据极目新闻，封关首日，便有消费者排起长队选购苹果产品。店员介绍，免税苹果产品不能使用国家补 贴，但可以叠加政府免税消费券。以售价最贵的iPhone17proMax2TB版本为例，其叠加消费券后，最终 售价为15859元，这比官网售价便宜了2140元。 据每日经济新闻，19日，老庙黄金价格展示牌显示，当天免税金价为1180元/克，有税金价为1356元/ 克，免税价便宜176元/克。 此外，中免海南官方商城的小程序上还有一些性价比单品，如加拿大鹅羽绒服、戴森吹风机等。 （原标题：首饰黄金每克便宜176元，海南封关后，你会去"买买买"吗？） （来源：每日经济新闻、极目新闻） 12月18日，海南自由贸易港正式启动全岛封关。封关对普通人有哪些影响？到海南买买买会不会更爽 快？ ...

Group 1 - The central economic work conference emphasizes the importance of boosting consumption as a primary support for expanding domestic demand, with a plan to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027 [1] - The trillion-level sectors include elderly products, smart connected vehicles, and consumer electronics, while the hundred-billion-level hotspots cover baby products, smart wearables, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and domestic fashion [1] - By 2030, the goal is to establish a high-quality development pattern characterized by a virtuous interaction between supply and consumption [1] Group 2 - The latest data from the National Bureau of Statistics shows that the total retail sales of consumer goods in the first three quarters of 2025 increased by 4.5% year-on-year, contributing 53.5% to economic growth, which is a 9% increase compared to the previous year [3] - There is a noticeable trend towards quality and personalized consumption among residents, shifting from "universal functionality" to "spiritual recognition" [3] Group 3 - The supply side is adjusting in terms of both quantity and quality, with over 230 million types of consumer goods available, and a significant increase in the supply of innovative products such as smart home devices and drones [5] - Despite improvements, there remains a mismatch between supply and demand, particularly in terms of personalized and high-end products, leading to a situation where desired products are not available [6] Group 4 - The current mismatch in supply and demand is characterized by three main issues: standardized products failing to meet personalized demands, a lack of high-end quality supply, and insufficient supply in emerging hotspots [6] - The new plan aims to address these mismatches by enhancing product variety, quality, and responsiveness, marking a shift from passive adaptation to proactive leadership in policy [6] Group 5 - The plan promotes flexible manufacturing and customization, encouraging the establishment of a digital system that connects user demand with intelligent design and flexible production across various industries [9] - The integration of artificial intelligence is highlighted as a key factor in reducing supply-demand mismatches and enhancing consumer experience [10] Group 6 - The plan emphasizes the importance of diversifying and personalizing supply in emerging sectors, particularly in rural areas, where there is a growing demand for high-quality products [12] - Innovations in leisure, sports, and health products are identified as new consumption opportunities, with a focus on multi-functional smart fitness equipment and health management products [13] Group 7 - The plan also aims to enhance the influence of traditional culture by promoting historical classic products and supporting the development of local specialty foods and traditional crafts [14] - New consumer interests in areas such as pets, anime, and trendy products are addressed, with strategies for expanding low-altitude tourism and automotive-related consumption [15]

证券日报网讯 12月19日晚间，四川长虹发布公告称，公司第十二届董事会第四十一次会议审议通过 《关于修订公司的议案》《关于四川虹云新一代信息技术创业投资基金合伙企业（有限合伙）延长经营 期限的议案》《关于核销公司坏账的议案》等多项议案。 （文章来源：证券日报） ...

证券日报网讯 12月19日晚间，长虹美菱发布公告称，公司第十一届董事会第二十五次会议审议通过 《关于增补公司董事会专门委员会委员的议案》《关于四川虹云新一代信息技术创业投资基金合伙企业 （有限合伙）延长经营期限暨关联交易的议案》。 （文章来源：证券日报） ...

华为云AI变革专家 当前，数智化浪潮正以前所未有的深度重塑产业格局，企业数智化进入"比落地、拼成效"的新阶段。相比单点尝试，如何基于真实业务场景持续放大AI价 值，正在成为推进企业智能化的关键分水岭。 12月18日，"云端进化 智启未来"华为云数智领航会第四期在成都圆满收官。本次活动汇聚制造、汽车、消费、软件等多领域数智领航者，围绕AI如何从技 术应用走向业务变革展开深入交流，通过真实场景与实践案例，探讨智能化规模落地的可行路径，为千行万业提供实战指引。 华为质量与流程IT总裁助理、公司质量部部长周智勇在致辞中指出，未来二十年将是中国产业在全球格局中系统性崛起的关键阶段，数字化与智能化正是这 一历史进程的关键力量。基于自身实践经验和长期技术探索，华为正通过顶层设计引领、速赢场景突破与平台能力构建协同推进，助力更多企业跨越探索 期，迈向稳定运行、持续释放价值的智能化新阶段。周智勇表示，华为期待与更多产业伙伴一道，共同推动中国产业升级与高质量发展，迎接伟大的变革时 代。 华为质量与流程IT总裁助理、公司质量部部长 周智勇 路径破局："小切口，大纵深"的AI落地方法论 当前，企业普遍面临"表演式AI"的困境——技术 ...

Core Viewpoint - The A-share market has established a "slow bull" pattern driven by performance, with expected returns of 15% to 20% for major indices in 2026 [1] Group 1: Market Predictions - The target for the CSI 300 index in 2026 is set at 5200 points, while the MSCI China index is projected to reach 100 [1] - Earnings growth is expected to drive market returns, with projected year-on-year growth rates of 13% for the CSI 300 and 15% for the MSCI China index in 2026 [1] Group 2: Market Characteristics - The current A-share market volatility has decreased to nearly half compared to the 2014-2015 period, enhancing its attractiveness as an asset class [2] - The market is increasingly characterized by institutional participation, contrasting with the retail-driven high volatility of previous years [2] Group 3: Corporate Performance - Chinese companies are undergoing a "de-involution" process, allowing them to improve net profit margins and return on equity (ROE) despite slow revenue growth [2] - The expected ROE for Chinese stocks in 2025 is projected to grow by 12%, although the anticipated net profit margin is the lowest in the Asia-Pacific region at 5% [2] Group 4: Sector Insights - The export sector is identified as a core investment theme, with expectations of a relatively loose fiscal and monetary policy in major developed countries in the first half of 2026, which may boost demand for Chinese exports [2] - The food and beverage industry is highlighted as a sector poised for recovery, with current valuations below those of major markets like India, the US, and Japan, and potential for valuation recovery if domestic price indices stabilize [3]

Core Viewpoint - The article emphasizes the advantages of the Baistern whole-house heater, highlighting its efficiency, comfort, and safety features, making it a recommended choice for winter heating solutions [10][20][104]. Group 1: Product Features - Baistern's whole-house heater provides uniform heating, ensuring a comfortable environment without dryness, and can be controlled remotely via smartphone [7][70]. - The heater utilizes advanced dual-core heating technology and dual-effect heat dissipation, allowing for rapid heating and maintaining a stable temperature throughout the room [53][58]. - The product has been tested to raise room temperatures significantly, with a notable example showing a temperature increase from -5°C to approximately 17°C in 30 minutes [42][34]. Group 2: Energy Efficiency - The heater incorporates two major energy-saving technologies: PID micro-variable frequency technology and closed-loop variable power technology, which help reduce electricity consumption compared to traditional heating methods [89][90]. - Testing indicates that the heater consumes an average of 0.4 kWh per hour, translating to less than 0.2 yuan per hour for operation, making it a cost-effective heating solution [92][98]. Group 3: Safety Features - Baistern's heater is designed with multiple safety features, including flame-retardant materials, overheat protection, and automatic shut-off when tilted, ensuring safe usage in homes with children and pets [109][114]. - The product has passed various safety tests, including water resistance and electromagnetic interference tests, confirming its compliance with national safety standards [119][106]. Group 4: Market Position and Pricing - Baistern has established itself as a reputable brand in the environmental electrical appliance sector, with significant export achievements and multiple international certifications [14][12]. - The pricing strategy is competitive, with promotional offers significantly lower than market prices, making it an attractive option for consumers looking for quality heating solutions [148][149].

Core Viewpoint - Mexico plans to impose tariffs ranging from 5% to 50% on certain products from several Asian countries, including China, starting January 1, 2026, affecting industries such as automotive, electronics, steel, and furniture [1] Group 1: Tariff Impact on Exports - The tariffs will significantly impact the export of white goods, particularly home appliances, while the effect on black goods is expected to be minimal due to different material usage [2][3] - In 2025, China's exports of white goods to Mexico amounted to $2.919 billion, a year-on-year decrease of 10.6%, with specific declines in air conditioners (30%), washing machines (49.86%), and refrigerators (10.7%) [3] - The increase in tariffs may lead to a pause in orders or a shift to overseas production for certain products, such as non-automatic washing machines, which have a low profit margin [2][3] Group 2: Industry Response and Adjustments - Companies are likely to respond to the tariffs by adjusting their overseas production layouts or restructuring their supply chains [1][2] - Major Chinese companies, such as Hisense and TCL, have already established manufacturing facilities in Mexico, which will allow them to enhance local production capacity and expand their market share in North America [4] - The trend of increasing tariffs may push upstream component manufacturers to align more closely with North American original equipment manufacturers (OEMs) to improve local supply chain collaboration [4]

Market Overview - The A-share market showed a high-level fluctuation with the Shanghai Composite Index rising by 0.36%, the Shenzhen Component Index increasing by 0.66%, and the ChiNext Index up by 0.49% [1][13] - The total trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion yuan, an increase of 704 billion yuan compared to the previous trading day, with over 4,400 stocks rising [1][13] - The Hong Kong market also saw gains, with the Hang Seng Index up by 0.75% and the Hang Seng Technology Index rising by 1.12% [1][13] Sector Performance - Main capital inflows were observed in sectors such as general equipment, automotive, and retail, while there were outflows from semiconductor, aerospace, and electronics sectors [2][14] - The consumer sector experienced a surge, particularly in retail and duty-free shops, while sectors like Hainan Free Trade Zone, nuclear fusion, rare earth permanent magnets, cross-strait integration, and intelligent driving concepts were active [2][14] Economic Data and Policy Impact - The U.S. inflation data for November showed a significant drop, with the overall CPI year-on-year falling to 2.74%, below the expected 3.06%, which has raised questions about data accuracy due to the government shutdown affecting previous data [3][15] - The Bank of Japan raised its target interest rate by 25 basis points to 0.75%, marking a 30-year high, which aligns with market expectations for ongoing monetary policy normalization [3][15] Innovation Drug Sector - The innovation drug sector is rebounding due to several catalysts, including a recovery in valuation after months of correction and upcoming key clinical data disclosures at the ASCO annual meeting in May 2026 [4][17] - The sector is entering a commercialization phase, with policy support extending from process optimization to full-chain empowerment, enhancing competitiveness [4][17] Hong Kong Technology Sector - The Hong Kong technology market has faced short-term pressure but is expected to rebound, with potential for capital inflows post-Christmas [6][18] - The market anticipates a recovery in January, although the extent of the rebound may be limited [6][18] Commodity Sector - The commodity sector, particularly non-ferrous metals, is performing well due to multiple factors, including a slowdown in U.S. CPI data, which has raised expectations for liquidity easing and supported metal prices [8][20] - The easing of rare earth export controls and a balanced supply-demand situation in industrial metals are also contributing to the sector's strength [8][20] Investment Opportunities - Investors are encouraged to consider ETFs focused on innovation drugs, Hong Kong technology, and commodities, as these sectors show potential for growth and recovery [4][21][22]

Investment Rating - The report rates the home appliance industry as "Positive" for investment, marking it as the first recommendation for 2026 [3]. Core Insights - The report emphasizes that leading companies with strong product capabilities, channel efficiency, cost control, and brand premium are positioned to gain market share during a challenging domestic demand environment. The industry is shifting from "incremental competition" to "stock integration" [4]. - It highlights that while short-term revenue growth may be difficult to expect, leading companies are likely to maintain profit growth due to improved efficiency and cost reduction. A stabilization in demand could lead to a new golden era for these companies [4]. - The report suggests focusing on three main investment themes: companies benefiting from domestic market consolidation, those redefining products for overseas markets, and quality dividend stocks with low valuations [4]. Summary by Sections 1. Market Performance and Fundamentals - The home appliance sector underperformed the CSI 300 index in 2025, with a growth rate of 9.7%, lagging behind the index by 7.8 percentage points, primarily due to external tariffs and domestic policy fluctuations [9]. - The report notes that the home appliance sector's valuation remains low compared to other consumer sectors, with a PE ratio of 14.7X as of November 30, 2025, reflecting the industry's mature phase and pressures from declining domestic real estate demand [19][20]. 2. Main Line One: Opportunities in Market Consolidation - The report identifies opportunities in the smart projection market, where domestic consolidation is occurring, and leading companies are gaining market share. The market is expected to improve as consumer demand recovers [61]. - In the kitchen appliance sector, leading companies are showing resilience in performance despite weak demand, with market shares increasing as smaller competitors exit the market [76]. 3. Main Line Two: Redefining Products for Export Markets - The report discusses the growth potential in the robotic vacuum cleaner market, which is expected to see double-digit growth in the overseas market from 2024 to 2029, driven by product innovation [86]. - It also highlights the potential for growth in the lawn mower robot market, particularly in Europe, where the penetration rate is expected to rise significantly [104]. 4. Main Line Three: Quality Dividend Stocks - The report suggests that companies like Midea Group and Haier Smart Home are positioned well due to their stable cash flows and increasing dividend payouts, making them attractive for long-term investment [85].