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].

Core Viewpoint - Midea Group has announced the establishment of a "New Energy Division" as part of its organizational restructuring, indicating a strategic upgrade in its new energy business layout [1]. Group 1: Organizational Changes - The New Energy Division will integrate the original New Energy Product Company and Energy Technology Company under the Industrial Technology Division, with Wang Jianguo, the Executive President of Midea Group, appointed as the President of the New Energy Division [1]. - This restructuring reflects Midea Group's long-term commitment to the new energy sector, particularly in photovoltaic and energy storage fields [1]. Group 2: Business Development - Midea Group has been actively involved in the new energy industry, acquiring Beijing Hekang New Energy Technology Co., Ltd. for 740 million yuan in March 2020, focusing on components for new energy vehicles, including charging piles and grid operations [1]. - In May 2022, Midea Group announced plans to acquire a 29.96% stake in the listed energy storage company Kelu Electronics for 837 million yuan, successfully completing the share transfer in June 2023, thus becoming the controlling shareholder [1]. - The company aims to develop Kelu Electronics into a key platform for energy management business [1]. Group 3: Industrial Technology Division - Midea Group's Industrial Technology Division focuses on new energy, HVAC, new energy vehicles, and core components for robotics, with brands such as GMCC, Welling, MR, HICONICS, CLOU, and Servotronix under its umbrella [2]. - The division operates 29 smart factories globally and has established 33 R&D testing centers in countries including China, Japan, Turkey, and the United States, covering products like compressors, motors, chips, valves/pumps, new energy vehicle components, and energy storage [2]. Group 4: Energy Operations - Midea Energy, a subsidiary of Midea Group, serves as an operational platform for the development, application, and trading of various renewable energy sources, including photovoltaic and wind energy [2]. - The company is involved in household solar storage, commercial energy solutions, and is constructing a virtual power plant operation platform [2]. - Midea's Building Technology Company, previously focused on HVAC, has expanded into solar storage and energy management services for users in recent years [2].

Core Insights - Gree's intelligent manufacturing factory in Zhuhai has achieved a 200% increase in production efficiency and 100% digital coverage through the integration of an "industrial brain" that consolidates data across the entire value chain [1] - The factory has been recognized as a national leading intelligent factory, showcasing Gree's innovative "Gree Collaborative House" model for smart manufacturing [1] Group 1: Intelligent Manufacturing - The "Gree Collaborative House" model is based on a "one main, multiple cores, multi-level network" architecture, leveraging an industrial internet platform, data middle platform, and AI algorithms to enhance operational efficiency [1] - This model facilitates end-to-end data-driven and dynamic optimization from consumer demand insights to product lifecycle delivery, significantly improving the efficiency of the entire value chain [1] Group 2: Industry Impact - The "Collaborative House" model offers a replicable and scalable paradigm for the intelligent transformation of industries such as home appliances, electronics, and automotive [1] - Gree's industrial internet platform connects over 20,000 upstream suppliers, midstream factories, downstream distributors, and end customers, breaking down information silos across the supply chain [1] - The ecosystem formed promotes "demand-driven—technology sharing—capacity collaboration," allowing suppliers to view production plans in real-time, factories to produce based on distributor orders, and customers to track the entire production and shipping process [1] Group 3: Intelligent Equipment Business - Gree's intelligent equipment business encompasses research and development, production, sales, and service, covering four major areas: industrial robots, CNC machine tools, intelligent logistics warehousing, and industrial automation [2]

Group 1: Changes for Businesses and Individuals - The official closure of Hainan Island on December 18, 2025, has led to significant changes, allowing companies to process imported goods like soybeans and beef without high tariffs, saving substantial costs that are reinvested in production and hiring [2] - Consumers are benefiting from lower prices on luxury items, such as BMW cars, and an expanded range of duty-free products, enhancing their quality of life [4] - The introduction of high-end medical services and equipment locally has made healthcare more accessible for residents [4] Group 2: Open Policy Management - Hainan's approach to "closure" is not about isolation but rather facilitating smoother entry and exit for goods and people, with over 80 countries and regions able to visit without visas [6] - To prevent policy loopholes, goods enjoying tax exemptions must be declared when leaving the island, and vehicles can only remain on the mainland for 120 days per year, ensuring a balanced interaction between the island and the mainland [8] - The core of Hainan's policy is to balance openness and control, attracting resources and talent while protecting the national tax system [12] Group 3: Unique Competitive Position - Hainan is not competing with Hong Kong as a free port; instead, it focuses on serving the domestic market by attracting global resources for local output [14] - The tax policies and measures in Hainan aim to foster growth in innovation, manufacturing, tourism, and high-tech industries [14] - Hainan's strategy is complementary to the Guangdong-Hong Kong-Macao Greater Bay Area, with Hainan focusing on production and application while the Bay Area emphasizes research and innovation [16] Group 4: Exploration and Development - Hainan is establishing itself as a new model of openness, not by mimicking Hong Kong but by creating its own path, with policies continuously evolving based on practical needs [18] - The goal is to serve as a practical open channel for domestic residents and businesses, aligning consumer needs with entrepreneurial motivation while showcasing a new form of Chinese openness to the world [18] - Hainan is transforming into a crucial tropical window connecting domestic and international markets, with these changes occurring in real-time [18]

Group 1 - The 17th China High-end Home Appliance Trend Release and Red Top Award Ceremony recently held in Beijing showcased 21 award-winning products, highlighting the resilience of Chinese consumer confidence, which is leading globally [1] - According to the Ministry of Commerce, from January to November this year, the nationwide trade-in program for consumer goods has driven sales exceeding 2.5 trillion yuan, with over 12.844 million home appliances exchanged [1] - The Chinese home appliance industry is focusing on technological self-reliance and high-quality development, achieving transformation through innovation, structural optimization, and green leadership, as stated by Zhang Bin from the Chinese Academy of Social Sciences [1] Group 2 - The report "2025 China High-end Home Appliance Market Trends and Innovation Insights" indicates a clear consumer preference for high-end, quality, and emotional value products, with significant growth in online retail sales of coffee machines, robotic vacuums, and large TVs showing double-digit increases from January to September this year [1] - A representative from JD Home Appliances noted that high-end appliance consumption is driven by technological trends, shifting from "single product intelligence" to "proactive service AI," with over 90% of consumers opting for first-level energy efficiency products under the trade-in policy [2] - The founder of the Red Top Award, Lv Shenghua, emphasized that the award represents an attitude towards pursuing a better life and aims to be a "catalyst" for industry progress and a "visionary" for future living [2]

（原标题：最佳分析师获奖感言，来了！） 12月17日，资本圈年度盛会——2025证券时报分析师年会暨最佳分析师颁奖典礼在苏州盛大开幕。本届 年会由证券时报社主办、新财富杂志社承办。 活动现场揭晓了巨匠分析师SSR、百星分析师SSR和黄金分析师SSR三个个人重磅大奖。浙商证券的邱 冠华荣获巨匠分析师SSR，长江证券邬博华、国联民生证券管泉森斩获百星分析师SSR，兴业证券孙媛 媛、国盛证券何亚轩获得黄金分析师SSR殊荣。 作为本次活动中极具含金量的团队奖项，最佳研究团队SSR的荣誉则被长江证券、广发证券、兴业证 券、申万宏源证券、国泰海通证券、国盛证券、东吴证券、华创证券、浙商证券、中信建投证券等机构 摘取。 获奖个人和机构代表在现场发表了获奖感言。 最佳分析师 巨匠分析师SSR 邱冠华 浙商证券 银行 第一名 巨匠，不是指向登峰造极的个人，更多象征着一种永恒的匠心、对专业的敬畏、对研究的执着、对价值 的信仰。长跑的路还要继续，展望未来，浙商证券研究事业部将继续深耕长三角，拥抱大金融，聚焦新 产业，力争办成市场一流的研究所。 管泉森 国联民生证券 家电 第一名 感谢证券时报、新财富杂志搭建了一个卖方都非常重视也弥 ...

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, which will impact various industries such as automotive, electronics, and appliances [3][4]. Group 1: Tariff Impact on Exports - The proposed tariffs will significantly affect the export of white goods from China to Mexico, with a projected decrease in exports of 10.6% in the first ten months of 2025, amounting to $2.919 billion [5]. - Specific categories such as air conditioners, washing machines, and refrigerators are expected to see substantial declines in export value, with decreases of 30%, 49.86%, and 10.7% respectively [5]. - Smaller appliances like fans and microwaves also experienced declines, with export values dropping by 14.81% and 9.29% respectively [5]. Group 2: Corporate Responses and Adjustments - Companies are likely to adjust their overseas production strategies in response to the tariffs, with some planning to shift orders to overseas factories [3][4]. - Major Chinese appliance manufacturers like Hisense and TCL have already established production facilities in Mexico, which may help them mitigate the impact of the tariffs by increasing local production capacity [6]. - The tariffs may compel these companies to enhance their product lines and expand their market share in both Mexico and North America [6]. Group 3: Market Trends and Future Projections - The Mexican market for air conditioners is expected to shrink in 2026 due to high inventory levels, which may limit the immediate impact of the tariffs on air conditioner exports [4]. - The overall trend indicates that Chinese appliance exports to Mexico are likely to continue facing challenges, with a projected decline of 9% in the first seven months of 2025 due to the tariffs [5].

"到2030年，中国AI数据中心直接驱动的铜需求将增长至近100万吨，占届时中国铜总需求的5%—6%。" 文 /巴九灵 2025中国家电科技年会上，空调"铝代铜"的声音，划破了中国产业经济半边天空。 19家企业签署《空调铝强化应用研究工作组自律公约》，以推进"铝代铜"，其中头部空调品牌包括美的、海尔、海信、TCL、奥克斯、小米、美 博七家，并呼吁"禁止恶意攻击行为，科学宣传铝热换器空调的特点"。 消息一出，社交媒体上出现了一些争议。 铜是空调最核心原材料，一台空调约20%的重量来源于铜。凭借导热性、耐腐蚀性方面的优势，铜材常被做成空调核心部件冷凝器和蒸发器的铜 管。倘若换成铝，中消协数据显示，铝管空调寿命一般只有8—10年。与此同时，铝铜异材焊接也是一个世界难题，热胀系数差异会导致泄漏风 险，并缩短空调寿命。 格力董事长董明珠也提到这个行业痛点： 用铝管会便宜很多，所以我们也纠结，为了迎合市场，我们便宜，可能买的人会更多，但是如果用铝管替代，你要保证十年不坏，如果你两三年 坏了，消费者就是受害者……研究几年下来，我们到现在还没有100%的把握说铝已经可以代替铜的情况下，我是觉得不允许用铝。 在这些讨论声中，今 ...

Group 1 - Mexico plans to impose tariffs ranging from 5% to 50% on various products from several Asian countries, including China, starting January 1, 2026, affecting industries such as automotive, electronics, steel, and furniture [4] - The Chinese Ministry of Commerce expressed opposition to unilateral tariff measures and is monitoring the situation closely, indicating that the proposed tariffs could harm trade partners, including China [4] - Adjustments to the tariff proposal have been made, with some rates for automotive parts, light industrial products, and textiles being slightly reduced, but overall measures are expected to negatively impact trade [4] Group 2 - Analysts suggest that the tariffs on Chinese home appliances, particularly a 15%-30% increase, may force companies to adjust their overseas production strategies or restructure supply chains [4] - The impact on air conditioner exports is expected to be limited due to high local inventory levels, with many companies having stockpiled products in 2025 [5] - The tariffs will also affect small appliances like fans and microwaves, but some companies plan to mitigate the impact by utilizing overseas factories for orders [5] Group 3 - Data shows that from January to October 2025, China's exports of white goods to Mexico amounted to $2.919 billion, a decrease of 10.6% year-on-year, with significant declines in air conditioners and washing machines [6] - In 2024, China's exports of home appliances to Mexico are projected to reach $3.81 billion, a 32.3% increase, driven by demand for larger appliances and components [6] - Major Chinese companies have established manufacturing facilities in Mexico, such as Hisense and TCL, focusing on both the Mexican and U.S. markets [6] Group 4 - Chinese leading companies have completed their production setups in Mexico, and the new tariffs may encourage these firms to enhance local production capacity and expand product lines [7] - The tightening of origin rules under the US-Mexico-Canada Agreement (USMCA) is pressuring upstream component manufacturers to align more closely with North American main manufacturers [7]

Core Insights - The report highlights that the macroeconomic environment in 2026 will be influenced by U.S. midterm election pressures, defense demands in Europe and Japan, and China's focus on stable growth, leading to continued policy easing in the first half of the year [2] - The AI boom is expected to enhance efficiency and stock valuations but may also exacerbate job losses and economic K-shaped divergence [2] - The report suggests that the second half of 2026 may see a rebound in inflation due to global liquidity easing, a weaker dollar, and China's anti-involution efforts, potentially causing volatility in high-valuation assets [2] Industry Outlook Chinese Internet Software - 2026 is seen as a critical year for competing for user attention in the AI era, with a focus on lowering usage barriers, enhancing decision-making efficiency, and creating real value [2] - Companies with stable cash flows supporting AI investments and strong operational capabilities are expected to have higher long-term investment value [5] Semiconductor - The report maintains four core investment themes for 2026: AI-driven structural growth, China's semiconductor self-sufficiency trend, high-yield defensive allocations, and industry consolidation [7] - The global semiconductor market is projected to grow by 26% to $975 billion in 2026, with AI-related segments leading the growth [7] Technology - The global tech industry is expected to experience demand differentiation and accelerated AI innovation, with a focus on AI computing infrastructure and end-user AI products [8] - Key companies to watch include Apple, which is anticipated to have a year of innovation with new AI products [8] Consumer Sectors Essential Consumption - The report identifies three main investment themes: deepening consumption stratification, focusing on essential survival needs, and leveraging overseas expansion to hedge against domestic uncertainties [10][20] - Companies in the food and beverage sector, such as Nongfu Spring and China Resources Beverages, are recommended due to their stable demand and attractive valuations [21] Discretionary Consumption - The outlook for the discretionary consumption sector is cautious, with expected retail sales growth of about 3.5% in 2026, slightly down from 4% in 2025 [11] - The report suggests a focus on survival-type consumption and low-cost emotional comfort products, with recommendations for companies like Luckin Coffee and Bosideng [11][21] Automotive - The Chinese automotive industry is expected to show resilience despite pressures from subsidy reductions and tax incentives, with retail sales of passenger vehicles projected to remain stable [12] - Key trends include intensified competition and the introduction of new models, particularly in the new energy vehicle segment [12] Pharmaceuticals - The innovative drug sector has seen significant growth driven by overseas licensing deals, but future catalysts are expected to shift from upfront payments to milestone achievements [13] - The CXO industry is anticipated to continue its recovery in 2026, supported by a rebound in domestic R&D demand [13] Real Estate - The report forecasts a continued contraction in the real estate market, with total residential sales expected to decline by 8% in 2026 [16][17] - Investment themes include focusing on stock market service providers and companies with strong operational capabilities in commercial assets [18][19]