经济观察网12月26日，市场监管总局举行"两新"标准提升行动工作成效专题新闻发布会。中国轻工业联 合会副会长刘江毅介绍，截至2024年底，我国冰箱、洗衣机、空调等家电保有量超过30亿台，家用电器 性能品质、创新品类等标准，有效支撑以旧换新政策落地。今年1至11月，家电以旧换新超1.28亿台， 带动相关商品销售额超2.5万亿元。家具智能等级评定等标准，助推行业智能升级，龙头企业加速推出 中高端智能家具产品，市场规模达100亿元以上，成为家具消费升级的新增长点。 ...

Core Insights - The "Two New" standards have positively impacted equipment upgrades and consumer spending, with over 128 million home appliances replaced, generating sales exceeding 2.5 trillion yuan [1][4]. Group 1: Standards and Regulations - In 2024, the State Administration for Market Regulation (SAMR) will issue a plan focusing on upgrading energy consumption standards, enhancing product quality and safety standards, and increasing recycling standards, with 294 national standards to be revised [3]. - A significant breakthrough in electric vehicle battery safety standards has been achieved, mandating "non-flammable and non-explosive" requirements, which will enhance the safety of new energy vehicles [3]. - The introduction of national standards for elderly-friendly environments will provide a scientific basis for government subsidies for aging-related renovations [3]. Group 2: Recycling and Resource Utilization - A total of 66 national standards for resource recycling have been established, focusing on the recycling, disassembly, and regeneration of waste products, including home appliances and batteries [4]. - Approximately 8.6 million units of "four machines and one brain" (TVs, refrigerators, washing machines, air conditioners, and computers) were disassembled, yielding around 1.9 million tons of recycled resources [4]. - The establishment of mandatory standards for electronic product information clearance aims to ensure the safety and privacy of second-hand product circulation [4]. Group 3: Market Trends and Growth - The market for smart furniture has reached over 10 billion yuan, driven by standards for intelligent grading, with leading companies accelerating the launch of mid-to-high-end smart furniture products [1][4]. - By the end of 2024, the ownership of home appliances such as refrigerators, washing machines, and air conditioners is expected to exceed 3 billion units, supporting the implementation of the old-for-new policy [4].

Group 1 - The core viewpoint of the articles highlights the significant progress made in the implementation of national standards aimed at enhancing the quality and innovation of consumer goods, particularly in the home appliance sector, since the launch of the old-for-new policy in 2024 [1][2] - As of the end of 2024, the total ownership of home appliances in China, including refrigerators, washing machines, and air conditioners, is expected to exceed 3 billion units, with over 128 million units exchanged under the old-for-new policy, generating sales exceeding 2.5 trillion yuan [1] - The introduction of standards for intelligent furniture has led to the rapid launch of mid-to-high-end smart furniture products by leading companies, contributing to a market scale of over 10 billion yuan, marking a new growth point in furniture consumption upgrades [1] Group 2 - In terms of low-carbon transformation, standards for carbon footprint accounting in daily ceramics, lighting appliances, and plastic products are helping companies identify high-carbon segments and optimize emission reduction paths, thereby promoting low-carbon transitions [1] - The example of Jingdezhen, a major ceramic production area, illustrates how over 3,500 kilns are being targeted for emission reductions, with an expected annual reduction of approximately 84,000 tons of carbon dioxide through equipment upgrades and process improvements [1] - From January to October, approximately 86 million units of "four machines and one brain" (TVs, refrigerators, washing machines, air conditioners, and computers) were dismantled, yielding about 1.9 million tons of recycled resources, enhancing the efficiency and resource utilization of waste home appliance recycling [2]

Core Viewpoint - Xiaomi has upgraded its strategic partnership with Leica, launching the Xiaomi 17 Ultra, which marks a significant advancement in mobile imaging technology, particularly in optical zoom capabilities [1][2]. Group 1: Product Launch - The Xiaomi 17 Ultra features a new 1-inch sensor combined with a 200 million pixel configuration, transitioning from multi-lens digital cropping to single-lens optical zoom, thus initiating the "optical zoom era" in mobile imaging [2]. - The launch event also introduced five high-end products, including the Xiaomi 17 Ultra Leica version, marking Xiaomi's 15th anniversary and Leica's 100th anniversary [1]. Group 2: Strategic Partnership - The upgraded partnership with Leica moves from a "joint research" model to a "strategic co-creation model," integrating Leica's expertise in optical manufacturing, design aesthetics, and interaction concepts into Xiaomi's products [1].

Investment Focus - Alphabet (GOOGL US) is expected to maintain strong advertising revenue due to AI integration in search functionalities and a significant increase in TPU orders, projecting over 30% growth in cloud business for the year [1] - Alibaba (BABA US) anticipates a cloud business growth rate of 28%-30%, driven by strong demand in China and synergies from its food delivery services, with a projected MAU growth of 20-30% for Taobao [1] - NVIDIA (NVDA US) is expected to achieve strong revenue growth, with projections indicating potential revenue exceeding $500 billion, supported by significant demand for its products [1] - Tencent (700 HK) is recommended for its robust growth in gaming and advertising, with a target price of 700, and is expected to benefit from AI trends [3] - Tencent Music (TME US) is expected to maintain double-digit growth in subscription revenue, supported by its long-term partnerships with top domestic artists [3] - New Oxygen (SY US) is positioned for rapid expansion in the light medical beauty sector, with plans to increase self-operated stores significantly by 2025 [3] - Trip.com (TCOM US) is projected to benefit from the recovery of domestic leisure travel and inbound tourism, with a revenue growth forecast of 14% to 71.1 billion yuan [4] - Kuaishou (1024 HK) is expected to see significant revenue contributions from its advertising solutions, with a target price of 93 [4] - Futu (FUTU US) is recognized for its strong user base and compliance advantages, with a projected PE of 17x for 2026, indicating significant valuation potential [4][5] - AIA (1299 HK) is expected to see steady growth in new business value due to its expansion strategy in mainland China and demand for traditional savings products [5] - Howmet Aerospace (HWM US) is positioned for stable revenue growth due to its strong market position in gas turbine components and a long order backlog [10]

作者丨铁手 编辑丨坚果 封面来源丨Unsplash 年末的中国制造业，正因为一场"铝铜之争"而变得气氛微妙。 在近期的2025年中国家电科技年会上，中国制冷学会团体标准《房间空调器用铝管翅式热交换器生产线建设规范》正式发布，当天，海尔、美的、海信、 TCL、奥克斯、小米、美博等19家空调企业更是共同宣布加入空调铝强化应用研究工作组自律公约。 " " 根据公约约定，企业间"禁止恶意攻击行为，科学地宣传铝换热器空调的特点，不得夸大或进行虚假承诺，切实提升消费者对行业产品与技术的信任度。" 而作为参与《房间空气调节器用热交换器》国家标准修订的企业之一，另一家空调行业巨头格力却缺席了这场倡议发布会。 12月23日，格力电器在互动平台表示，铜是空调的核心原材料，占空调成本的20%左右，尽管同等情况下，铝材成本约为铜材的1/12（价格约为1/4，密度 约为1/3），但其在熔点、热传导系数、电阻率、耐腐蚀等参数以及长期可靠性等方面与铜存在较大差距，在其性能、质量和可靠性不能完全保证的情况 下，公司暂时没有铝代铜计划。 | 间:请问目前外面热议空调吕换铜,以小米为代表的生产的空调将用铝代替铜从而节省成本,公司的 | 空调是否 ...

Core Viewpoint - Aokema plans to transfer 55% of its stake in Qingdao Aokema Information Industry Park Co., Ltd. for approximately 92.46 million yuan, aiming to optimize resource allocation and focus on its core business [1][6]. Group 1: Company Actions - Aokema will publicly list the transfer of its stake in the Information Industry Park, with a base price set based on an evaluation report [1]. - The company will no longer hold shares in the Information Industry Park after the transaction, which is expected to positively impact its financial results for the corresponding accounting period [6]. - Aokema intends to transfer 100% of its stake in Qingdao Aokema Smart Cold Chain Co., Ltd. to its wholly-owned subsidiary, Qingdao Aokema Commercial Appliances Co., Ltd., without any transfer price, to enhance operational efficiency [6]. Group 2: Financial Performance - The Information Industry Park reported a revenue of 17.17 million yuan and a net profit of 2 million yuan in 2024, but faced a loss in 2025 with revenues of 3.96 million yuan and a net loss of 1.36 million yuan [4]. - Aokema's revenue has declined for two consecutive years, from 9.57 billion yuan in 2022 to 7.82 billion yuan in 2024, with a net profit dropping from 310 million yuan in 2020 to a loss of 485 million yuan in 2024 [7]. - The latest Q3 2025 report shows total revenue of 5.67 billion yuan, a year-on-year decrease of 11.14%, and a net loss of 9.06 million yuan, a significant decline of 420.49% [8]. Group 3: Operational Challenges - Aokema's operational challenges are evident as the company continues to experience declining revenues and increasing losses, with Q3 2025 showing a total revenue of 1.61 billion yuan, down 8.28% year-on-year [8]. - The company's liquidity is under pressure, with a current ratio of 0.97 indicating weak short-term debt repayment capacity, despite a 41% increase in cash funds to 1.00 billion yuan [8].

Group 1 - The success of films in the Chinese market, such as "Ne Zha" and "Zootopia 2," highlights the significant influence of China's consumer market on global box office performance, with "Ne Zha" grossing 15.9 billion yuan globally and "Zootopia 2" contributing approximately 539 million USD from China, nearly double that of North America [2] - China's domestic market, with a population of 1.4 billion, has the potential to create a modern industrial system comparable to that of Europe, the US, and Japan, as stated by Li Xiangqun from Hejun Consulting [3] - The retail sales total in China increased from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, reflecting an annual growth rate of 5.5%, positioning China's retail market at approximately 80% of the US's total, but with a purchasing power that exceeds the US by 1.6 times [4][5] Group 2 - China maintains its position as the world's largest consumer market, with significant growth in sectors such as online retail, automotive sales, and home appliances, all leading globally [5] - The establishment of the Hainan Free Trade Port has led to a surge in consumer spending, with duty-free shopping reaching 1.1 billion yuan in the first week post-closure, marking a year-on-year increase of 54.9% [5] - The CMF report indicates that China's unique market characteristics, including its comprehensive industrial categories and manufacturing capabilities, provide a competitive edge in global markets, making it a critical player in the ongoing geopolitical landscape [6][8] Group 3 - The "new three items" in China's economy, including electric vehicles and solar energy, have not only led global sales but have also transformed the competitive landscape of the automotive industry and renewable energy sectors [7] - The Chinese government emphasizes the importance of expanding domestic demand as a strategic focus for economic development, aiming to enhance consumer spending and investment [7][8] - The establishment of a stable business environment and a unified market is essential for realizing the potential of China's large market, which requires strong top-level planning to overcome regional economic barriers [8]

Core Viewpoint - The article highlights the journey and philosophy of Dong Mingzhu, the chairwoman of Gree Electric Appliances, emphasizing her commitment to national industry and technological independence as key drivers for the company's success and future direction [3][11]. Company Development - Gree Electric Appliances transformed from a small air conditioning assembly factory with an annual output value of less than 20 million yuan to a publicly listed company, achieving significant milestones under Dong Mingzhu's leadership [2][6]. - In 2005, Gree's annual revenue surpassed 10 billion yuan, marking a pivotal year for the company as it began to focus on technological innovation [8][9]. Technological Innovation - Dong Mingzhu defined 2005 as a turning point for Gree, initiating a focus on core technology development, particularly in compressors and motors [8]. - By 2012, Gree became the market leader in China's central air conditioning sector with a market share of 14.3%, showcasing the importance of independent technological capabilities [9]. Talent Development - Gree has significantly increased its R&D personnel from over 200 to more than 20,000, emphasizing the importance of nurturing local talent rather than relying on overseas returnees [12][13]. - Dong Mingzhu advocates for a "open platform" approach to talent development, providing opportunities for young Chinese graduates [12]. Industry Positioning - Gree has chosen not to participate in the ongoing "aluminum instead of copper" debate within the industry, prioritizing product quality and reliability over cost-cutting measures [16][17]. - The company has maintained its stance against price wars, resulting in a revenue decline of 6.5% year-on-year in the first three quarters of 2025, reflecting its commitment to quality over quantity [18]. Future Outlook - Gree is focusing on self-sufficiency in chip production, with annual chip procurement costs reaching several billion yuan, as part of its strategy to enhance competitiveness [11]. - The company aims to support the transition of more small and medium-sized enterprises towards intelligent manufacturing, leveraging its technological advancements [10].

"作为一个有责任感的头脑清醒的企业家，产业报国是我的坚定信念。"这句话出自现任格力电器（000651.SZ）董事长董明珠所著的《棋行天下》一 书。 这本书在2000年4月首次出版。次年，董明珠出任珠海格力电器股份有限公司总裁，时年47岁。 《棋行天下》出版时，董明珠与珠海格力电器股份有限公司（前身为珠海海利空调器厂，以下简称"格力电器"或"格力"）已共同走过十年。这期间， 格力电器完成了从一家年产值不足2000万元的空调组装小厂到上市公司的蜕变；董明珠亦由格力电器一名空调业务员，成为商界风口浪尖的传奇人 物。 经济观察报 记者 张锐 自《棋行天下》出版至今，时间刚好过去25年。 编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图 谱。 上述调研数据显示，至1988年底，我国城镇居民"新三大件"主要是电视机、电冰箱、洗衣机，空调则是高档次的奢侈品。 董明珠在《棋行天下》一书中回忆说，1990年，她因为一个偶然的机会，以业务员的身份加入当时的国营珠海海利空调器厂（格力电器的前身，以下 简称"海利"）。当时，空调的主要用 ...