1月20日，索尼发布公告，将与TCL成立合资公司承接索尼的家庭娱乐业务，TCL电子持股51%，合资公司负责运营Sony和BRAVIA两大品牌。也就是 说，索尼将旗下电视业务和BRAVIA品牌打包交给了TCL，Sony变Tony。 这是个消费市场有些出乎意料，但产业界意料之中的新闻。 一方面，索尼没有显示面板生产能力，也就拿不到电视最大的利润来源。长期以来，索尼电视面板靠LG和TCL供应，画质芯片出自联发科之手，由TCL 代工，贴上索尼的商标，只能赚点品牌溢价。 换句话说，几乎所有索尼电视，都是一台贴着索尼商标的LG或TCL电视。 另一方面，索尼电视在全球市场存在感极其稀薄，份额常年位于others序列；在索尼内部业务结构中，电视的盈利能力也远不如CIS芯片、游戏、音乐等业 务，不是什么优质资产。 换句话说，最迟不晚于2018年，市场上能买到的日本电视和家电品牌，都是如假包换的中国公司、中国制造。 日本学者西村吉雄在书中，将这种趋势概括为"终端品牌供应商化"。 对日本家电企业来说，2008年是个特殊的年份。大环境是金融危机过境，小环境是各有各的烦恼。 而对全球化战略行至关键阶段的TCL来说，索尼经久不衰的品牌影 ...

Group 1 - The A-share market experienced fluctuations at relatively high levels in Q4 2025, with a slight decrease in overall equity positions of public funds compared to Q3 2025 [1][2] - The average equity positions for stock and mixed funds were 89.06% and 81.05%, respectively, showing a minor decline from the previous quarter [2] - Major holdings in public funds included leading light module companies, with Zhongji Xuchuang and Xinyi Sheng surpassing Ningde Times and Tencent Holdings to become the top two heavyweights [1][4] Group 2 - Several actively managed equity funds significantly increased their positions, with notable examples including Bosera Huixing and GF Chengxiang, which raised their equity positions by 12.31 and 10.3 percentage points, respectively [2] - Fund managers expressed optimism about the A-share market for 2026, citing potential dual benefits from domestic and international liquidity [3][9] - The focus on technology sectors continued, with managers identifying investment opportunities in storage chips, solid-state batteries, and humanoid robots [7][10] Group 3 - The top 50 heavyweights in public funds were primarily concentrated in information technology, consumer goods, and investment sectors, with 18 stocks in the information technology sector [4][6] - AI-related stocks gained prominence, with Zhongji Xuchuang, Xinyi Sheng, and Hanwujing entering the top seven heavyweights due to the AI boom [4][6] - The number of innovative drug companies in the top 50 heavyweights decreased from eight to five by the end of Q4 2025, indicating a shift in investment focus [5] Group 4 - Fund managers anticipate that the AI investment theme will continue to be a primary focus, with expectations for rapid growth in AI applications in the coming years [9][10] - The investment strategy is shifting towards AI applications, including smart driving, edge AI, and humanoid robots, as the industry matures [9][10] - The overall sentiment among fund managers is that the AI-driven technology market will remain a significant area of investment for the next several years [9][10]

在消费品以旧换新政策带动下，2025年家电类、通讯器材类商品零售额创历史新高。 国家统计局数据显示，2025年家电类商品零售额达11695亿元，通讯器材类商品零售额达10076亿元，均突破万亿元大关。 在销售规模扩大的同时，消费结构也向绿色化升级。从能效提升看，商务部数据显示，以旧换新12类家电中，一级能效或 水效产品销售额占比达90%以上。 中国家用电器商业协会秘书长张剑锋对《证券日报》记者表示："2025年家电类与通讯器材类零售额均突破万亿元大关， 是消费信心恢复与政策精准调控的双重体现。在提振消费的同时，有效促进产业转型升级，消费者更愿意为高品质、节能环保 的产品买单。" 本报记者 贾丽 据记者不完全统计，近日，珠海格力电器股份有限公司（以下简称"格力电器"）、美的集团股份有限公司（以下简称"美 的集团"）、海尔智家股份有限公司（以下简称"海尔智家"）等行业龙头企业纷纷公布2026年新计划或相关业务规划，多维发 力巩固市场优势，同时，加码布局人工智能（AI）、工业机器人等赛道。 格力电器副总裁朱磊对《证券日报》记者表示："格力电器正在不断推动焊接工作由自研机器人替代。同时，格力电器将 持续完善在智能工业 ...

华北平原的冬晨，在雪后醒得格外沉默。五点多，天还浸在青黑里，昨夜的积雪压在屋檐、树梢和 院墙上，把村庄包裹成一片静谧的纯白。风穿过光秃秃的树枝，带起细细的雪沫。 王秀英醒来时，看向床边墙上的温度显示器： 20.5℃ ， 这个数字让她安心 。 趿着鞋走向厨房 ， 拧开水龙头， "哗"的一声，清亮温暖的水流冲进洗手池。 这个简单的动作，在 数年前 大雪封门的清晨，曾是一种奢望。 温度骤降，厨房水管会在一两个小 时内冻得结结实实。没有水，做不了饭，喝不上热水，连洗漱都成问题。 最近，随着一股强冷空气来袭，北方多地再次迎来强降雪和断崖式降温。 不期而至的 极端天气 ， 成了村里许多取暖设备的试金石。王秀英听说，邻居 家有的因为室外机结冰严重无法化霜，有的在 低温下制热效果大打折扣，不得不重新搬出电暖器救急。 而自家院里那台室外机，却在积雪中平稳 运行了一整夜 。 村庄在寒冷中醒来，但 像王秀英一样 用上新设备的 人们已不再忙乱焦虑。一种更稳定、更可靠的 温暖，正守护着这片雪后的清晨。 早年的辛苦劳作让王秀英的膝盖出了些毛病，她的丈夫前几年也被诊断出毛细血管相关的疾病。医 生对二人的嘱咐是，必须时刻保暖。 大雪骤降，两 ...

新华财经北京1月22日电（记者高婷）近日，美的集团与长安汽车签署战略合作协议，双方将聚焦"人- 车-家"智慧生态，共建智能家居与智能汽车的互联互通，推动从消费端场景到企业端生产的全面协同。 （文章来源：新华财经） 首先，在连接层面，美的通过提供标准化的开放接口与开发工具，让伙伴在不被"捆绑"的前提下，自 主、灵活地调用其强大的全屋智能服务能力，这显著降低了伙伴加入生态的心理门槛和成本。 其次，在场景共创中，美的基于对海量用户生活习惯与痛点的深入理解，能够将用户模糊的期待"翻 译"成具体的场景需求，为解决方案联合创新提供确定性方向。 第三则是基于"入口融合"与"AI融合"，实现服务的跨越式升级。"入口融合"通过主动智能场景学习，让 交互从"被动响应"进化为"主动服务"；"AI融合"集成语音交互与大模型能力，实现"自然对话式"的IoT 控制。 以地理围栏功能为例，当车辆驶入家庭1公里范围时，系统会自动进入"回家模式"，让用户一进家门便 能感受到惬意的氛围。这种"主动式、预见性"的体验，恰是驱动车家协同从功能叠加，走向价值倍增的 关键所在。 当智能家居不再局限于房间的边界，当汽车不再是孤立的移动空间，一场围绕用户需 ...

| 601608 | 中信重 | 5 | 4.08 | 16.05 | 14.78 | | --- | --- | --- | --- | --- | --- | | | 工 | | | | | | 600686 | 金龙汽 | 9 | 3.98 | 6.28 | 22.46 | | | 车 | | | | | | 002353 | 杰瑞股 | 5 | 3.59 | 3.82 | 9.72 | | | 份 | | | | | | 300780 | 德恩精 | 5 | 3.57 | 7.89 | 33.03 | | | 工 | | | | | | 600031 | 三一重 | 6 | 3.51 | 3.55 | 1.66 | | | 工 | | | | | | 002931 | 锋龙股 | 16 | 3.46 | 27.70 | 359.76 | | | 份 | | | | | | 688390 | 固德威 | 5 | 3.45 | 6.78 | 23.82 | | | 海尔智 | | | | | | 600690 | 家 | 6 | 3.44 | 4.91 | -0.15 | | | 百通能 | | | | ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000333 | 美的集团 | = 4.74 Z | 17.73% | -4.83 Z | -18.07% | 904.80万 | 0.34% | | 000651 | 格力电器 | 7451.13万 | 3.86% | -1.01 Z | -5.26% | 2689.09万 | 1.39% | | 600690 | 海尔智家 | 4707.26万 | 4.76% | 1345.67万 | 1.36% | -6052.93万 | -6.12% | | 001387 | 雪祺电气 | -211.20万 | -2.65% | -422.42万 | -5.30% | 633.62万 | 7.95% | | 600336 | 澳柯玛 | -244.39万 | -0.54% | -1355.56万 | -3.00% | 1599.94万 | 3.54% | | 600983 | ...

Group 1 - In 2025, the Chinese M&A market saw a total of 5,086 announced transactions, a decrease of 20.27% year-on-year, while the total transaction amount reached 2,373.515 billion yuan, an increase of 29.08% [7] - The completed transactions in 2025 amounted to 3,342, a slight increase of 0.45% year-on-year, with a total transaction value of 1,485.131 billion yuan, up 54.41% year-on-year, indicating a structural optimization trend in the market [9][10] - The Guangdong province continued to lead the M&A market in China, benefiting from the dual innovation drive of the Guangdong-Hong Kong-Macao Greater Bay Area, with electronic information, traditional manufacturing, healthcare, and energy mining being the hot sectors [10][31][32] Group 2 - In 2025, private equity funds showed a recovery in exit numbers, with 469 exits, a year-on-year increase of 22.77%, and a total capital recovery of 64.215 billion yuan, up 8.54% year-on-year [17] - Notable exits included TCL Technology's acquisition of a 21.53% stake in Shenzhen Huaxing Optoelectronics for 11.562 billion yuan and Silex Group's acquisition of Chongqing Liangjiang New Area Longsheng New Energy for 3.509 billion yuan [20][21] Group 3 - In 2025, there were 20 M&A transactions exceeding 10 billion yuan, with the largest being China Shipbuilding Industry's acquisition of China Shipbuilding Heavy Industry for 115.15 billion yuan, marking a significant milestone in China's shipbuilding industry [23] - Major domestic M&A cases included Guotai Junan's merger with Haitong Securities for approximately 97.609 billion yuan and Shandong Hongchuang's acquisition of Shandong Hongtu for 63.518 billion yuan [24][25] Group 4 - The cross-border M&A market in 2025 saw a total of 144 transactions, with outbound M&A accounting for 79 and inbound M&A for 65, reflecting a year-on-year decline of 13.77% [26] - Notable cross-border transactions included Midea Group's acquisition of Teka Group for 8.287 billion yuan and Zijin Mining's acquisition of Newmont Golden Ridge for 7.315 billion yuan [27][29] Group 5 - The M&A market in 2025 was characterized by a structural differentiation of "quantity reduction and price increase," with a notable shift from quantity dividends to quality dividends [10] - The electronic information sector led the number of transactions with 579 deals, accounting for 17.32%, while the financial sector had the largest disclosed transaction value at 203.596 billion yuan, representing 13.71% of the total [34][36]

Group 1 - The core viewpoint of the article highlights the strategic adjustments made by prominent fund managers at E Fund in their investment portfolios for Q4 2025, focusing on sectors like AI, healthcare, consumer goods, and technology [2][4][6][10] Group 2 - Zhang Kun adjusted the structure of investments in the healthcare, consumer, and technology sectors while maintaining a stable position in top holdings, which include Tencent Holdings, Kweichow Moutai, and Alibaba-W [4][5] - Zhang Kun expressed confidence in the improvement of living standards and social security in China over the next decade, suggesting a narrowing gap with developed countries [4] - The AI wave is seen as a significant driver for innovation, with strong domestic demand expected to attract global resources and talent [4][5] Group 3 - Chen Hao focused heavily on AI-related sectors, increasing allocations in power equipment, new energy, non-bank financials, and chemicals, which yielded positive returns [7][8] - Chen Hao anticipates a transition of the AI industry from an acceleration phase in 2025 to a stable growth phase in 2026, emphasizing the importance of structural opportunities and the integration of AI with local applications [7][8] Group 4 - Xiao Nan reduced allocations in high-end and sub-high-end liquor sectors while increasing investments in the livestock industry, anticipating inflation-driven cost increases over the next two years [10] - The top holdings in Xiao Nan's consumer sector fund remained unchanged, including Kweichow Moutai and Midea Group [10]

此外，双方正在加快"家控车 "层面的联合开发，围绕远程备车等高频使用场景持续优化体验，让用户 在家中即可提前做好出行准备，使每一次出发都更加从容、智能。 此次签约，标志着长安汽车与美的集团在数字化、智能制造、绿色能源、物流协同及公益等领域的合作 基础上，进一步聚焦车家互联、零部件与全渠道营销领域开展深度合作。未来，双方将车家互联从 "技 术协同" 推向"体验落地"，打造更省心、更舒适的"人 · 车 · 家 "智慧生活。 （文章来源：南方都市报） 1月21日，长安汽车与美的集团在广东佛山美的集团总部举行全面战略合作协议签约仪式。 据了解，双方联手打造的"车控家"核心功能，进一步加强了车家之间的智能互联。该功能将率先搭载于 长安启源相关车型，并在后续通过OTA方式向用户推送。南都·湾财社记者了解到，目前长安启源全新 Q05、A06目前均搭载了"车控家"核心功能。 依托该功能，用户可在出行途中通过语音指令，开启 " 舒适回家模式 ""无忧离家模式"及 "爱宠呵护模 式"，远程控制家中空调、 除湿机、扫地机、窗帘、灯光、空气净化器等设备，实现从回家前的环境预 设到离家后的安全节能一体化管理。据悉，该功能将率先搭载于长 ...