Group 1 - The core point of the article highlights the performance of the Basic Fundamental 120 ETF managed by Harvest Fund Management, which opened at 2.504 yuan with a slight increase of 0.08% [1] - The ETF's performance benchmark is the Shenzhen Basic Fundamental 120 Index, and it has achieved a return of 150.22% since its inception on August 1, 2011, with a recent one-month return of 1.30% [1] Group 2 - Major holdings in the ETF include companies such as CATL, which increased by 0.54%, and Midea Group, which decreased by 0.29% [1] - Other notable stock performances include Gree Electric Appliances down by 0.21%, BOE Technology Group unchanged, Ping An Bank unchanged, Luxshare Precision up by 0.22%, Vanke A up by 0.82%, TCL Technology down by 0.21%, Wuliangye down by 0.13%, and Weichai Power up by 1.62% [1]

Core Viewpoint - The article highlights the increasing trend of pre-Spring Festival dividends among listed companies, indicating improved profitability and a stronger shareholder return awareness, which is encouraged by regulatory bodies [2][4]. Group 1: Dividend Trends - In the two months leading up to the Spring Festival, 235 listed companies on the Shanghai and Shenzhen stock exchanges are expected to distribute a total of 348.8 billion yuan in dividends, surpassing the previous year's total of 344.6 billion yuan [2]. - The financial and consumer sectors remain the primary contributors to dividends, with the banking sector distributing 243.4 billion yuan, accounting for nearly 70% of the total [2]. Group 2: Major Contributors - Leading companies such as Yangtze Power, Luxshare Precision, and CITIC Securities are planning to distribute over 10 billion yuan each, with Yangtze Power leading at over 5.1 billion yuan [3]. - Smaller companies are also participating actively, particularly those in specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [3]. Group 3: Timing and Growth - The timing of dividend distributions has advanced, with a total of 264.7 billion yuan distributed in December 2025, which is 3.7 times the amount from December 2024 [4]. - Private enterprises have shown a significant increase in dividend distribution, with amounts doubling to 61.6 billion yuan, now representing 18% of the total pre-Spring Festival dividends [4]. Group 4: Regulatory Influence - Regulatory bodies have been pushing for improvements in the dividend system, transitioning from "soft constraints" to "hard requirements," which has led to increased focus on shareholder returns [4]. - Measures such as halving dividend distribution fees have been implemented to lower costs and encourage companies to distribute dividends [4]. Group 5: Market Impact - The evolving dividend ecosystem is fostering a culture of value investment, enhancing investor confidence and attracting long-term capital into the market [5][6].

Group 1 - The core viewpoint of the report indicates that the home appliance sector is expected to experience a stable performance in 2026, with domestic demand stabilizing and external demand showing signs of improvement, despite the transitional year of national subsidy policies [1][2] - The report highlights that the home appliance sector's performance in 2026 may be promising due to upward expectations in fundamentals, easing trade tensions, and anticipated overseas interest rate cuts, which could lead to surprising performances from home appliance companies venturing abroad [1] - The report notes that the home appliance sector's relative valuation remains at historically low levels, with expectations for gradual improvement in fundamentals and upward potential in valuations as the value style warms up at the end of the year [2] Group 2 - The report recommends several leading companies in the home appliance sector, including Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric for their cost-performance advantages in white goods [2] - It also suggests focusing on Hisense Visual Technology for its comprehensive strength and steady improvement in market share and profitability in the color TV segment, while keeping an eye on TCL Electronics [2] - Additionally, the report recommends leading companies in the cleaning appliance sector, such as Roborock and Ecovacs, and kitchen appliance leaders like Boss Electric, Supor, and Bear Electric for their international expansion and product innovation strategies [2]

Group 1 - The State Intellectual Property Office of China has granted a patent to Zhuhai Gree Electric Appliances Co., Ltd. and Zhuhai Lianyun Technology Co., Ltd. for a method, device, electronic equipment, and storage medium for smart home management, with the patent announcement number CN119644779B and an application date of December 2024 [1] - Zhuhai Gree Electric Appliances Co., Ltd. was established in 1989 and is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB. The company has invested in 98 enterprises, participated in 5,000 bidding projects, and holds 5,000 trademark and patent information records, along with 923 administrative licenses [1] - Zhuhai Lianyun Technology Co., Ltd. was founded in 2018 and focuses on software and information technology services, with a registered capital of 50 million RMB. The company has participated in 9 bidding projects, holds 4,640 patent information records, and has 14 administrative licenses [1]

Group 1 - The State Intellectual Property Office of China has granted a patent to Zhuhai Gree Electric Appliances Co., Ltd. and Zhuhai Lianyun Technology Co., Ltd. for a method, device, and medium for an intelligent home system [1] - Zhuhai Gree Electric Appliances Co., Ltd. was established in 1989, located in Zhuhai City, and primarily engages in the manufacturing of electrical machinery and equipment, with a registered capital of 6,015.73 million RMB [1] - The company has invested in 98 enterprises, participated in 5,000 bidding projects, and holds 5,000 trademark and patent information records, along with 923 administrative licenses [1] Group 2 - Zhuhai Lianyun Technology Co., Ltd. was established in 2018, also located in Zhuhai City, focusing on software and information technology services, with a registered capital of 50 million RMB [1] - The company has participated in 9 bidding projects and holds 4,632 patent information records, along with 14 administrative licenses [1]

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for major players in the white goods sector, indicating a favorable investment environment for 2025 [3][5][6]. Core Insights - The home appliance sector is expected to benefit from the continuation of the "trade-in" policy and improvements in overseas production capacity, leading to enhanced profitability in the supply chain [2][5]. - The report highlights three main investment themes: 1. **Dividend**: Major white and black appliance companies are characterized by low valuations, high dividends, and stable growth, providing a high margin of safety and significant elasticity in stock prices [6][7]. 2. **Technology**: Core component manufacturers are transitioning into emerging tech fields such as robotics and semiconductor cooling, seeking cross-industry growth [7]. 3. **Export**: Recovery in export demand and sustained domestic sales of new products, particularly in the small appliance sector, are expected to drive growth [7]. Summary by Sections 1. White Goods and Components - In 2025, the air conditioning sector is projected to produce 195.37 million units, a 3% year-on-year decline, while sales are expected to reach 198.39 million units, down 1% year-on-year, with domestic sales increasing by 1% [5][13]. - The average price of white goods is declining due to high base effects from the trade-in policy, with air conditioning prices dropping by 13% year-on-year [23][24]. 2. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with online sales of range hoods and gas stoves increasing by 7.9% and 1.7% respectively in 2025 [33][34]. - Major companies like Boss Electric and Vatti are leveraging trade-in policies to boost sales, with Boss Electric maintaining a leading market share in range hoods [35][36]. 3. Small Appliances - The small appliance sector is seeing a revival due to the trade-in policy, with significant growth in cleaning appliances, although overall market consumption remains subdued [6][7]. - Companies like Roborock and Ecovacs are expected to benefit from high demand for new products, with projected revenue growth of 34% and 12% respectively in Q4 2025 [5][7]. 4. New Displays and Lighting - The emerging display sector is at a turning point, while the lighting industry is anticipated to see growth as it awaits market recovery [6][7]. - Companies like Hisense and OP Lighting are expected to experience revenue declines in Q4 2025, with projections of -10% and -2% respectively [6][7]. 5. Investment Highlights - The report recommends a combination of leading white goods companies such as Haier, Midea, and Gree, along with Hisense, as they are currently undervalued and offer stable growth prospects [6][7]. - The report also emphasizes the importance of component manufacturers adapting to new technologies and markets, with companies like Huaxiang and Sanhua expected to see significant growth in their respective sectors [7][29][30].

Core Viewpoint - The "Zhuhai Intelligent Manufacturing (Hong Kong-Zhuhai-Macao Bridge Special Session)" event aims to leverage the bridge's connectivity to promote Zhuhai and Guangdong's quality products to global markets, enhancing cross-border e-commerce opportunities [2][3]. Group 1: Event Overview - The event featured live streaming and an exhibition area showcasing Zhuhai's intelligent manufacturing products alongside Hong Kong and Macao quality goods, facilitating easier access to international markets [2][5]. - Gree Electric's chairman promoted their smart home appliances during the live broadcast, attracting significant online engagement [3][5]. Group 2: Product Showcase - The exhibition displayed a variety of products, including air purifiers, laser printers, Hi-Fi audio systems, and health foods, appealing to attendees from Hong Kong and Macao [5][7]. - A notable product highlighted was a pet product that offers competitive pricing domestically while having a premium in overseas markets, exemplifying the potential of Chinese goods abroad [8]. Group 3: Cross-Border E-commerce Development - The Huafa Hengqin Cross-Border E-commerce Industrial Park has nearly 200 enterprises, including 27 listed companies, with e-commerce-related firms making up about 70% of the total [8]. - The park aims to support businesses in navigating international regulations and enhancing their export capabilities through shared resources and training [8]. Group 4: Economic Impact and Projections - By 2025, the import and export value through the bridge is projected to exceed 325.84 billion yuan, marking a 40.1% increase year-on-year, with cross-border e-commerce exports expected to reach 110.98 billion yuan, a 92.5% increase [11][12]. - The bridge has significantly improved logistics efficiency, with measures in place to streamline customs processes, enhancing the overall trade environment [12]. Group 5: Future Initiatives - Zhuhai plans to host numerous offline matchmaking events and continuous online promotional activities to further facilitate the global reach of its products [12].

Group 1 - The event "Guangdong Goods Going Global" showcased various Zhuhai manufacturing enterprises, including Gree Electric and Bentu Electronics, establishing a direct connection for Guangdong products to reach global markets [1] - Gree Electric's chairman promoted smart home appliances featuring advanced technology during the live broadcast, highlighting the appeal of Zhuhai's innovative products [1] - The event attracted foreign influencers to promote a range of products, including 3C digital goods and cosmetics, showcasing the quality and charm of Chinese manufacturing to global consumers [1] Group 2 - Since the opening of the Hong Kong-Zhuhai-Macao Bridge in October 2018, the total import and export value through the bridge is expected to exceed 1.3 trillion yuan by the end of 2025, forming a golden cross-border trade channel [2] - Zhuhai is accelerating the construction of logistics and cross-border e-commerce platforms, leveraging the advantages of the bridge and the policy benefits of the Guangdong-Hong Kong-Macao Greater Bay Area [2] - The "Hong Kong supervision + Zhuhai production" model has gained attention, exemplified by the collaboration between the century-old Hong Kong brand Chen Man Kee and local Zhuhai suppliers to enhance product exports [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][6]. Core Insights - The company is expected to break through in multiple dimensions, including energy storage, AIDC liquid cooling, and overseas expansion, with a current PE valuation of 11 times corresponding to a 15% compound growth target for equity incentives [1]. - The governance improvements and strategic alignment with Gree Electric are expected to optimize resource allocation and enhance competitiveness [6][12]. - The company is actively expanding its new business lines, particularly in energy storage management, nuclear power air conditioning, and automotive thermal management, which are anticipated to drive future growth [30][46]. Summary by Sections 1. Governance Improvements - Gree Electric has committed to resolving competition issues within five years, enhancing the company's financial situation and operational efficiency [12][20]. - The financial burden has been alleviated significantly since Gree's acquisition, with a notable increase in sales to Gree, reaching 2.5 billion yuan, accounting for nearly 20% of the company's revenue [12][20]. - The company has implemented a normalized stock incentive plan, with ambitious performance targets reflecting strong confidence in future growth [24][25]. 2. New Business Development - The energy storage management sector is rapidly growing, with the company positioning itself as a key supplier in this field, leveraging its existing industrial air conditioning technology [30][35]. - The company is a leader in nuclear power air conditioning, with products already deployed in major nuclear projects, benefiting from the industry's transition from fission to fusion technology [46][51]. - The automotive thermal management business is expanding, with expected revenue growth of over 50% year-on-year, supported by a strong order backlog exceeding 15 billion yuan [30][46]. 3. Household Appliance Components - The company maintains a robust market position in household appliance components, with a 26% global market share, ranking second in the industry [30]. - The profitability of the main business is expected to improve further due to increasing overseas revenue and market share in commercial refrigeration components [30]. 4. Financial Forecast and Valuation - The company is projected to achieve net profits of 738 million yuan, 1.045 billion yuan, and 1.076 billion yuan for the years 2023, 2024, and 2025, respectively, with a compound annual growth rate of 15% anticipated [7][30]. - The current stock price corresponds to a PE ratio of 11 times for 2026, reinforcing the strong buy recommendation [1][6].

Core Viewpoint - The "Guanghuo Goes Global: Zhuhai Products Sell Worldwide" event aims to showcase Zhuhai's manufacturing capabilities and promote local products through live streaming and exhibitions, leveraging the traffic from the Hong Kong-Zhuhai-Macao Bridge to enhance market reach and sales. Group 1: Event Overview - The event features a live streaming area and a showcase for innovative products, highlighting Zhuhai's industrial strength and the appeal of Hong Kong and Macao brands [2]. - Gree Electric Appliances' chairman, Dong Mingzhu, promoted smart home appliances during the live stream, attracting significant viewer engagement [2]. Group 2: Economic Impact - The Hong Kong-Zhuhai-Macao Bridge has significantly reduced logistics time between Hong Kong, Macao, and mainland China, facilitating product exports and sales [5]. - By 2025, the import and export value through the Zhuhai port of the bridge is projected to exceed 300 billion RMB, reaching 325.84 billion RMB, a 40.1% increase year-on-year [5]. - The port is expected to become China's second-largest cross-border e-commerce retail export port, with an export value of 110.98 billion RMB in 2025, a staggering 92.5% increase [5]. - Since the bridge's opening in October 2018, the cumulative import and export value through the port is expected to surpass 1.3 trillion RMB by the end of 2025 [5].