奥佳华（002614.SZ）12月15日在投资者互动平台表示，公司外销业务结算货币主要为美元，现已经形 成一套有效汇率风险管理机制，为应对汇率波动风险，通过外汇套期保值等金融工具锁定成本，实现稳 健经营。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：根据贵司的半年报披露，海外销售收入约占总营业收 入的65%，今年以来，人民币升值较为明显，是否对2025年的业绩有提振作用？ ...

Group 1 - The central economic work conference held in Beijing on December 10-11 outlined the economic work for 2026, emphasizing the need to optimize the implementation of the "Two New" policies, which include large-scale equipment updates and the consumer goods trade-in policy [1] - The consumer goods trade-in policy, referred to as "national subsidies," will continue in 2026 with optimized specifics, indicating ongoing government support for consumer spending [1] - In 2024, China will issue 150 billion yuan in long-term special government bonds for the consumer goods trade-in program, with the amount increasing to 300 billion yuan in 2025, doubling the subsidy compared to 2024 [1] Group 2 - From January to November this year, the consumer goods trade-in program has driven sales exceeding 2.5 trillion yuan, benefiting over 360 million people [2] - The trade-in program has seen significant participation, with over 11.2 million cars, 12.844 million home appliances, and 9.015 million digital products being replaced [2] - Experts suggest that the subsidy amount for 2026 may see a moderate increase from 2025, with a focus on optimizing funding allocation to enhance service consumption and further stimulate economic growth [2]

Group 1 - The "Two New" policy has effectively expanded consumer demand and increased key investments [1] - The trade-in policy for consumer goods has significantly boosted sales in home appliances and communication products, leading to accelerated growth in consumer demand [1] - From January to November, retail sales of household appliances and audio-visual equipment, cultural and office supplies, and communication equipment increased by 14.8%, 18.2%, and 20.9% year-on-year, respectively [1] Group 2 - The large-scale equipment update policy is showing significant effects, with companies increasingly willing to invest in equipment upgrades and renovations [3] - Equipment investment has grown rapidly, contributing to an overall increase in investments and enhancing corporate competitiveness [3] - From January to November, investment in the purchase of equipment and tools increased by 12.2% year-on-year, driving total investment growth by 1.8 percentage points [1]

Economic Overview - Effective demand remains significantly insufficient, with industrial added value in November increasing by 4.8% year-on-year, slightly down from 4.9% in the previous period[3] - Retail sales growth has notably slowed to 1.3% year-on-year, down from 2.9% previously[3] - Fixed asset investment year-on-year remains stable at approximately -11%, consistent with the previous value of -11.2%[5] Sector Performance - High-tech industry added value rose by 8.4% year-on-year, up from 7.2% previously[4] - Exports showed resilience with a year-on-year growth of 5.9%, recovering from a decline of 1.1%[3] - Real estate sales area decreased by 17.1% year-on-year, an improvement from a 18.6% decline previously, while sales revenue fell by 24.7%, worsening from a 24.1% decline[5] Investment Trends - Fixed asset investment in November decreased by 11.1% year-on-year, with manufacturing investment down by 4.5% and real estate investment down by 30.1%[5] - The construction area for new projects fell by 27.6% year-on-year, while the area under construction dropped by 40%[5] - The total investment in fixed assets for the first 11 months of the year showed a year-on-year decline of 2.6%, with non-real estate fixed asset investment increasing by 0.8%[5] Policy Implications - The central economic work conference highlighted the need to address the "strong supply and weak demand" contradiction and to stimulate investment and consumption[7] - The potential for policy measures to strengthen demand has opened up following the release of November's economic data[7]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In November, the growth rates of fixed - asset investment and social consumer goods retail总额 were lower than market expectations, while the export growth rate exceeded expectations [4][23]. - The year - on - year decline of real estate sales volume and price continued in November, and the data in early December also showed the same trend [4][23]. - As of the end of October, 5000 billion yuan of new policy - based financial instruments had been fully invested, but the investment data in October and November did not show obvious improvement [4][23]. - The relatively stable international environment after the China - US summit at the end of October is beneficial to China's exports, and stable export confidence is conducive to the growth of private investment [4][23]. - The Central Economic Work Conference in December proposed to implement a more proactive fiscal policy and a moderately loose monetary policy next year to promote investment to stop falling and rebound and boost consumption [23]. 3. Summary by Relevant Catalogs 3.1 Fixed - Asset Investment - From January to November, the national fixed - asset investment decreased by 2.6% year - on - year, worse than the market expectation of a 2.2% decline [1][5]. - From January to November, the broad infrastructure investment (including electricity) increased by 0.1% year - on - year, lower than the market expectation of 1.5% [1][5]. - From January to November, the manufacturing investment increased by 1.9% year - on - year, higher than the market expectation of 0.6% [1][5]. - From January to November, the national real estate development investment decreased by 15.9% year - on - year, worse than the market expectation of a 15.4% decline [1][5]. - From January to November, private fixed - asset investment decreased by 5.3% year - on - year [5]. - In November, manufacturing investment decreased by 4.5% year - on - year, and narrow - sense infrastructure investment (excluding electricity) decreased by 9.7% year - on - year [5]. - In November, the national fixed - asset investment decreased by 1.03% month - on - month, showing a continuous decline for ten consecutive months [5]. 3.2 Real Estate - From January to November, the sales area of new commercial housing decreased by 7.8% year - on - year, and the sales volume decreased by 11.1% year - on - year [2][9]. - In the fourth quarter, the daily average transaction area of commercial housing in 30 large and medium - sized cities decreased significantly year - on - year, and the national real estate sales were still at the bottom [10]. - In November, the second - hand housing prices in first - tier cities decreased by 1.1% month - on - month, with the decline expanding [2][10]. - In November, the real estate development enterprise's available funds decreased by 32.6% year - on - year [11]. - In November, the new housing start - up area decreased by 28% year - on - year, and the housing completion area decreased by 25% year - on - year [11]. 3.3 Industrial Added Value - In November, the value - added of industrial enterprises above designated size increased by 4.8% year - on - year, lower than the market expectation of 5.0% [2][12]. - In November, the value - added of high - tech manufacturing increased by 8.4% year - on - year, maintaining rapid growth [2][12]. 3.4 Foreign Trade - In November, China's exports denominated in US dollars increased by 5.9% year - on - year, exceeding expectations, and imports increased by 1.9% year - on - year [2][14]. - From January to November, China's cumulative export amount increased by 5.4% year - on - year, and the cumulative import amount decreased by 0.6% year - on - year [14]. 3.5 Consumption - In November, the total retail sales of social consumer goods increased by 1.3% year - on - year, lower than the market expectation of 2.9% [3][18]. - In November, among the retail sales of consumer goods by units above the quota, categories with relatively fast year - on - year growth included communication equipment, cultural and office supplies, etc. Categories with relatively fast year - on - year decline included household appliances and audio - visual equipment, building and decoration materials, etc. [19]. 3.6 Service Industry and Employment - In November, the national service industry production index increased by 4.2% year - on - year, hitting a new low for the year [3][21]. - In November, the national urban surveyed unemployment rate was 5.1%, remaining the same as the previous month and 0.1 percentage point higher than the same month of the previous year [3][21].

Group 1 - Gree Electric's Chairman Dong Mingzhu reiterated the company's stance against using aluminum instead of copper in air conditioning, citing that aluminum has not yet reached the same technical standards and reliability as copper [1][2] - The company acknowledges the rising copper prices and the potential cost benefits of using aluminum, which is significantly cheaper, but emphasizes that the performance and reliability of aluminum have not been sufficiently proven [1][2] - Gree Electric has stated that copper constitutes about 20% of the cost of air conditioners, and while aluminum costs about one-tenth of copper, its physical properties such as thermal conductivity and corrosion resistance are inferior [1][2] Group 2 - China is the largest producer and consumer of air conditioners globally, but it relies on imports for about 80% of its copper, while it produces 60% of the world's electrolytic aluminum, indicating a stronger control over raw material supply [2] - The air conditioning industry is accelerating the development of standards for aluminum use, but there are significant technical challenges, particularly in compensating for aluminum's performance shortcomings compared to copper [2] - A group of leading air conditioning companies, including Haier, Midea, and TCL, has committed to a self-regulatory agreement regarding the use of aluminum heat exchangers, although Gree Electric did not participate in this initiative [3]

每经记者｜闫峰峰 每经编辑｜吴永久 2025年12月15日，A股万亿保险巨头中国平安盘中涨幅超过5%，股价创出4年多的新高，盘中市值突破 1.2万亿元。而中国平安也是每经投研院在今年7月份发布的研究报告《"A股新七舰"：寻找中国版"标普 500"之中的创新重估牛》中的龙头股之一。 近期，在大盘持续调整的态势下，中国平安这种万亿巨头能够逆势上涨，除了其自身基本面的情况外， 也离不开两则消息的催化。 首先是政策红利的释放，保险板块整体迎来估值修复。 2025年12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》，针对险资投 资沪深300指数成分股、中证红利低波动100指数成分股、科创板股票的风险因子，根据持仓时间进行了 差异化调整，以培育壮大耐心资本、鼓励长期资本入市。 这一政策直接缓解了险企资本压力，为险资增配权益资产腾挪空间，推动保险板块集体走强。其中，中 国平安作为行业龙头，A股股价在12月5日单日涨幅达5.88%， H股同步上涨6.71%。而这一政策对中国 平安的利好显然还在持续，12月5日之后，中国平安股价持续偏强，今日盘中涨幅超过5%。 12月11日，华泰柏瑞中证A500ETF（ ...

2025年12月15日，A股万亿保险巨头中国平安盘中涨幅超过5%，股价创出4年多的新高，盘中市值突破 1.2万亿元。而中国平安也是每经投研院在今年7月份发布的研究报告《"A股新七舰"：寻找中国版"标普 500"之中的创新重估牛》中的龙头股之一。 每经记者｜闫峰峰 每经编辑｜吴永久 近期，在大盘持续调整的态势下，中国平安这种万亿巨头能够逆势上涨，除了其自身基本面的情况外， 也离不开两则消息的催化。 首先是政策红利的释放，保险板块整体迎来估值修复。 除了政策面和资金面的推动，中国平安能够表现强势，更多的还是在于其自身的经营与估值。2025年前 三季度，中国平安实现营业收入8329.40亿元，同比增长7.42%；实现净利润1328.56亿元，同比增长 11.47%。以12月15日中国平安中午收盘价67.09元计算，中国平安的市盈率（TTM）约为8.66倍，股息 率约为3.83%。当前A股正处于低利率环境与经济复苏预期下，具备盈利确定性与估值安全边际的龙头 更受青睐。 作为A股核心宽基指数代表，中证A500指数和标普500指数有诸多相似点，可以说是中国版的标普500指 数（详见《"A股新七舰"：寻找中国版"标普500 ...

Economic Overview - In November, the national economy continued to show a stable and progressive development trend, with a focus on implementing proactive macro policies and promoting high-quality development [2][6] - The total grain production for the year is expected to exceed 1.4 trillion jin, with a year-on-year increase of 1.2% [2] Industrial Production - The industrial added value above designated size increased by 4.8% year-on-year in November, with a month-on-month increase of 0.44% [3] - The equipment manufacturing industry and high-tech manufacturing industry saw significant growth, with increases of 7.7% and 8.4% respectively [3] - The production of 3D printing equipment, industrial robots, and new energy vehicles grew by 100.5%, 20.6%, and 17.0% year-on-year respectively [3] Retail Sales - The total retail sales of consumer goods reached 43,898 billion yuan in November, a year-on-year increase of 1.3% [4] - Online retail sales amounted to 144,582 billion yuan, with a year-on-year growth of 9.1%, and physical goods online retail sales accounted for 25.9% of total retail sales [4] - Service retail sales grew by 5.4% year-on-year, with significant growth in cultural, sports, and travel services [4] Fixed Asset Investment - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year from January to November, while manufacturing investment increased by 1.9% [5] - Infrastructure investment fell by 1.1%, and real estate development investment dropped by 15.9% [5] - Investment in high-tech industries, such as information services and aerospace manufacturing, saw significant increases of 29.6% and 19.7% respectively [5] Policy Impact - A series of proactive macro policies have effectively supported stable economic operations, leading to expanded consumer demand and increased key investments [7][8] - The implementation of consumption upgrade policies has resulted in significant sales growth in home appliances and communication equipment [8] - The industrial production growth was supported by policies promoting market demand and industrial upgrades [8] Price Trends - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking a continuous recovery trend [9] - The Producer Price Index (PPI) showed a month-on-month increase of 0.1%, indicating a narrowing decline trend since August [10][11] Long-term Economic Outlook - The resilience of the economy remains strong, with macro policies providing robust support and new growth drivers emerging [12][13] - The expansion of market demand and the continuous growth of new economic drivers are expected to positively impact economic development [12][14] - The upcoming economic policies aim to enhance domestic demand and optimize supply, ensuring a solid foundation for future growth [14]

Group 1 - The core viewpoint of the article highlights the effectiveness of macroeconomic policies implemented in China to support economic stability and growth amid various challenges faced throughout the year [1][2][3] Group 2 - Consumption demand has expanded significantly, with retail sales of home appliances, audio-visual equipment, and communication devices increasing by 14.8%, 18.2%, and 20.9% respectively from January to November [1][2] - Investment in key sectors has increased, with equipment investment growing by 12.2%, contributing 1.8 percentage points to overall investment growth. Notable increases in investment were seen in the electricity and heat production sector (12.5%) and internet services (20.7%) [2][3] - Industrial production has been positively impacted, with the added value of major equipment manufacturing increasing by 9.3%, and automotive manufacturing rising by 11.8% [2][3] - Prices have shown signs of recovery, with the consumer price index (CPI) rising by 0.7% in November, marking a continuous increase over three months [3] - Corporate profitability has improved, with industrial enterprises reporting a revenue increase of 1.8% and profit growth of 1.9% from January to October, particularly in the equipment and high-tech manufacturing sectors [3]