FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 海爾智家股份有限公司 呈交日期： 2026年1月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | A 股份類別 | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600690 | 說明 | 每股面值人民幣1元之普通股(A股) (於上海證券交易所上市) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存 ...

Investment Rating - The report maintains a recommendation for the home appliance industry, specifically for white goods, black goods, and two-wheeled vehicles [1]. Core Insights - The proportion of actively managed equity funds holding home appliance stocks has slightly increased, with a Q4 holding ratio of 3.14%, up by 0.04 percentage points from the previous quarter. The over-allocation ratio for home appliances is 0.74%, an increase of 0.15 percentage points [10][9]. - The report anticipates that the continuation of national subsidy policies in 2026 will support domestic sales, while leading home appliance companies are expected to accelerate penetration into emerging markets such as Europe, the Middle East, and Latin America, leading to steady growth in export revenues [10][9]. - The white goods sector has seen an increase in fund holdings, with a Q4 market value accounting for 1.58% of total fund holdings, up by 0.23 percentage points. The number of funds holding white goods stocks has increased by 79 [18][17]. - The report suggests that leading companies in the white goods sector, such as Midea Group, Gree Electric, and Haier Smart Home, are expected to benefit from stable performance and high dividend yields, making them attractive investment options [63][64][65]. Summary by Sections Home Appliance Sector - The report indicates a slight recovery in the proportion of actively managed equity funds holding home appliance stocks, with a Q4 holding ratio of 3.14% and an over-allocation ratio of 0.74% [10][9]. - The white goods sector has seen a recovery in fund holdings, with a market value of 1.58% of total fund holdings, and an increase in the number of funds holding these stocks [18][17]. - The black goods sector has also experienced a slight increase in fund holdings, with a market value of 0.22%, up by 0.03 percentage points [28][29]. - The two-wheeled vehicle sector has seen an increase in fund holdings, with a market value of 0.74%, up by 0.08 percentage points [32][35]. Investment Recommendations - For white goods, the report recommends Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances due to their strong performance and high dividend yields [63]. - In the black goods sector, companies like Hisense Visual and TCL Technology are highlighted for their technological leadership in the MiniLED field [63]. - For two-wheeled vehicles, the report suggests focusing on Ninebot, Aima Technology, and Yadea Holdings, as market demand is expected to concentrate on leading companies [63]. - In the kitchen small appliances sector, companies like Supor, Bear Electric, and Beiding Co. are recommended for their growth potential through brand expansion [63]. - The report also highlights electric tools companies such as Techtronic Industries and Greebo for their expected order growth due to rising market demand [63].

在"无酒不成席"的传统年俗中，白酒承载着情感交流与社交礼仪的双重功能。名酒专区作为本届四川年 货节的"流量担当"，以"四川名酒市集暨2026四川名酒新春消费月活动"为核心，集结了近百种全国名优 白酒，构建起一个全价格带、全场景覆盖的"美酒矩阵"。 "川酒作为'川字号'的金字招牌，不仅是传统优势产业的重要支柱，更是承载彰显蜀地悠长历史文化魅 力的重要载体。"四川省酒业协会副会长张建平表示，希望年货节为酒企和消费者搭建桥梁，激活当下 的酒类消费市场，并让川酒的好品质、好口碑走进千家万户。 本届四川年货节最显著的变化，在于打破了"卖场"的物理边界，构建了一个集购物、娱乐、社交于一体 的复合型消费场景。展期内，"中国藏绵羊之都·第三届若尔盖美食汇"与"天府旅游美食汇"交相辉映， 将高原风味与街头小吃搬进场馆；川剧变脸、舞龙舞狮与写春联、转糖画混搭，让传统民俗表演与体验 碰撞出火花。这种"展+演+娱"的一体化模式，正是应对当前"体验式经济"的生动实践；对于消费者而 言，逛年货市场不只是"买东西"，也是一场关于"好玩"和"出片"的互动体验。(完) （文章来源：中国新闻网） 中新网成都1月30日电 作为第二届"天府精品"迎 ...

凭借优秀的ESG实践，海尔智家获得了外界的广泛认可。在机构ESG评级中，海尔智家的MSCI、路孚 特、华证指数评级均为国内行业最高；在媒体ESG奖项中，海尔智家在《财富》中国ESG影响力榜、央 视中国ESG上市公司先锋100等榜单上均为行业榜首。 1月30日，由联合国全球领导力与ESG发展中心主办的"ESG产业赋能全球青年可持续发展使命圆桌会 议"在北京举行。会上，海尔智家与联合国全球领导力与ESG发展中心签署战略合作协议，成为首批加 入"跨国公司ESG全球青年可持续职业成长计划"的企业之一。同时，海尔智家副总裁、首席可持续发展 官黄晓武被授予"联合国青年可持续职业发展计划"高级导师。 海尔智家之所以能成为首批战略合作伙伴，离不开其在ESG领域的持续深耕。尤其是在绿色发展上，海 尔智家建立了全球碳管理体系，成为国内行业头部企业中首个"承诺不晚于2050年实现全球运营碳中 和"的企业，这为青年可持续人才的培养提供了实践基础。 据了解，该计划致力于落实联合国"2030青年发展议程"，借助联合国全球资源与影响力，跨国公司全球 发展资源网络及践行社会责任能力，共同致力于为大学生或青年提供全球实习机会与职业训练的能力建 ...

Core Viewpoint - The announcement of the 2023-2024 National Excellent Entrepreneur selection results highlights the recognition of Li Ya, Chairman of Licheng China, for his outstanding achievements in capital services and his role as a benchmark in the industry [1][2]. Group 1: Selection and Recognition - The selection was organized by the China Enterprise Confederation and is considered one of the most authoritative honors for entrepreneurs in China, focusing on patriotism, innovation, integrity, social responsibility, and global vision [2]. - A total of 165 entrepreneurs were selected, including prominent figures such as Li Huagang from Haier and Li Liangbin from Ganfeng Lithium, showcasing industry leaders [2]. - Li Ya's inclusion in the list is a recognition of his over 20 years of expertise in the industry and Licheng China's leading role in capital market services [2]. Group 2: Professional Empowerment - Since taking the helm at Licheng China, Li Ya has maintained a commitment to ensuring safer financial and tax practices and smoother capital pathways for enterprises, focusing on three core areas: listing guidance, tax consulting, and mergers and acquisitions [3]. - Licheng China has developed a comprehensive capital service system covering the entire lifecycle of enterprises, assisting thousands of companies in achieving standardized development, with nearly 100 successfully listed on domestic and international markets [3]. - The company has established standardized service processes for overseas listings, ensuring compliance and reducing operational costs, with its "accompaniment-style guidance" approach receiving widespread acclaim [3]. Group 3: Innovation in Service Models - Li Ya has driven three major innovations at Licheng China in response to the digital economy and capital market reforms: 1. Technological innovation through the development of an intelligent tax management system and a digital platform for listing guidance, reducing the listing preparation time by an average of 50% [4]. 2. Model innovation by creating an integrated "consulting + capital" service model that addresses client issues while leveraging capital resources for precise empowerment [4]. 3. Ecological innovation by forming an industry alliance with accounting firms, law firms, and securities companies to enhance service efficiency and depth [4]. - Licheng China has been recognized as one of the top 50 management consulting firms in China for 14 consecutive years and has a service network covering over 20 provinces [4]. Group 4: Corporate Responsibility - Li Ya emphasizes integrity and legality as the lifeline of business operations, leading Licheng China to establish a robust compliance management system with no violations recorded [5]. - The company actively engages in social responsibility initiatives, conducting over 500 public welfare lectures benefiting thousands of entrepreneurs and enhancing compliance and capital operation capabilities for SMEs [5]. - Internally, Licheng China adopts a people-oriented management philosophy, maintaining employee satisfaction above 90% and implementing measures to protect employee rights during challenging times, such as the pandemic [5]. Group 5: Future Outlook - Li Ya views the award as not only personal recognition but also encouragement for the entire capital services industry, emphasizing the need for high-quality development in the context of China's dual circulation economic strategy [7]. - Licheng China aims to deepen its domestic listing guidance services while expanding its cross-border capital service capabilities to connect more Chinese enterprises with global capital markets [7]. - The company is positioned to play a significant role in supporting China's economic transformation and sustainable development through its leadership in the capital services sector [7].

Group 1 - The HR involved in the incident with programmer Gao Guanghui has left the company following backlash from comments made during discussions with the family regarding compensation [1][2] - The HR's controversial statement suggested that dying at work would not be regrettable, which sparked significant online debate [1][2] - Gao Guanghui's wife emphasized in a recorded conversation that her husband was overwhelmed by work responsibilities, not by life burdens, indicating a disconnect between work expectations and personal well-being [2] Group 2 - The Human Resources and Social Security Bureau of Huangpu District, Guangzhou, is conducting an investigation into the Gao Guanghui case, with a 60-day timeline for the inquiry [3] - In response to issues like the "996" work culture and excessive overtime, various large companies, including DJI, Haier, and Midea, have implemented measures to combat "involution" and unnecessary overtime [3]

当前时点如何看消费顺周期？20260129 摘要 房地产市场：预计 2027 年接近底部，短期一线城市二手房成交量回升， 价格跌幅收窄，政策稳定预期，显示边际向好信号。关注未来超常规政 策如房贷结构性工具、公积金降息及城市更新货币化安置。 货币政策与流动性：央行维持低利率，定期存款到期或转向理财及权益 市场，活期存款增加，资金更易流入资本市场。地产板块持仓比例仅 0.4%，刷新历史新低，估值修复迅速。 财政政策与消费：财政支出倾斜社保民生等领域，多地发放消费券支撑 春节消费，1 月政府债同比多增，表明财政前置发力。2026 年一季度经 济量价预计整体提升。 通胀预期：春节临近及季节性因素致蔬菜、水果、白酒价格上涨，国际 金属价格上行推动 PPI 向 CPI 传导，预计 2026 年 CPI 中枢高于去年。 白酒板块持仓降至新低，有望迎来反弹。 消费品市场：大众品复苏节奏超前于白酒，连锁业态维持高景气，规模 效应提升利润率。调味品板块库存消化完毕，进入发货周期，餐饮供应 链复苏，经销商备货积极。 Q&A 当前如何看待消费顺周期的表现？ 当前消费顺周期的表现主要受到几个因素的影响。首先，从地产层面来看，我 们总结 ...

Summary of Key Points from Conference Call Records Industry Overview - **General Economic Outlook**: The Chinese economy shows signs of stabilization, with nominal GDP growth expected to enhance corporate profits. Supply contraction outpacing demand may improve industry prices and corporate earnings, highlighting opportunities in cyclical industries [1][2][3]. Real Estate Sector - **Investment Value**: The real estate sector is deemed to have high investment value, with significant growth in second-hand housing transaction volumes and a narrowing decline in listing prices. Major cities like Beijing and Shanghai have seen listing volumes drop by over 15% [1][3]. - **Policy Catalysts**: Continuous policy support for real estate investment trusts (REITs) and other measures are expected to catalyze the market. The valuation of real estate stocks is considered to have a sufficient margin of safety, with many leading companies trading at a price-to-book (PB) ratio significantly below 1 [1][3][11]. - **Market Dynamics**: The short-term data indicates positive changes in the real estate market, with a notable decrease in listings for older urban properties, as owners prefer renting or waiting for redevelopment rather than selling at lower prices [4][5]. Travel and Transportation Sector - **Positive Outlook**: The travel industry is expected to benefit from government policies promoting tourism, with signs of recovery in duty-free and hotel sectors. The airline industry anticipates strong growth in passenger traffic, with ticket prices expected to be higher than last year [1][8][9]. - **Airline Performance**: During the 2026 Spring Festival travel period, the airline industry is projected to see a 5-6% increase in passenger traffic, with improved ticket pricing compared to 2025. The industry is entering a positive development phase, with a supply growth rate of about 4% and demand growth of approximately 5.5% [9]. Home Appliance Sector - **Investment Opportunities**: The home appliance sector is currently undervalued, presenting good investment opportunities across various segments, including kitchen appliances and white goods. Leading companies are expected to maintain stable performance and high dividend payouts [1][10][11]. Coal Industry - **Market Conditions**: The coal industry is experiencing a marginal improvement in supply-demand dynamics, with a stable price recovery expected. Supply constraints are anticipated to reduce domestic coal supply by 70 million to 100 million tons in 2026, while demand remains resilient [2][19][20]. Chemical Industry - **Future Trends**: The chemical industry is gaining attention due to increased market liquidity and expectations of positive producer price index (PPI) trends. Supply-side constraints and improved demand from global markets are expected to drive price increases [17][18]. Consumer Healthcare Sector - **Recovery Signs**: The consumer healthcare sector is showing early signs of stabilization, particularly in ophthalmology and dental services. Key players in these segments are expected to benefit from a recovering market environment [16]. Food and Beverage Sector - **Market Performance**: The food and beverage sector has seen significant price increases, particularly for premium brands like Moutai. However, potential risks include the release of pent-up supply post-holiday, which could impact prices [21][22]. Construction and Building Materials - **Market Changes**: The construction materials sector is adapting to a shift in demand from new housing to renovations of existing properties. Recent data indicates a recovery in demand for glass and other materials, with expectations of price stabilization and potential increases [24][25]. Conclusion - **Investment Strategy**: Overall, the cyclical industries, particularly real estate, travel, and home appliances, present promising investment opportunities. The focus should be on companies with strong fundamentals and favorable market conditions as the economy stabilizes [1][3][8][11].

Summary of Conference Call for Haier Smart Home Company Overview - **Company**: Haier Smart Home - **Industry**: Home Appliances Key Points 1. Recent Performance - Haier reported a small single-digit growth globally in December and Q4, with domestic performance being weaker and overseas performance slightly better [2][3] - The company is focusing on efficiency and user experience improvements for 2025 [2] 2. Product and Market Strategy - Emphasis on enhancing product strength, digital inventory, and marketing transformation [3] - The operational efficiency is described as stable, with a focus on brand upgrading and market strength [3] 3. Air Conditioning Segment - For 2026, the internal target for air conditioning revenue is set for double-digit growth, with a strong performance in installation services showing over 30% growth in 2025 [4][7] - The company plans to manage raw material cost increases through hedging and operational efficiencies [5][6] 4. Casarte Brand Performance - Casarte is expected to achieve double-digit growth in 2025, with high internal targets for 2026 [7][9] - The brand is focusing on product upgrades and expanding its urban experience centers to enhance channel effectiveness [8] 5. Domestic Market Dynamics - The company will not engage in price wars but will focus on enhancing its competitive strength [10][11] - The domestic market is facing pressure, with a noted decline in the industry [11] 6. North American Market Outlook - The North American market is expected to perform better than the industry average in 2026, with ongoing adjustments to supply chains to mitigate tariff impacts [11][12] - Profitability in North America is projected to improve compared to 2025 [13] 7. European Market Expectations - Positive feedback from internal assessments suggests improved efficiency and product pricing in Europe for 2026 [14][15] 8. Emerging Markets Growth - Emerging markets, particularly in Southeast Asia, are expected to maintain over 20% growth in 2025, with a target of triple-digit growth for 2026 [16][17] - The company is enhancing local management capabilities and product support in these regions [17][18] 9. Cost Reduction Initiatives - Digital transformation and supply chain cost reductions are ongoing, with expectations for continued improvements in profit margins [19][20] 10. Capital Expenditure Plans - Capital expenditure for 2026 is expected to be slightly higher than in 2025, with a focus on overseas supply chain development [22] 11. Dividend Policy - The company aims for a stable increase in dividends, targeting over 50% for the upcoming year [23] 12. 2026 Financial Guidance - Revenue growth is projected to be in the mid-single digits, with profit growth expected to be in the high single digits to low double digits [25] 13. Overall Company Outlook - Haier Smart Home is characterized as a stable and responsible leader in the home appliance sector, with a favorable valuation compared to historical levels [27] Additional Notes - The conference highlighted the company's commitment to maintaining growth and efficiency while navigating market challenges and opportunities [26][28]

Core Viewpoint - Artificial intelligence is reshaping the manufacturing landscape, with AI digital factories becoming a key driver of quality and efficiency transformation in enterprises [1] Group 1: AI Digital Factory Recognition - Haier Smart Home's Qingdao Central Air Conditioning Connected Factory was recognized in the IDC report as a leader in AI digital factory implementation, marking it as the first home appliance company to gain global recognition for large-scale AI agent technology application [1][3] - The IDC evaluation focused on AI digital factory projects that had been operational for at least three months and demonstrated value, highlighting the rigorous requirements for AI technology implementation [3] Group 2: AI Technology Integration - The Qingdao factory integrates AI technology throughout the manufacturing process, addressing issues such as independent system operations, inconsistent data standards, and low production line efficiency [3] - The factory employs AI models and digital twin technology to create AI agents suitable for various processes, enhancing production efficiency and product quality while promoting a sustainable manufacturing ecosystem [3][5] Group 3: Production Efficiency Improvements - The factory has achieved significant production optimization, reducing order changeover time from 30 minutes to 5 minutes and compressing order response cycles to 7 days [6] - The deployment of a 3D vision and collaborative robot system in the assembly workshop has led to a 60% automation rate in the outdoor unit workshop and a 30% increase in per capita efficiency [6] Group 4: Future Directions - Haier Smart Home aims to deepen the integration of AI in smart manufacturing, continuously improving its smart manufacturing system to drive high-quality industry development and enhance user experience [6]