Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - Rising raw material prices have led some brands to initiate price increases, with leading companies demonstrating stronger pricing power and higher profit certainty. The upcoming CES event is expected to catalyze interest in smart consumer hardware [2] - The report highlights two main investment themes: 1. Leading companies exhibit higher operational efficiency and stability during cost-up cycles, making them preferred choices for conservative allocations. Recommended stocks include Midea Group (000333, not rated), Haier Smart Home (600690, not rated), and Hisense Visual (600060, increase holding) [2] 2. International expansion remains a long-term focus, with a potential valuation shift expected in 2026. Recommended stock is Stone Technology (688169, buy) [2] Summary by Sections - **Price Increases**: Midea announced price hikes of 2% and 4% for certain models starting January 3 and January 5, 2026, respectively, due to significant increases in copper prices, which have risen by 11% over the past month and 42% over the past year. Copper is a key raw material, accounting for approximately 20% of air conditioner costs [6] - **Profitability Mechanism**: The report estimates that a 30% increase in copper prices would necessitate a 5% price increase to fully offset cost increases, while Midea's price hikes exceed 6%, indicating effective cost management strategies [6] - **CES Focus Areas**: The report identifies three main areas of interest for CES: 1. AI glasses with over 50 brands showcasing new products 2. Robotics, including new laser radar lawnmowers and advanced cleaning robots 3. Other smart consumer hardware innovations such as AI companion robots and 3D printing [6]

（记者 张喜威） 每经AI快讯，中国银河1月5日发布研报称，给予美的集团（000333.SZ）"推荐"评级。评级理由主要包 括：1）2B业务再进一步，收购锐珂医疗国际业务；2）家电内销业务：国补持续，美的空调元旦提 价。风险提示：市场需求不及预期的风险，竞争加剧风险，原材料成本上涨风险。 每经头条（nbdtoutiao）——秒光！1499元飞天茅台上线即空，i茅台App冲上苹果购物榜第一，10万用 户已下单！经销商同价做回馈，1000箱很快卖完 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Summary of Midea Group's Conference Call Company Overview - **Company**: Midea Group - **Industry**: Home Appliances and Robotics Key Points and Arguments Revenue and Profitability Outlook - Midea Group expects revenue growth in the mid-to-high single digits for 2026, aiming to stabilize profit margins [2][3] - The B-end business is projected to grow faster than the C-end, particularly in building and renewable energy sectors, with KUKA robotics business also recovering rapidly [2][3] - The company is shifting its strategic focus towards revenue growth rather than solely pursuing profit margin increases, having achieved its best profitability levels historically [2][6][7] Cost Management Strategies - Midea is addressing rising raw material costs through dynamic procurement, price transmission, scale advantages, hedging, and digital technologies [2][5] - The company believes that rising costs can optimize industry competition, benefiting leading firms like Midea with stronger bargaining power [5] - Midea's cost reduction measures are expected to contribute over 0.5% to profit margins by 2025, with further efficiency improvements anticipated in 2026 [4][17] Aluminum-Copper Strategy - Midea is actively promoting the "aluminum replacing copper" strategy, which has been widely applied in overseas markets and is making progress in domestic commercial air conditioning [2][9] - This strategy is in response to national policies and aims to mitigate the scarcity and price volatility of copper resources [2][9] International Expansion and Brand Recognition - Midea plans to expand its overseas OBM (Original Brand Manufacturer) business, targeting operations in over 50 countries by the end of 2025 [2][11] - The company is increasing its marketing efforts through sponsorship of sports events to enhance brand recognition and sales [11] Market Dynamics and Pricing Strategies - The company anticipates that the domestic market will face significant growth pressure despite strategies to achieve sales growth [10] - Recent price increases primarily affect older products with higher copper content, aimed at alleviating industry sales pressure [12][15] - Midea's pricing strategy is designed to maintain profitability while ensuring the health of the overall industry [15] Product Development and Technological Advancements - Midea's building products are expected to grow due to technological and cost advantages, with magnetic levitation centrifugal technology leading the industry [4][22] - The acquisition of OBANI and Toshiba has strengthened Midea's competitive position in the European heating market, which is larger than the cooling market [22][24] Future Business Segments - The establishment of a separate New Energy Division is aimed at better managing complex business models and releasing growth potential in the energy sector [21] - Midea's refrigerator and washing machine segments are expected to see stable growth, with a focus on improving technology and user experience [25] Financial Guidance and Shareholder Returns - Midea maintains confidence in revenue growth for Q4 2026, but profit stability will depend on various external factors [26] - The company has a regular share buyback plan and aims to maintain its dividend payout ratio, with potential increases subject to board approval [27] Additional Important Insights - Midea's approach to raw material cost management includes leveraging digital and AI technologies to enhance efficiency across the value chain [4][17] - The company is cautious about the implementation pace of the aluminum-copper strategy to ensure product quality and performance [8] - Midea's competitive edge in the market is bolstered by its scale and technological advancements, positioning it as one of the most profitable companies globally [6][7]

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Core Insights - The 2026 home appliance national subsidy policy is expected to stimulate domestic demand and stabilize retail sales, particularly in the white goods sector [2][3][20] - The policy continues to support the replacement of old appliances with new ones, focusing on six major categories, including refrigerators, washing machines, and air conditioners, with a subsidy of 15% of the product price, capped at 1500 yuan per item [3][21][22] - The white goods production in January showed a positive trend, with a total output of 34.53 million units, representing a 6% year-on-year increase, driven by the national subsidy policy [4][24] Monthly Research Tracking and Investment Thoughts - The national subsidy policy for 2026 aims to boost the replacement demand for home appliances, which is expected to support domestic sales [20][21] - January's white goods production saw a recovery, with air conditioner production increasing by 11% year-on-year, indicating a potential stabilization in demand [4][24] - In November, the domestic sales of major appliances faced pressure due to high base effects from the previous year, but exports of refrigerators and washing machines showed good growth [5][32] Key Data Tracking - In December, the home appliance sector experienced a relative return of -1.06% compared to the Shanghai Composite Index, which rose by 2.28% [34] - The prices of raw materials such as copper and aluminum increased by 13.5% and 4.8% respectively in December, while cold-rolled steel prices decreased by 3.2% [36] - The shipping index for major routes showed a mixed performance, with the West America route down by 6.4% and the Europe route up by 4.8% [45] Key Company Announcements and Industry Dynamics - The report highlights key companies such as Midea Group, Haier Smart Home, TCL, and Gree Electric as strong performers in the white goods sector, with recommendations for investment based on their resilience and growth potential [14][15][54] - The home appliance industry is expected to face challenges due to high inflation in overseas markets and geopolitical tensions, but leading companies are adapting by enhancing local production capabilities [50][51]

导读 近日，工业和信息化部公示2025年度中国消费名品名单，我省的九芝堂、圣得西、安化黑茶、湘潭湘莲、南县稻虾米、千金共6 个品牌拟入选。具体公示内容和名单如下： 工业和信息化部2025年度中国消费名品名单公示 根据《工业和信息化部办公厅关于组织征集2025年度中国消费名品的通知》（工信厅消费函〔2025〕378号），经企业申报、省 级工业和信息化主管部门初审推荐、专家评审，并征求国家发展改革委、民政部、生态环境部、商务部、应急管理部、市场监 管总局、国家知识产权局、国家药监局、全国妇联、中国残联、全国工商联、中国消费者协会等单位及有关行业协会意见，现 将2025年度中国消费名品名单公示5个工作日。如有异议，请在公示期内与工业和信息化部消费品工业司联系。 公示时间：2026年1月5日至2026年1月9日 附件：2025年度中国消费名品名单 工业和信息化部消费品工业司 2026年1月4日 | 41 | 泉阳泉 | 吉林森工集团泉阳泉饮品有限公司 | | --- | --- | --- | | 42 | 哈药 | 哈药集团有限公司 | | 43 | 北大分 | 黑龙江北大众集团有限公司 | | 。 | | | | ...

调研中，李强与部分科技企业、深圳市政府有关部门负责人座谈交流。他强调，今年是"十五 五"开局之年，希望广大企业抢抓机遇、锐意创新，努力实现更大发展，为经济稳中向好注入强 劲动能。各级政府部门要加强协调配合，形成工作合力，各项工作能早则早抓紧抓实。要深化重 点领域改革，提升服务效能，优化营商环境，不断激发经济发展内生动力。 黄坤明、吴政隆参加调研。 新华社广州1月5日电 中共中央政治局常委、国务院总理李强1月3日至5日在广东调研。他强 调，迈入新的一年，要深入贯彻习近平总书记在中央经济工作会议上的重要讲话精神，紧紧围绕 推动高质量发展这个主题，牢记在全国发展大局中的使命，厚植创新发展优势，勇立改革开放潮 头，只争朝夕做好经济社会发展各项工作，奋力实现"十五五"良好开局。 在深圳市，李强听取深港科技创新合作区规划发展等情况汇报，了解园区企业运用人工智能 赋能新材料、生物医药等领域研发进展，察看比亚迪公司新能源汽车展示。李强指出，科技创新 是赢得未来的关键所在。要强化企业创新主体地位，完善政策、资金、人才等支持，依托粤港澳 大湾区优势集聚创新资源，瞄准新兴领域和关键核心技术加强研发合作，取得更多突破性成果。 李强来 ...

创业圈聚焦创新经济，关注创投机构 在国内铜价持续攀升并创出历史新高的背景下，"空调是否会大规模铝代铜""家用空调是否会涨价"等话 题再次被推到聚光灯下。 近期，铜铝比价一度站上4.0的历史性关口。作为空调制造中关键的金属材料，铜价的剧烈波动，显著 放大了产业链对成本与替代方案的敏感度，围绕"铝代铜"的讨论随之升温。 1月5日，格力电器（000651.SZ）通过官方微信公众号"格力文传"发布说明称，为满足家用空调"十年免 费包修"的服务标准，公司目前暂无"铝代铜"相关计划。未来若相关研究能完全满足格力质量和技术标 准要求并正式应用，将予以明确标注，保障消费者的知情权与选择权。格力同时表示，将积极响应2026 年家电国家补贴政策，承诺家用空调不涨价。 从一线市场看，头部厂商整体仍保持谨慎。1月5日，一位接近美的集团（000333.SZ；00300.HK）的人 士向创业圈记者表示，"美的现在没有推出及销售铝空调"。另据记者了解，小米方面也暂时还未销售铝 空调。 01 格力为何不涨价 空调行业此轮成本压力，首先来自上游铜价的持续走高。自2025年四季度以来，在铜矿供应扰动、美联 储开启降息周期，以及全球电气化、新能源 ...

李强在广东调研时强调 厚植创新发展优势 勇立改革开放潮头 只争朝夕做好"十五五"开局之年工作 新华社广州1月5日电（记者邹伟）中共中央政治局常委、国务院总理李强1月3日至5日在广东调 研。他强调，迈入新的一年，要深入贯彻习近平总书记在中央经济工作会议上的重要讲话精神，紧紧围 绕推动高质量发展这个主题，牢记在全国发展大局中的使命，厚植创新发展优势，勇立改革开放潮头， 只争朝夕做好经济社会发展各项工作，奋力实现"十五五"良好开局。 在深圳市，李强听取深港科技创新合作区规划发展等情况汇报，了解园区企业运用人工智能赋能新 材料、生物医药等领域研发进展，察看比亚迪公司新能源汽车展示。李强指出，科技创新是赢得未来的 关键所在。要强化企业创新主体地位，完善政策、资金、人才等支持，依托粤港澳大湾区优势集聚创新 资源，瞄准新兴领域和关键核心技术加强研发合作，取得更多突破性成果。李强来到深圳蛇口邮轮母港 直升机场和机器人谷，了解低空经济发展情况，观看机器人企业产品演示，细致询问企业技术转化应 用、产业集群发展等方面情况。李强指出，科技的生命在于应用，要进一步完善产业生态，培育拓展应 用场景，探索有效的经营模式，推动机器人、无人机 ...

Core Insights - The demand for home air purification has evolved from "single haze removal" to "whole-house deep treatment" as of 2026, highlighting the need for advanced technologies in air purifiers [1][2] - The article reviews flagship models from ten major brands, focusing on "active formaldehyde removal" technologies and "human-machine coexistence" safety features, along with a full lifecycle cost analysis [1][2] Group 1: Key Parameters of Flagship Models - The top model, Telamon X99, has a formaldehyde CADR of 800 m³/h and utilizes manganese-based catalytic decomposition technology, achieving a removal rate of over 99.99% for various viruses [19][20] - IAM M8 features a CADR of over 750 m³/h and employs the "Carbon Cube" technology, making it suitable for families with a high budget seeking maximum filtration efficiency [21] - The 352 Z90 model, with a CADR of over 700 m³/h, uses FVTH-Fusion micro-pore technology, ideal for users sensitive to light pollution [23] Group 2: Detailed Analysis of Major Brands - Telamon X99 is positioned as the flagship choice for large spaces and families with infants, featuring an 11-layer purification system and a unique "buy one, get many" filter replacement policy [19][20] - Haier KJ920F emphasizes safety with its amino acid long-lasting formaldehyde removal technology, integrating well with Haier's smart home ecosystem [22] - Philips AC9008 stands out for its pure physical filtration approach, relying solely on high-precision HEPA filters to capture particles as small as 0.003 microns, catering to families that avoid electronic disinfection methods [29] Group 3: Expert Guidelines for 2026 Purchasing - When selecting an air purifier for new renovations, both CADR and CCM values are important, but the focus should be on "decomposition technology" in 2025 [31][33] - For households with infants, the safety of UV features depends on the design; closed UV systems are recommended to ensure safety during operation [35] - The cost of consumables can be significant, with high-performance filters typically priced between 500-800 yuan, making brands with generous filter replacement policies more economical in the long run [36][37]