对于最近3年来，家电产业正在进行的一场轰轰烈烈的"经营用户"转型变革大戏，家电圈却发现：不少厂商正在掉进"伪用户"时 代的大坑之中。突出表现是：发心不纯、手段不正、方向有偏。 这意味着什么？在相反甚至错误的道路上一路狂奔，不管家电厂商的速度有多快、力量有多大、团队有多热情，最终的结果肯 定是"难以如愿"，更不可能收获硕果。因为，家电产业的用户时代，与目前众多家电厂商的经营用户策略，还存在认知理念、 经营手段和追求目标等多个方面的差异与错位。 最终结果是什么？会让很多家电厂商认为，经营用户也没有啥用，还不如直接降价、恶斗、内卷抢用户，反而更简单、直接和 有效果。 伪用户时代的大坑 为什么说，当前很多家电厂商掉进了伪用户时代的大坑之中？原因很简单，在家电圈看来，问题出在三个方面： 一是，发心不纯。大量厂商所谓的经营用户，都是为了赶时髦，随大流。明面上大家都说要"讨好用户、迎合用户"，实际上却 是利用用户的认可和信任，甚至利用一些用户爱贪小便宜的心理，搞投机耍滑，最终目的还是要快速卖货。 一切为了用户，为了用户的一切！这句话，对于很多家电企业来说，都懂都会说。但是在一线市场的执行过程中，都难都不愿 意扎实推进。 贺 ...

成立于1980年的康佳，是中国改革开放后第一家中外合资电子企业，1992年登陆深交所时，头顶着"彩 电第一股"的耀眼光环。 曾经的老牌家电企业，如今站上了转型十字路口——中国企业资本联盟副理事长柏文喜告诉北京商报记 者，当前家电行业已进入存量竞争阶段，转型调整成为必然选择。2025年，康佳迎来关键股权变动，华 润通过股份划转成为控股股东，一场覆盖股权、人事、资金与业务的全方位调整随之展开。 据公司2026年1月公告及天眼查相关资料，华润背景的董钢接任副总裁、原核心高管曹士平辞任总裁、 杨波辞任副总裁，管理层"华润化"进一步落地。 但在业绩端，公司的亏损态势依旧延续：2025年前三季度营收76.79亿元、归母净亏损9.82亿元，全年预 告仍为亏损，老牌企业的破局之路仍充满挑战。 资金纾困是前期调整的核心动作，针对性解决康佳长期面临的资金压力。据2025年9月投资者关系活动 记录，华润为康佳提供了39.7亿元低息借款，年化利率仅3%，其中21.7亿元专项用于归还原控股股东华 侨城的借款本息，剩余18亿元则用于兑付外部有息负债和日常资金周转。 01.华润主导，调整落地 华润入主后，对康佳的整合不止停留在股权层面，而 ...

成立于1980年的康佳，是中国改革开放后第一家中外合资电子企业，1992年登陆深交所时，头顶着"彩电第一股"的耀眼光环。 据公司2026年1月公告及天眼查相关资料，华润背景的董钢接任副总裁、原核心高管曹士平辞任总裁、杨波辞任副总裁，管理层"华润化"进一步落地。 但在业绩端，公司的亏损态势依旧延续：2025年前三季度营收76.79亿元、归母净亏损9.82亿元，全年预告仍为亏损，老牌企业的破局之路仍充满挑战。 01.华润主导，调整落地 曾经的老牌家电企业，如今站上了转型十字路口——中国企业资本联盟副理事长柏文喜告诉北京商报记者，当前家电行业已进入存量竞争阶段，转型调整成 为必然选择。2025年，康佳迎来关键股权变动，华润通过股份划转成为控股股东，一场覆盖股权、人事、资金与业务的全方位调整随之展开。 华润入主后，对康佳的整合不止停留在股权层面，而是迅速延伸至人事、资金等核心领域，多维度系统性调整逐步落地，为转型打下基础。 股权层面，2025年4月，华侨城集团与华润旗下磐石润创签署股份无偿划转协议，7月完成过户，磐石润创正式成为康佳控股股东，公司实际控制人变更为中 国华润。据三季报披露，磐石润创持有5.24亿股A股， ...

Management Changes - The recent resignation of President Cao Shiping and Vice President Yang Bo indicates a significant shift in management at Konka Group, with a focus on integrating executives from China Resources [1][2] - The board will expedite the process of appointing a new president and board members following these resignations [1] Ownership Transition - In late July 2025, Konka Group officially transitioned to being controlled by China Resources after the completion of a share transfer involving 198 million B-shares [2] - The new chairman, Wu Jianjun, has a background in China Resources, reflecting the increasing influence of this group within Konka's leadership [2] Financial Performance - Konka Group has experienced a significant decline in revenue, dropping from over 55 billion yuan at its peak to less than 20 billion yuan, with a cumulative net loss of nearly 7 billion yuan over the past three years [3] - The company anticipates continued losses, projecting a negative net profit for the fiscal year 2025, marking the fourth consecutive year of losses [3] - For the first three quarters of 2025, Konka reported revenues of 7.679 billion yuan, a year-on-year decrease of 5.43%, and a net loss of 982 million yuan, an increase in loss of 38.89% compared to the previous year [3]

2025年中国经济"成绩单"出炉，全年GDP突破140万亿元大关，同比增长5%，顺利完成政府年初设定的增长目标。尽管面临复杂的外部环境与国 内供需矛盾，工业生产尤其是高技术制造业表现出较强韧性，出口数据再超预期，成为拉动经济增长的关键引擎。 数据显示，四季度GDP同比增长4.5%，较三季度有所回落。12月单月数据出现明显分化：供给端持续改善，规模以上工业增加值同比增长5.2%， 创下四季度高点；但需求端承压，社会消费品零售总额增速放缓至0.9%，固定资产投资全年累计下降3.8%，显示内需复苏基础仍需夯实。 多家券商分析指出，四季度投资与消费部分归因于财政支出的节奏调整，"以旧换新"等政策效应在部分品类上出现边际递减。华泰证券指出，去 年四季度财政资金或有"留力"，为2026年一季度的经济"开门红"预留了政策空间。市场普遍预期，随着财政与货币政策靠前发力，新一年的经济 增长目标将维持在稳健区间。 投资者对最新数据的反应相对平淡，债市收益率波动有限。中泰证券认为，鉴于"反内卷"政策导向及价格回升趋势，利率进一步大幅下行的空间 受限，市场焦点将转向2026年的结构性政策落地与内生动能的修复。 生产端：高技术制造支撑 ...

1月20日，"广货行天下"春季行动广东工业品促销活动（手机专场）在东莞启动。华为、OPPO、vivo、 荣耀、中兴、TCL等本土龙头企业将携最新旗舰产品与创新科技齐聚亮相，天珑、龙旗等产业链核心伙 伴也将同步展示关键技术解决方案。 "卖爆了！直播产品销量同比前一日增幅达202%。""效果直逼'双11'。多功能电煮锅销量同比前一日增 长254%。"……爆款迭出、全品类热销，借势"广货行天下"春季行动，家电企业抢占市场先机，打响新 年消费"开门红"。 记者从1月19日举行的"广货行天下"宣传工作专题会议上了解到，日前举行的"广货行天下"春季行动家 电专场促销活动上，32家现场参加直播活动的企业当日销售额较前一天提升110%，打响了助力企业拓 市场、促销售的第一枪。 打响头阵 家电专场销量流量齐升 "抖音直播间流量提升很直观！两款直播产品15日销量同比14日增幅达到202%。"1月15日，"广货行天 下"春季行动在广东启动，迅速掀起一场覆盖工业品、农产品、文旅商品和外贸优品的全域促销热潮。 小熊电器品牌经理李珍珍兴奋地说，虽然当天仅携带两款产品参加直播，但其煮蛋器通过全天不断重复 直播，"15日销量达到了1300件 ...

Core Viewpoint - The article highlights the current economic challenges in China, including declining birth rates, falling housing prices, and sluggish consumer spending, while also noting some positive signals in specific sectors like automotive and home appliances [1][5][6]. Population and Demographics - In 2025, the birth population is projected to be 7.92 million, lower than expected, with a birth rate of 5.63‰, the lowest since the founding of the country; the natural population growth rate is -2.41‰, marking four consecutive years of negative growth [1]. Real Estate Market - Housing prices continue to decline, with the year-on-year drop in December 2025 for 70 large and medium-sized cities expanding, particularly in first-tier cities; while the month-on-month decline in first-tier cities has narrowed, second and third-tier cities continue to see an expanding decline [5]. Consumer Spending - Retail sales growth slowed to 0.9% year-on-year in December, the lowest since 2023; however, there are structural positive signals, with improvements in consumption related to trade-in programs for automobiles and home appliances, reducing the drag on retail sales [5][28]. Industrial Production and GDP - Industrial production remains stable, with strong exports supporting a projected GDP growth of 4.5% in the fourth quarter, although this is the lowest in over three years; quarter-on-quarter GDP growth for the fourth quarter is 1.2% [6]. Economic Outlook - Looking ahead to 2026, there are indications that the economic "opening red" signs are not yet apparent, necessitating policy support; the deputy governor mentioned potential room for lowering the reserve requirement ratio, with expectations for a dual reduction in the first quarter [11]. Market Performance - On January 19, the A-share market showed mixed performance, with the Shanghai Composite Index up 0.29% and the ChiNext Index down 0.70%; total trading volume across three markets was 27,324.58 billion, a decrease of 3,242.97 billion from the previous day [19]. Sector Highlights - The electric grid sector showed significant strength, with the export value of transformers expected to reach 64.6 billion yuan (approximately 9.3 billion USD) in 2025, a nearly 36% increase from the previous year; the energy consulting firm Wood Mackenzie estimates a 30% supply gap for transformers in the U.S. [16][20]. - The aerospace sector is also showing signs of recovery, with various developments and events boosting market sentiment [20]. Investment Trends - The article notes that the electric equipment sector saw the largest net inflow of funds, with major companies like TBEA and China XD Electric leading the way; in contrast, sectors like computing and pharmaceuticals experienced significant net outflows [30].

美的集团1月19日大宗交易平台出现一笔成交，成交量3.14万股，成交金额243.98万元，大宗交易成交价 为77.70元，相对今日收盘价溢价0.10%。该笔交易的买方营业部为华泰证券股份有限公司深圳益田路证 券营业部，卖方营业部为华泰证券股份有限公司深圳益田路证券营业部。 （原标题：美的集团大宗交易成交3.14万股 成交额243.98万元） 两融数据显示，该股最新融资余额为54.17亿元，近5日增加2.11亿元，增幅为4.06%。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是华创证券，1月19日华创证券发 布的研报预计公司目标价为93.40元。（数据宝） 1月19日美的集团大宗交易一览 进一步统计，近3个月内该股累计发生7笔大宗交易，合计成交金额为3538.94万元。 证券时报•数据宝统计显示，美的集团今日收盘价为77.62元，上涨0.40%，日换手率为0.49%，成交额为 26.09亿元，全天主力资金净流入1.93亿元，近5日该股累计下跌1.27%，近5日资金合计净流入1.75亿 元。 | | 成交金 | | 相对当 | | | | --- | --- | --- | --- | --- ...

Group 1 - The core viewpoint of the article highlights the launch of the national subsidy policy for home appliances in the Kuiwen District, which aims to promote green and smart consumption in the city [1] - The subsidy allows consumers to receive a 15% discount on the final price for six categories of energy-efficient home appliances, with a limit of one item per category [1][4] - The policy has two significant changes compared to 2025: an expanded subsidy range focusing on high-value products and stricter energy efficiency standards, excluding products below level two [1] Group 2 - Sanlian Home Appliances has established a "Green Energy Efficiency Experience Zone" in response to the policy, equipped with a professional sales team to assist consumers [1] - Consumers can quickly obtain subsidy qualifications through the "Love Shandong" app or the "Luhuanxin" mini-program [3] - The company plans to leverage the upcoming Spring Festival shopping season to enhance the policy's impact by offering exclusive promotions and diverse solutions for consumers [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12] Core Insights - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and improvements in export performance. It is recommended to actively invest in leading white goods companies [1][12][18] - December retail performance for home appliances showed signs of bottoming out, with major appliances experiencing a decline of over 20% in domestic retail sales, while small appliances showed slightly better demand [1][19] - The report highlights that the U.S. home appliance retail sales saw a slight increase in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][12] Summary by Sections 1. Core Recommendations - Key recommendations include investing in leading companies in the white goods sector such as Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances. For small appliances, Stone Technology and Bear Electric are recommended [4][12][13] 2. Research Tracking and Investment Thoughts - December retail performance for home appliances continued to face pressure due to high base effects, with significant declines in major appliances. However, small appliances showed relative stability, particularly in air fryers [1][19] - December exports of home appliances decreased by 8.1% year-on-year, with air conditioners facing the most significant pressure, while refrigerators and washing machines showed modest growth [2][37] - U.S. home appliance retail sales increased by 0.8% year-on-year in November, with inventory levels returning to normal [3][12] 3. Key Data Tracking - The home appliance sector achieved a relative return of +0.23% this week compared to the broader market [49] - Raw material prices for copper and aluminum decreased by 0.5% and 0.7% respectively, while cold-rolled steel prices also saw a decline [51] - Shipping indices for routes to the U.S. West Coast, East Coast, and Europe showed slight increases, indicating a stabilization in shipping costs [64] 4. Company Announcements and Industry Dynamics - Notable company announcements include Midea Group's ongoing efforts in overseas markets and Gree Electric's dividend distribution plans [71][72] - The report discusses the structural adjustments in the air conditioning export market and the anticipated trends for 2026, highlighting the challenges and opportunities in the global supply chain [74]