TCL科技加快高世代产线公司少数股权收购，上市公司归母净利润将进一步增厚。 12月15日，TCL科技（000100）发布公告，控股子公司TCL华星光电技术有限公司（简称"TCL华星"）拟以现金60.45亿元购买深圳市重大产业发展一期基 金有限公司持有的深圳市华星光电半导体显示技术有限公司（简称"深圳华星半导体"）10.7656%的股权。交易完成后，公司合计控制深圳华星半导体的股 权比例将由84.2105%提高至94.9761%，预计公司盈利水平将得到有效提升。 根据公告，深圳华星半导体聚焦半导体显示业务，旗下拥有两条全球最高世代G11显示面板生产线，即TCL华星t6、t7工厂，主要从事大尺寸TFT-LCD显 示器件的生产、加工与销售，主要产品为大尺寸TFT-LCD显示器件，并根据客户需求提供定制化生产服务，产品主要应用于电视机、商显等领域。本次 对深圳华星半导体少数股权的收购，将有利于TCL科技进一步强化主业，提升其在半导体显示行业的核心竞争力。 资产质量方面，公告披露，截至2024年12月31日，深圳华星半导体总资产680.40亿元，净资产448.50亿元；2024年实现营业收入241.58亿元，净利润28 ...

家电以旧换新超 12844 万台； 手机等数码产品购新补贴超 9015 万件； 电动自行车以旧换新超 1291 万辆； 家装厨卫"焕新"超 1.2 亿件。 我国在 2024 年发行了 1500 亿元超长期特别国债资金用于消费品以旧换新，2025 年发行 3000 亿元超长 期特别国债资金用于消费品以旧换新，"国补"额度较 2024 年增长一倍。 2025 年"国补"领域在 2024 年基础上扩围，比如新增了手机、平板、智能手表手环等 3 类数码产品和微 波炉、净水器、洗碗机、电饭煲等 4 类家电产品等。 IT之家从商务部官网数据获悉，今年 1—11 月，消费品以旧换新带动相关商品销售额超 2.5 万亿元，惠 及超 3.6 亿人次。其中： 汽车以旧换新超 1120 万辆； 据新华社报道，中央经济工作会议 12 月 10 日至 11 日在北京举行，会议确定，明年经济工作抓好多项 重点任务，其中提到"优化'两新'政策实施"。 据第一财经日报消息，"两新"政策是指大规模设备更新和消费品以旧换新政策，其中与老百姓利益直接 相关的消费品以旧换新政策又备受关注，被称为"国补"。 来源：IT之家 ...

此次会议提出优化"两新"政策实施，表明2026年将继续推进该政策，同时将在执行细节上进行调整和完 善，以提升政策效能。 2025-12-12 01:42:35 作者：狼叫兽 为刺激消费增长，2024年已安排1500亿元超长期特别国债资金支持消费品以旧换新，即启动"国补"计 划。由于成效显著，2025年投入额度提升至3000亿元，较上年翻倍，进一步扩大政策覆盖范围。 2025年12月11日至12日，中央经济工作会议在北京召开，会议对2026年经济工作作出部署。在强调坚持 内需主导、建设强大国内市场的过程中，明确提出将优化"两新"政策的实施方式。 "两新"政策指的是大规模设备更新和消费品以旧换新。其中，与民众生活密切相关的消费品以旧换新政 策因涉及面广、惠民性强，受到广泛关注，并被通俗称为"国补"。 政策内容也在持续拓展。2025年新增手机、平板电脑、智能手表及手环三类数码产品，同时纳入微波 炉、净水器、洗碗机和电饭煲四类家用电器，使补贴品类更加丰富，贴近居民日常生活需求。 根据商务部发布的统计数据，2025年1月至11月期间，消费品以旧换新行动带动相关商品销售额超过2.5 万亿元，惠及人数逾3.6亿人次。具体来 ...

Group 1 - The core viewpoint of the news is the continuation and optimization of the "National Subsidy" policy in 2026, which aims to boost domestic demand and support consumer spending [2][3] - The "National Subsidy" policy will be optimized in 2026, with specific adjustments to be made, indicating a sustained government effort to stimulate consumption [2] - The funding for the "National Subsidy" program is set to increase from 150 billion yuan in 2024 to 300 billion yuan in 2025, which is expected to drive consumption by over 2.5 trillion yuan and benefit 360 million people [3] Group 2 - In November 2025, China's automotive industry saw production exceed 3.5 million vehicles and exports surpass 700,000 units, both reaching historical highs, with new energy vehicle sales accounting for over 50% for the second consecutive month [5] - The continuation of the "National Subsidy" policy is expected to positively impact the automotive market, particularly for new energy vehicles, as consumers may benefit from subsidies and tax incentives [5]

点击免费限量礼盒 此前，浙江 省经信厅、省财政厅于11月7日发布了《关于组织实施2 0 2 6年度生产制造方式转型（工业领域设备更新） 示范项目计划的通知》（后文简称"《通知》"）。 《通知》中明确2 0 2 6年工业领域设备更新重点支持领域：信息技术产业领域、 装备工业领域、 材料工业领域、 医药 和医疗器械领域、 消费品工业领域。其中装备工业领域中涵盖了 仪器仪表 、 先进环保装备 等。 在这些重点领域中，重点支持的更新内容为： 企业淘汰落后低效设备、超期服役老旧设备，更新应用先进高效设备和 试验检验设备 ，加快工艺流程、 生产设备绿色化 、 智能化改造 。并且重点提升工业设计中心、 计量和检验检测中 心 、 认证中心 、共性技术平台、中试验证基地专业化、高端化、综合性生产服务能力。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 12 月 10 日 至 11 日 ， 中 央 经 济 工 作 会 议 在 北 京 举 行 。 此 次 会 议 部 署 2026 年 经 济 工 作 ， 其 中 在 部 署 明 年 " 坚 持 内 需 主 导， ...

12月10日至11日举行的中央经济工作会议确定明年坚持内需主导，优化"两新"（大规模设备更新、消费 品以旧换新）政策实施。"可以明确的是明年肯定还有国补。"一位家电业资深人士11日晚向第一财经记 者表示，但国家补贴如何优化尚不清楚。 在接受记者采访时，有家电经销商表示，期待明年的国家补 贴政策落地时，能够进一步优化资金兑付流程，减轻线下经销商的垫资压力。 有一位空调零售商提 到，今年国补出现过黄牛党利用科技手段抢券、转手卖给网店谋利的情况。希望国补实施加强发券管 理，杜绝黄牛党的恶意抢券转让，消费者必须是本人领券、本人购买。 还有县级零售商表示，建议政 策实施平稳、连贯，让线上线下渠道公平竞争。一位家电企业相关人士也对记者表示，希望政策持续激 活线下经济活力。 （第一财经） ...

大规模设备更新在推动产业转型升级方面也发挥了重要作用。根据国家税务总局公布的税收数据，前三季度，信息、科技行业设备 更新投入力度加大，企业数字化设备更新动力较足，民营企业设备更新支撑作用凸显，政策红利正在有效转化为产业转型升级的新 动力。 2024年，"两新"(大规模设备更新和消费品以旧换新)政策实施成效明显，有力激发了全年经济增长动能。当年中央经济工作会议强 调，加力扩围实施"两新"政策。一年来，政策在更深层次、更广领域持续释放红利，成为提振消费需求、促进转型升级的关键引 擎。 今年，用于加力扩围实施"两新"政策的超长期特别国债资金规模大幅增加。5000亿元资金中，3000亿元用于支持消费品以旧换新， 比上年增加1500亿元；2000亿元用于支持设备更新，比上年增加500亿元。 同时，政策支持范围也有所扩大，设备更新扩大至电子信息、安全生产、设施农业等领域；以旧换新对个人消费者购买手机、平 板、智能手表手环等3类数码产品给予补贴。不仅如此，政策还进一步提高农业机械报废更新、新能源城市公交车及动力电池更新 等补贴标准，加大家装消费品换新的支持力度。在机制方面，设备更新审批流程进一步简化，消费品以旧换新的资金分 ...

Core Insights - The Chinese construction machinery industry is experiencing a strong recovery, attracting global capital interest, with excavator sales expected to grow by 17% year-on-year from January to October 2025 [1] - The issuance of the engineering machinery ETF by the fund is set to provide investors with a convenient tool to capitalize on the current recovery in the industry, with fundraising ending on December 5, 2025 [1][5] Policy Support - The recovery of the construction machinery industry is driven by a combination of policies, market demand, and internal industry cycles, with strong policy support acting as a "booster" [2] - The State Council's large-scale equipment renewal initiative is identified as the core policy engine driving domestic demand, with over 60% of the excavator stock renewal demand expected in 2025 [2] - The issuance of special government bonds worth trillions this year is directing funds towards infrastructure projects, thereby boosting new equipment procurement [2] Market Demand - The market demand is characterized by a clear "internal stability and external growth" pattern, with domestic sales of non-excavator equipment showing significant growth [2] - In the overseas market, exports have become the main growth engine, with China's construction machinery export value reaching $48.57 billion from January to October 2025, a year-on-year increase of 12% [2] Financial Performance - The recovery in industry prosperity is reflected in improved corporate profitability, with the construction machinery sector achieving a net profit of 20.999 billion yuan in the first half of 2025, a year-on-year growth rate of 21.59% [3] - Revenue for the same period was 205.565 billion yuan, up 7.52%, indicating that profit growth is outpacing revenue growth, confirming the effectiveness of the industry recovery [3] Market Concentration - The construction machinery industry exhibits a high market concentration, with leading companies gaining significant advantages, making it crucial to focus on these leaders for investment opportunities [4] - The CSI Construction Machinery Theme Index is designed to reflect this industry characteristic, with the top ten constituent stocks accounting for over 70% of the index weight, and the top four stocks representing over 51% [4] Investment Opportunities - The engineering machinery ETF closely tracks the CSI Construction Machinery Theme Index, providing a transparent tool for investors to capitalize on the recovery of leading companies in the industry [5] - Investors are encouraged to pay attention to the ETF, especially those optimistic about the core competitiveness of Chinese manufacturing and the cyclical recovery logic [5]

Core Insights - The automotive industry in mainland China is experiencing a significant divergence in sales performance as major car manufacturers report their November sales figures, with the impact of the "two new" policies fading and sales growth slowing down or even declining [1][2][3] Group 1: Sales Performance - Geely Automobile reported November sales of 310,000 units, a year-on-year increase of 24% and a month-on-month increase of 1%, with a cumulative total of 2.79 million units for the first eleven months, representing a 42% year-on-year increase [1] - Leap Motor achieved over 70,000 units in November, maintaining a year-on-year growth of 75%, with a cumulative delivery of 536,000 units for the first eleven months, up 113% year-on-year [2] - Xiaomi Automobile delivered over 40,000 units in November, maintaining this level for three consecutive months, and is expected to exceed its annual target of 350,000 units by the third week of December [3] Group 2: New Energy Vehicles - Geely's new energy vehicle sales reached 188,000 units in November, a year-on-year increase of 53%, with a penetration rate exceeding 60% [1] - Leap Motor's B and C series vehicles are seeing increased deliveries, with the A10 model recently unveiled at the Guangzhou International Auto Show [2] - The "Five Realms" product matrix of Chery Automobile has been completed, indicating strong future performance potential [2] Group 3: Competitive Landscape - Ideal Auto's November deliveries were 33,000 units, a year-on-year decrease of 32%, with cumulative deliveries for the first eleven months at 362,000 units, down 18% year-on-year [3] - NIO's November sales were 36,000 units, a year-on-year increase of 76%, but cumulative deliveries for the first eleven months were only 278,000 units, indicating challenges in meeting year-end targets [3] - The overall industry is facing a challenging environment with regulatory pressures and the withdrawal of subsidies, limiting the potential for significant changes in market structure in December [3]

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [2][29]. Core Views - The construction machinery sector is experiencing a recovery in October, with continued growth in excavator and loader sales. The demand growth logic is clear, supported by favorable domestic construction activity. The "14th Five-Year Plan" emphasizes expanding domestic demand and effective investment, which is expected to boost the industry further as key projects are implemented and equipment renewal policies deepen [2][29]. - The overseas market is also showing promise, with major regions maintaining high levels of construction activity. Recent tariff disruptions have weakened, and leading domestic machinery companies are accelerating their overseas market expansion. Chinese construction machinery products are competitive in terms of technology maturity and cost-effectiveness, making international market development a key focus for the industry [2][29]. Industry News - In October, China's construction machinery import and export trade amounted to USD 4.844 billion, a year-on-year increase of 0.07%. The export value was USD 4.668 billion, up 1.29% year-on-year, while imports decreased by 24.2% to USD 176 million [10][11]. - The average operating rate of construction machinery in October was 45.56%, a month-on-month increase of 1.4%, with significant growth in the operating rates of lifting equipment [11][10]. - The rental rate index for aerial work platforms in October was 660 points, showing a slight month-on-month decline but a year-on-year increase of 4.6% [10][11]. Company Announcements - China Railway Signal & Communication Corp won ten significant projects from September to October, with a total bid amount of approximately RMB 2.539 billion, which is about 7.82% of the company's audited revenue for 2024 [19][20]. - Jin Di Precision Machinery and Dong Pei Industrial signed a strategic cooperation letter of intent to explore collaboration in humanoid robot components [21]. Market Review - From November 19 to November 25, the CSI 300 index fell by 1.70%, while the machinery equipment sector declined by 2.31%, underperforming the CSI 300 by 0.60 percentage points [22][23]. - As of November 25, the price-to-earnings ratio (TTM) for the machinery equipment sector was 30.33 times, with a valuation premium of 131.21% compared to the CSI 300 [23].