2025.12. 31 本文字数：1446，阅读时长大约3分钟 作者 | 第一财经 安卓 2025年的最后一天，10余家深市上市公司披露了中期分红、三季度分红实施公告。第一财经根据 Wind数据统计，预计2026年初还有超18家公司分红金额合计超百亿元。 上市公司实施稳定分红，不仅能增强股东对公司的认同，还能提升公司在市场中的认可度。近期，证 监会发布《上市公司监督管理条例（公开征求意见稿）》，对上市公司现金分红作出明确要求，支持 上市公司制定合理稳定的分红政策。 从全年的数据来看，年内，深市上市公司累计发放现金股利5475.59亿元。"十四五"期间实施分红 总额超2万亿元，上市公司"愿分红、常分红"的生态逐步形成。 近年来，越来越多的上市公司加入了中期分红大军。年内深市已有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。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——上市公司现 金分红》 ...

Core Viewpoint - The article discusses the impact of the 2026 "National Subsidy" policy for replacing old home appliances on leading home appliance companies' performance in the coming year, particularly focusing on Midea Group's stock buyback and financial performance [3][31]. Group 1: Stock Buyback and Market Performance - Midea Group has spent 10 billion on stock buybacks from June 17, 2025, to December 8, 2025, with 70.36% of the repurchased shares set for cancellation, signaling strong cash flow and valuation discount [3][4]. - Since the buyback began, Midea Group's stock has seen a maximum increase of over 15%, closing at a price that attempted to reach its historical high of 88.74 yuan per share [4]. - The stock's price-to-earnings ratio (PE) reached 13.32 times, with a dividend yield of 5.16%, indicating an attractive valuation [30]. Group 2: Financial Performance - Midea Group's revenue for 2024 is projected to be 409.1 billion, a year-on-year increase of 9.5%, with the first three quarters of 2024 showing a revenue of 364.7 billion, up 13.8% [5][10]. - The net profit for 2024 is expected to be 38.54 billion, reflecting a 14.3% increase year-on-year, with the first three quarters showing a net profit of 37.88 billion, up 19.5% [10]. - Midea Group has consistently outperformed competitors like Gree Electric and Haier Smart Home in terms of revenue and net profit since 2020 [10][12]. Group 3: B2B Business Contribution - Midea Group's B2B business contributed significantly to its revenue, with 2024 B2B revenue at 104.5 billion, accounting for 26% of total revenue [15]. - The B2B segment includes various solutions such as new energy and industrial technology, smart building technology, and robotics, with the new energy and industrial technology segment showing a 20.58% year-on-year growth [16][20]. - The company has strategically elevated its B2B business to be on par with its consumer-oriented smart home business since 2020, marking a significant shift in its operational focus [19]. Group 4: Acquisition Strategy - Midea Group has a history of strategic acquisitions that have bolstered its growth, including the purchase of Toshiba's air conditioning business and KUKA Robotics, enhancing its capabilities in various sectors [22][24]. - The acquisitions have allowed Midea to fill gaps in its product offerings and expand its global influence, with a notable increase in goodwill, reaching 34.37 billion by the end of Q3 2025 [25]. - The company has not experienced significant goodwill impairment in any fiscal year, indicating successful integration of acquired entities [25]. Group 5: Future Outlook with National Subsidy - The new "National Subsidy" policy for 2026 will continue to support the home appliance sector but will be more focused and optimized, which is seen as a positive for leading companies like Midea [31].

Group 1 - In 2025, the market value increment of A-share listed companies in Shandong Province reached 127.64 billion yuan, representing a growth of 34.40% compared to the beginning of the year [1] - Zhongji Xuchuang was the core driver of market value growth, with an increase of 53.93 billion yuan and a growth rate of 389.46%, contributing 42.25% to the province's total market value increment [1] - The remaining four companies in the top five, namely Shandong Gold, Jereh, Weichai Power, and Rongchang Bio, each had a market value increment of less than 8 billion yuan, with their contribution to the province's market value growth not exceeding 7% [1] Group 2 - The companies experiencing the most significant market value reduction in Shandong Province included Qingdao Beer, Haier Smart Home, Yanzhou Coal, Dong'e Ejiao, and Shandong Publishing, with each company's market value decline not exceeding 30 billion yuan [1]

Group 1 - The core viewpoint is that the appreciation of the RMB against the USD is seen as a sign of China's strength, while its depreciation against the Euro raises questions about the motives behind the pressure from the West [1][3] - Major investment banks suggest that if the RMB does not appreciate, it could disrupt global balance, reminiscent of the Plaza Accord from 40 years ago [5][6] - The strategy of competitive devaluation by the West aims to make the USD and Euro cheaper, forcing the RMB to appreciate, which could harm China's export competitiveness [6][8] Group 2 - Despite the RMB's appreciation against the USD, it has depreciated against the Euro, leading to a dual exchange rate scenario that allows Chinese companies to pivot their exports towards Europe and ASEAN [12][14] - Data shows that from January to November 2025, China's exports to the US decreased by nearly 19%, while exports to the EU increased by 8.1%, indicating a shift in market focus [14][23] - The Chinese government has intervened to prevent price wars and encouraged companies to raise prices, allowing them to recover losses from currency fluctuations [18][19] Group 3 - The situation highlights a struggle for global pricing power, with the Chinese government taking a strong stance against price cuts [19][21] - Despite Western pressures, Chinese manufacturers are finding ways to maintain their market presence and profitability, as evidenced by a trade surplus exceeding $1 trillion [23][25] - The US and Europe are increasingly reliant on Chinese goods, as they face challenges in rebuilding their own supply chains, leading to a paradox where they need Chinese products despite imposing tariffs [21][27] Group 4 - China holds significant advantages, including a complete industrial supply chain, substantial foreign exchange reserves of $3.3 trillion, and the accelerating internationalization of the RMB [27][29][31] - The central bank emphasizes the importance of stable exchange rates that serve the real economy rather than merely showcasing national strength [31]

12月31日晚间，海尔智家公告称，董事会近日收到副总裁李攀书面辞职报告，其因工作变动于2025 年12月30日提前离任，原定任期至2028年5月28日。李攀离任自报告送达董事会之日生效，工作已交 接，不影响公司运作。截至公告披露日，李攀直接持股688,586股，占总股本0.007%。 公开资料显示，李攀生于1976年，1997年毕业于武汉大学，获得经济学和国际企业管理学双学位， 1997 年加入海尔集团，历任海尔集团亚太事业部部长助理、海尔东盟中心经理、海外品牌营销中心经 理、海外战略中心经理、海外市场运营总监等多个职务。近年来，李攀多次以海尔集团副总裁、海尔海 外市场总经理的身份出席活动、接受采访。 记者注意到，今年3月，海尔集团董事局主席、首席执行官周云杰在社交平台上走红后，快速在各 大社交平台上线并打造个人IP。不仅仅是周云杰，海尔各大业务板块的高管集体"出道"，入驻抖音、视 频号、微博、小红书等平台。 李攀同样也开通了公开社交平台账号，从其个人发布的视频内容来看，李攀经常奔赴海尔在全球各 地的市场。今年11月，李攀现身西班牙暖通制冷展，海尔智家携多元场景解决方案亮相这一行业展会。 海尔智家公告称，李攀 ...

随着国家发展改革委、财政部《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》的正式 公布，消费品以旧换新政策的具体实施细则也迎来进一步明确。 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、环保水平高的产品。对中央下达的支持资金，除用于执行全国统一的四个领域补贴政策之外，各 地还可用于支持智能家居产品（含适老化家居产品）购新补贴。 七部门《通知》指出，各地在消费品以旧换新政策框架内自主制定实施的补贴政策，鼓励重点支持国务 院"人工智能+"行动明确的新一代智能终端。各地要强化标准牵引，结合相关部门人工智能终端智能化 分级标准制定和产品智能化等级认定等情况，合理确定补贴品类。各地可参照全国统一的四个领域补贴 政策，合理确定相关品类补贴比例和额度，防止补贴泛化、碎片化，确保政策能落地、可操作，切实提 高资金使用效益。 此外，在落实家电以旧换新、数码和智能产品购新补贴政策过程中，商务 ...

Core Viewpoint - The global home appliance industry is navigating challenges and transformations, shifting from a "product-centric" and "channel-centric" era to a "user-centric" phase, where understanding and efficiently engaging users will differentiate companies [1] Group 1: Industry Challenges and Transformations - The global market faces slow economic growth and increased trade barriers, while domestic competition intensifies due to inventory battles [1] - The rise of AI presents new opportunities for transformation within the industry [1] Group 2: Haier Smart Home's Transformation - Haier Smart Home is undergoing a significant transformation towards a user-centered model, aiming to become a platform service-oriented ecological enterprise [1] - The company is focusing on four major transformations: unified warehouse TC, user platform, digital stores, and smart home solutions [1][2] Group 3: Unified Warehouse TC - Haier Smart Home is reshaping customer models through unified warehouse TC, improving inventory management and delivery optimization, resulting in over 80% of products reaching users directly and a 10% improvement in order response time [2] Group 4: User Platform - The user platform allows for full lifecycle management, currently engaging 410 million users, with over 14.5 million users receiving proactive care through AI [2] Group 5: Digital Stores - The company is developing intelligent retail stores based on digital AI capabilities, enhancing operational efficiency by integrating the entire process from selection to settlement [2] Group 6: Smart Home Solutions - Haier Smart Home is transitioning to a model defined by software, focusing on smart home, smart vehicles, and smart travel, with the Haier APP serving as the primary entry point for a comprehensive smart living platform [2][3] Group 7: Future Outlook - Haier Smart Home aims to evolve from a manufacturing entity to an open service platform driven by user-centricity, data, and ecosystem support, collaborating with partners to create new experiences [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 随着国家发展改革委、财政部《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》的正式 公布，消费品以旧换新政策的具体实施细则也迎来进一步明确。 12月30日，商务部等7部门发布了《关于提质增效实施2026年消费品以旧换新政策的通知》（下称"七部 门《通知》"）；同日，商务部等8部门办公厅还联合发布了《2026年汽车以旧换新补贴实施细则》。 12月31日，商务部等5部门办公厅（室）还发布了《关于做好2026年家电以旧换新、数码和智能产品购 新补贴工作的通知》，明确对6类家电产品、4类数码和智能产品给予扣除各环节优惠后最终销售价格的 15%作为补贴。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。 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 ...

随着国家发展改革委、财政部《 关于 2026年实施大规模设备更新和消费品以旧换新政策的 通知 》的正式公布， 消费品以旧换新政策 的具体实施细则也迎来进一步明确。 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、环保水平高的产品。对中央下达的支持资金，除用于执行全 国统一的四个领域补贴政策之外，各地还可用于支持智能家居产品（含适老化家居产品）购 新补贴。 七部门《通知》指出，各地在消 ...

格隆汇12月31日丨海尔智家(06690.HK)发布公告，2025年12月31日耗资人民币1302.9万元回购50万股A 股，回购价格每股26.02-26.1元。 ...