary plans to invest approximately 145 million yuan in computing power equipment [7]. - ZTE Corporation intends to invest 117 million yuan in a fund focused on new generation information technology and advanced manufacturing [10]. - Dawn Holdings is set to acquire a plastic and engineering plastic compound business in Vietnam for approximately 15.74 million USD [11]. Group 5: New Projects and Developments - Guangdong Electric Power A announced the successful commissioning of its Maoming Bohua Power Plant, with a total investment of 7.48 billion yuan and an expected annual power generation of 8.6 billion kWh [12]. - Ugreen Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange [12].

Market Overview - The market is transitioning from strong expectations to a "data verification" phase as the Spring Festival approaches, with a focus on marginal improvements in fundamental data[3] - Southbound capital continues to flow into the market, supporting Hong Kong stocks, which are expected to experience a "stock-heavy, index-light" structural market[3] Key Variables for February - Attention will be on post-Spring Festival consumption data, including tourism, dining, and real estate sales, which may reflect the effectiveness of the "resident income increase plan" and domestic demand expansion[4] - The upcoming "Two Sessions" will provide insights into fiscal policies, particularly regarding long-term special bonds and "new productivity," which could influence market sentiment towards infrastructure and technology sectors[4] - The market's confidence in the Fed's interest rate cuts may be affected by resilient U.S. inflation data, necessitating close monitoring of the dollar index's impact on Hong Kong stock liquidity[4] Sector Focus - Consumer and internet sectors are expected to benefit from positive Spring Festival data, with a focus on policy-driven areas like hospitality and food and beverage[5] - Hard technology and overseas manufacturing sectors are promising, particularly in semiconductors and consumer electronics, as well as leading companies in engineering machinery and home appliances[5] - Upstream resource products, such as copper and aluminum, are anticipated to perform well due to a recovering global manufacturing PMI and post-holiday inventory replenishment expectations[5] Stock Recommendations - **Cheung Kong Property Trust (778HK)**: Target price of HKD 5.92, potential upside of 15.9%, with a strong dividend yield over 7%[9] - **NVIDIA (NVDAUS)**: Target price of USD 245.00, potential upside of 27.3%, driven by sustainable AI demand[13] - **Hesai Technology (2525HK)**: Target price of HKD 269.66, potential upside of 35.0%, benefiting from L3 autonomous driving advancements[20] - **Sangfor Technologies (1530HK)**: Target price of HKD 39.50, potential upside of 65.1%, with strong growth prospects from core products[27] - **Midea Group (000333CH)**: Target price of HKD 96.20, potential upside of 23.5%, supported by robust market leadership and dividend policies[32] - **GCL-Poly Energy (3800HK)**: Target price of HKD 1.54, potential upside of 37.5%, benefiting from developments in perovskite technology and commercial aerospace[38]

Macro Dynamics - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", aiming to cultivate an innovation triangle in the Beijing-Tianjin-Hebei region, enhancing collaboration and resource flow [2] Housing Market - Shanghai has initiated a program to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and graduates to meet their rental needs [3] - The first batch of housing to be acquired will focus on matching housing types, layout, and transportation convenience to support talent in the city [3] Energy Sector - The China Electricity Council reported that by 2025, the country will add 550 million kilowatts of new power generation capacity, with wind and solar power accounting for 440 million kilowatts, representing 80.2% of the total [4] Financial Institutions - Citigroup warned that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP hitting 0.7%, the highest in 55 years, indicating potential risks for gold prices [7] - Deutsche Bank remains bullish on gold, maintaining a target price of $6,000 per ounce despite recent price drops, citing ongoing positive factors for gold investment [8] Market Data - On February 2, A-shares experienced a significant decline, with all three major indices dropping over 2%, and more than 4,600 stocks falling, including 123 hitting the daily limit down [12] - The Hong Kong Hang Seng Index fell by 2.23%, with the technology index down 3.36%, and significant declines in precious metals and semiconductor stocks [13] Company Dynamics - Midea Group announced a share buyback of 26.94 million shares, representing 0.35% of its total share capital, at a total cost of 1.998 billion yuan [17] - Chip-on-Board Technology reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit decrease of 4.91% [18] - GoerTek has repurchased 40.54 million shares, amounting to 1.14% of its total shares, for a total expenditure of 1.108 billion yuan [19] - Microsoft saw a market value drop of $381 billion following disappointing earnings and forecasts, indicating a shift in investor sentiment towards tech stocks [20] - Amazon is expected to report strong fourth-quarter earnings, with analysts predicting over 28% upside potential in the next 12 months [21]

以下文章来源于e公司 ，作者证券时报 赵黎昀 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 2月2日晚间，多家上市公司披露回购进展。 美的集团（000333）曾公告，拟以集中竞价交易方式回购公司部分已发行的A股股份，用于实施股权激励计划及/或员工持股计划，回购价格为不超 过100元/股，回购金额为不超过30亿元且不低于15亿元，实施期限为自董事会审议通过回购股份方案之日起12个月内。 2月2日晚间，该公司披露的回购进展显示，截至2026年1月31日，公司通过回购专用证券账户，以集中竞价交易方式累计回购公司A股股份数量为 2694.37万股，占公司目前总股本的0.3545%，最高成交价为80.44元/股，最低成交价为69.5元/股，支付的总金额为19.98亿元（不含交易费用），本 次回购符合相关法律法规的要求，符合公司既定的回购方案。 同样，顺丰控股（002352）曾公告了2025年第1期A股回购股份方案，此后公司于2 ...