Group 1 - The white goods sector increased by 0.32% on January 6, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] - Whirlpool's stock price rose by 9.81% to 10.75, with a trading volume of 342,600 shares and a transaction value of 365 million [1] Group 2 - The net outflow of main funds in the white goods sector was 201 million, while retail investors saw a net inflow of 140 million [1] - Haier Smart Home experienced a net outflow of 42.65 million from main funds, with a retail net inflow of 30.19 million [2] - Midea Group had a significant net outflow of 258 million from main funds, while retail investors had a net inflow of 129 million [2]

银河证券研报指出，美的集团2B业务成为重要增长驱动力，组织架构继续细分，并购整合不断。本次 收购Carestream International将使得美的集团获得锐珂医疗的海外销售网络、放射影像技术平台与海外研 发团队。市场对家电内销国补退坡影响，以及铜价上涨导致的成本上升颇为担心，但近期都得到缓解公 司持续重视股东回报，截至2025年12月8日，公司已完成100亿元股份回购计划，累计回购1.35亿股，其 中9500万股将被注销，考虑到公司预期分红率将达到70%，注销+分红合计的分红收益率具备吸引力。 当前股价对应P/E 为13.1/11.8/10.7倍，维持"推荐"评级。 ...

银河证券研报指出，美的集团2B业务成为重要增长驱动力，组织架构继续细分，并购整合不断。本次 收购Carestream International将使得美的集团获得锐珂医疗的海外销售网络、放射影像技术平台与海外研 发团队。市场对家电内销国补退坡影响，以及铜价上涨导致的成本上升颇为担心，但近期都得到缓解公 司持续重视股东回报，截至2025年12月8日，公司已完成100亿元股份回购计划，累计回购1.35亿股，其 中9500万股将被注销，考虑到公司预期分红率将达到70%，注销+分红合计的分红收益率具备吸引力。 当前股价对应P/E 为13.1/11.8/10.7倍，维持"推荐"评级。 ...

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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 | | 。 | | | | ...