2026.01. 15 本文字数：1597，阅读时长大约3分钟 金江对第一财经记者表示，此次对外发布的40多个工业智能体，是从美的内部上万个智能体中筛选 而来，目前美的已经在158个核心业务场景中实现规模化应用，覆盖研发、制造、供应链、品质、物 流、财务、人力资源和海外服务等环节。 过去两年，AI在企业内部最先落地的是翻译、文档、人力资源等通用场景，但对成本结构和生产效 率影响更大的应用，正在转向对制造流程的深度嵌入。 "现在的重点已经不是做多少个智能体，而是哪些场景真的能带来效率和成本改善。"金江说。 智能体走进生产系统 在制造环节，美的已经将智能体用于多类具体生产管理场景。 例如，在产线管理中，美的部署了用于损失分析的TPM、DMS、LOSS等智能体。过去，产线因停 机、质量问题等造成的损失通常需要人工每隔数小时盘点一次，很难迅速定位原因；现在通过智能 体，可以将每天的损失拆解到具体工序和岗位，并给出针对性的改善建议。 作者 | 第一财经 王珍 封图 | 由受访者提供 在经历了两年对大模型的试验性部署后，中国制造业正把人工智能的应用重点，从通用办公场景推向 生产一线。 1月15日，美的集团（000333. ...

Core Insights - The "Guangdong Goods Going Global" spring campaign has successfully boosted sales, with reports of a 100% increase in sales during the live broadcast event [1][6] - Over 6,000 enterprises from various sectors, including home appliances, electronics, and food, participated in the campaign, supported by major e-commerce platforms [2][9] - The campaign aims to enhance the competitiveness of Guangdong's manufacturing sector and promote local products both domestically and internationally [7][10] Group 1: Campaign Overview - The spring campaign features 12 online and offline promotional events throughout the first quarter, focusing on high-quality products from Guangdong [1][9] - Major brands like Midea, Gree, and Hisense showcased their products during the event, highlighting the strength of Guangdong's manufacturing base [2][3] - The campaign is designed to create a new sales trend for Guangdong products, leveraging both online and offline channels [1][7] Group 2: Product Quality and Innovation - Guangdong's manufacturing sector is characterized by a strong product base, with 44 industrial products accounting for over 10% of national output [2][3] - The campaign emphasizes product quality improvements and innovative features, such as AI technology in air conditioning units [5][6] - The introduction of "smart" products, including consumer drones and industrial robots, showcases Guangdong's technological advancements [3][5] Group 3: Marketing Strategies - The use of live streaming and influencer marketing has transformed traditional promotional methods, enhancing consumer engagement and driving sales [4][6] - The campaign's strategy includes creating immersive experiences for consumers, allowing them to interact with products in real-time [5][6] - E-commerce platforms are actively promoting Guangdong products through targeted marketing and special promotional sections [6][9] Group 4: Future Plans - The campaign aims to establish a sustainable promotional brand that will continue to drive sales and enhance market vitality [10] - Future events will focus on various product categories, including clothing and food, to further promote local advantages [9][10] - The collaboration between government, enterprises, and platforms is expected to create a positive feedback loop, enhancing brand recognition and consumer trust [7][10]

Group 1 - The Chinese consumer market has shown a steady recovery since 2025, with a year-on-year growth of 6.8% in retail sales of consumer goods in the first three quarters, contributing 53.5% to economic growth [1] - The recovery trend in the consumer sector is not uniform, with traditional brands struggling due to lack of innovation, while new brands are breaking through with technological advancements and innovative models [1] - The need for a quantitative evaluation tool to identify structural opportunities in the market has led to the development of the "China Online Consumption Brand Index (CBI)" and the "Global Brand China Online Top 500 List (CBI500)" by Peking University [2] Group 2 - The CBI500 list is based on real consumer data from Taobao and Tmall, utilizing a comprehensive brand quality indicator that includes new product capability, user reviews, and search popularity [2][5] - The top five brands in the CBI500 list—Apple, Xiaomi, Midea, Huawei, and Haier—demonstrate a "stronger gets stronger" logic, maintaining competitive advantages through balanced performance across various dimensions [6][8] - DJI has achieved significant growth, moving from a score of 78.53 to 85.18, entering the top ten for the first time, driven by continuous technological innovation and market expansion [9][12] Group 3 - Pop Mart has shown strong resilience in the collectible toy sector, climbing from 31st to 12th place in the CBI500 list, with leading scores in loyalty and customer spending [14][17] - The growth logic of Pop Mart is based on deep insights into emotional consumption needs, utilizing an IP matrix and a robust membership system to create a strong emotional connection with consumers [17] - The differentiation in the consumer market has created opportunities for brands that adapt to trends, as seen with Fenjiu's rise in rankings due to its "youthful" strategy targeting younger consumers [22][23] Group 4 - The CBI list serves as a data-driven tool for observing the consumer market, helping investors identify brands that capture product innovation opportunities and possess anti-cyclical potential [27][29] - The evaluation logic of the CBI list helps to avoid misleading short-term sales data, focusing instead on loyalty and reputation metrics to identify brands that achieve sustainable growth [27][29] - The current economic recovery phase presents a critical window for brand restructuring and value selection, emphasizing the importance of understanding consumer behavior changes [26][29]

Core Insights - The article highlights the steady recovery of China's consumer market since 2025, with a year-on-year growth of 6.8% in retail sales of consumer goods in the first three quarters, contributing 53.5% to economic growth [2] - However, the consumer sector faces challenges with increasing internal differentiation, where traditional brands struggle due to lack of innovation while new brands succeed through technological breakthroughs and innovative models [2][3] Group 1: Consumer Brand Landscape - The CBI500 ranking reflects a stable top tier of brands, emphasizing the "stronger get stronger" logic in the consumer market [7] - Leading brands like Apple, Xiaomi, Midea, Huawei, and Haier maintain competitive barriers through balanced performance across four dimensions: brand awareness, innovation, loyalty, and reputation [8][10] - DJI and Pop Mart have shown significant growth, with DJI entering the top ten for the first time, driven by continuous technological innovation and market expansion [11][16] Group 2: Brand Performance and Growth Strategies - DJI's growth is attributed to its focus on technology innovation and creating benchmark products, leading to a 66% market share in the global action camera market as of Q3 2025 [11][14] - Pop Mart's rise in the rankings is due to its strong loyalty metrics and effective IP matrix operation, which resonates with emotional consumer needs [19][20] - The brand's strategy includes a robust membership system that enhances customer loyalty through emotional engagement [19] Group 3: Market Differentiation and Opportunities - The differentiation in the consumer market presents challenges for traditional brands while creating opportunities for those that adapt to trends [21][22] - Brands like Fenjiu have successfully capitalized on changing consumer preferences, with a notable increase in their ranking due to a focus on younger consumers [26] - The article emphasizes the importance of aligning with policy support and consumer trends to identify quality brands that can thrive in a competitive landscape [27][28] Group 4: CBI Index and Its Value - The CBI index serves as a data-driven tool for observing the consumer market, helping investors identify brands that capture product innovation opportunities and possess resilience against economic cycles [30][31] - The index's multidimensional evaluation framework allows for a deeper understanding of consumer demand and brand performance, aiding in long-term investment decisions [32]

金江对第一财经记者表示，此次对外发布的40多个工业智能体，是从美的内部上万个智能体中筛选而来，目前美的已经在158个核心业务场景中实现规模化 应用，覆盖研发、制造、供应链、品质、物流、财务、人力资源和海外服务等环节。 过去两年，AI在企业内部最先落地的是翻译、文档、人力资源等通用场景，但对成本结构和生产效率影响更大的应用，正在转向对制造流程的深度嵌入。 "现在的重点已经不是做多少个智能体，而是哪些场景真的能带来效率和成本改善。"金江说。 中小企业应用工业智能体将会面临新的挑战，一是应用效果依赖基础数据，二是要有AI人才，三是还要找对应用场景。 在经历了两年对大模型的试验性部署后，中国制造业正把人工智能的应用重点，从通用办公场景推向生产一线。 1月15日，美的集团（000333.SZ）旗下数字化子公司美云智数发布工业智能体矩阵，并同步推出美擎AIGC 3.1平台。美云智数总裁金江在发布会上表示，美 的计划在2026年前通过AI相关应用实现约9亿元的成本节约。 智能体走进生产系统 在制造环节，美的已经将智能体用于多类具体生产管理场景。 海尔集团旗下的卡奥斯工业互联网平台表示，其工业大模型已在石油化工、能源、家电等 ...

Core Viewpoint - The white goods sector experienced a slight decline of 0.08% on January 15, with Aucma leading the drop, while the Shanghai Composite Index fell by 0.33% and the Shenzhen Component Index rose by 0.41% [1] Group 1: Market Performance - The closing price of Whirlpool was 10.69, with an increase of 3.69% and a trading volume of 135,700 shares, amounting to 144 million yuan [1] - Midea Group closed at 77.22, with a marginal increase of 0.09%, trading 360,300 shares for a total of 2.794 billion yuan [1] - Gree Electric Appliances closed at 40.12, down by 0.20%, with a trading volume of 324,800 shares and a transaction value of 1.305 billion yuan [1] - Haier Smart Home closed at 25.82, down by 0.42%, with a trading volume of 355,500 shares and a transaction value of 920 million yuan [1] - Aucma closed at 7.86, down by 2.00%, with a trading volume of 216,200 shares and a transaction value of 170 million yuan [1] Group 2: Capital Flow - The white goods sector saw a net inflow of 401 million yuan from institutional investors, while retail investors experienced a net outflow of 12.22 million yuan [1] - Midea Group had a net inflow of 24.4 million yuan from institutional investors, but a net outflow of 35.4 million yuan from retail investors [2] - Haier Smart Home recorded a net inflow of 11.9 million yuan from institutional investors, with a significant net outflow of 122 million yuan from retail investors [2] - Gree Electric Appliances had a net inflow of 61.64 million yuan from institutional investors, while retail investors saw a net outflow of 14.52 million yuan [2] - Aucma experienced a net outflow of 18.75 million yuan from institutional investors, but a net inflow of 13.98 million yuan from retail investors [2]

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Consumer Sector - **Outlook**: The sector is believed to be in the early stage of a multi-year recovery cycle that began in Q3 2024, with expectations for gradual improvement in consumer sentiment and spending through 2026E [2][11][12] Key Insights - **Valuation**: MSCI China Consumer Discretionary and Staples are trading at 17x and 15x 12-month forward PE, approximately one standard deviation below the 10-year averages, indicating that current valuations do not reflect a potential consumption recovery [2][9] - **Consumer Confidence**: The China Consumer Confidence Index has been trending upwards since September 2024, suggesting a gradual restoration of consumer confidence despite ongoing challenges in the property market [12][19] - **K-shaped Recovery**: The recovery is characterized by a K-shaped trend, where mid- to high-income consumers in tier-1 cities are expected to lead spending, while lower-tier city consumers remain focused on value for money [3][48] Consumer Behavior Trends - **Shifting Preferences**: A UBS Evidence Lab survey indicates a divergence in consumer behavior, with over 50% of mid- to high-income consumers reporting investment gains and showing strong spending intentions, particularly in premium and experiential categories [3][37] - **Spending Intentions**: The strongest spending intentions are noted in beauty and skincare (41%) and tourism (37%), reflecting a shift towards experiential and premium spending [51] - **Investment Gains**: 64-74% of mid- to high-income consumers reported increased investment returns, with many planning to reinvest or spend on travel, health services, and consumer electronics [40][41] Stock Implications - **Company Ratings**: - Upgrades to Neutral for Fenjiu due to expected benefits from non-business baijiu consumption - Buy ratings maintained for companies like MIXUE, Guming, China Foods, CR Beer, and YUM China, among others [4] - **Dividend Payouts**: Premium baijiu companies are noted for their >75% dividend payout, which is expected to protect share prices from downside risks [4] Structural Growth Opportunities - **Emerging Themes**: Key investment themes for 2026E include changing consumer preferences, corporate restructuring, and industry consolidation, particularly in sectors like home appliances and mass-market consumption [14][50] - **Corporate Restructuring**: Companies are expected to adapt their business models to align with changing consumer behaviors, which may lead to sustainable long-term earnings growth [4][50] Risks and Challenges - **Property Market Downturn**: The ongoing downturn in the property market is anticipated to weigh on household balance sheets, potentially impacting consumer spending [13][48] - **Policy Support**: The pace of recovery is contingent on stabilizing the property market and effective policy implementation to boost consumption [13][48] Conclusion - The China consumer sector is poised for a recovery, driven by improving consumer confidence and shifting spending patterns. However, the recovery will be uneven across different income groups and city tiers, necessitating a nuanced investment approach to capture emerging opportunities while being mindful of potential risks associated with the property market downturn.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Consumer Appliances Sector - **Outlook**: The major appliance sector is entering a post-subsidy downcycle in H225-27, with expectations of subdued domestic demand in H126 due to fading subsidy benefits. However, demand may stabilize in H226 and potentially turn around in 2027 [2][11]. Core Insights - **Domestic Demand**: Anticipated declines in shipments for air conditioners (AC), washing machines (WM), refrigerators, and range hoods by 5%, 2%, 4%, and 5% YoY respectively in 2026, as trade-in subsidies continue to impact the market [2]. - **Average Selling Price (ASP)**: Expected to remain stable in 2026, with potential product mix downgrades offset by industry-wide price hikes led by Midea due to rising copper prices [2][36]. - **Consumer Survey Findings**: A UBS Evidence Lab survey indicated limited upside in white goods demand for 2026, with a median household budget for home appliances expected to drop by 11% YoY, particularly in tier-1 cities where the decline is projected at 27% [3][27]. Export Challenges and Opportunities - **Exports**: Global white goods demand is projected to grow by 1.5% YoY in 2026, but Chinese exports of AC, WM, and refrigerators are expected to decline by 4.0%, 0.2%, and 4.3% YoY respectively. Exports to Europe and the US are likely to remain muted due to US tariffs and capacity relocation [4][16]. - **Emerging Markets**: There is potential for demand growth in emerging markets and the US, particularly with lower interest rates [4][16]. Stock Recommendations - **Buy Ratings**: Midea, Haier, Hisense, and Roborock are recommended for their potential to consolidate market share and grow margins through price hikes. Midea is favored for its overseas demand exposure, Haier for its margin upside from US rate cuts, and Roborock as a beneficiary of trade-in subsidies [5][10]. - **Sell Rating**: Gree is viewed as vulnerable to domestic headwinds [5]. Earnings Forecast Adjustments - **Earnings Forecasts**: Adjustments made due to lower-than-expected domestic appliance sales and rising raw material prices, particularly copper. Price targets for major appliance companies have been revised upwards as valuations are rolled forward to 2027 [7][8]. Consumer Behavior Insights - **Purchase Intentions**: The survey revealed a decline in purchase intentions across most categories, with notable increases for TVs and cleaning appliances. The largest declines were seen in AC and WM, likely due to prior subsidy usage [3][27]. - **RVC Market**: Purchase intentions for leading robot vacuum cleaner brands (Ecovacs, Roborock, Dreame) have increased, indicating a shift towards these products due to improved affordability and consumer education [3][44]. Additional Insights - **Subsidy Impact**: The impact of trade-in subsidies has been significant, with 128 million units purchased in 2025. However, the demand pull-forward effect suggests limited upside for 2026 [19][26]. - **Market Trends**: The importance of smart features and integration with smart home platforms is rising among consumers when selecting RVCs, indicating a trend towards more technologically advanced products [45]. This summary encapsulates the key points from the conference call, highlighting the current state and future outlook of the China consumer appliances sector, along with consumer behavior trends and stock recommendations.

Core Viewpoint - The performance of the CSI 300 ESG ETF (561900) shows a slight decline, indicating market volatility and mixed performance among its major holdings [1] Group 1: ETF Performance - As of the midday close on January 15, the CSI 300 ESG ETF (561900) decreased by 0.30%, trading at 0.995 yuan with a transaction volume of 683,200 yuan [1] - Since its inception on July 6, 2021, the fund has returned -0.23%, while its return over the past month is 3.39% [1] Group 2: Major Holdings Performance - Among the major stocks in the CSI 300 ESG ETF, Kweichow Moutai fell by 0.47%, CATL increased by 0.01%, and China Merchants Bank rose by 0.37% [1] - Other notable movements include Zhongji Xuchuang down by 1.07%, Changjiang Electric up by 0.30%, Midea Group up by 0.71%, BYD down by 0.32%, Industrial Bank down by 0.10%, and Heng Rui Pharmaceutical down by 1.37% [1]

Core Insights - The report reveals that Haier, Midea, and Gree dominate the Chinese urban rail air conditioning market, collectively holding over 76% market share, indicating a significant shift from foreign brands that were once prominent in this sector [1][2]. Market Share and Bidding Data - Haier holds a market share of 28.46%, with a winning bid amount of 29,317.03 million yuan across 29 projects in 11 cities [2] - Midea follows with a 24.80% market share and a bid amount of 25,561.22 million yuan for 21 projects in 11 cities [2] - Gree has a market share of 23.43%, securing 24,139.32 million yuan in bids for 9 projects in 3 cities [2] - Other brands like Guoxiang and York hold smaller shares, with Guoxiang at 8.92% and York at 4.33% [2] Historical Context - Initially, foreign brands dominated the urban rail air conditioning market in China, starting from the first Beijing subway line in 1965, with local brands just beginning to emerge in the 1990s [2][3]. - Haier's breakthrough came in 2005 when it won a bid for the Guangzhou Metro Line 3, marking the end of foreign brand monopoly [3]. Competitive Landscape - Chinese brands have developed unique strategies: Midea focuses on high-efficiency systems and smart controls, while Gree emphasizes the localization of core components [5]. - Other specialized brands like Guoxiang and Shenling have established technical barriers in niche markets, contributing to a multi-layered competitive landscape among Chinese brands [5]. Future Outlook - The competition is shifting from a focus on foreign versus domestic brands to how Chinese brands can innovate in greener and smarter technologies, driving sustainable development in urban rail transportation both in China and globally [5].