Core Insights - The rise of Labubu is not coincidental but a result of generational aesthetics, emotional symbols, and identity expression [1][2] - The "Implementation Plan" provides a systematic framework for the new demand and supply dynamics, emphasizing the importance of capturing emotional trends and creating a sustainable supply chain [1][2][10] Generational Symbols - Each generation has its own Labubu, representing the spirit of the times, from Transformers for the 70s to digital IPs for Gen Z [2] - The changing emotional structures reflect new consumer demands in China, with the "Implementation Plan" targeting three trillion-level and ten hundred-billion-level consumption hotspots [2][4] New Consumption Trends - Future consumption is shifting from purchasing goods to subscribing to lifestyles, driven by demographic segmentation and interest-oriented consumption [3] - Changes in consumption dimensions include spatial (from traditional malls to immersive experiences), temporal (from one-time purchases to long-term relationships), and relational (from buyers to co-creators) [3] New Demand Dynamics - The demand for new products is shaped by collective choices across generations, with emotional needs such as identity recognition, emotional healing, and self-narrative being crucial [4][5] - The children's market is evolving towards cognitive development and emotional growth, while the elderly market is shifting from passive care to active quality of life improvements [6][5] New Supply Strategies - New supply-side structural reforms focus on leveraging technology and new models for precise supply-demand matching [7] - Flexible production and rapid iteration are becoming standard, with the ability to quickly respond to new consumer trends [7][8] Investment Opportunities - The investment landscape is becoming clearer with three trillion-level sectors (elderly products, smart vehicles, consumer electronics) and ten hundred-billion-level sectors (trendy toys, outdoor products, etc.) identified [9] - Key investment criteria include addressing unique emotional needs, having a sustainable supply system, and aligning with national strategic directions [9][10]

Group 1 - The report emphasizes the importance of domestic demand as the primary driver for economic growth in 2026, with a focus on implementing consumption-boosting initiatives and enhancing the domestic market [11][12][13] - The contribution rate of domestic demand to economic growth from 2021 to 2024 is projected to be 86.4%, with final consumption accounting for an average contribution rate of 56.2% [12][13] - The report highlights the shift in the retail industry towards quality and service-driven growth, as discussed in the National Retail Innovation Development Conference [15][16] Group 2 - The North Exchange's consumer services sector saw a weekly increase of 0.44%, with food and beverage sector rising by 3.32% [25][31] - As of December 13, 2025, there are 25 companies related to the consumer services sector in the North Exchange's queue, with an average revenue of 1.242 billion yuan and an average net profit of 140.35 million yuan for 2024 [47][48] - Notable companies in the consumer services sector include Yizhi Moyu, which has a market value of 3.555 billion yuan and a net profit of 62.34 million yuan for 2025 Q1-Q3 [24][35] Group 3 - The Consumer Price Index (CPI) for November 2025 increased by 0.7% year-on-year, primarily driven by rising food prices [36][38] - The average wholesale price of pork is reported at 17.65 yuan per kilogram, while the average price of eggs is at 7.43 yuan per kilogram, reflecting market conditions [40][41] - The report indicates that the average price of fresh milk in major producing provinces is 3.02 yuan per kilogram, remaining stable compared to the previous week [46] Group 4 - The report outlines the significant sales performance during the "Double 11" shopping festival, with home appliances, digital devices, and clothing being the top three categories by sales volume [19][21] - The "Double 12" shopping event is set to further stimulate consumer spending, with various platforms launching promotional activities [18][22] - The report identifies 20 related stocks in the North Exchange for the "Double 12" event, covering categories such as home appliances, personal care, and food and beverages [23][24]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The consumer electronics ETF (159732.SZ) managed by China Asset Management tracks the Guozheng Consumer Electronics Theme Index (980030). From September 11, 2025, to December 12, 2025, the best convergent stock of the consumer electronics ETF was Huaqin Technology (603296.SH). The choice of the convergent stock considered the trend deviation of the constituent stocks from the consumer electronics index and research coverage [3][10]. - Regarding the valuation of Huaqin Technology's stock price stabilization position in September 2024, it should be based on the 2023 fundamental data (EPS), and the calculated bottom - end valuation is close to 17 times PE. Since the stock price rebound in September 2024, most of the stock price fluctuations have been within the value range defined by the fundamental value of T - 1 year and the expected fundamental value of T+2 years. Based on the data of December 12, 2025, the expected per - share fundamental values of Huaqin Technology from 2025 to 2027 are 67.97, 84.68, and 102.63 yuan respectively, and the closing price of 95.5 yuan per share is still lower than the per - share fundamental value in 2027 [3][10]. - According to the position of Huaqin Technology's closing price in the expected per - share fundamental value range from 2025 to 2027, the closing position on December 12, 2025, was 51.2%. From October 9, 2025, to December 12, 2025, the Sharpe ratio and return - drawdown ratio of the consumer electronics ETF based on the dynamic position allocation of Huaqin Technology were better than those of the buy - and - hold strategy. The allocation strategy achieved a 4.5% terminal return with a maximum drawdown of 4.5%, while the buy - and - hold strategy of the consumer electronics ETF achieved a - 7.02% terminal return with a maximum drawdown of 18.03% [4][11] Summary by Directory 1 Consumer Electronics ETF Configuration Value Analysis - The consumer electronics ETF (159732.SZ) is managed by China Asset Management and tracks the Guozheng Consumer Electronics Theme Index (980030). The best convergent stock from September 11, 2025, to December 12, 2025, was Huaqin Technology (603296.SH) [3][10]. - The bottom - end valuation of Huaqin Technology in September 2024 is close to 17 times PE, and the stock price fluctuations since then are mostly within the defined value range. The expected per - share fundamental values from 2025 to 2027 are 67.97, 84.68, and 102.63 yuan respectively, with a closing price lower than the 2027 value [3][10]. - The closing position on December 12, 2025, was 51.2%. The dynamic position allocation strategy based on Huaqin Technology outperformed the buy - and - hold strategy in terms of Sharpe ratio, return - drawdown ratio, terminal return, and maximum drawdown [4][11]

（文章来源：第一财经） 12月15日下午，网传消息称，小米下沙交付中心发生事故，一名第一天提车的小米max车主将中升销售 撞了。第一财经向杭州市交警支队求证，对方表示，小米下沙交付中心确实有发生交通事故，对于当事 人是否当场身亡，由于目前事故正在按照法律程序处置中，不方便透露进一步的信息。 ...

联想生态路演季ThinkPad专场12月22日登陆深圳，现场将开放与ThinkPad产品负责人面对面 沟通的深度链接机会。这不仅是一场路演，更是加入ThinkPad产业链、抢占AI应用前沿的独 特机遇。 我们正身处边界消融的时代——实验室与产线、代码与产品、个体与生态的区隔正在技术浪潮中变得模 糊。 若问何处最能敏锐捕捉这一转变的脉搏，答案常常指向一个坐标：深圳。这里的空气里流动的不仅是湿 润的海风，更是电路板上流动的电流、算法中奔涌的数据，以及想法从萌发到量产之间，那种近乎本能 的紧迫感。"深圳速度"，正将蓝图直接转化为产品，带向全球。 在这样的土地上，创新不仅需要灵感，更需一套能将灵感高速转化为价值的系统性能力。这便是"联想 创新加速器"来到这里的原因——它并非简单的展示平台，而是一个深度耦合的"创新反应堆"：开放联 想在AI PC、智能基础设施及全球供应链的产业资源，为技术匹配场景、为产品对接通道、为创意注入 商业现实的动能。 联想生态所构建的，正是一座让硬核技术跨越鸿沟、走向市场的可靠桥梁，不仅助力钛方科技的触觉感 知技术实现了亿级消费电子市场的规模化落地，更协同Syrius炬星科技的机器人方案在联想 ...

Investment Rating - The report rates the electronic/consumer electronics industry as "Outperform" [1] Core Insights - The iPhone's entry into the foldable screen market is expected to reshape its high-end market positioning, with a projected release in 2026 [10][6] - The report highlights the competitive pressure faced by iPhone in China from domestic brands like Huawei and Xiaomi, particularly in the foldable screen segment [2][6] - The foldable screen market is anticipated to grow significantly, with global shipments expected to rise from 15.3 million units in 2023 to 31.4 million units by 2027, reflecting a compound annual growth rate (CAGR) of 43.7% [19][20] Summary by Sections 1. iPhone Market Dynamics - iPhone's market share in China has declined from 19.9% in Q1 2023 to 15.0% in Q2 2025, facing competition from local brands [2][6] - The high-end market is identified as a critical area for iPhone to regain market share, with Pro models gaining popularity [6][10] 2. Foldable Screen Development - Foldable screens are seen as a key innovation in the smartphone sector, balancing large screen experiences with portability [11][10] - The report outlines the cost increments associated with foldable screens, particularly in display modules, mechanical components, and memory, with increases of approximately 194%, 177%, and 38.6% respectively [2][27] 3. Market Projections for Foldable iPhone - The report estimates that if Apple launches a foldable iPhone in 2026, potential sales could reach 14 million units under optimistic scenarios [42][38] - The analysis indicates that higher-priced brands tend to have a greater proportion of foldable screen sales, suggesting iPhone's potential to exceed a 6.44% sales share in this segment [42][38] 4. Key Components in Foldable Phones - The main components driving foldable phone innovation include flexible display modules, hinges, and memory [31][35] - The report identifies key suppliers for these components, including major players in the flexible OLED panel market and memory sectors [31][35] 5. Market Trends for UTG and Hinges - The global market for ultra-thin glass (UTG) is projected to grow significantly, with shipments expected to reach 24.6 million units in 2024, reflecting a 36.9% year-on-year increase [48][51] - The hinge market for foldable screens is also expected to expand, with a projected market size of $3.2 billion in 2024, growing to $15.4 billion by 2032 [57][60]

于同日，就根据股份计划授予参与人(发行人的董事除外)的股份奖励或期权而发行新股或转让库存股份- 涉及新股而发行7000股。 小米集团-W(01810)发布公告，该公司于2025年12月15日斥资3.02亿港元回购720万股股份，每股回购价 格为41.78-42港元。 ...

于同日，就根据股份计划授予参与人(发行人的董事除外)的股份奖励或期权而发行新股或转让库存股份 - 涉及新股而发行7000股。 智通财经APP讯，小米集团-W(01810)发布公告，该公司于2025年12月15日斥资3.02亿港元回购720万股 股份，每股回购价格为41.78-42港元。 ...

Core Insights - The article discusses the rising costs of shared charging services and the underutilization of free charging services offered by mobile phone brand stores, highlighting a gap in consumer awareness and service promotion [1][34][48] Group 1: Shared Charging Services - The price of shared charging services has increased to 6 yuan per hour, with some locations charging over 10 yuan per hour, representing a 140% increase since 2020 [1][38] - The charging power of shared chargers typically ranges from 5-10W, requiring 3-4 hours to fully charge a phone, leading to costs exceeding 20 yuan for a full charge [38] - In contrast, brand stores can charge a phone from 0 to over 80% in under 30 minutes, providing a more efficient and free alternative [38] Group 2: Brand Store Charging Services - Major brands like OPPO and vivo have established better emergency charging services compared to others, with dedicated charging areas and additional services like phone maintenance [33][39] - OPPO offers a unique service where users can borrow a fast-charging power bank for free, usable at any OPPO store, enhancing customer convenience [14][39] - Many users are unaware of the free charging services available at brand stores, primarily due to a lack of promotion and visibility of these services [34][36] Group 3: Consumer Behavior and Brand Strategy - Consumers often prefer shared charging services due to perceived convenience, despite higher costs, stemming from a reluctance to ask for help in stores [34][37] - The inconsistency in service quality across different brand stores leads to a lack of trust among consumers regarding the availability of charging services [36][37] - Brands are encouraged to promote their free charging services more effectively to enhance customer loyalty and address the growing competition in the market [48]

Group 1 - The core viewpoint of the news highlights a decline in various indices related to robotics, IoT, smart electric vehicles, and consumer electronics, with the National Robotics Industry Index down by 2.0% and the Consumer Electronics Index down by 3.0% [1] - The E Fund Robotics ETF (159530) saw a net subscription of 42 million units, marking a total net inflow of 240 million yuan over the past three trading days [1] - The National Robotics Industry Index underwent a component stock adjustment, adding five companies from the robotics parts supply chain, which enhances its correlation with humanoid robots [1] Group 2 - The Consumer Electronics ETF tracks the CSI Consumer Electronics Theme Index, focusing on AI hardware, which is a major category of smart terminal products [4] - The CSI Consumer Electronics Theme Index experienced a decline of 3.0% and has a rolling price-to-earnings ratio of 55.6 times since its inception [5] - The IoT ETF tracks the CSI IoT Theme Index, which is essential for achieving connectivity among smart terminals, comprising stocks from companies involved in information collection and transmission [6] Group 3 - The CSI IoT Theme Index also saw a decline of 2.3% and has a rolling price-to-earnings ratio of 32.3 times since its establishment [6]