Market Performance - The white goods sector increased by 0.85% on January 5, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Key stocks in the white goods sector showed the following closing prices and percentage changes: - Whirlpool: 9.79, up 2.41% [1] - Snowman Electric: 14.02, up 1.45% [1] - Deep Blue A: 5.04, up 1.41% [1] - Gree Electric: 40.76, up 1.34% [1] - TCL Smart Home: 10.50, up 1.16% [1] - Haier Smart Home: 26.32, up 0.88% [1] - Midea Group: 78.68, up 0.68% [1] - Changhong Meiling: 6.58, up 0.46% [1] - Hisense Home Appliances: 24.89, up 0.32% [1] - Aucma: 7.95, down 3.28% [1] Capital Flow - The white goods sector experienced a net outflow of 11.98 million yuan from institutional investors and 73.44 million yuan from retail investors, while retail investors had a net inflow of 85.43 million yuan [1] - Detailed capital flow for key stocks includes: - Gree Electric: 106 million yuan net inflow from institutions, but 30.02 million yuan net outflow from retail [2] - Hisense Home Appliances: 3.87 million yuan net inflow from institutions, with a net outflow of 9.75 million yuan from retail [2] - Whirlpool: 2.60 million yuan net inflow from institutions, with a net outflow of 1.50 million yuan from retail [2] - Aucma: 46.62 million yuan net outflow from institutions, but 37.85 million yuan net inflow from retail [2]

来源：新浪基金∞工作室 沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为24.56%，近一个月回报为2.38%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 1月5日，截止午间收盘，沪深300ETF中金（510320）涨1.28%，报1.263元，成交额326.07万元。沪深 300ETF中金（510320）重仓股方面，宁德时代截止午盘涨1.68%，贵州茅台涨2.72%，中国平安涨 5.56%，招商银行涨0.64%，紫金矿业涨1.91%，新易盛跌0.51%，中际旭创涨1.97%，美的集团涨 0.88%，东方财富涨1.81%，长江电力涨0.11%。 ...

Core Viewpoint - The current round of national subsidies is more focused compared to 2025, with stricter energy efficiency standards, which will help promote product structure upgrades in the industry, benefiting leading companies with a more complete layout of mid-to-high-end products [1]. Group 1: Policy Announcement - On December 29, 2025, the National Development and Reform Commission (NDRC) announced the implementation of a large-scale equipment update and consumer goods replacement policy for 2026, explicitly supporting the replacement of old home appliances [2]. - On December 30, 2025, the NDRC announced that the first batch of 625 billion yuan in ultra-long-term special government bonds to support consumer goods replacement has been allocated in advance [2]. Group 2: Funding and Subsidy Details - The first batch of 625 billion yuan in support funds for the replacement program has been allocated, with the subsidy categories being more focused compared to 2025. The scale is slightly reduced from the 810 billion yuan allocated in the first batch for 2025 [3]. - The total scale of special government bonds for consumer goods replacement in 2025 was 3000 billion yuan, distributed in four batches, with the first batch accounting for approximately 27%. The estimated total subsidy scale for 2026 is around 2300 billion yuan [3]. Group 3: Subsidy Categories and Standards - The subsidy categories for 2026 have been narrowed from 12 categories in 2025 to 6 categories, focusing on essential appliances such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [3]. - The subsidy for 2026 is limited to first-level energy efficiency products, with a uniform subsidy rate of 15%. Each consumer can receive a subsidy for one unit of each product category, with a maximum subsidy of 1500 yuan per unit [4]. - In comparison, the 2025 subsidy standards allowed for second-level energy efficiency products with a subsidy of 15% of the sales price, and first-level products with a 20% subsidy, capped at 2000 yuan per unit [4]. Group 4: Investment Recommendations - Recommendations include leading white goods companies such as Midea Group, Hisense Home Appliances, and Haier Smart Home; and leading black goods companies such as Hisense Home Appliances and TCL Electronics [4].

Group 1 - The core viewpoint of the report emphasizes the recovery of service consumption driven by the resurgence of travel during the New Year holiday, which has become the main force for domestic demand recovery [1] - The report highlights the optimistic outlook for the development of overseas business in the consumer sector by 2026, alongside a focus on high-dividend quality companies during market style shifts [1] - The report notes that the 2026 policy direction will significantly boost consumption, with a particular emphasis on experiential service consumption as a key growth area [1] Group 2 - During the New Year holiday, transportation data indicates a total of 590 million people traveled across regions, with an average of 198 million daily, marking a 19.5% year-on-year increase [1] - Railway passenger volume is expected to reach 48.22 million, a 53.1% increase year-on-year, while road travel is projected at 540 million, up 15.5% [1] - The report mentions that inbound tourism is continuing to grow, with ticket bookings for inbound travel during the New Year holiday increasing by 110% year-on-year [2] Group 3 - The first batch of national subsidies for 2026 has been issued, with 62.5 billion yuan allocated to support the replacement of consumer goods, benefiting categories such as air conditioners and refrigerators [3] - Midea has initiated a price increase for air conditioners, implementing a tiered pricing strategy with a 2% increase on January 3 and an additional 4% on January 5 [3] - The report indicates that Midea's price increase is a response to rising copper costs and aims to improve the competitive landscape in the air conditioning industry [3] Group 4 - CES 2026 is set to take place from January 6 to 9, 2026, in Las Vegas, showcasing Chinese technology consumer products transitioning from innovative to mainstream [4] - The focus will be on smart home devices, electric vehicles, and various consumer electronics, with particular attention to stair-climbing vacuum cleaners for the European and American markets [4]

◎记者 时娜 上市公司的回购增持热潮持续至2026年。2026年1月4日，东诚药业、世纪华通等上市公司发布回购股份 计划，宁德时代、美的集团、潍柴动力、蓝思科技等多家深市龙头公司也披露了回购进展情况，英派斯 等公司披露增持计划实施情况，以"真金白银"传递信心，夯实公司价值投资基础。此外，多家上市公司 近日宣布向投资者派发"大红包"。 股份回购是上市公司优化股权结构、提升股东回报的重要抓手。2026年伊始，便有深市上市公司发布股 份回购计划。 东诚药业1月4日公告，计划以集中竞价交易方式回购股份，金额不低于1亿元（含），不超过2亿元 （含），用于实施股权激励和/或员工持股计划。回购价格不超过18.00元/股。 2025年以来，深市上市公司积极回应号召、立足自身发展，持续掀起"真金白银"的回购、增持、分红热 潮，多措并举提升投资者回报，为资本市场健康发展注入强劲动力。 上市公司下"红包雨" 据上海证券报记者不完全统计，2025年12月31日至2026年1月4日晚，仅深市就有15家公司披露半年度或 三季度分红实施公告，相关分红将于2026年1月陆续到账。 其中，天赐材料公告，公司2025年前三季度利润分配预案已获2 ...

Core Viewpoint - The article discusses the paradox of stock buybacks and share repurchases in the A-share market, highlighting the skepticism surrounding their effectiveness as genuine signals of corporate value amidst instances of stock price declines following such announcements [1][2]. Group 1: Buyback and Repurchase Trends - In early 2026, the trend of buybacks and share repurchases remains strong in the Shenzhen market, with companies like Dongcheng Pharmaceutical and Century Huatong announcing significant repurchase plans [1]. - By the end of 2025, Shenzhen companies disclosed a total of 424 buyback plans, with a maximum repurchase amount exceeding 800 billion and a maximum share purchase amount exceeding 300 billion [1]. - Major players in various sectors, including electronics and biomedicine, are leading the buyback efforts, with Midea Group and CATL making substantial repurchases [1]. Group 2: Investor Skepticism - The case of a company experiencing a stock price drop immediately after announcing a buyback raises questions about the sincerity of such actions, leading investors to wonder if these moves are genuine value affirmations or merely public relations tactics [2][3]. - The disparity between theoretical benefits of buybacks and the reality of declining stock prices creates confusion in the market, prompting investors to question the motives behind these actions [3]. Group 3: Recommendations for Genuine Buybacks - Companies should treat buybacks as strategic decisions based on thorough value assessments rather than as emergency measures during stock price declines [4]. - Regulatory bodies need to enhance rules to prevent buybacks from being used for market manipulation or information arbitrage, ensuring transparency and protecting smaller investors [4]. - Investors should focus on the actual actions taken by companies, assessing the consistency and sustainability of buyback plans rather than just the announcements [4]. Group 4: Trust and Market Confidence - The effectiveness of buybacks as a confidence-building tool relies on the trust of market participants, and misuse of this tool can undermine overall market confidence [5]. - The article emphasizes the need for companies to engage in genuine actions that contribute to long-term value rather than short-term fixes, fostering a partnership between companies and investors based on shared interests [5].

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the home appliance industry, focusing on sales performance and trends in 2025 and projections for 2026 [2][4][5]. Key Points and Arguments Sales Performance in December 2025 - December 2025 recorded the lowest absolute sales for the year, with total payments for home appliances at 52.9 billion yuan, a year-on-year decrease of 8.3% [2]. - Specific category sales included: - Air conditioners: 13.2 billion yuan, down 9.7% - Washing machines: 8.5 billion yuan, down 5.1% - Refrigerators: 11.3 billion yuan, down 10.9% - Black electronics (e.g., TVs): 12.6 billion yuan, down 7.2% [3][2]. Market Trends and Projections - The overall home appliance market is expected to decline by 9% in Q4 2025, though the decline is not as severe as initially feared [4]. - For Q1 2026, a modest growth target of 4% is set, with expectations of maintaining low single-digit growth [8][2]. National Subsidy Policy Changes for 2026 - Starting January 1, 2026, the national subsidy policy will expand to over 20 provinces, covering six major categories of home appliances [5]. - Although the first quarter will have sufficient funding, the total annual budget is expected to be lower than in 2025 [5]. - Priority will be given to energy-efficient products, with local governments and platform merchants expected to increase subsidies [5][6]. E-commerce and Consumer Engagement - JD.com aims to break regional barriers and expand its reach into first-tier and rural markets, expecting to add 30-40 million new users to the subsidy program [7]. - Over 100 million users benefited from JD.com's promotional policies in the first half of 2025 [7]. Recent Sales Trends - Recent sales data shows a slight recovery, with home appliance sales reaching nearly 10 billion yuan in three days, a year-on-year increase of 1.4% [8]. - However, air conditioners and refrigerators are still experiencing negative growth [8]. Price Trends and Material Changes - The average price of air conditioners rose to 2,900 yuan in December, a month-on-month increase of nearly 12% [10]. - The shift from copper to aluminum in air conditioning units is being driven by rising raw material costs, with significant cost savings projected [13][15][21]. - The air conditioning industry is expected to see price increases due to ongoing material cost pressures, with Midea announcing a 3-4% price hike [21]. Aluminum-Copper Transition in Air Conditioning - Major manufacturers are transitioning to aluminum in air conditioning units, with North American markets leading the way [13][20]. - The use of aluminum is expected to save costs significantly, with potential for replacing 100,000 tons of copper annually in the industry [15][17]. - Concerns about product reliability have been addressed through improved testing standards, ensuring that aluminum does not compromise product lifespan [14]. Competitive Landscape - Major brands like Midea, Gree, and Haier are facing challenges with declining sales across various categories, with specific negative growth rates reported for each brand [9]. - The competitive landscape is shifting as companies adapt to new materials and market demands, with Gree's stance on aluminum usage being particularly noteworthy [20]. Additional Important Insights - The home appliance market is experiencing a significant transformation driven by material cost changes and evolving consumer preferences, with a focus on energy efficiency and sustainability [5][21]. - The impact of local government subsidies and e-commerce strategies will play a crucial role in shaping market dynamics in 2026 [7][5].

Core Viewpoint - Midea Group has launched the "Shanghai Star Flash Open Laboratory," the first open innovation platform in China focusing on the application of Star Flash technology in the smart home sector [1] Group 1: Technology Overview - Star Flash is a new generation of wireless short-range communication technology developed in China, designed to overcome the limitations of traditional Bluetooth and Wi-Fi [1] - The technology combines the advantages of both Bluetooth and Wi-Fi, featuring ultra-low latency, high reliability, and anti-interference capabilities [1] Group 2: Industry Impact - Star Flash is a key connectivity foundation for the HarmonyOS ecosystem, facilitating its penetration from smart cars and smart manufacturing into the smart home sector [1] - The technology aims to enhance the connectivity experience for the Internet of Things (IoT) [1]

2025年最后一个夜晚，全球X射线影像领域迎来一枚重磅"落子"。 12月31日，行业头部企业锐珂医疗（Carestream Health）发布公告，拟将公司分拆为两大业务板块：一家继续深耕美国本土市场，另一家覆盖美国以外的 全球市场——Carestream International，并由美的集团接手收购。 这一在行业内流传了大半年的消息，终于尘埃落定。锐珂医疗也与它的"前身"柯达公司拿到类似的剧本：被曾经的辉煌时代抛弃，极致收缩之后仍难逃勉 力维持的命运。 自2017年切入医疗产业、2021年以23亿元控股万东医疗起，美的对医疗赛道的投入持续加码。2025年CMEF期间，美的正式宣布成立医疗事业部，将万东 医疗、库卡医疗（手术及康复机器人）、美的生物（医疗冷链）、瑞仕格医疗（医院物流与药房自动化）以及美的楼宇（智慧医院建设与运维）整合至同 一体系之下，并将其确立为集团六大核心业务板块之一。 ▲美的集团旗下六大业务板块（2025年4月发布版本） 01 锐珂分治，美的"摘桃" 根据锐珂医疗官方发布的公告，此次交易并非全盘收购，而是一场经过精密设计的"剥离与重组"。交易完成后，锐珂将被一分为二： 这一边界划分，本 ...

【#深市上市公司回购增持活跃# 2025年披露计划超400单】#去年深市披露回购增持计划超400单# 近年来，在政策推动、企业积极向市场传递发展信心等因素下，深市上市公司回购股份、重要股东增持 等行为持续常态化。 据统计，2025年全年深市共披露回购与增持计划424单，其中回购计划288单，回购金额上限达827.25亿 元；增持计划136单，增持金额上限达315.21亿元。 自回购增持专项贷款落地以来，383家公司及主要股东取得股票回购增持专项贷贷款承诺函，贷款额度 共计829.81亿元。 从行业分布看，电子、生物医药、机械设备、电力设备领域公司成为回购主力军，合计占比达 40.97%，生物医药、机械设备、基础化工、家用电器领域公司成为增持先锋队，合计占比达37.78%， 充分体现了相关实体产业对发展前景的乐观预期。 各行业龙头企业充分发挥"压舱石"作用，以大额回购、持续增持的实际行动引领市场风向。 家用电器龙头企业美的集团基于对公司未来发展前景的信心和公司价值的认可，先后推出二期回购计 划，用于注销减少注册资本、实施股权激励或员工持股计划，截至目前，公司累计回购超100亿元，既 提升股东权益，又绑定核心团队 ...