每经AI快讯，美的集团（000333）2月2日公告，截至1月31日，公司通过回购专用证券账户，以集中竞 价交易方式累计回购公司A股股份2694.37万股，占公司目前总股本的0.35%，最高成交价为80.44元/ 股，最低成交价为69.50元/股，支付总金额为19.98亿元(不含交易费用)。 ...

美的集团2月2日公告，公司于2025年4月8日召开第五届董事会第七次会议审议通过了《关于以集中竞价 方式回购公司A股股份的方案》，同意公司以集中竞价交易方式回购公司部分已发行的A股股份，用于 实施股权激励计划及/或员工持股计划，回购价格为不超过100元/股，回购金额为不超过30亿元且不低 于15亿元，实施期限为自董事会审议通过回购股份方案之日起12个月内。截至2026年1月31日，公司累 计回购2694.37万股，占公司总股本的0.35%，回购价格区间为69.5元/股至80.44元/股，累计使用资金 19.98亿元（不含交易费用）。 ...

Group 1 - The top 20 stocks with significant capital inflow as of February 2 include Zhongchao Holdings (1.435 billion), Shenghong Technology (676 million), and Xibu Materials (601 million) [1] - Zhongchao Holdings experienced a price increase of 9.96%, while Shuangjie Electric saw a notable rise of 16.58% [2] - The sectors represented among the top inflow stocks include power grid equipment, electronic components, and the liquor industry [2][3] Group 2 - Other notable stocks with significant inflows include Guizhou Moutai (5.46 billion), Baobian Electric (5.45 billion), and Zhejiang Wenlian (5.36 billion) [1] - The banking sector is represented by Industrial and Commercial Bank of China, which had an inflow of 348 million [3] - The highest percentage increase in stock price was observed in Tongguang Cable, which rose by 20% [3]

Core Insights - The main focus of the news is the significant inflow of capital into various stocks, indicating strong investor interest and potential market trends. Group 1: Stock Performance and Capital Inflow - Zhongchao Holdings saw a capital inflow of 1.369 billion, with a price increase of 9.96% [1][2] - Xinyi Technology experienced a capital inflow of 838 million, with a price increase of 7.26% [1][2] - Western Materials had a capital inflow of 765 million, with a price increase of 9.99% [1][2] - Shenghong Technology attracted 731 million, with a price increase of 2.35% [1][2] - Liou Co. received 722 million, with a price increase of 7.3% [1][2] - Kweichow Moutai had a capital inflow of 576 million, with a price increase of 1.53% [1][2] - Luxshare Precision saw a capital inflow of 566 million, with a price increase of 1.84% [1][2] - Zhejiang Wenhu Interconnect attracted 551 million, with a price increase of 9.99% [1][2] - Shuangjie Electric received 522 million, with a price increase of 19.97% [1][2] - Yaowang Technology had a capital inflow of 496 million, with a price increase of 10% [1][2] - China Western Electric attracted 482 million, with a price increase of 8.97% [1][3] Group 2: Additional Stock Insights - Runze Technology saw a capital inflow of 464 million, with a price increase of 5.44% [3] - Baobian Electric attracted 454 million, with a price increase of 10.04% [3] - Zhongkong Technology had a capital inflow of 355 million, with a price increase of 4.01% [3] - Shanziko High-Tech received 342 million, with a price increase of 3% [3] - Huanghe Xuanfeng attracted 340 million, with a price increase of 10.08% [3] - Hancable saw a capital inflow of 332 million, with a price increase of 9.94% [3] - Midea Group had a capital inflow of 314 million, with a price increase of 0.46% [3] - Century Huayun attracted 310 million, with a price increase of 1.32% [3] - Industrial and Commercial Bank of China saw a capital inflow of 303 million, with a price increase of 0.97% [3]

Summary of Key Points from Conference Call Records Industry Overview Alcohol Industry - The liquor sector, particularly the baijiu segment, has shown strong performance leading up to the Spring Festival, with Moutai's sales exceeding expectations and institutional holdings at a historical low of 3.5% [1][3] - Moutai's price has increased from 1,550 RMB to 1,700 RMB, with expectations for further price increases before the festival, maintaining a price floor above 1,500 RMB for the year [3] - Recommended stocks include Moutai, Wuliangye, and Fenjiu, with Moutai being the top pick due to its attractive valuation and dividend yield above 4% [1][4] Agriculture Industry - Haida Group is projected to achieve a compound annual growth rate (CAGR) of 10%-15% in its domestic feed business over the next 5-10 years, with overseas market growth exceeding 40% [1][6] - The company plans to reduce capital expenditures to lower per-ton depreciation costs, thereby releasing profits [6] - In the pig farming sector, the focus is on the breeding sow inventory, which has decreased by 1.8% year-on-year, indicating a potential rebound in pig prices post-adjustment in production capacity [8][9] Pharmaceutical Industry - The pharmaceutical sector is experiencing a multi-point development trend, with promising prospects in innovative drugs and AI healthcare [11] - Retail pharmacy growth is expected to be between 10%-15%, supported by government policies encouraging high-quality development in the sector [12] - The market confidence is recovering, with opportunities in traditional Chinese medicine and retail pharmacy expected to increase due to improved inventory and consumption characteristics [12][13] Home Appliance Industry - The home appliance sector is benefiting from signals of financial easing in real estate, with major brands like Midea and Haier entering a price increase cycle [14] - Midea's dividend rate may increase to 75% by 2025, with a projected dynamic PE of 12-13 times for 2026 [14] - The LCD panel market is also seeing price increases, with TCL Technology expected to double its earnings in 2026 due to the expiration of depreciation on its panels [14] Textile and Apparel Industry - Li Ning Company is highlighted as a key investment target, with inventory levels returning to 4.5-5 months and positive cash flow from distributors [15][16] - The company has entered a technology upgrade cycle, with strong feedback on new running shoe lines and a partnership with the Chinese Olympic Committee to sponsor the national team's uniforms [16][17] E-commerce and Cloud Computing - Alibaba is viewed positively for its AI and cloud computing businesses, with expectations for rapid user growth in its Q&A app and potential price increases in its cloud services [18] - The target price for Alibaba is set at 194 HKD, with a valuation of at least 10 times PE for its e-commerce business and 10 times PS for its cloud business [18] Snack Industry - The bulk snack industry is in a high-growth phase, with a market size of approximately 60,000 stores and potential for 50% growth [20] - Recommended companies include Mingming Hen Mang and Wancheng Group, with expected revenue growth rates exceeding 20% and profit growth around 30% [20] Additional Insights - The overall market sentiment is shifting towards consumer sectors, with a focus on increasing consumption rates in China as a key economic goal [2] - The anticipated recovery in various sectors, including pharmaceuticals and home appliances, suggests a favorable environment for investment in these industries [11][14]

在人工智能（AI）掀起全球产业变革浪潮的当下，制造业作为国民经济的命脉，正处于从"数字化"迈 向"智能化"的关键节点。然而，在大模型落地应用的过程中，企业却普遍面临"业务用不起来、结果不 敢用、IT管不住"的困境。 1月份，美的集团（000333）股份有限公司（以下简称"美的集团"）旗下美云智数科技有限公司（以下 简称"美云智数"）正式发布新一代工业AI平台——美擎AIGC 3.1平台（以下简称"美擎AIGC平台"）暨 智能体工厂解决方案。 近日，美云智数研发中心总经理兼CTO宋云报接受了《证券日报》记者采访，深度解析制造业如何通过 打造"统一底座"，破解AI落地难题。 从"定制开发"到"统一底座" 在宋云报看来，企业AI应用的成功，最终不取决于某一个具体的模型或单一的应用，而是能否建立起 一个支撑智能体（Agent）长期稳定运行的平台。"智能体是入口，而平台决定了上限"。 在大量的企业实践中，美云智数发现，缺乏平台支撑的智能体通常会陷入三个主要困境：其一，业务端 无法应用，因为开发门槛过高，过度依赖少数经验丰富的工程师，致使AI难以融入日常工作流程；其 二，AI给出的结果无法追溯、不可解释，难以进入关键决策 ...

Group 1 - The market experienced fluctuations last week, with the China Securities Xinhua National Brand Engineering Index rising by 0.10% to 2029.77 points, while the Shanghai Composite Index fell by 0.44% and the Shenzhen Component Index dropped by 1.62% [1][2] - Key stocks such as Lanke Technology, Zhongji Xuchuang, and Luzhou Laojiao showed strong performance, with Lanke Technology leading with a 13.64% increase [2] - Since the beginning of 2026, Lanke Technology has surged by 54.37%, followed by Zhaoyi Innovation at 46.97%, indicating significant growth among certain stocks [2] Group 2 - Market performance was heavily influenced by investor sentiment, with significant volatility across different styles and sectors, particularly in defensive financial sectors [3] - The recent market fluctuations are attributed to the excessive gains in certain sectors, while fundamental and liquidity factors remain stable [3] - Looking ahead, the A-share market is expected to present mid-term investment opportunities, driven by trends in household savings and performance realization across multiple industries [3] Group 3 - Precious metals and resource sectors, which had previously seen significant gains, experienced a pullback, leading to a shift in funds towards more certain areas [4] - The logic behind the non-ferrous metals industry remains unchanged, with constrained supply and increasing demand from emerging sectors like new energy and AI expected to support price increases [4] - The Federal Reserve's monetary policy is anticipated to favor economic stimulation over inflation suppression, benefiting large commodities priced in dollars [4]

在人工智能（AI）掀起全球产业变革浪潮的当下，制造业作为国民经济的命脉，正处于从"数字化"迈 向"智能化"的关键节点。然而，在大模型落地应用的过程中，企业却普遍面临"业务用不起来、结果不 敢用、IT管不住"的困境。 1月份，美的集团股份有限公司（以下简称"美的集团"）旗下美云智数科技有限公司（以下简称"美云智 数"）正式发布新一代工业AI平台——美擎AIGC3.1平台（以下简称"美擎AIGC平台"）暨智能体工厂解 决方案。 近日，美云智数研发中心总经理兼CTO宋云报接受了《证券日报》记者采访，深度解析制造业如何通过 打造"统一底座"，破解AI落地难题。 本报记者 王镜茹 将智能体融入关键业务流程 谈及大模型在工业领域落地的最大障碍，宋云报认为，"幻觉"是主要挑战之一。能否将智能体融入关键 业务流程，取决于知识是否可控。"许多企业的知识库往往局限于简单的文档管理或向量索引，这种不 可治理的知识反而增加了大模型的不确定性。"他表示。 对此，美擎AIGC平台将知识视作一项"工程能力"来打造，强调从采集、加工、应用到治理全过程。知 识经过治理，智能体给出的结论才能得到业务人员和管理层的信任，这是企业级智能体和通用智能 ...

在人工智能（AI）掀起全球产业变革浪潮的当下，制造业作为国民经济的命脉，正处于从"数字化"迈 向"智能化"的关键节点。然而，在大模型落地应用的过程中，企业却普遍面临"业务用不起来、结果不 敢用、IT管不住"的困境。 在宋云报看来，企业AI应用的成功，最终不取决于某一个具体的模型或单一的应用，而是能否建立起 一个支撑智能体（Agent）长期稳定运行的平台。"智能体是入口，而平台决定了上限"。 在大量的企业实践中，美云智数发现，缺乏平台支撑的智能体通常会陷入三个主要困境：其一，业务端 无法应用，因为开发门槛过高，过度依赖少数经验丰富的工程师，致使AI难以融入日常工作流程；其 二，AI给出的结果无法追溯、不可解释，难以进入关键决策流程；其三，IT部门无法有效管控，数据权 限和运行状态不可控，导致应用场景受限。 针对这些痛点，宋云报表示，美擎AIGC平台从建立之初就有着明确的定位，它并非一个新的业务系统 或单一的模型，而是一个统一底座，能够连接企业内部的ERP、PLM、MES等现有系统的数据和流程， 并对外开放算力、算法模型及生态支持，为企业未来的持续发展预留空间。 那么，如何实现AI的规模化应用？宋云报进一步阐释了 ...

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [10] Core Insights - Starting from April 2025, the main raw material for air conditioners, copper, has entered a new price increase cycle, with prices accelerating since mid-November. As of January 14, 2026, the LME copper spot settlement price reached $13,335 per ton, reflecting a 53.5% increase compared to the beginning of 2025. In response to cost pressures, several air conditioning companies, including Aux, Midea, and others, have announced price increases ranging from 3% to 8% [2][4][16] - The report analyzes the impact of rising copper prices on air conditioner gross margins and evaluates the effectiveness of manufacturers' price increase strategies based on a review of the previous raw material price increase cycle [4][16] Summary by Sections Introduction - The report discusses the resumption of the copper price increase cycle starting in April 2025 and its implications for air conditioning manufacturers, highlighting the need for price adjustments in response to rising costs [4][16] Theoretical Impact of Rising Copper Prices on Air Conditioner Profitability - Raw material costs account for approximately 54% of air conditioner production costs, with copper, steel, and plastic comprising 22%, 12%, and 10% respectively. The high proportion of copper makes air conditioners particularly sensitive to copper price fluctuations. The report estimates that if copper prices rise by 15%, 30%, and 50%, air conditioner gross margins would theoretically decline by 2.1, 4.2, and 7.1 percentage points respectively [5][20][25] Effectiveness of Price Increases to Mitigate Cost Pressures - The report suggests that manufacturers would need to raise product factory prices by 3.0%, 5.9%, and 9.8% to effectively counteract the pressure on profitability from copper price increases of 15%, 30%, and 50% respectively. A review of the previous raw material price increase cycle (2020Q2-2022Q1) indicates that while price increases can mitigate cost pressures in the short term, sustained rapid increases in raw material prices may still pose challenges to profitability [6][36][47] Investment Recommendations - In light of the current cost uncertainties, the report recommends focusing on leading white goods companies with significant cost advantages and well-integrated supply chains, specifically highlighting Midea Group, Haier Smart Home, and Gree Electric as key investment opportunities [7][56]