Core Insights - A total of 1,094 A-share listed companies have subscribed to financial products this year, with a cumulative investment amount of 770.72 billion yuan [1][2] - In December alone, 138 companies announced the use of idle funds for financial product purchases, totaling 15.61 billion yuan [1] Group 1: Company Actions - Dongpeng Beverage announced an investment of 1.252 billion yuan in financial products through six institutions, aiming to enhance fund efficiency and ensure safety [1] - Hisense Home Appliances reported a total investment of 1.76 billion yuan in financial products through its subsidiaries [2] - Wangfujing disclosed an investment of 850 million yuan in structured deposits and large-denomination certificates of deposit [2] Group 2: Investment Preferences - Companies primarily invest in structured deposits, large-denomination certificates of deposit, bank wealth management, and securities company products, focusing on low-risk and high-liquidity options [2] - Structured deposits are the most favored investment product among listed companies [2] Group 3: Analyst Recommendations - Analysts suggest that investors should rationally assess the nature and scale of the funds used by companies for financial management, particularly distinguishing between short-term idle funds and long-term investments [2]

Core Viewpoint - The Shandong Provincial Market Supervision Administration has released the results of the provincial quality supervision sampling inspection for household electric washing machines for 2025, indicating compliance and non-compliance issues among various manufacturers [3][5]. Group 1: Inspection Results - A total of 30 batches of household electric washing machines were sampled, with 5 batches from the production stage and 25 from the sales stage [3]. - The inspection was conducted based on multiple national standards related to safety, noise limits, energy efficiency, and other performance criteria [4]. - One batch from Heze Jinba Trading Co., Ltd. was found non-compliant due to issues with stability and mechanical hazards, with the manufacturer, Henan Xinfly Smart Home Technology Co., Ltd., contesting the results but ultimately failing the re-inspection [5]. Group 2: Compliance Standards - The inspection adhered to standards such as GB 4706.1—2005 for general safety requirements, GB 4706.24—2008 for specific requirements for washing machines, and GB 12021.4—2013 for energy efficiency and water efficiency limits [4]. - Key inspection criteria included protection against electric shock, input power and current, leakage current, noise levels, and washing performance metrics [4]. Group 3: Manufacturer Details - The non-compliant product was identified as a washing machine model produced by Henan Xinfly Smart Home Technology Co., Ltd., with the specific model being XPB110-1 [6]. - The inspection results also included a summary table of compliant products from various manufacturers, including Qingdao Haier and Hisense, indicating a range of models and compliance statuses [6][7].

Core Viewpoint - The ongoing debate over "aluminum replacing copper" in the air conditioning industry has intensified following comments from Gree Electric's chairman, Dong Mingzhu, emphasizing that aluminum has not yet reached the technical standards necessary to replace copper [1][7]. Group 1: Industry Standards and Developments - The China Refrigeration Society released a group standard for aluminum tube fin heat exchangers on December 11, 2023, with major manufacturers like Gree, Midea, Haier, Xiaomi, Hisense, TCL, and Aux participating in the standardization process [1][8]. - A new round of discussions on national standards for heat exchangers is expected to take place in January 2026 [1][8]. Group 2: Industry Disagreements - Several air conditioning companies, including Haier, Midea, and Xiaomi, have joined a self-regulatory agreement to promote aluminum heat exchangers while avoiding false claims and enhancing consumer trust [2][8]. - Gree has not joined this agreement, with Dong Mingzhu stating that the company will consider aluminum only when it can fully replace copper [2][9]. Group 3: Economic Factors - The debate over "aluminum replacing copper" has persisted for over a decade, often reignited by fluctuations in copper prices, which have recently reached historical highs, with LME copper prices exceeding $11,461 per ton [3][9]. - The copper-aluminum price ratio has remained between 2.5 and 4.5 since the supply-side reforms of 2017-2018, with the current ratio at 3.8 as of November 2025 [3][10]. Group 4: Technical Considerations - Concerns regarding aluminum's inferior thermal conductivity, strength, and corrosion resistance compared to copper have been raised, suggesting that using aluminum could negatively impact the lifespan and reliability of air conditioning units [3][6]. - The application of aluminum in refrigerators has progressed more rapidly, with aluminum accounting for nearly 90% of the cooling systems, while air conditioning remains more complex due to varying operational conditions [5][11]. Group 5: Policy Support - The Chinese government has elevated the "aluminum replacing copper" initiative to a policy level, with a plan issued in March 2025 to promote aluminum consumption in various sectors, including home appliances [4][10].

文丨《BUG》栏目 周文猛 近日，海尔、美的、小米、TCL等多家企业联合发声将遵守空调《空调铝强化应用研究工作组自律公 约》（下称"自律公约"），表态将全面认同并严格遵守公约各项条款，共同维护行业整体形象与竞争 力，为空调"铝代铜"技术突破与高质量发展注入动力。 值得注意的是，此次发声遵守"自律公约"的企业中，除了格力电器外，其他头部空调企业均悉数到场。 今年以来，格力电器先后多次表态"没有空调'铝代铜'计划"，在行业集体发声遵循"自律公约"并有序推 动"铝代铜"的背景下，格力的做法有些格格不入。 在与《BUG》栏目沟通中，格力最新回应称："目前没有'铝代铜'计划，铜材在导热性、耐腐蚀性和长 期可靠性方面具有优势，在没有100%把握之前，格力空调不会铝代铜"。 一方面，是整个空调行业对于"铝代铜"进展的热切观望，另一方面，却是头部厂商明确表态"没有把 握"。空调行业的"铝代铜"推进工作，道阻且长。 美的、海尔等共推"铝代铜"，格力却"缺席"了 近日举办的2025中国家电科技年会上，空调领域"铝代铜"创新应用及产业标准落地成为一大重点。大会 期间，由海尔、海信等企业参与的《房间空调器用铝管翅式热交换器生产线建设 ...

Core Viewpoint - Hisense Home Appliances is actively engaged in the development, manufacturing, and marketing of various home appliances and is focusing on smart home solutions centered around appliance intelligence upgrades [1] Group 1: Business Operations - The company primarily operates in the production of refrigerators, household air conditioners, central air conditioning, freezers, washing machines, kitchen appliances, and related products [1] - Hisense also provides comprehensive smart home solutions that emphasize the intelligent upgrade of home appliances [1] Group 2: Technological Development - The company is actively investing in the development of cutting-edge technologies such as power semiconductors [1] - Hisense aims to offer efficient and reliable semiconductor solutions to support the transition to green energy and low-carbon development [1]

1 特此公告。 股票代码：000921 股票简称：海信家电 公告编号：2025-069 海信家电集团股份有限公司 H 股公告-认购理财产品 海信家电集团股份有限公司董事会 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 2025 年 12 月 12 日 海信家电集团股份有限公司（「本公司」）于 2025 年 12 月 12 日在香港联合交易所 有限公司披露易网站（www.hkexnews.hk）刊登了公告。根据《深圳证券交易所股票上市 规则》关于境内外同步披露的要求，特将公告内容披露如下，供参阅。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 HISENSE HOME APPLIANCES GROUP CO., LTD. 海信家電集團股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：00921） 須予披露交易 認購理財產品 董事會宣佈，於 2025 年 5 月 8 日至 2025 ...

Core Viewpoint - Hisense Home Appliances (000921)(00921) announced a subscription agreement for wealth management products amounting to RMB 1.76 billion, utilizing idle funds for the investment [1] Group 1 - The company’s subsidiary air conditioning and refrigerator marketing companies are the subscribers to the wealth management agreement [1] - The subscription period for the wealth management products is from May 8, 2025, to December 12, 2025 [1] - The total subscription amount is RMB 1.76 billion, which reflects the company's strategy to leverage idle funds for investment opportunities [1]

Core Viewpoint - Hisense Home Appliances (00921.HK) announced a subscription agreement for financial products amounting to RMB 1.76 billion, to be executed between May 8, 2025, and December 12, 2025 [1] Group 1 - The company's subsidiary air conditioning and refrigerator marketing companies are the subscribing parties for the financial products [1] - The total subscription amount for the financial products is RMB 1.76 billion [1]

Core Viewpoint - Hisense Home Appliances (00921) announced a subscription agreement for financial products amounting to RMB 1.76 billion, utilizing idle funds for the investment [1] Group 1 - The company’s subsidiary, the air conditioning marketing company and refrigerator marketing company, will subscribe to Huaxia financial products [1] - The subscription period is set from May 8, 2025, to December 12, 2025 [1] - The total subscription amount is RMB 1.76 billion [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而産生或 因依賴該等內容而引致的任何損失承擔任何責任。 每份華夏理財協議本身並不構成本公司根據上市規則第 14.06 條須予披露的交易。然而，根 據上市規則第 14.22 條，當該等華夏理財協議下的認購金額合併計算時，相關適用百分比率 （定義見上市規則）超過 5%但低於 25%。因此，該等華夏理財協議下的交易按合併計算基 準構成本公司的須予披露交易，並須遵守上市規則下的申報及公告規定。 背景 本公司第十二屆董事會 2025 年第一次會議以及 2024 年股東周年大會已分別於 2025 年 3 月 28 日以及 2025 年 6 月 25 日審議批准了本公司《關於以自有閒置資金進行委託理財的議案》， 同意本公司在控制投資風險的前提下，以提高資金使用效率、增加現金資產收益為原則，使 用自有閒置資金合計不超過人民幣 230 億元委託商業銀行、信託公司、證券公司、基金公司、 保險公司、資產管理公司等金融機構進行短期中低風險投資理財。 茲提述該等華夏理財協議，關於本公 ...