Investment Rating - The report maintains a positive outlook for the A-share market, indicating that the market has moved past its bottom phase and is expected to continue its upward trend into 2026 [1][2]. Core Insights - The report emphasizes that the A-share market is likely to experience a shift from valuation recovery to improved earnings expectations, with a projected overall profit growth of approximately 4.7% for 2026 [3][36]. - It highlights the importance of macroeconomic factors, including the restructuring of the global monetary order and the ongoing AI technology revolution, which are expected to support the performance of Chinese assets [2][12]. - The report suggests that the market may experience a balanced style shift, with a focus on sectors benefiting from high growth and innovation, as well as those poised for cyclical recovery [4][38]. Summary by Sections Macroeconomic and Policy Environment - The report discusses the ongoing restructuring of international order and its impact on China's industrial innovation, suggesting that the safety of dollar assets is being questioned, which may benefit Chinese assets [12][16]. - It notes that while domestic demand still needs repair, external demand shows resilience, with exports expected to remain stable due to China's manufacturing advantages [13][14]. Earnings Outlook - The report forecasts a positive earnings growth trajectory for 2026, with non-financial corporate earnings expected to grow by around 8.2%, driven by policy implementation and improvements in supply-demand dynamics [36][37]. - It highlights that the banking sector may see stable earnings, while the brokerage and insurance sectors could benefit from an active capital market, although growth rates may moderate due to high base effects [37][39]. Structural Analysis - The report identifies key investment opportunities in high-growth sectors such as AI technology, innovative pharmaceuticals, and high-end manufacturing, which are expected to contribute positively to overall market performance [38][39]. - It emphasizes the importance of the capacity cycle, noting that many industries are approaching improvement points after a period of capital expenditure reduction, which could lead to enhanced earnings elasticity [39][40]. - The report also points out that overseas expansion remains a significant growth opportunity for companies, with an increasing share of revenue coming from international markets [40].

按照全国统一的品类和标准，对个人消费者购买1级能效或水效标准的冰箱、洗衣机、电视、空调、热 水器、电脑6类家电产品，以及单件销售价格不超过6000元的手机、平板、智能手表、智能眼镜4类数码 和智能产品给予补贴。 补贴标准为上述产品扣除各环节优惠后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每 件补贴不超过1500元，数码和智能产品每件补贴不超过500元。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：12月31日，据"上海商务"微信公众号消息，2026年上海家电以旧换新、数码和智能产品购新 补贴活动公告发布。 2026年，按照"消费者报名、公证摇号、中签发券"的方式开展家电以旧换新、数码和智能产品购新补贴 活动，原则上每两周开展一轮报名。 第一轮报名时间为2026年1月1日8点至5日20点，发券时间为1月7日12点至24点，核销时间为自补贴资格 券到账后14天。 ...

Core Insights - The "Shanghai Star Flash Open Laboratory" was officially inaugurated on December 31, led by Midea Group in collaboration with various partners, marking the establishment of China's first open innovation platform focused on the application of Star Flash technology in smart home sectors [1][2] - Midea is recognized as a pioneer in the home appliance industry, having made significant investments and achievements in the Star Flash Alliance, which is part of its broader strategy to enhance home intelligence through a comprehensive smart home infrastructure [2] Group 1 - The laboratory received full support from the Qingpu District government in terms of policy, space, and industrial resources, integrating three core functions: technology research and development, testing certification, and ecological incubation [1] - The laboratory aims to create a complete "technology-product-scene-ecology" closed loop, facilitating protocol optimization for home and building scenarios, providing compatibility and safety certifications, and promoting resource sharing across the entire industry chain [1][2] Group 2 - Midea has been actively pursuing a "technology-leading" strategy, increasing investments in foundational innovation areas such as AIoT, chips, and connectivity technologies, positioning itself as a leader in global smart living and green technology [2] - The company has successfully developed and launched the "integrated sensing and computing" Star Flash module, addressing common industry challenges such as multi-connection interference and enhancing perception accuracy and stability [2][3] Group 3 - Midea's AI Research Institute has made significant advancements in integrating Star Flash technology with artificial intelligence, overcoming limitations in computing power and memory resources through innovative algorithms [3] - The laboratory will focus on three core objectives: becoming a center for Star Flash technology innovation, a center for industry implementation, and a hub for gathering industry partners to promote standards and solutions [3]

（文章来源：第一财经） 据"上海商务"微信公众号消息，2026年上海家电以旧换新、数码和智能产品购新补贴活动公告发布。 2026年，按照"消费者报名、公证摇号、中签发券"的方式开展家电以旧换新、数码和智能产品购新补贴 活动，原则上每两周开展一轮报名。第一轮报名时间为2026年1月1日8点至5日20点，发券时间为1月7日 12点至24点，核销时间为自补贴资格券到账后14天。按照全国统一的品类和标准，对个人消费者购买1 级能效或水效标准的冰箱、洗衣机、电视、空调、热水器、电脑6类家电产品，以及单件销售价格不超 过6000元的手机、平板、智能手表（手环）、智能眼镜4类数码和智能产品给予补贴。补贴标准为上述 产品扣除各环节优惠后最终销售价格的15%，每人每类可补贴1件，其中，家电产品每件补贴不超过 1500元，数码和智能产品每件补贴不超过500元。 ...

21世纪经济报道记者杨坪 2025年的最后一天，深市超过10家公司披露了中期或第三季度分红实施公告。 这是当前上市公司稳定分红机制正向循环的一角。记者掌握的数据显示，2025年，深市公司分红总额超 5000亿元。预计2026年初，还将有超18家公司集中派现，合计金额逾百亿元。 业内人士认为，持续、透明的分红行为不仅增强了股东认同，也提升了公司的市场形象与长期投资价 值，为资本市场高质量发展注入了内在动力。 政策与盈利双轮驱动，分红基础日益稳固 从分红节奏来看，2025年，深市有533家公司实施中期分红1329.28亿元，同比增加25.98%。近六成中期 分红的深市公司股利支付率超20%，其中105家公司股利支付率超50%。上市公司实施中期分红，可以 让投资者更早分享企业成长红利。 2025年，深市166家公司股息率超过1%，108家股息率超过1.34%，为投资者提供稳定现金流回报的同 时，也吸引了更多中长期资金的青睐。 近年来，资本市场分红制度建设持续推进，为上市公司提高回报水平注入强劲政策动力。 新"国九条"明确强化上市公司现金分红监管，加大对分红优质公司的激励力度。证监会发布《上市公司 监管指引第3号—— ...

Core Viewpoint - The total cash dividends distributed by companies in the Shenzhen market exceeded 500 billion yuan in 2025, reflecting a steady increase in dividend frequency and providing substantial returns to investors [1] Group 1: Dividend Growth and Trends - In 2025, Shenzhen companies distributed a total of 547.56 billion yuan in cash dividends, maintaining a level above 500 billion yuan [5] - The "14th Five-Year Plan" period saw Shenzhen companies implement over 2 trillion yuan in total dividends, establishing a growing ecosystem of companies willing and able to distribute dividends [5] - The trend of mid-term dividends is emerging, with 533 companies distributing 132.93 billion yuan in mid-term dividends in 2025, a year-on-year increase of 25.98% [5] Group 2: Sector Performance - In 2025, the main board had 965 companies distributing a total of 410.11 billion yuan in cash dividends, accounting for 74.90% of the total dividends in the Shenzhen market, while the growth rate of dividends in the ChiNext board was 8.41% [6] - Leading companies in the consumer and financial sectors, as well as those in advanced manufacturing, digital economy, and green low-carbon fields, set examples with significant dividend distributions [8] Group 3: Policy and Governance Support - The increase in cash dividends is supported by policy guidance, improved profitability, and upgraded governance, creating a complete system for "willing to distribute, able to distribute, and standardized distribution" [3] - The overall profitability of Shenzhen companies is improving, with total operating income reaching 15.72 trillion yuan in the first three quarters of 2025, a year-on-year increase of 4.31% [8] - Companies are enhancing transparency and predictability in dividend distribution through governance upgrades, with 535 companies disclosing mid-term dividend plans in 2025, a year-on-year increase of 7.24% [8]

Core Viewpoint - The total cash dividends of Shenzhen Stock Exchange companies in 2025 exceeded 500 billion yuan, reflecting a steady increase in dividend frequency and providing substantial returns to investors [1]. Group 1: Dividend Growth and Trends - In 2025, Shenzhen companies distributed a total of 547.56 billion yuan in cash dividends, maintaining a level above 500 billion yuan. During the "14th Five-Year Plan" period, the total dividends exceeded 2 trillion yuan, indicating a growing ecosystem of companies willing and able to distribute dividends [5]. - The trend of mid-term dividends is on the rise, with 533 companies distributing 132.93 billion yuan in mid-term dividends in 2025, a year-on-year increase of 25.98%. Nearly 60% of these companies had a payout ratio exceeding 20%, with 105 companies exceeding 50% [5]. - High dividend-yielding stocks are attracting long-term capital, with 166 companies having a dividend yield over 1%, and 108 companies exceeding 1.34%, providing stable cash flow returns [5]. Group 2: Sector Performance and Collaboration - In 2025, the main board had 965 companies distributing a total of 410.11 billion yuan in cash dividends, accounting for 74.90% of the total dividends in Shenzhen, while the growth rate of dividends in the ChiNext board was 8.41% [6]. - Leading companies in the consumer and financial sectors, as well as those in advanced manufacturing, digital economy, and green low-carbon fields, have set examples with significant dividend distributions [8]. Group 3: Policy and Governance Support - The new "National Nine Articles" policy strengthens the regulation of cash dividends and incentivizes high-quality dividend-paying companies. The China Securities Regulatory Commission (CSRC) has issued guidelines to encourage cash dividends and improve dividend levels [8]. - The overall profitability of Shenzhen companies is improving, with total operating income reaching 15.72 trillion yuan in the first three quarters of 2025, a year-on-year increase of 4.31%, and net profit of 903.02 billion yuan, up 9.69% [8]. - Companies are enhancing governance by revising articles of association and establishing long-term dividend plans, which increases transparency and predictability of dividends [8].

商务部召开的2026年全国消费品以旧换新工作部署电视电话会议强调，各地区、各有关部门要强化工作 统筹，部门协同、央地联动合力抓好政策落实；要优化实施机制，持续提高补贴审核和兑付效率，推 动"高效办成一件事"；要严厉打击骗补套补，确保补贴资金用到实处、见到实效；要加强政策宣传和活 动推广，努力让更多群众了解政策、参与政策、享受政策。 允许各地在政策框架内，自主确定补贴品类、标准等 根据七部门《通知》，2026年，中央继续安排超长期特别国债资金，各地按比例安排配套资金，支持消 费品以旧换新政策实施。 2026年以旧换新政策的全国统一支持范围包括汽车报废更新、汽车置换更新、6类家电以旧换新（冰 箱、洗衣机、电视、空调、电脑、热水器）、4类数码和智能产品购新（手机、平板、智能手表/手环、 智能眼镜）等四个领域。（下称全国统一的四个领域）。 七部门《通知》强调，对全国统一的四个领域，各地不得自行变更补贴品类、调整补贴标准。 与此同时，在政策执行层面，给予了地方更多自主空间。即允许各地区在消费品以旧换新政策框架内， 使用地方安排的配套资金，自主合理确定补贴品类、补贴标准、组织实施方式等，鼓励优先支持能效、 水效、环保水平 ...

智通财经APP讯，美的集团(00300)公布，通过私人安排合共回购约132.77万股A股，涉资约2669.48万 元。 ...

Market Overview - The Hang Seng Index experienced a slight decline of 0.87% on the last trading day of 2025, but overall, it rose from approximately 19,600 points at the beginning of the year to 25,630 points, marking a 27.77% increase for the year, the best annual performance in five years [1] - The IPO market in Hong Kong is strong, with the total IPO scale for 2025 expected to reach 286.3 billion HKD, regaining the top position globally [1] - The performance of Hong Kong stocks is closely tied to the US market, with recent Federal Reserve meeting minutes indicating a consensus on potential interest rate cuts, although internal disagreements exist [1] Semiconductor Industry - The U.S. Department of Commerce has modified its policy to allow Samsung and SK Hynix to export chip equipment to their factories in China, requiring annual approval, driven by the upcoming IPO of Changxin Memory Technologies [2] - The new policy does not indicate a change in the U.S. stance but reflects urgent market conditions, as a ban would lead to market share loss for these companies [2] Consumer Electronics - The National Development and Reform Commission and the Ministry of Finance released a notice on December 30 regarding a large-scale equipment update and consumer goods replacement policy for 2026, but the subsidy standards were cut, leading to a muted market reaction [2] - The subsidy ratio was reduced from 20% to 15%, and the maximum subsidy per item decreased from 2,000 to 1,500 CNY, with the number of supported categories halved from 12 to 6 [2] Aerospace and Space Technology - The aerospace sector is gaining traction in the A-share market, with companies like China International Marine Containers (CIMC) benefiting from their role as core suppliers of rocket propellant storage and transportation [4] - CIMC has delivered nine large liquid oxygen storage tanks for commercial space projects, with significant revenue and orders from leading institutions [4] - JunDa Co., focusing on space computing, has formed a strategic partnership to explore the application of perovskite battery technology in space energy, indicating potential growth in the space computing market [5] Aviation Industry - The aviation sector is experiencing a surge in demand, with domestic flight ticket bookings for the New Year holiday exceeding 3.54 million, a 28% year-on-year increase [7] - Airlines are benefiting from lower oil prices and a stronger RMB, which reduces fuel costs and enhances financial performance [7] - China Eastern Airlines reported a net profit of 2.103 billion CNY for the holiday period, a significant turnaround from a loss the previous year, with strong growth in passenger turnover and capacity [9][10]