今天上午，象征着世界足球最高荣誉的世界杯冠军奖杯——大力神杯在青岛奥帆中心迎来了首秀，数千 名岛城球迷有幸来到现场，与大力神杯近距离接触。而作为这次活动的主办方，2026年美加墨世界杯官 方赞助商海信，在现场展出了世界杯定制产品的全套阵容，800多人组成的方阵，挑战最多人组成的大 力神杯图形，从而创下吉尼斯世界纪录，更是让本次活动写进了历史。 自从1970年世界杯上，巴西第三次夺冠，从而永久保留了雷米特杯后，国际足联于1974年德国世界杯 上，正式启用了意大利艺术家加扎尼加设计的新奖杯。该奖杯高36.8厘米，重6.175公斤，主体以4.97公 斤18K黄金铸造，基座宽13厘米并嵌有孔雀石雕刻的"FIFA"字样，其造型为两名运动员托举地球，在奖 杯基座镌刻夺得冠军的国家名称。由于造型的两个运动员看上去很像是大力士，所以被命名为大力神 杯。 当天，在活动现场，海信展出了世界杯官方定制产品的全套阵容，包括电视、冰箱、空调、洗衣机等家 电产品，球迷现场体验了世界杯定制家电的黑科技，享受了顶级看球体验。值得一提的是，当天在奥帆 中心，800多人组成的方阵，摆出了大力神杯造型，挑战最多人的吉尼斯世界纪录成功，让本次活动进 ...

Market Overview - A-shares showed mixed performance last week with a slight increase in trading volume [1][10][25] Macroeconomic Data Analysis - The December Politburo and Central Economic Work Conferences emphasized the importance of domestic demand, maintaining a conservative policy tone [5][20] - Domestic economic conditions are viewed positively, while international challenges remain [5][20] - The focus on expanding domestic demand has increased, with previous aggressive macro policy language being replaced by a more cautious approach [5][20] - The policy direction emphasizes balancing development and security, with a call for rational and structured future policies [5][20] - Fiscal policy remains proactive while monetary policy is moderately accommodative [5][20] Export Performance - November exports increased by 5.9% year-on-year and 8.2% month-on-month, exceeding market expectations [7][22] - Exports to Europe rose by 14.8%, while exports to the U.S. saw a year-on-year decline of 28.6% [7][22] - Exports to Africa and ASEAN grew by 27.6% and 8.2%, respectively, indicating improved trade relations [7][22] - Key export categories showing growth include automobiles and integrated circuits, while home appliances and textiles experienced negative growth [7][22] Stock Market Strategy Outlook - The market experienced a rebound last week, with improved financing data and increased trading volume [10][25] - Short-term expectations indicate a continued focus on technology sectors, driven by ongoing catalysts despite skepticism in the U.S. market regarding AI [11][26] - Mid-term views favor technology growth as a priority, with the current economic fundamentals remaining stable [11][26] - Long-term perspectives highlight the established framework of U.S.-China competition, with potential strategic opportunities for China amid uncertainties in the U.S. economy [12][27] Industry Perspectives - Defensive dividend sectors are recommended for maintaining allocation, with increased insurance capital entering the market [14][28] - Focus on technology sectors remains strong, particularly in AI and related fields, despite ongoing skepticism in the U.S. market [15][29] - Opportunities in domestic demand and high-growth sectors are noted, with a need for strong catalysts to initiate market movements [15][29]

Group 1 - The core issue in the home appliance sector is the increasing consumer complaints regarding product quality and after-sales service, with around 40% of complaints related to performance failures and safety hazards [1][2] - Consumers have reported various issues with newly purchased appliances, including malfunctioning dryers, televisions with display problems, and washing machines that frequently break down [1] - The rise in complaints highlights the need for improved regulation and oversight in the home appliance market to ensure product quality and consumer protection [1][4] Group 2 - Many consumers face challenges in obtaining satisfactory after-sales service, including unresponsive repair appointments, substandard repair quality, and inflated repair costs [2][3] - The complexity of the supply chain in home appliance transactions complicates the resolution of disputes, as responsibility is often unclear among manufacturers, retailers, e-commerce platforms, and service providers [3][4] - Experts suggest that enhancing product quality and implementing stricter regulations are essential for improving consumer satisfaction and trust in the home appliance industry [2][4] Group 3 - There is a call for clearer delineation of responsibilities among stakeholders, including e-commerce platforms, to ensure accountability for counterfeit or substandard products [4] - Recommendations include improving the credit evaluation system for different business entities and utilizing digital technology for dynamic regulation to foster a trustworthy consumer environment [4] - To address high consumer protection costs, suggestions include optimizing small claims procedures and enhancing collaboration among judicial and regulatory bodies to streamline dispute resolution [4]

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【12月22日：看好多行业相对收益，中长期看多黄金】2025年12月，被看好相对收益的行业有家电、电 力及公用事业、国防军工、电子、计算机和保险。黄金、白银、铜和原油的VIX抬升，中长期仍看多黄 金。白银的VIX处于历史极大值，需警惕超买后的回调风险。 ...

据最新消息，海尔智家（600690）将于12月23日在青岛举办碳中和战略发布会。作为全球化最彻底的头 部企业，在这次会上，海尔智家会不会成为第一个明确全球碳中和目标的头部家电企业?让我们拭目以 待。 随着全球碳中和浪潮的持续推进，家电行业作为能源消耗与碳排放的关键领域，绿色转型已成为趋势。 国际能源署(IEA)数据显示，家电产品用电量已占全球总电力消耗的20%以上。这意味着家电行业的低 碳转型不仅关系到行业自身的可持续发展，也对全球气候治理具有重要意义。 面对这一趋势，全球家电企业纷纷行动起来，并公布了各自的碳中和目标。在国际上，伊莱克斯、松 下、大金等企业已明确提出在2050年实现全球碳中和。在国内，头部家电企业尚没有明确提出全球范围 内碳中和目标的企业。 ...

花旗发布研报称，基于美的集团（000333）(00300)2025年前三季度的良好增长表现，预计美的2025年 全年财务目标可达，即销售额同比增长约10%，且净利润率同比提升的目标可轻松达成。同时，美的仍 是该行在中国消费板块中的首选买入股票之一。 报告表示，美的管理层对楼宇科技业务的扩展仍持乐观态度，主要因素包括数据中心对商用液冷机组的 良好需求前景，以及通过改进产品和自研核心零部件，在中国市场从外资品牌中持续获取份额的提升。 因此，管理层维持其对2025年第四季度的指引，即季度销售额和净利润不会出现下滑。 ...

Core Viewpoint - Citi's report indicates that Midea Group (00300) is expected to achieve its financial targets for the full year of 2025, with a projected sales growth of approximately 10% year-on-year and an improvement in net profit margin [1] Group 1: Financial Performance - Midea's strong growth performance in the first three quarters of 2025 supports the expectation of meeting its annual financial goals [1] - The company is anticipated to easily achieve its targets for both sales growth and net profit margin improvement [1] Group 2: Business Outlook - Midea's management remains optimistic about the expansion of its building technology business, driven by strong demand for commercial liquid cooling units in data centers [1] - The company aims to continue gaining market share from foreign brands in China through product improvements and self-developed core components [1] - Management maintains guidance that there will be no decline in quarterly sales and net profit for the fourth quarter of 2025 [1]

报告指出，楼宇科技业务作为集团规模最大、盈利能力最强的企业端业务板块，预计将在2030年前实现 100亿美元的销售目标，占集团总销售额的10%以上，对应复合年增长率约为15%。 美银发布研报称，仍重申观点，认为美的集团（000333）(00300)2026年全年有望实现正向增长。其中 企业端业务与海外消费者端业务将成为核心增长驱动力，故维持"买入"评级及目标价92.1港元。 该行认为数据中心制冷在中国市场潜力巨大。随着中国GPU芯片技术的发展，业内专家预计中国将在两 年内转向美国技术模式，未来市场规模有望扩大至100亿美元。美的集团目前已位列中国市场前五，凭 借其在制冷剂系统领域的技术优势，有望在技术路径转型中受益，进一步提升在该快速增长板块的市场 份额。 ...

Core Viewpoint - Hisense, as the global official sponsor of the 2026 World Cup, showcased a range of customized technology products at the "Hercules Cup Comes to China" event, highlighting the integration of sports IP and technology products, while also setting a Guinness World Record for the largest human Hercules Cup formation [1][2][3] Group 1: Event Highlights - The event took place at the Qingdao Olympic Sailing Center and attracted significant attention, with pre-registration numbers exceeding expectations, prompting Hisense to increase visitor capacity [1] - Attendees included fans and technology enthusiasts eager to experience the Hercules Cup and the innovative World Cup customized products [1] Group 2: Product Innovations - Hisense introduced the world's first RGB-Mini LED TV, which accurately replicates the passionate atmosphere of the World Cup [2] - The Hercules air conditioner features a starry human-sensing smart wind technology with an industry-leading fresh air volume of 270m³/h, ensuring a comfortable viewing environment [2] - The refrigerator utilizes pioneering vacuum magnetic field preservation technology to keep fruits and beverages fresh, catering to various viewing scenarios [2] - The large mint washing machine offers a segmented washing function, enhancing the consumer experience during the events [2] Group 3: Brand and Market Strategy - Hisense's collaboration with FIFA is seen as a way to merge sports spirit with technological innovation, enhancing the brand's global presence [3] - The company aims to deepen its sports IP layout and strengthen its global technology brand image through product innovation and brand activities [3] - With the approach of the 2026 World Cup, Hisense is positioned to expand its global market presence, showcasing the international influence of Chinese technology companies [3]

Industrial Sector - Raw material production continues seasonal adjustments, with steel and building materials showing mixed performance[1] - The operating rate of petroleum asphalt and cement clinker has decreased, while the float glass operating rate remains stable[1] - The operating rate of polyester in textiles has weakened seasonally, while the operating rate of full steel tires in the automotive sector has increased[1] Real Estate - New home sales in 30 major cities decreased by 28.4% year-on-year, but the growth rate improved by 3.4 percentage points compared to last week[1] - The year-on-year decline in new home sales for December is 30.2%, a slight improvement of 0.3 percentage points from the previous month[1] - The second-hand housing listing price index fell by 0.54% week-on-week, with the decline narrowing[1] Domestic Demand - Movie box office revenue remains high, with an increase of 78.7% year-on-year, averaging 90.73 million yuan per day[1] - Retail sales of home appliances decreased by 22.5% year-on-year, but improved by 0.6 percentage points from the previous value[1] - The volume of postal express collection increased by 3.8% year-on-year, although it has declined compared to the previous month[1] External Demand - Port cargo throughput increased by 3.4% year-on-year, with container throughput rising by 10.6%[1] - The export container freight index increased by 0.6% week-on-week, continuing its upward trend[1] - South Korea's export value increased by 3.5% year-on-year, although the growth rate fell by 4.9 percentage points compared to November[1] Price Trends - The industrial product price index rose by 1.0%, with black raw materials and non-ferrous metals increasing by 3.9% and 0.8% respectively[1] - Rebar futures prices increased by 1.9%, while spot prices rose by 1.1%[1] - Agricultural product wholesale price index rose by 0.5%, continuing to outperform the same period last year[1]