南方财经 21世纪经济报道记者赖镇桃、和佳泰国曼谷报道 "2026冷年全力冲击600万套"！ 甫一走进美的在泰国春武里的空调工厂，厂区门口的红色立牌率先映入眼帘，中文字下还印着泰文。3-6月份通常是空调生产的 旺季，但因为泰国工厂相当比例的产品要发往美国，算上海运的时间，年底的工厂就已是一片繁忙——工人们站在流水线一刻 不停地做着分拣、焊接、拼装、装箱工作，设备运转的声音几乎淹没人声，只有头顶不时响起泰文播报的质检结果。 和刻板印象中东南亚人行事散逸不同，工厂里的员工工作时还带点一丝不苟。"我们工厂的本土员工占比已经达到98%以上，有 泰国人，也有周边国家过来的。当然，生产效率还有提高的空间，来这边的家电企业都会面临同样的处境。"美的家用空调泰国 工厂总经理李鹏在忙季只能抽身几分钟向21世纪经济报道记者讲解。 （美的泰国空调工厂里繁忙的工人，拍摄/赖镇桃） 海外市场接近撑起美的营收的半壁江山。美的2025年的三季报显示，公司今年前三季度实现营业收入3630.57亿元，其中，海外 OBM（自有品牌）收入大幅提升，占TO C业务的比例提升至45%以上。 另一大家电巨头海尔，海外市场的占比已经过半。财报显示，202 ...

Group 1: Domestic Demand and Market Outlook - The home appliance sector is expected to show a "high first half and stable second half" trend in 2025, driven by policy continuation and consumption peaks [1] - In the first three quarters of 2025, air conditioner shipments increased by 8.4%, refrigerators by 2.4%, and washing machines by 4.1% year-on-year [1][13] - For 2026, the continuation of subsidies is anticipated to mitigate the impact of high base effects and demand pull-forward, with projected declines in overall appliance sales of -4% to -7.3% under various subsidy scenarios [1][16][19] Group 2: Export Performance and Global Market Trends - Home appliance exports have slowed down due to tariff policies and global supply chain adjustments, but still show resilience and structural highlights [2] - In 2025, the export growth rate for air conditioners is expected to be weaker than that of washing machines and refrigerators, primarily due to adverse weather conditions affecting overseas demand [2][39] - The U.S. market is projected to benefit from a rate cut, which may enhance demand for home appliances, while the European market is expected to maintain a slow recovery [42][44][50] Group 3: Investment Themes - The narrative in the black appliance sector is shifting from "market share chasing" to "profit and pricing power," with Chinese brands like Hisense and TCL expected to convert market share into higher profits [3][55] - White appliances are seen as having strong growth potential due to their historical resilience through cycles, with leading brands like Midea and Haier expected to maintain stable growth and generous dividends [3][83] - The global competition in new consumer products, particularly in smart imaging and robotic vacuum cleaners, is expected to favor Chinese brands, highlighting their competitive advantages [3] Group 4: Financial Metrics and Valuation - As of December 22, 2025, the home appliance sector's PE TTM is 16.27 times, remaining below the 10-year average of 32.8% [7] - The white appliance segment's current PE is 11.22, while black appliances stand at 25.94, indicating varying levels of market valuation [9] - The home appliance sector has seen a decline in public fund holdings, with a heavy allocation of only 2.46% in Q3 2025, reflecting concerns over demand in 2026 [9]

美的集团12月26日公告，公司于近日收到公司副总裁伏拥军的书面离任报告，伏拥军因个人原因申请辞 去副总裁职务。离任后，伏拥军不在公司担任其他职务。伏拥军的离任自2025年12月26日起生效。 ...

2025年1至6月份，美的集团的营业收入构成为：制造业占比89.17%，其他行业占比10.35%，其他业务 占比0.48%。 截至发稿，美的集团市值为5992亿元。 每经AI快讯，美的集团（SZ 000333，收盘价：78.87元）12月26日晚间发布公告称，伏拥军先生因个人 原因申请辞去副总裁职务。离任后，伏拥军先生不在公司担任其他职务。伏拥军先生的离任自2025年12 月26日起生效。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 王晓波） ...

截至本公告披露日，伏拥军先生持有公司股份200,000股，所持股份将继续按 照《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 10号——股份变动管理》《深圳证券交易所上市公司自律监管指引第18号——股 东及董事、监事、高级管理人员减持股份》等法律法规及规范性文件的有关规定 进行管理。 公司董事会对伏拥军先生在担任副总裁职务期间为公司发展所作出的贡献 表示衷心的感谢！ 特此公告。 美的集团股份有限公司董事会 证券代码：000333 证券简称：美的集团 公告编号：2025-094 美的集团股份有限公司 关于公司高级管理人员离任的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 美的集团股份有限公司（以下简称"公司"）于近日收到公司副总裁伏拥军 先生的书面离任报告，伏拥军先生因个人原因申请辞去副总裁职务。离任后，伏 拥军先生不在公司担任其他职务。伏拥军先生的离任自2025年12月26日起生效。 2025年12月27日 1 ...

Group 1: Key News and Insights - The December 22 LPR remains unchanged at 3.0% for 1-year and 3.5% for 5-year loans, indicating a stable monetary policy environment [1][12] - The launch of the National Venture Capital Guiding Fund aims to attract diverse investments, targeting a total fund size of trillions by leveraging central government funds [1][22] - The National Development and Reform Commission (NDRC) has initiated 21 key measures to support the high-quality development of the Western Land-Sea New Corridor, emphasizing financial support and cooperation [1][15][16] Group 2: Market Overview - The domestic securities market showed mixed performance, with the Sci-Tech 100 index rising by 5.60%, while other major indices experienced declines [2][26] - The non-ferrous metals sector led the industry gains with a 6.43% increase, reflecting strong demand dynamics [2][28] Group 3: Buyback and Stake Increase - A total of 5 companies reported significant shareholder buybacks, with Kangnibei planning to increase its stake by over 1% of total shares [3][34] - 60 companies announced buyback plans, with 9 companies intending to repurchase more than 1% of their total shares, highlighting a trend of corporate confidence [3][36] Group 4: Investment Recommendations - In the technology sector, companies focused on artificial intelligence, semiconductor chips, and robotics are expected to outperform due to favorable policies and liquidity conditions [4][39] - The non-bank financial sector, particularly brokerage firms, is anticipated to benefit from a slow bull market, while insurance companies may see improved returns on long-term assets [4][40] - The copper market is expected to maintain a tight supply-demand balance, supporting price increases, while energy metals like lithium and cobalt remain attractive due to battery and storage demand [4][40] - The electric equipment sector is poised for growth driven by AI and renewable energy, indicating a robust future demand for power equipment [4][41] - Domestic consumption is projected to expand, with a focus on enhancing consumer spending capabilities [4][42]

Core Viewpoint - Midea Building Technology is increasing the prices of its products by 5% due to rising costs of raw materials such as copper, iron, and aluminum, effective from December 15, 2025 [1] Group 1: Price Adjustment Details - Midea Building Technology has notified its distributors about a price increase of 5% across various product lines [1] - The company clarified that it has not issued a nationwide price increase notice, allowing regions to set their own pricing based on local market conditions [1] - A distributor indicated that orders placed before the end of December will be honored at the original price, but adjustments will take effect from January 1, 2025, for main models [1] Group 2: Business Performance - Midea Building Technology is part of Midea Group's ToB business segment, focusing on building products and services, including HVAC, smart elevators, energy management, and building control [1] - The segment has shown rapid growth, with Midea Group reporting a revenue of 364.716 billion yuan for the first three quarters of 2025, a year-on-year increase of 13.85% [1] - Revenue from smart building technology reached 28.1 billion yuan, reflecting a 25% year-on-year growth and accounting for approximately 7.7% of total revenue [1] Group 3: Industry Context - Other HVAC companies, including Mitsubishi Heavy Industries, Haier, and others, have also raised prices due to increasing raw material costs [2] - This is not the first price adjustment for Midea Building Technology; a previous increase was implemented in April 2022 due to similar cost pressures [2]

证券之星消息，12月26日白色家电板块较上一交易日上涨0.04%，澳柯玛领涨。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600336 | 澳柯玛 | 8.97 | 4.91% | 52.10万 | 4.61亿 | | 000333 | 美的集团 | 78.87 | 0.36% | 21.41万 | 16.88 亿 | | 000921 | 海信家电 | 25.30 | 0.20% | 5.71万 | 1.45 Z | | 600983 | 惠而浦 | 9.65 | -0.21% | 1.64万 | 1584.64万 | | 000651 | 格力电器 | 40.76 | -0.37% | 25.92万 | 10.57 乙 | | 000016 | 深康佳Ａ | 5.09 | -0.39% | 20.81万 | 1.06亿 | | 600690 | 海尔智家 | 2 ...

格隆汇12月26日｜据智通财经，今日有市场消息称，有美的经销商收到通知函，美的楼宇科技各系列产 品价格上调，调价幅度为5%。此次调价核心原因系全球铜、铁、铝等原材料价格持续大幅上涨，导致 上游厂商制造成本攀升，执行时间自2025年12月15日起。对此，美的楼宇科技方面表示，公司并未发布 全国全线产品统一涨价的通知。各区域可根据当地市场情况自主制定服务增值及销售支持政策。 ...

Core Viewpoint - Midea Building Technology is increasing the prices of its product lines by 5% due to rising costs of raw materials such as copper, iron, and aluminum, effective from December 15, 2025 [1] Group 1: Price Adjustment Details - Midea Building Technology has notified its distributors about the price increase, which is attributed to the significant rise in manufacturing costs from upstream suppliers [1] - The company clarified that it has not issued a nationwide price increase notification, allowing regional discretion in pricing strategies based on local market conditions [1] - A distributor indicated that orders placed before the end of December will be honored at the original price, but adjustments will take effect from January 1, 2025, for main selling models [1] Group 2: Business Performance - Midea Building Technology is part of Midea Group's ToB business segment, focusing on building products and services, including HVAC, smart elevators, energy management, and building control [1] - The segment has shown rapid growth, with Midea Group reporting a revenue of 364.716 billion yuan for the first three quarters of 2025, a year-on-year increase of 13.85% [1] - Specifically, the smart building technology segment generated revenue of 28.1 billion yuan, reflecting a 25% year-on-year growth and accounting for approximately 7.7% of total revenue [1] Group 3: Industry Context - Other HVAC companies, such as Mitsubishi Heavy Industries, Haier, and others, have also raised prices in response to increasing raw material costs [2] - This is not the first price adjustment for Midea Building Technology; a previous increase was implemented in April 2022 due to similar cost pressures, including raw material price hikes and shortages of key components [2]