Core Viewpoint - TCL Electronics has entered into a non-binding memorandum of understanding with Sony Corporation to potentially establish a joint venture focused on Sony's home entertainment business, which will include integrated operations for product development, design, manufacturing, sales, logistics, and customer service globally [1][2] Group 1 - The joint venture will be owned 51% by TCL and 49% by Sony, and it will involve future arrangements regarding patents, technology, and brand licensing [1] - Sony has committed not to engage in discussions or negotiations with third parties regarding similar transactions until March 31, 2026, except under limited circumstances required by law [1] Group 2 - The joint venture aims to leverage Sony's advanced technology, brand value, and supply chain management capabilities in the audio-visual sector, while also utilizing TCL's display technology and global scale advantages [2] - This strategic collaboration is seen as an excellent opportunity for both companies to integrate their resources, enhance competitive strength, and create significant value for all stakeholders involved [2]

Core Viewpoint - TCL Electronics has entered into a non-binding memorandum of understanding with Sony Corporation to potentially establish a joint venture focused on Sony's home entertainment business, which will include integrated operations for product development, design, manufacturing, sales, logistics, and customer service globally [1][2] Group 1 - The joint venture will be owned 51% by TCL and 49% by Sony, and it will involve future arrangements regarding patents, technology, and brand licensing [1] - Sony has committed not to engage in discussions or negotiations with third parties regarding similar transactions until March 31, 2026, as part of the memorandum [1] Group 2 - The joint venture aims to leverage Sony's advanced technology, brand value, and supply chain management capabilities in the audio-visual sector, while also utilizing TCL's display technology and global scale advantages [2] - This strategic collaboration is seen as an opportunity for both companies to integrate their resources, enhance competitive strength, and create significant value for all stakeholders involved [2]

《企业可持续披露准则第 1 号——气候（试行）》 印发，绿债净融资额显著下降 行业发展动态 产业研究 证 券 研 究 报 告 ESG 月报（2025 年 12 月-2026 年 1 月） 政策动态：（1）12 月 25 日，《企业可持续披露准则第 1 号——气候（试行）》 对外发布，旨在规范企业可持续发展信息披露，稳步推进我国可持续披露准则 体系建设，推动经济、社会和环境可持续发展。（2）国家发改委明确将推动国 家算力枢纽与清洁能源基地协同建设，以此为核心加强基础设施融合与智能化 升级，构建现代化基础设施体系。 2、行业热点：（1）近 5 年，绿色贷款持续保持 20%以上较高增速。截至 2025 年 3 季度末，绿色贷款余额 43.51 万亿元，同比增长 22.9%，高于各项贷款增 速 16.4 个百分点。（2）《印第安纳波利斯星报》12 月 14 日刊登公开信，呼吁 亚马逊、谷歌、Meta 和微软等科技巨头使用清洁能源为其数据中心供电，否 则将难以实现自身气候目标。（3）新浪财经发布"2025 中国企业 ESG 百强" 榜单，以金融和消费行业为引领的标杆企业，正通过自身转型与产业链协同， 推动可持续发展融入 ...

1月20日，山东交出了2025年的外贸成绩单：进出口总值实现3.53万亿元人民币，同比增长4.5%，占全国进 出口总值的7.8%，对全国外贸增长的贡献达到9.1%。 在国际贸易保护主义抬头、地缘冲突加剧的当下，山东外贸的稳健增长，既是区域经济的 "压舱石"，更是 中国经济韧性的生动注脚。 制造业出海"弯道超车" 105项机电产品出口全国第一 同时，随着高质量共建"一带一路"持续走深走实，对共建国家贸易占山东进出口、出口、进口的比重分别 达到64.1%、57.3%、74.7%，均较2024年有所提升。比如，2025年，山东58.5%的汽车出口销往非洲市场， 成为当地的"硬通货"。 将维度拉长来看，在"十四五"期间，山东积极开展"万企出海 鲁贸全球"市场开拓行动进行多元化布局，其 中对东盟、拉美、非洲年均增速分别为17%、9.7%、15%。这些曾经的"小众市场"，都已成为山东外贸 的"增长引擎"。 放在十年前，提起山东外贸，大家脑海里多半是蔬菜、纺织面料这些"老熟人"。但在2025年，山东外贸的 一项数据彻底颠覆了这种刻板印象：山东机电产品出口首次突破1万亿元。 值得一提的是，按照6位商品编码测算，2025年山东 ...

作者 |第一财经王珍 此图由受访者提供。 格力电器（000651.SZ）总裁助理、珠海格力电子元器件有限公司总经理冯尹在大湾区化合物半导体生态应用大会上透露，格力电器碳化硅芯片工厂在量 产家电用碳化硅芯片后，今年光伏储能用、物流车用碳化硅芯片也将量产。 格力电器董事长董明珠几天前接待广汽集团董事长冯兴亚时笑言，未来广汽的汽车芯片中一半由格力产品替代。 碳化硅（SiC）是一种化合物半导体材料，优势在于耐高压、耐高频、耐高温。2019年，格力开始在空调柜机上，引入美国公司的碳化硅器件，来提升能 效。 冯尹说，中国家电行业在能效方面，仍有很大提升空间。中国空调最新的APF能效比要求提升了，但与日本最高的空调能效比相比仍然有差距。中国冰箱 如果全部用2026年6月将实施的新的能效等级，将可以节省约130亿度电。为了助力节能，格力自己做芯片。 2026.01.20 本文字数：1133，阅读时长大约2分钟 格力电器2010年建立IPM功率模块生产线，2018年设立格力零边界公司做芯片设计。2023年，格力电器设立电子元器件公司，主要从事碳化硅芯片的设 计、流片及模块封装和测试等业务。格力的碳化硅芯片工厂，2022年12月 ...

Core Viewpoint - Gree Electric Appliances is expanding its production of silicon carbide (SiC) chips for various applications, including home appliances, photovoltaic storage, and logistics vehicles, aiming to enhance energy efficiency and reduce energy consumption in the Chinese market [6][8]. Group 1: Company Developments - Gree's silicon carbide chip factory is set to begin mass production of chips for photovoltaic storage and logistics vehicles in 2023, following the successful production of chips for home appliances [6]. - The company has established a new electronic components division focused on the design, wafer processing, and packaging of silicon carbide chips, with plans for an annual production capacity of 240,000 six-inch silicon carbide wafers by 2025 [8]. - Gree has already shipped over 200,000 air conditioning units equipped with its silicon carbide chips, which contribute to temperature reduction and energy efficiency improvements [8]. Group 2: Industry Context - The Chinese home appliance industry has significant potential for energy efficiency improvements, with new energy efficiency standards expected to save approximately 13 billion kilowatt-hours if fully implemented [8]. - Gree's silicon carbide technology is positioned to meet the growing demand for energy-efficient solutions across various sectors, including automotive and renewable energy [9]. - The company faces challenges such as price competition in the industry and reliance on imported components for some machinery, prompting a need for increased collaboration with chip design firms and suppliers [9].

Core Viewpoint - The implementation of the "Two New" policy in 2025 is expected to significantly boost China's GDP growth, with a target of surpassing 140 trillion yuan, driven by measures to expand domestic demand and support investment and consumption [1][2]. Group 1: Economic Impact - In 2025, the "Two New" policy is projected to support approximately 8,400 equipment upgrade projects, leading to total investments exceeding 1 trillion yuan and contributing to an 11.8% year-on-year increase in equipment investment [2]. - The policy has resulted in over 360 million people applying for subsidies for replacing old consumer goods, generating sales exceeding 2.6 trillion yuan and directly increasing retail sales of consumer goods by 0.6 percentage points [2]. - The implementation of the "Two New" policy has led to a cumulative energy saving of over 69 million tons of standard coal and a reduction of carbon emissions by more than 170 million tons [2]. Group 2: Policy Implementation for 2026 - The National Development and Reform Commission (NDRC) and the Ministry of Finance have announced the support scope and subsidy standards for the "Two New" policy for 2026, with an initial allocation of 62.5 billion yuan for consumer goods replacement [3]. - The 2026 policy aims to optimize the support scope and subsidy standards, ensuring a smooth transition and orderly implementation of the policy [3]. Group 3: Enhancements to Policy Effectiveness - To improve the effectiveness of fund utilization and amplify policy impact, the following measures are proposed: lowering investment thresholds for project applications, enhancing project review standards, and strengthening regulatory oversight [4][5]. - A unified subsidy standard will be implemented nationwide for various categories, including automobile replacements and home appliances, to ensure consistency across regions [5]. - The policy will also focus on combating fraudulent activities related to subsidies, ensuring strict fund audits and management to prevent abuse [5].

Investment Rating - The report does not explicitly provide an investment rating for the industry but emphasizes the strategic importance of AI in manufacturing and its potential to enhance competitiveness on a global scale [4][10]. Core Insights - The issuance of the "AI + Manufacturing" action plan aligns with global industrial competition and domestic manufacturing transformation needs, aiming to empower manufacturing through AI technology [2][4]. - The plan focuses on creating a comprehensive development system that includes technology support, scenario empowerment, product innovation, ecosystem activation, and security assurance [7][10]. - By 2027, the plan aims for China's AI core technologies to achieve reliable supply, with the industry scale and empowerment level ranking among the world's top [6][13]. Summary by Sections Background and Core Positioning - The deep integration of AI and manufacturing is essential for reshaping industrial advantages and seizing development opportunities amid global competition [4]. - The plan is a response to the urgent need for China's manufacturing sector to upgrade and transition from scale expansion to quality and efficiency [4][5]. Key Policy Interpretations - The plan introduces five core measures to build a comprehensive development system, focusing on technology support, scenario empowerment, product innovation, ecosystem activation, and security assurance [7][9]. - It emphasizes the need for a dual-cycle empowerment system that connects technology supply and industrial application, fostering a collaborative ecosystem [6][10]. Challenges and Outlook - The report identifies challenges such as the need for real-time response capabilities in industrial models and the fragmentation of industrial data, which hinders model training accuracy [11][12]. - In the short term (1-2 years), the manufacturing sector is expected to enter a phase of benchmark leadership, with 500 typical application scenarios becoming replicable and scalable [13]. - In the long term, the AI-driven innovation ecosystem is projected to enhance China's global competitiveness in core technologies and industry scale, leading the global manufacturing sector towards intelligent transformation [13].

格力电器（000651.SZ）总裁助理、珠海格力电子元器件有限公司总经理冯尹在大湾区化合物半导体生态应用大会上透露，格力电器碳化硅芯片工厂在量产 家电用碳化硅芯片后，今年光伏储能用、物流车用碳化硅芯片也将量产。 格力碳化硅芯片工厂在量产家电用碳化硅芯片后，今年光伏储能用、物流车用碳化硅芯片也将量产。 格力电器2010年建立IPM功率模块生产线，2018年设立格力零边界公司做芯片设计。2023年，格力电器设立电子元器件公司，主要从事碳化硅芯片的设计、 流片及模块封装和测试等业务。格力的碳化硅芯片工厂，2022年12月打桩，2023年年底产品通线，一期规划6英寸碳化硅晶圆年产能24万片。2025年，格力 电器芯片销量已累计超过3亿颗。 如今，格力的碳化硅芯片，已经装机出货超过200万台空调，可以实现温度降低和能效提升。格力用在光伏、储能产品上的碳化硅器件，也可助力温度降低 和能效提升，2026年将量产。此外，格力用于中央空调冷水机组、物流车的碳化硅器件，也能实现能效提升，2026年也将陆续量产。 据冯尹介绍，格力的碳化硅工厂建设了6英寸、8英寸兼容机台，有全自动化天车系统，还可以提供满足车规级要求的测试服务。同时 ...

Core Viewpoint - The article emphasizes the need for China to strengthen domestic demand and adapt to the upgrading of demand structure, with a focus on innovation and high-tech industries to drive economic growth [1][2]. Group 1: Economic Strategy and Development - The National Development and Reform Commission (NDRC) plans to formulate a strategy for expanding domestic demand from 2026 to 2030, aiming to create new demand through new supply and provide strong innovation measures and resource guarantees [1]. - By 2025, China's digital economy is expected to reach a value of 49 trillion yuan, accounting for approximately 35% of GDP, indicating significant market potential [2]. - The NDRC is working on a series of major projects in high-tech industries during the 14th Five-Year Plan period, focusing on the integration of innovation, industry, and talent [2]. Group 2: Investment and Policy Measures - The establishment of a national-level merger and acquisition fund is being considered to enhance government investment and fund layout planning, promoting innovation and new productive forces [3]. - A unified subsidy standard for "two new" initiatives (new energy and new technology) will be implemented nationwide, covering various sectors including automotive and electronics [4]. - The promotion of reasonable price recovery is highlighted as a key consideration in monetary policy, with a focus on structural adjustments and a combination of fiscal and monetary policies to foster economic growth [5]. Group 3: Market Regulation and Legal Framework - The NDRC plans to develop a list of items that hinder the establishment of a unified national market and a list of encouraged and prohibited items for investment attraction [6].