Core Viewpoint - The market is expected to gradually refocus on the consumer sector due to the recovery of high-end consumption and certain mass-market products, along with the implementation of national subsidy policies and funding demands for "high-cut low" strategies [1] Group 1: Market Trends - High-end consumption, including luxury goods and gambling, shows improvement in demand, while some mass consumer goods like beer and dairy products are experiencing governance and structural enhancements [3] - The long-term policy encouragement and low interest rate environment are expected to boost equity allocation dynamics, particularly in high-dividend, stable performance stocks with valuation advantages [1][2] Group 2: Investment Opportunities - Companies with strong global competitive power, particularly in the white goods sector, are enhancing their operational models and supply chains, which is expected to positively impact overall performance [2] - The selected consumer sector stocks have an average dividend yield of over 5% and a projected PE ratio of 13X for 2026, indicating potential for long-term investment [4]

Investment Rating - The industry investment rating is "Overweight" [5][9] Core Insights - The report highlights Midea's acquisition of Carestream Health's global business, which is expected to create synergies with Midea's existing medical business in terms of channels and equipment resources [5][6] - The consumer robotics sector is advancing towards embodied intelligence, with a notable decline in domestic supply chain substitution expected [2][4] - The report emphasizes the performance of major brands in the vacuum cleaner market, noting a significant sales decline for some brands while others, like Roborock, have shown growth [2][3] Summary by Sections White Goods - Midea's acquisition of Carestream Medical's global business is expected to enhance its existing medical operations through effective resource synergy [5][6] Consumer Robotics - December sales data shows a year-on-year decline of 29% for the overall market, with leading brands like Ecovacs and Roborock experiencing varying sales changes [2] - New product launches at CES include Roborock's G-Rover, which is the world's first stair-climbing vacuum robot, and Ecovacs' T90 pro omni, which features upgraded roller lengths and new pre-spray functions [3] Laser Technology in Robotics - Hesai Technology announced that it will lead the market in 3D LiDAR shipments for lawn mowing robots by 2025, showcasing its new models at CES 2026 [4] - The integration of digital all-solid-state LiDAR in new lawn mowing robots was highlighted by Ninebot and other companies [4] Investment Recommendations - The report recommends focusing on white goods, particularly Haier, Midea, and Gree, due to their strong market positions and potential benefits from the current economic environment [7] - It also suggests selecting consumer technology stocks like Ecovacs and others, while keeping an eye on companies like TCL Electronics for overseas growth opportunities [7]

Group 1: Industry Overview - The home appliance and light industry in 2026 should focus on four investment themes: domestic demand supported by old-for-new policies, supply-side improvements in the power bank industry, and the rise of niche consumer products in service consumption [1] - The white goods sector is expected to benefit from the old-for-new policy, with a significant increase in consumer spending projected [44] - The overall performance of the light industry outperformed the CSI 300 index, with a cumulative increase of 24.68% from January to December 2025 [12][15] Group 2: Key Companies - Midea Group is developing a second growth curve through its B-end business, particularly in data center liquid cooling, which shows significant potential [2] - Haier Smart Home is enhancing its operational system through a data-driven approach, improving competitiveness across product, cost, and supply chain [2] - TCL Electronics and other companies in the black goods sector have shown strong performance, benefiting from the old-for-new subsidy policy [21] Group 3: Market Trends - The power bank industry is expected to see improved market conditions due to new regulations, which will raise industry standards and potentially eliminate many low-quality brands [2] - The "Guzi economy" is tapping into emotional consumption needs, with domestic IP supply increasing and consumer spending on IP expected to grow significantly [3] - The folding bicycle market is transitioning from niche to mainstream, with significant growth potential driven by urban mobility needs [3] Group 4: Export and New Markets - The export chain is gradually recovering from tariff disruptions, with a focus on companies that have strong overseas production capabilities to mitigate tariff risks [3] - New product categories, such as pool cleaning robots, have substantial growth potential, with Chinese companies expected to increase their market share [3] - Emerging markets in Africa and Latin America present new opportunities for multinational hygiene product companies [3]

美的集团B端业务打造第二增长曲线，其中数据中心液冷业务开拓潜力较大。目前其市盈率相对较低， 该行认为估值尚未充分反映B端业务价值。海尔智家当前以"数据驱动智能决策-闭环优化"为核心打造全 新运营体系，在产品、成本和供应链端都实现竞争力的有效提升。海信系C端协同效率仍有较大提升空 间，B端需要高效资源整合，或有望以资本运作为抓手，探索"中间路径"。充电宝行业有望迎来新规带 动格局改善。《移动电源安全技术规范》计划于2026年一季度正式发布。该行认为认证过程趋严提升行 业门槛，大量白牌有望出清，目前行业集中度&高端化仍有很大空间。绿联科技&安克创新有望受益。 智通财经APP获悉，国盛证券发布研报称，2026年年家电轻工行业应重点把握四条投资主线：内需端1) 需求侧有以旧换新政策托底的白电行业有望依托股息率具有较好的配置价值，供给侧充电宝行业有望迎 来新规带动格局改善、国产五金市占率提升正当时;2)服务消费正当其时，人、货、场重构对应消费降 级中的利基消费品——潮玩、折叠自行车、3D打印。外需端1)传统品类走出关税干扰恢复趋势明确， 关注具有海外生产能力+强渠道产品力标的;2)新的品类和新的市场开拓带来的机遇。 国 ...

假期国际机票预订已经处于尾声，而国内机票的预订还在高峰期。在飞行目的地的选择上，国内市场呈现出南北游客"双向奔赴"的特点。今年元旦假期民航 市场热度较往年明显上升。多家航空公司在热门冰雪游航线上增投了运力，目前机票销售进度已超其他航线。深圳工作的人去北方旅游，东北地区的游客也 流行来深圳旅游。"深圳机场往返东北客流量，最近已同比增长了4.3%。" A股市场已步入到春节前的"春躁行情"，一边是人工智能（AI）、人形机器人、商业航天等主题和概念持续催化，另一边则是年末资金调仓带来的现实压 力。近期"纠结"的盘面，考验着每一位市场参与者的神经。在科技股的中长期投资逻辑方面，私募机构间几乎没有分歧。然而，当视角切换到年末这一特定 时点，机构间的分歧便清晰地显现出来。近期市场已经历了调整，当前正进入"夯实底部、蓄势待发"的阶段。在他们看来，叠加海外流动性预期改善与国内 经济企稳，A股与港股科技板块在"年底至明年初有望迎来估值修复行情"。 2026年金价有望继续受益于美联储降息带来的流动性宽松氛围，全球黄金ETF流入将作为黄金的重要买盘。潜在的地缘政治风险和贸易冲突引发的避险情绪 将继续支撑金价，去美元化、央行购金等长期 ...

天风证券指出，2025年以来，铜价受海外政策驱动和供需错配等因素影响，涨幅显著，但从历史经验来 看，白电由于其良好的竞争格局，叠加家电龙头通过涨价、推新等方式实现成本压力传导，盈利能力得 以快速修复。我们认为短期保持观察，材料替代并非一蹴而就，长期建议关注"铝代铜"在政策和成本催 化下的实际落地情况。 （文章来源：第一财经） ...

Core Insights - The report emphasizes the strong resilience of leading white goods companies, highlighting their high dividend yields, with Gree Electric at 7.3%, Midea Group at 5.1%, Hisense Home Appliances at 4.9%, and Haier Smart Home at 4.6% [6][22] - The "Home Appliance +" strategy indicates opportunities in extending the appliance industry into robotics, with companies like Midea Group and Fuhua Co. making significant advancements [6][58] - The export market shows potential, particularly in the U.S. real estate sector, with expectations of demand recovery due to anticipated interest rate cuts and housing stimulus policies [6][70] Section Summaries 2025 Home Appliance Review - The home appliance index has shown a modest increase of 7.7% year-to-date, underperforming the CSI 300 index by approximately 9.7 percentage points [11][14] - The market style in 2025 has favored growth stocks, while the home appliance sector has leaned towards value, leading to a mismatch in market expectations [13][14] - The public fund allocation in the home appliance sector is at a historical low of 2.94%, indicating potential for future growth as external demand remains optimistic [18][19] Dividends - Leading white goods companies maintain high dividend yields, with Gree Electric at 7.3%, Supor at 6.1%, and Midea Group at 5.1%, reflecting strong earnings resilience [24][29] - The report suggests that the dividend rates for companies like Midea and Haier may continue to increase, supported by robust profit growth [24][30] Domestic Sales - The national subsidy policy has positively impacted consumer confidence, with a clear trend towards structural upgrades in appliance consumption [34] - The sales growth of home appliances has been driven by the "trade-in" policy, although growth rates have shown a declining trend in the latter part of the year [34][39] - The air conditioning market has maintained stable pricing, with a continued trend towards mid-to-high-end products [39] "Home Appliance +" - Midea Group has made significant investments in robotics, with humanoid robots already in practical application within factories [58] - Fuhua Co. is expected to launch its grain storage robots in 2026, indicating a diversification into new growth areas [59] - Key component manufacturers like Huaxiang Co. and Hanyu Group are positioned to benefit from the robotics trend, focusing on core components such as reducers and harmonic drives [64][65] Exports - The U.S. real estate market is expected to recover, with potential interest rate cuts and housing stimulus policies likely to boost demand for home appliances [71][84] - Retail inventory levels in the U.S. are high, which may affect sales performance in the short term, but long-term housing demand remains strong [76][83] - The report anticipates that if mortgage rates fall below 6%, there could be a significant recovery in demand within the real estate chain [84]

Core Viewpoint - The article highlights Haier's successful growth in the Thai market despite a challenging international trade environment, emphasizing the importance of brand recognition, local adaptation, and innovative product offerings [1][11]. Group 1: Market Performance - Haier's overseas market revenue grew by 10.5% in the first three quarters of 2025, with Southeast Asia seeing over 15% growth [1]. - In the Thai white goods market, while the overall market declined by 4.9%, Haier's white goods sales increased by 29%, making it the leading brand in Thailand [1][5]. Group 2: Strategic Development - Haier entered the Thai market in 2002, initially facing challenges due to low brand awareness and product mismatch with local needs. The turning point came in 2007 with the acquisition of Sanyo's white goods division, allowing for a localized strategy [5]. - The company has adopted a "three-in-one" localization strategy involving research, manufacturing, and marketing, which has proven successful in establishing its market position [5][12]. Group 3: Future Opportunities - There remains significant potential in the Thai market, particularly through deeper understanding of user needs and enhancing operational efficiency. Haier aims to improve its market share in retail stores and expand its service network [6][12]. - The company plans to continue focusing on high-end product lines while also penetrating lower-tier markets, ensuring comprehensive coverage across Thailand [8]. Group 4: Brand Perception - Consumer perceptions of Chinese brands are shifting from "value for money" to recognizing the technological advancements and differentiated product offerings, with Haier's brand awareness now on par with Korean brands [9]. - Haier's ability to quickly adapt and introduce new technologies gives it a competitive edge over traditional brands with longer product iteration cycles [9]. Group 5: Supply Chain and Local Adaptation - Haier's strategic investments in local manufacturing, such as the new air conditioning factory in Chonburi, enhance its supply chain resilience and ability to meet local demand [11]. - The company emphasizes the importance of being "In Thailand, For Thailand," which is crucial for establishing a strong foothold in the local market [12].

晨会纪要 证券研究报告 2025 年 12 月 29 日 核心结论 分析师 【煤炭】兖矿能源（600188.SH）首次覆盖报告：煤炭国企，布局广泛 预计公司 2025-2027 年归母净利润分别为 94.48 亿、120.19 亿、141.71 亿， EPS 分别为 0.94、1.20、1.41 元，同比增长-39.61%、27.21%、17.91%。 考虑 DDM 估值方法，给予公司目标价 16.27 元/股。首次覆盖，给予"买入" 评级。 【电力设备】爱旭股份（600732.SH）跟踪点评：行业竞争导致业绩承压， 银价上涨有望推动贱金属化 投资建议：由于电池片价格仍在底部区间，且将持续一段时间，因此我们对 于 25 年盈利预测仍给予亏损，但随着产业政策加速与 BC 组件产业化进步， 预计爱旭股份业绩有望在 26 年迎来反转，我们预计公司 25-27 年实现归母 净利润-5.82/11.53/22.66 亿元，同比+89.1%/298.1%/96.6%，EPS 分别为 -0.27/0.54/1.07 元，但考虑到公司 ABC 组件有望带领公司走出困境，维持 "买入"评级 【美容护理】稳健医疗（300888. ...

Group 1: Domestic Demand and Market Outlook - The home appliance sector is expected to show a "high first half and stable second half" trend in 2025, driven by policy continuation and consumption peaks [1] - In the first three quarters of 2025, air conditioner shipments increased by 8.4%, refrigerators by 2.4%, and washing machines by 4.1% year-on-year [1][13] - For 2026, the continuation of subsidies is anticipated to mitigate the impact of high base effects and demand pull-forward, with projected declines in overall appliance sales of -4% to -7.3% under various subsidy scenarios [1][16][19] Group 2: Export Performance and Global Market Trends - Home appliance exports have slowed down due to tariff policies and global supply chain adjustments, but still show resilience and structural highlights [2] - In 2025, the export growth rate for air conditioners is expected to be weaker than that of washing machines and refrigerators, primarily due to adverse weather conditions affecting overseas demand [2][39] - The U.S. market is projected to benefit from a rate cut, which may enhance demand for home appliances, while the European market is expected to maintain a slow recovery [42][44][50] Group 3: Investment Themes - The narrative in the black appliance sector is shifting from "market share chasing" to "profit and pricing power," with Chinese brands like Hisense and TCL expected to convert market share into higher profits [3][55] - White appliances are seen as having strong growth potential due to their historical resilience through cycles, with leading brands like Midea and Haier expected to maintain stable growth and generous dividends [3][83] - The global competition in new consumer products, particularly in smart imaging and robotic vacuum cleaners, is expected to favor Chinese brands, highlighting their competitive advantages [3] Group 4: Financial Metrics and Valuation - As of December 22, 2025, the home appliance sector's PE TTM is 16.27 times, remaining below the 10-year average of 32.8% [7] - The white appliance segment's current PE is 11.22, while black appliances stand at 25.94, indicating varying levels of market valuation [9] - The home appliance sector has seen a decline in public fund holdings, with a heavy allocation of only 2.46% in Q3 2025, reflecting concerns over demand in 2026 [9]