Core Insights - The article discusses the establishment of a new energy division by Midea Group, focusing on energy storage, heat pumps, and AI technologies, led by Executive President Wang Jianguo [1] - Midea Group has a strategy of not manufacturing complete vehicles but concentrating on components, having previously acquired Hunan Sanxiang Bus in 2004, which ceased production in 2008 [1] - Midea's subsidiary, KUKA Robotics, highlights the company's strength in the industrial robot sector, essential for automotive manufacturing [2] - Midea's Weiling components have begun supplying major automotive companies like Li Auto, XPeng, and NIO, with strategic collaborations for high-voltage fast charging technology [2] - The company is also expanding its collaboration with NIO to develop components such as air conditioning compressors and vehicle refrigerators [3] Market Insights - The article mentions a report on the global lithium battery application market trends and competitive strategies from 2025 to 2029, indicating a focus on future market dynamics [4]

1月21日，睿远基金旗下两位明星基金经理在管产品披露2025年四季报。 在2025年四季度期间，傅鹏博和朱璘管理的睿远成长价值混合基金加仓了寒武纪，新易盛、阿里巴巴、东山精密等个股则遭其减仓。 睿远基金另一位明星基金经理赵枫管理的睿远均衡价值三年持有，其股票仓位已攀升至近三年最高水平。该基金重新买回了美的集团，华润万象 生活、格力电器也新进其持仓前十。同时，立讯精密、中国平安等被该基金减仓；小米、阿里巴巴、分众传媒则退出了前十大重仓股。 睿远成长价值混合再遭超13亿份净赎回 截至2025年四季度末，睿远成长价值混合基金的资产净值为210.87亿元，较2025年三季度末时的236.29亿元有所缩水。 从基金业绩情况来看，该基金小幅度跑赢同期业绩比较基准。2025年四季度末，睿远成长价值混合A、C基金份额净值分别为1.9685元、1.9159 元，去年四季度睿远成长价值混合A、C基金份额净值增长率分别为0.57%、0.47%，同期业绩比较基准收益率为-1.37%。 在申赎表现上，睿远成长价值混合基金再度出现13.62亿份的大额净赎回，净赎回规模在该基金历史上高居第二，仅次于2025年三季度期间23.42亿 份的净 ...

据悉，美的集团预计2025年通过AI降本6亿元，2026年规划通过AI实现降本9亿元以上。 智能体商业化步伐加快 进入2026年，AI智能体的竞逐转向"如何解锁下一波AI商业价值"上。中国电子信息产业发展研究院发布 的《2026年我国人工智能产业发展形势展望》显示，2026年，智能体产业生态将加快成熟，行业企业不 断加大智能体应用力度，各领域应用场景逐步拓展。 跨过"智能体元年"，2026年，AI智能体（AI Agent）向场景深耕、比拼商业化的势头更加强劲。 1月15日下午，美的集团旗下美云智数对外发布了美擎AIGC3.1平台及智能体工厂解决方案。美的集团 副总裁兼CDO（首席数据官）张小懿在发布会上表示，2025年，美的集团进一步提升AI战略的重要 性，进行了全面AI化建设。"我们现在建设的就是Agent（智能体）的能力。" 美云智数总裁金江在接受《每日经济新闻》记者采访时提到一个数据：过去3年，美的通过鼓励全员参 与AI，打造了1.3万多个智能体，其中158个智能体贡献了95%的价值产出，而真正实现商业化的比例只 有千分之二左右。 据市场研究机构Research and Market此前预测，AI智能体 ...

跨过"智能体元年"，2026年，AI智能体（AI Agent）向场景深耕、比拼商业化的势头更加强劲。 1月15日下午，美的集团旗下美云智数对外发布了美擎AIGC3.1平台及智能体工厂解决方案。美的集团 副总裁兼CDO（首席数据官）张小懿在发布会上表示，2025年，美的集团进一步提升AI战略的重要 性，进行了全面AI化建设。"我们现在建设的就是Agent（智能体）的能力。" 美云智数总裁金江在接受《每日经济新闻》记者采访时提到一个数据：过去3年，美的通过鼓励全员参 与AI，打造了1.3万多个智能体，其中158个智能体贡献了95%的价值产出，而真正实现商业化的比例只 有千分之二左右。 据金江透露，2024年美的集团通过AI实现降本1.8亿元；预计2025年降本6亿元；2026年，美的集团目标 是通过AI实现内部降本9亿元以上。 据悉，美的集团预计2025年通过AI降本6亿元，2026年规划通过AI实现降本9亿元以上。 智能体商业化步伐加快 近日，360集团创始人周鸿祎也发表其对2026年人工智能发展的20个预测，其中一个关于智能体的预测 是：2026年将被定义为"百亿智能体之年"，AI竞争焦点将从"比拼参数"转向 ...

证券之星消息，1月20日白色家电板块较上一交易日上涨1.72%，惠而浦领涨。当日上证指数报收于 4113.65，下跌0.01%。深证成指报收于14155.63，下跌0.97%。白色家电板块个股涨跌见下表： 从资金流向上来看，当日白色家电板块主力资金净流入8.44亿元，游资资金净流出4.66亿元，散户资金净 流出3.78亿元。白色家电板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600983 | 惠而浦 | 10.91 | 3.02% | 10.81万 | 1.16亿 | | 000651 | 格力电器 | 41.28 | 1.85% | 90.64万 | 37.20亿 | | 000333 | 美的集团 | 79.00 | 1.78% | 45.54万 | 35.80 Z | | 600690 | 海尔智家 | 26.38 | 1.70% | - 65.42万 | 17.14亿 | | 000921 | 海信家电 | 24.87 | 0.85% | 14.29万 | ...

答案并非来自远方，而在于回归用户本身。 当用户对"舒适"的要求愈发苛刻，美的以技术"翻译"舒适黄金三角标 准——舒适黄金三角= 超低频稳态技术 + 连续喷气增焓技术 + 行业首创双出风技术。 超低频稳态技术直击频繁启停导致的温差与噪音痛点，让空调运行如平稳呼吸； 连续喷气增焓技术回应极端天气 下性能衰减的担忧，保障全季候的安心；行业首创的双出风内机，解决冷热不均、直吹不适的体感难题，实现"暖 从足起"的均匀舒 这一系列创新，是美的对用户每一个细微体验的郑重回应。其背后，是近五年超180亿元的研发投入所构筑的深厚 根基，以及覆盖全国所有区县的服务网络所提供的坚实保障。 2025年，中央空调行业直面转型阵痛，前三季度内销规模同比下滑6.7%，市场寒意逼人。从科技巨头跨界入局， 到国际品牌战略并购，再到中国品牌远走出海……行业众生相背后，是一场关于生存与未来的集体焦虑。 然而，当众多品牌和企业向外寻求机会时，美的领航者四代却实现逆势增长，销量同比增幅超过144%，在高端市 场成功突围。在行业寒冬中收获增长，美的凭什么？ 美的的逆袭揭示了一个朴素的真理：在存量竞争时代，最大的蓝海并非是遥不可及的新市场，而是用户身边那 ...

Investment Rating - The report maintains a "Buy" rating for the consumer discretionary sector, highlighting structural investment opportunities [5][10]. Core Insights - The report indicates that in December, the total retail sales of consumer goods increased by 0.9% year-on-year to 4.5 trillion yuan, with a month-on-month decline of 0.4 percentage points, primarily due to high base effects from durable goods like automobiles and home appliances [7][9]. - The report emphasizes the importance of the new round of trade-in policies for 2026, which focus on core home appliance categories and expand into new categories like smart glasses and products for the elderly, supporting demand in these segments [7]. - The report suggests that consumer sentiment remains strong, particularly in sectors like emotional consumption, technology consumption, and undervalued high-dividend stocks, recommending a focus on domestic brands and global brand expansion [10]. Summary by Sections Retail Sales Performance - In December, retail sales of food and beverages grew by 2.2% and 0.7% respectively, with urban and rural retail sales increasing by 0.7% and 1.7% year-on-year [8]. - Online retail sales of physical goods in December increased by 0.8% year-on-year, with a total annual growth of 5.2%, accounting for 26.1% of total retail sales [8]. Consumer Categories - The report notes a structural differentiation in consumer categories, with home appliances, building materials, and furniture experiencing declines of 18.7%, 11.8%, and 2.2% respectively due to high base effects and trade-in policy impacts [9]. - Conversely, communication equipment saw a significant increase of 20.9% year-on-year, while emotional and self-care products like sports and entertainment goods and cosmetics grew by 9.0% and 8.8% respectively [9]. Investment Recommendations - The report identifies four main investment themes: 1. Rise of domestic brands and global brand expansion, recommending companies like Pop Mart, Shangmei, and Anta Sports [10]. 2. Technology consumption empowered by AI, recommending companies like Midea Group and Haier Smart Home [10]. 3. Emotional consumption, recommending companies like Gu Ming and Yum China [10]. 4. Undervalued high-dividend blue-chip leaders, recommending companies like Li Ning and Shenzhou International [10]. Company-Specific Insights - For Smoore International (6969 HK), the report forecasts a revenue of 10.21 billion yuan for Q1-3 2025, with a year-on-year growth of 21.8%, and maintains a "Buy" rating with a target price of 27.00 HKD [48]. - For Juzhibio (2367 HK), the report highlights the approval of a new collagen product, projecting significant sales potential and maintaining a "Buy" rating with a target price of 85.00 HKD [49]. - For Pop Mart (9992 HK), the report notes a revenue increase of 245-250% in Q3 2025, driven by strong performance in both domestic and international markets, maintaining a "Buy" rating with an updated target price of 410 HKD [51].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12]. Core Views - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and stabilization of exports, suggesting a positive outlook for leading white goods companies [1][12][18]. - December retail performance for home appliances showed signs of bottoming out, with significant declines in major appliances but a relatively stable performance in small appliances [1][19]. - The report highlights the resilience of leading companies in the home appliance sector, with a focus on white goods, which are expected to maintain steady growth despite high base effects [12][13]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric Appliances, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [4][12][13]. 2. December Retail Performance - In December, the retail sales of major appliances saw declines exceeding 20%, while small appliances showed slightly better demand, with air fryers experiencing growth [1][19]. - The offline sales channels for major appliances faced declines of over 40%, while kitchen small appliances remained relatively stable [1][19]. 3. Export Performance - In December, China's home appliance exports decreased by 8.1% year-on-year, with air conditioners facing a significant decline of 20.7% [2][37]. - Other categories like refrigerators and washing machines showed modest growth, indicating a mixed performance across different product lines [2][37]. 4. U.S. Market Insights - U.S. retail sales for home appliances showed a slight increase of 0.8% in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][43]. - The inventory levels in U.S. appliance stores are returning to normal, suggesting improved market conditions [3][43]. 5. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating expected EPS growth for Midea Group, Gree Electric Appliances, and Haier Smart Home, among others, with all rated as "Outperform the Market" [5][76].

南方财经记者郑康喜 广州报道 一台1997年出厂的"广东造"洗衣机，在河南一普通家庭超长"服役"了26年，见证着岁月流转与生活变迁。当用户在网上深情回顾这台老家电的"光辉历 史"时，远在广东的厂家迅速上线回应："我还在，感谢用户的长久信任和陪伴。" 这是独属于广东制造和市场的双向奔赴。从珠江水、广东粮到岭南衣、粤家电，再到如今的机器人、无人机、新能源汽车、AI眼镜，全球没有任何一个区 域品牌，能比广货拥有更多爆款。也没有哪个区域，能如此重视消费市场。 日前，广东以一场"广货行天下"春季行动，拉开了新一年的广货带货热潮。行动将举办近30场重点活动，吸引超10家大型商业平台、大批线下商超以及6000 余家企业参与，展示广东智能家电、高端手机、时尚服装、风味食品、特色农产品及文旅融合等领域的硬核实力。 1月15日，"广货行天下"春季行动发布会暨家电专场促销活动在佛山举行，32家现场参加直播活动的企业当日销售额较14日提升110%，多款产品单日销量较 14日增长超200%，甚至达254%。 缘何一场官方组织的促销活动，带货效果能如此之好？南方财经记者梳理发现，这背后，不仅是广货对新市场新需求的重视，也源于广货自身的不 ...

美的集团1月19日大宗交易平台出现一笔成交，成交量3.14万股，成交金额243.98万元，大宗交易成交价 为77.70元，相对今日收盘价溢价0.10%。该笔交易的买方营业部为华泰证券股份有限公司深圳益田路证 券营业部，卖方营业部为华泰证券股份有限公司深圳益田路证券营业部。 （原标题：美的集团大宗交易成交3.14万股 成交额243.98万元） 两融数据显示，该股最新融资余额为54.17亿元，近5日增加2.11亿元，增幅为4.06%。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是华创证券，1月19日华创证券发 布的研报预计公司目标价为93.40元。（数据宝） 1月19日美的集团大宗交易一览 进一步统计，近3个月内该股累计发生7笔大宗交易，合计成交金额为3538.94万元。 证券时报•数据宝统计显示，美的集团今日收盘价为77.62元，上涨0.40%，日换手率为0.49%，成交额为 26.09亿元，全天主力资金净流入1.93亿元，近5日该股累计下跌1.27%，近5日资金合计净流入1.75亿 元。 | | 成交金 | | 相对当 | | | | --- | --- | --- | --- | --- ...