南方财经12月30日电，科陆电子（002121.SZ）公告，预计2026年度与关联方发生日常关联交易总金额 为39,300万元。主要包括向美的集团、会通新材、盈峰环境、车电网络等关联方采购原材料、商品，金 额合计9,100万元；向上述关联方销售产品及提供电力工程施工等服务，金额合计28,500万元；接受美的 集团提供的软件开发服务800万元；向美的集团和车电网络提供租赁及物业服务900万元。 ...

美的集团近年来一直在布局新能源。2020年3月，美的集团子公司以7.4亿元收购北京合康新能科技股份 有限公司，正式进军新能源赛道。2022年5月，美的集团战略入股储能上市企业科陆电子，次年6月完成 股权变更，成为科陆电子的控股股东。2025年6月，美的集团在SNEC展会上首次以"美的能源"整体品牌 形象亮相。当时，集团副总裁兼CTO卫昶发布了"储能+热泵+AI"三维驱动能源战略，明确将能源产业 定位为集团的"又一支柱产业"。 文 | 《能见派》栏目 刘丽丽 美的集团对旗下新能源板块进行了大调整。 美的集团近日内部发布《关于集团部分组织架构调整及人事任命的决定》，宣布成立"新能源事业部"， 重新整合新能源产品公司、能源科技公司等，并宣布由美的集团执行总裁王建国兼任新能源事业部总 裁。 据悉，美的旗下两大新能源公司，科陆电子、合康新能都将归属新能源事业部。对此，合康新能内部人 士对《能见派》表示，这次把合康新能、科陆电子单独放到了新能源事业部，说明集团更加重视光伏、 储能等业务。该人士也透露，新能源事业部成立后，暂时还没有其他动作，只是内部发了架构调整文 件。 如今，美的新能源事业部旗下两大公司科陆电子、合康新能 ...

来源：光大证券微资讯 热点聚焦 HOT 1、受大宗商品巨幅波动引发的紧张情绪推动，隔夜，美股三大指数均小幅收跌，道指跌0.51%，纳指 跌0.5%，标普500指数跌0.35%。纳斯达克中国金龙指数收跌0.67%。由于乌克兰停火谈判进展有限，国 际油价涨超2%。WTI原油期货收涨2.36%，报58.08美元/桶。布油期货结算价收涨2.14%，报61.94美元/ 桶。 2、隔夜，国际贵金属大幅收跌，COMEX黄金期货跌4.45%，报4350.2美元/盎司；COMEX白银期货跌 7.2%，报71.64美元/盎司。现货白银大跌近9%，现货钯金跌超15%，现货铂金跌超14%。30日7:05，现 货钯金跌破1600美元/盎司，日内跌超2%。现货铂金跌幅扩大至2%，最低报2049.38美元/盎司。据报 道，大量交易员正在从创纪录涨势中获利了结，加剧了贵金属下跌势头。 5、12月29日晚间，天箭科技发布重大风险提示公告：因相关军品价格调整，公司预计2025年度扣非归 母净利润将为负值，且扣除后营业收入低于3亿元。公司股票可能被实施退市风险警示，将冠 以"*ST"字样。11月以来，公司已收获4个涨停板，年内涨幅超60%。同日， ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - The continuation of national subsidies is expected to stimulate consumption potential on both supply and demand sides, with stable white goods production planned for Q1 2026 [2][3] - The "Two New" policy is optimized and extended, which is anticipated to activate greater consumption potential in the home appliance sector [6] Summary by Relevant Sections Domestic Sales Outlook - The effect of national subsidies is expected to improve domestic sales conditions in Q1 2026 after the arrival of subsidy funds, despite a marginal slowdown in the subsidy effect [3][6] - January 2026 white goods production data shows a total of 34.53 million units, a 6% increase year-on-year, with variations in production across different product categories [6] Investment Recommendations and Targets - Investment suggestions include focusing on leading companies with higher operational efficiency and mature overseas production layouts, which are seen as stable choices for investment [3] - Key stocks to consider include Midea Group (000333, not rated), Haier Smart Home (600690, not rated), and Hisense Visual (600060, increase holding) [3] - The long-term focus on overseas expansion is highlighted, with expectations for a valuation switch in 2026, particularly for Stone Technology (688169, not rated) [3] - Companies with stable core business performance and potential for a second growth curve, such as Anfu Technology (603031, not rated), are also recommended [3]

Market Overview - The white goods sector experienced a decline of 0.48% on December 29, with Aucma leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - TCL Smart Home (002668) closed at 10.76, up 0.47% with a trading volume of 112,500 shares and a transaction value of 122 million yuan [1] - Gree Electric Appliances (000651) closed at 40.72, down 0.10% with a trading volume of 392,700 shares and a transaction value of 1.606 billion yuan [1] - Midea Group (000333) closed at 78.41, down 0.58% with a trading volume of 257,000 shares and a transaction value of 2.026 billion yuan [1] - Haier Smart Home (600690) closed at 26.58, down 0.60% with a trading volume of 274,400 shares and a transaction value of 734 million yuan [1] - Aucma (600336) closed at 8.71, down 2.90% with a trading volume of 282,200 shares and a transaction value of 248 million yuan [1] Capital Flow - The white goods sector saw a net inflow of 60.7462 million yuan from institutional investors, while retail investors experienced a net outflow of 625.939 million yuan [1] - Gree Electric Appliances had a net inflow of 160 million yuan from institutional investors, but a net outflow of 58.1725 million yuan from retail investors [2] - Midea Group had a net inflow of 41.9801 million yuan from institutional investors, with a net outflow of 52.5536 million yuan from retail investors [2] - Haier Smart Home experienced a net outflow of 81.9545 million yuan from institutional investors, while retail investors had a net inflow of 9.8857 million yuan [2]

Core Insights - The introduction of the "New Level Energy Efficiency" label in the Chinese air conditioning market has not fully addressed consumer pain points, particularly high electricity costs during winter heating [1] - The air conditioning industry is facing a need for a deep transformation that prioritizes user value and integrates both hardware and software [1] - Midea's new "Cool Energy Saving 2nd Generation" series, which has sold over 10 million units, aims to redefine energy efficiency and performance standards through a partnership with HiSilicon to develop a custom AI variable frequency chip [1][3] Group 1: Technological Advancements - The "Cool Energy Saving 2nd Generation" features a proprietary AI variable frequency chip that marks the transition to a "Smart Energy Saving 3.0" era, enhancing energy-saving technology from hardware reliance to high-performance chip-driven solutions [3] - The chip boasts a 700% increase in computing power, enabling rapid local edge computing without full dependence on the cloud, and can respond in under 3 milliseconds to environmental changes [3] - The system can autonomously optimize its operation based on complex data, allowing for real-time adjustments to maintain comfort while improving energy efficiency [3] Group 2: Hardware Innovations - The product incorporates a high-performance architecture with a unique 15-slot, 10-pole variable frequency compressor that allows for rapid heating and cooling while enhancing stability and quiet operation [4][5] - It features a large dual-row evaporator and condenser that increase heat exchange area by 77% and efficiency by 10.7%, working in conjunction with a high-precision electronic expansion valve for optimal refrigerant flow control [5] - The outdoor unit utilizes fifth-generation air-cooled heat dissipation technology, capable of operating in extreme temperatures from -35°C to 65°C, ensuring reliability in harsh conditions [5] Group 3: User Experience Focus - The launch of the "Cool Energy Saving 2nd Generation" represents a shift from mere parameter competition to a revolution in user experience, emphasizing that true energy savings should not compromise comfort, reliability, or long-term performance [6] - The dual strategy of leveraging top-tier chips and robust hardware aims to enhance user experience, placing actual consumer satisfaction at the forefront [6] - The product is available for pre-sale on major platforms and is positioned as a quality choice for families seeking energy efficiency and comfort throughout the year, potentially driving the industry towards a user experience-centric "chip" energy efficiency era [6]

Core Viewpoint - Chinese home appliance companies are increasingly establishing production bases in Thailand, positioning it as a strategic hub for their international expansion, with significant growth in overseas revenue reported by major players like Midea and Haier [1][2][3]. Group 1: Market Expansion and Strategy - Midea's overseas revenue has significantly increased, with OBM revenue accounting for over 45% of its TO C business in 2025 [1]. - Haier's overseas market revenue reached 79.08 billion yuan in the first half of 2025, growing by 11.7% [1]. - Midea has established its largest overseas manufacturing base in Thailand and aims to make it its "second home market" after China [3][4]. Group 2: Reasons for Choosing Thailand - Thailand offers advantages in political stability, supply chain infrastructure, and population demographics, making it an attractive location for Chinese home appliance companies [4]. - The eastern economic corridor of Thailand, particularly in Chonburi and Rayong, is a strategic focus for many Chinese brands due to its proximity to major ports [4]. Group 3: Consumer Trends and Brand Positioning - The Thai home appliance market is experiencing a consumption upgrade, with consumers increasingly willing to invest in higher-end products [5][6]. - Chinese brands are gaining market share in Thailand, with Haier leading in air conditioning and Midea dominating in refrigerators and microwaves [6][7]. Group 4: Product Development and Innovation - Chinese home appliance companies are noted for their rapid product iteration and responsiveness to market demands, which contrasts with the slower innovation cycles of traditional Japanese and Korean brands [7]. - High-end product development is becoming a trend, with companies recognizing the need to move beyond low-cost competition to capture higher profit margins [8]. Group 5: Challenges and Opportunities - Despite significant market presence, Chinese brands still face challenges in brand recognition and consumer perception in Thailand [10][11]. - After-sales service is critical for success, with companies investing heavily in service networks to enhance customer satisfaction [11]. Group 6: Globalization and Regionalization - The concept of regionalization is emerging as a strategy to mitigate risks associated with global trade, allowing companies to leverage local production capabilities to support global operations [12]. - The home appliance industry is transitioning towards a comprehensive ecosystem approach, integrating R&D, supply chain, sales, and after-sales services in overseas markets [12].

作者丨赖镇桃 和佳 编辑丨李艳霞 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，2025年上半年，海尔智家海外市场收入达到790.8亿元，增长11.7%。 "未来20年，中国企业将在海外再造一个'中国'。"上海财经大学滴水湖高级金融学院院长姚洋曾这样概括中资企业出海之路。 家电企业，作为中资企业国际化程度最高的"舵手"之一，他们是如何破风远航的？又会如何探寻新的航向？ 为什么是泰国？ "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 ...

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of December 29, 2025 [1][5] - Nanshan Aluminum (600219.SH) leads with a daily increase of 5.99% and a year-to-date increase of 48.46%, along with a dividend yield of 7.78% [1][5] - Luri Co., Ltd. (002083.SZ) shows the highest year-to-date increase at 154.02%, with a daily increase of 3.61% and a dividend yield of 1.23% [1][5] Group 2 - The data indicates that several companies have significant year-to-date gains, such as Tianshan Aluminum (002532.SZ) with a 105.37% increase and Jiangsu Guotai (002091.SZ) with a 34.27% increase [1][5] - Companies like Semir Apparel (002563.SZ) and Tunnel Co. (600820.SH) have experienced negative year-to-date performance, with declines of 14.22% and 3.57% respectively [1][5] - The article provides a comprehensive overview of dividend yields, with Semir Apparel having the highest yield at 9.14% despite its negative performance [1][5]

1.官方明确！明年"国补"范围和标准将调整 2. 索赔80亿美元！闻泰科技：必须夺回安世半导体 3. 索赔超23亿！吉利系公司指控欣旺达电芯存在质量问题 4. 豪掷2600万！ 扫地机器人巨头给全员发金子，或共超37斤 5. 网易发布公告：批准丁迎峰退休，继续担任公司顾问 6.男子"充25年会员退费难"，爱奇艺回应 7.苹果应用商店有App放高利贷，苹果客服：正核查处理 8.2nm时代来了！苹果高通联发科同期发布2nm芯片 今日头条 HEADLINE NEWS 要闻提示 NEWS REMIND 官方明确！明年"国补"范围和标准将调整 12月28日消息，据媒体报道，12月27日至28日，财政部部长蓝佛安在全国财政工作会议上表示，明年财 政将大力提振消费。深入实施提振消费专项行动，继续安排资金支持消费品以旧换新，调整优化补贴范围 和标准。这是再次确认2026年"国补"继续的同时，强调了"国补"范围和标准将优化调整。 事实上从2024年实施"国补"政策以来，"国补"的范围在持续优化调整。据官方相关文件，2024年"国 补"范围主要是汽车报废更新、冰箱等8类家电产品，2025年"国补"则明显扩围。其中，汽车报废更新支 ...