Core Viewpoint - The article highlights the detrimental effects of "involution" competition across various industries, leading to price wars, reduced profit margins, and increased quality and safety risks. It emphasizes the need for a unified national market to promote high-quality development in enterprises and industries [1][3][7]. Group 1: Industry Challenges - The washing detergent industry is facing severe competition from low-quality products with less than 5% active ingredient content, which are capturing market share through low pricing, putting quality products at a disadvantage [1]. - "Involution" competition is characterized by irrational competition due to market mechanism failures, where companies resort to price wars instead of leveraging differentiation or technological advantages, resulting in "increased production without increased revenue" [2]. - Various industries, including steel, photovoltaics, automotive, and catering, are experiencing similar challenges due to intense price competition, leading to a consensus among over 20 industry associations to advocate for "anti-involution" measures [3]. Group 2: Solutions and Strategies - To enhance market efficiency, it is essential to eliminate barriers to fair competition, which is a key aspect of building a unified national market. This will help stabilize the commercial ecosystem and address supply-demand imbalances [3]. - Companies are encouraged to abandon the outdated "scale-first" mentality and focus on creating value through quality products and strong brands. For instance, China Resources Beer closed 40 factories and reduced over 5 million tons of redundant capacity to focus on value creation [3]. - Innovation is crucial for traditional manufacturing to break free from path dependence and scale bottlenecks. Companies like Weiqiao Venture Group are collaborating with research institutions and adopting new technologies to transform their business models [4]. Group 3: Brand and Market Positioning - In a market characterized by information asymmetry, low-quality products often mislead consumers, necessitating a shift towards rebuilding trust in "quality for price" mechanisms and enhancing user experience and brand value [5]. - The home appliance industry has maintained a relatively rational approach due to years of system development, with a shift in market power from companies to consumers, who now seek personalized and emotionally resonant experiences [5]. - Companies like Hisense are witnessing a reversal in consumer behavior, with domestic brands gaining recognition for quality, indicating a shift towards "Chinese manufacturing" being associated with technological premium [5]. Group 4: Global Expansion - The construction of a unified national market is not a closed "internal cycle" but an open market that encourages both domestic and international engagement. Companies are urged to expand globally to alleviate domestic competition pressures and enhance competitiveness [6]. - Jack Technology has entered a global leadership phase, establishing production bases tailored to regional markets, while Miniso emphasizes cultural integration in its global strategy, showcasing the importance of local insights in international expansion [6]. Group 5: Future Outlook - Building a unified national market aims to create fairer, more efficient, and more valuable competition. Companies must focus on innovation, brand strength, and global presence to escape internal strife and contribute to China's high-quality economic development [7].

2025年是"十四五"规划收官之年。中国经济以韧性破局，向新向优迈进，勾勒高质量发展的清晰路径。 政策护航精准有力、科技创新持续赋能、市场信心稳步提升，共同铸就了经济"进"的核心密码。 2026年是"十五五"规划开局之年。随着增量政策持续发力扩大内需基本盘、新质生产力加速壮大点燃发 展新引擎，中国经济必将不断巩固稳中向好态势，在质的有效提升和量的合理增长中，书写更加精彩的 发展篇章，为全球经济增长持续贡献中国力量。 看总量：有望迈上新台阶 "我临时决定12月底去滑雪，工作忙没时间做攻略，靠在线旅行平台的AI助手给我提供了三日游方 案。"在北京工作的刘女士说，平台AI助手给出的旅游攻略特别全，除了帮她安排好日程、特色餐饮， 还提供了不同旅行方式的价位参考，地图编辑模式也非常清楚。 刘女士的例子是今年"人工智能+消费"场景不断扩展的缩影。截至2025年6月，我国生成式人工智能用户 规模达5.15亿人，较2024年12月增长2.66亿人，成为新消费活力迸发的生动写照。 消费提质，投资增效。12月1日，厦金大桥厦门段主塔以"毫米级"精度圆满封顶，大桥建设从"立塔成 型"转入"悬索成桥"关键施工阶段；12月5日，南宁至 ...

Core Viewpoint - The letter from the chairman of Guangdong Youkai Technology highlights the detrimental effects of vicious competition in the detergent industry, where low-quality products with less than 5% active ingredients are capturing market share through low prices, putting quality products at a disadvantage [1] Group 1: Industry Challenges - The phenomenon of "involution" is causing severe price wars across various industries, leading to compressed profit margins, reduced innovation investment, and increased quality and safety risks [1][2] - Over 20 national and local industry associations have publicly called for a "counter-involution" approach, addressing issues in sectors such as steel, automotive, photovoltaic, catering, finance, and logistics [3] Group 2: Market Efficiency and Fair Competition - The construction of a unified national market aims to eliminate barriers to fair competition, addressing the imbalance between supply and demand and enhancing overall market stability [3] - Companies are encouraged to abandon the outdated "scale supremacy" mindset and focus on creating value through quality products and brands, as demonstrated by China Resources Beer, which closed 40 factories and reduced over 5 million tons of redundant capacity [3] Group 3: Innovation as a Key Driver - Traditional manufacturing must break free from path dependence and scale bottlenecks by leveraging technology and innovation, as emphasized by Weiqiao Chuangye Group's collaboration with research institutions and the establishment of an industrial technology research institute [4] - New Hope Group has utilized cold chain logistics and AI to innovate in the dairy industry, achieving same-day production and delivery to over 1 million stores [4] Group 4: Brand Value and Consumer Trust - In a market characterized by information asymmetry, low-quality products often mislead consumers, necessitating a shift towards rebuilding trust in high-quality products and enhancing user experience [5] - The home appliance industry has maintained a rational approach due to years of systemic development, with a focus on creating emotional and meaningful connections with consumers [5] Group 5: Global Expansion and Market Opportunities - The unified national market is seen as an open market that encourages companies to expand globally, alleviating domestic competition pressures and enhancing competitiveness in international markets [6] - Companies like Jack Technology and Miniso are adopting global strategies that integrate local insights and cultural fusion, demonstrating the importance of global perspectives in business expansion [6] Group 6: Future Directions for Companies - Companies are urged to focus on innovation, brand building, and global outreach to escape internal competition and contribute to high-quality economic development in China [7]

Investment Rating - The report assigns an "Outperform" rating to several companies in the discretionary consumption sector, including Pop Mart, Anta Sports, Huazhu Group, Miniso, Atour Group, Li Ning, and Xtep International [1]. Core Insights - The report highlights the ongoing trends and developments in the food and beverage, designer toys, and home appliances sectors, indicating a focus on innovation and market expansion [2][3]. - Key companies are actively engaging in strategic initiatives, such as Yum China's $1 billion share repurchase authorization and Pop Mart's board appointment of a former LVMH executive, which may enhance their market positioning [3][4]. Summary by Category Food and Beverage Sector - Haidilao is testing a new food court hotpot concept in Guangzhou, featuring over 200 products displayed in a market-style layout with clear pricing [2]. - Yum China has increased its share repurchase authorization to $1 billion, with a total remaining authorization of approximately $1.2 billion [3]. - Weekly performance shows Haidilao's stock increased by 5.6%, while other companies like Guo Ming and Nai Xue's Tea experienced slight declines [6]. Designer Toys Sector - Pop Mart's stock has underperformed, dropping by 11.4% this week, despite the appointment of a former LVMH executive to its board [4][6]. - The company showcased its products at the Comic Con Experience in Brazil, highlighting its global expansion efforts [3]. Home Appliances Sector - TCL Electronics and Ecovacs maintained stable stock performance, with slight increases of 2.5% and 0.0% respectively [6]. - Other companies in the sector, such as Gree Electric and Midea Group, experienced minor declines in stock prices [6].

8 "/6 在本周的 2025 年中国家电科技年会上，中国制冷学会团体标准《房间空调器用铝管翅式热交换器生产线 建设规范》已发布，另外关于铝制换热器原材料技术要求的团体标准正在编制中。另外，与"铝代铜"相关 的国家标准《房间空气调节器用热交换器》也正在修订中。 另外，在谈及这一话题时，格力向新浪科技表示："目前没有'铝代铜'计划，铜材在导热性、耐腐蚀性和长 期可靠性方面具有优势，在没有 100% 把握之前，格力空调不会铝代铜"。 IT之家注意到，2025 年 3 月，工业和信息化部等十部门联合印发《铝产业高质量发展实施方案（2025— 2027 年）》，明确将"以铝节铜"列为扩大铝消费的重点方向，推动铝在电力、家电等领域的规模化应用。 IT之家 12 月 14 日消息，海尔、美的、小米等多家企业联合发声将遵守空调《空调铝强化应用研究工作组 自律公约》，表示将为空调"铝代铜"技术突破与高质量发展注入动力。 今日晚间，董明珠在谈及空调行业"铝代铜"问题时向新浪科技回应表示："铝代铜"能不能代？可以代，因 为铝的技术我们也研究了这么多年，但是我们依然坚持不用"铝代铜"的原因是，它还没有达到铜的这样的 同等的技术条件 ...

Investment Rating - The report maintains an "Overweight" rating for the retail sector, focusing on companies with strong operational resilience or signs of bottom reversal [6][63]. Core Insights - The focus has shifted from policy catalysts to fundamental performance, with an emphasis on companies demonstrating operational resilience or potential recovery from low points [2][15]. - The retail sector experienced a relatively small decline of -0.21% during the week of December 8-12, 2025, outperforming other consumer-related sectors [1][7]. - The report highlights specific stocks that have shown significant price movements, such as Guai Bao Pet and TCL Electronics, which saw increases due to various catalysts [2][16]. Summary by Sections Market Overview - The retail sector's performance was relatively stable compared to other sectors, with a decline of only -0.21%, ranking 12th among all sectors [1][7]. - The overall market sentiment has shifted towards technology and high-end manufacturing, leading to weaker returns in consumer and cyclical sectors [2][15]. Stock Performance - Notable gainers included Guai Bao Pet, which rose by 2.7%, and TCL Electronics, which increased by 2.5%, attributed to factors such as oversold rebounds and improved performance expectations [2][16]. - Conversely, stocks like Pop Mart faced declines due to disappointing sales during the overseas Black Friday promotions, raising concerns about future growth [2][16]. Future Outlook - The report suggests that investment opportunities may be limited as policy expectations have stabilized, recommending stocks with strong fundamentals and low valuation percentiles [3][17]. - Three main investment themes are proposed: benefiting from holiday travel and tourism, domestic brands with competitive advantages, and durable goods companies likely to benefit from U.S. interest rate cuts [3][17]. Sector News - In the cosmetics sector, sales on major platforms reached 37.64 billion yuan in the first 11 months, with Proya leading in several categories [4][18]. - The home appliance sector saw the launch of a new smart air conditioning factory by Xiaomi, enhancing its production capabilities [4][19]. - The furniture sector is addressing consumer pain points with new commitments from leading companies to ensure quality and service [4][20].

Core Insights - The home appliance industry is currently in a stock competition phase, where companies typically engage in price wars and marketing battles to gain market share. However, Haier Smart Home has demonstrated a different approach, achieving significant revenue and profit growth while reducing sales expenses [1][4]. Group 1: Financial Performance - Haier Smart Home's revenue increased from 227.1 billion yuan in 2021 to 285.9 billion yuan in 2024, a growth of 58.8 billion yuan [1][3]. - The company's profit rose from 13.067 billion yuan in 2021 to 18.741 billion yuan in 2024, an increase of approximately 5.7 billion yuan [1][3]. - Sales expense ratio decreased from 16.1% in 2021 to 11.7% in 2024, a reduction of 4.4 percentage points [3][4]. - Absolute sales expenses fell from 36.5 billion yuan in 2021 to 33.5 billion yuan in 2024, a decrease of 3 billion yuan [3][4]. Group 2: Cost Reduction Strategies - Haier Smart Home achieved cost reduction through comprehensive digital transformation across all processes, including R&D, manufacturing, supply chain, marketing, logistics, and service [4][5]. - The company improved logistics efficiency by increasing direct delivery from company to user, with 74% of orders from county specialty stores being directly delivered to users by the end of September [4][5]. - Global brand and channel expansion has reached a harvest period, leading to reduced costs in overseas sales as the brand matrix is now well-established [4][5]. Group 3: Product Strategy and Innovation - The company focuses on high-end brands and product suites, which enhance pricing power while lowering costs. For instance, the Casarte brand saw an 18% revenue growth in the first three quarters, leading in the high-end appliance market [5][6]. - The sales proportion of Casarte suite products increased to 36%, up 7% year-on-year, while Haier brand suite products rose to 15%, up 11% year-on-year [5][6]. - R&D investment has consistently increased from 8.364 billion yuan in 2021 to 10.74 billion yuan in 2024, indicating a significant annual growth rate [5][6].

证券研究报告 2025 年 12 月 14 日 湘财证券研究所 行业研究 家电行业周报 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1.4% 8.1% 9.7% 绝对收益 -1.5% 17.7% 17.1% 内需主导，国补政策延续 相关研究： | 1.《估值洼地，龙头业绩确定性 | | | --- | --- | | 强》 | 2025.12.01 | | 2.《铜登凌云处，上游觅新机》 | | | 2025.12.07 | | 注：相对收益与沪深 300 相比 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 根据 ifind，本周家用电器行业涨跌幅为-1.98%，在申万同行业中排名第 25 位，同期沪深 300 指数涨跌幅-0.08%。子板块中，其他黑色家电（+1.29%）、 家电零部件Ⅲ（-0.54%）、冰洗（-1.84%）三个子行业在本行业涨幅靠前。 ❑ 估值低位，国补延续打开上行空间 估值历史低位，具备上涨空间。根据 ifind，以 PE-ttm 口径（整体法，剔除 负值 ...

12月10日至11日，中央经济工作会议在北京举行。此次会议部署2026年经济工作，其中在部署明年"坚 持内需主导，建设强大国内市场"时称，要优化"两新"政策实施。 为了促进消费，中国在2024年发行了1500亿元超长期特别国债资金用于消费品以旧换新，也就是老百姓 口中的"国补"。由于当年实施效果不错，2025年中国发行3000亿元超长期特别国债资金用于消费品以旧 换新，"国补"额度较2024年增长一倍。 "国补"政策也在不断优化。2025年"国补"领域在2024年基础上扩围，比如新增了手机、平板、智能手表 手环等3类数码产品和微波炉、净水器、洗碗机、电饭煲等4类家电产品等。 所谓"两新"政策，是指大规模设备更新和消费品以旧换新政策。其中与老百姓利益直接相关的消费品以 旧换新政策又备受关注，被称为"国补"。此次会议明确2026年优化"两新"政策实施，意味着明年会继续 实施国补政策，但具体政策会有所优化。 多位接受第一财经采访的专家表示，2026年"国补"额度可能在2025年基础上适度增加，并继续优化资金 投向领域，增加服务消费等，以进一步发挥财政资金带动消费，带动产业转型升级、提振经济。 商务部数据显示，今年1 ...

法国知名家电制造商白朗集团（Brandt）于当地时间12月11日被法院正式宣布进入司法清算程序。 据法国媒体报道，本次裁决由法国楠泰尔经济法庭作出。这意味着这家拥有百年历史、曾被视为"法国工业象征"之一的企业将停止运营，约700名员工面 临失业风险。 图源：Brandt白朗中国官网 白朗集团旗下拥有白朗（Brandt）、维德特（Vedette）、绍特（Sauter）和德迪特里希（De Dietrich）等品牌，合作版图覆盖法国6台、米其林餐厅、巴黎 马拉松等知名主体。 目前，白朗的业务遍及36个国家和地区，年营业额达到2.6亿欧元，在中国于红星美凯龙、居然之家等500+终端均有售。 在电商平台搜索白朗旗舰店显示，该店铺拥有1.5万粉丝，销量最高的产品为"欧式对流电暖器"，可享受国补和以旧换新优惠，位列"88VIP甄选取暖器热 销榜"第十名。 消息对外公布后，法国经济与财政部随即对这家企业遭司法清算表示"悲痛"。法国中央-卢瓦尔河谷大区议会主席博诺称这一决定对法国工业来说是"沉痛 打击"。 当天，博诺前往奥尔良附近的工厂看望员工。在白朗集团位于旺多姆的另一家工厂外，数名工人以焚烧行政文件的方式与集团告别。一名员 ...