Core Insights - The total variety of consumer goods in China has reached 230 million, with over 100 categories such as home appliances and clothing leading global production, indicating a new development stage of high-quality supply and pricing [1] - The State Council has issued a plan to enhance the adaptability of consumer goods supply and demand, aiming to establish three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027 [1] - JD's government and enterprise business has built a "super supply chain" over the past decade, integrating diverse supply, digital platform technology, and nationwide logistics to support rapid growth for brand partners and stimulate domestic demand [1] Company Collaborations - Shandong Luhua Group, a leader in high-end edible oil, has seen a 160% growth in performance on JD's platform since 2021, with its 5L peanut oil achieving a 69% year-on-year increase in 2025 [2] - Midea, a leading home appliance company, has established an efficient collaboration mechanism with JD, resulting in a threefold increase in sales for products like electric steamers and ice makers since 2025 [2] - Bosideng, a global down clothing brand, has become JD's largest single brand in the apparel category, with a 2.5 times growth in the consumer goods sector [3] - Deli, a leader in office supplies, has expanded its product line to over 12,000 items and launched a printer with a domestic chip, achieving a 136% growth in printer sales [3] Strategic Initiatives - JD's government and enterprise business has launched a "billion market partner plan" to help over 300 brand partners achieve annual sales exceeding 100 million yuan within three years [4] - The establishment of the "Ten Billion Brand Alliance Club" includes notable companies like Huawei and Midea, aiming to enhance market reach and consumer engagement [4] - JD's focus on building a high-quality development framework through effective supply-demand interaction is set to contribute significantly to economic growth and consumption upgrades [4]

2025 年 12 月 12 日 金 融 工 程 "焕新"与"优选"：自由现金流指数调样在即， 关注 ETF 长期配置与事件机遇 究 报 告 紧密跟踪下获取了可观的超额收益，整体流动性良好：自 2025 年 6 月 6 日上市以来累计收益率达 19.11%，相较于中证现金流基 准指数的 16.05%，127 个交易日实现 3.06%的区间累计超额收益， 年化超额达到 7.06%，相对指数创造了较为可观且稳健的超额收 益。在跟踪精度方面，基金日均绝对跟踪误差仅 0.02%，12 月以 来产品日均成交额接近 1 亿元，流动性良好。基金经理赵建忠先 生目前在管产品 13 只，在管规模 63.88 亿元，管理经验丰富。 风险提示 本报告所有分析均基于公开信息，不构成任何投资建议；若市场环境或政 策因素发生不利变化将可能造成行业发展表现不及预期；报告采用的样本 数据有限，存在样本不足以代表整体市场的风险，且数据处理统计方式可 能存在误差；过往业绩不代表未来表现；历史规律总结仅供参考，或不会 完全重演。 团队成员 分析师： 李杨(S0210524100005) ly30676@hfzq.com.cn 投资要点： 自由现金 ...

Core Insights - The article highlights the significant achievements of Zhuhai during the "14th Five-Year Plan" period, emphasizing its role in the Guangdong-Hong Kong-Macao Greater Bay Area development and the implementation of "new marine infrastructure" to boost high-quality marine economic growth [3][4][6]. Economic Development - Over 30,000 Macao residents and more than 7,600 Australian-funded enterprises have settled in Hengqin, contributing to Zhuhai's economic growth [1]. - Zhuhai's port traffic ranks first in the country, with annual passenger flow at Gongbei Port exceeding 100 million [1][7]. - The total import and export value through the Hong Kong-Zhuhai-Macao Bridge has surpassed 1.2 trillion yuan, with a significant increase in cross-border e-commerce exports [7][8]. Marine Economy - Zhuhai has established itself as a leader in marine economic development, with the marine economy exceeding 100 billion yuan and deep-sea aquaculture water volume increasing to 1.5 million cubic meters, eight times that of the previous five-year plan [4][5]. - The city has launched several innovative marine technologies, including the world's first deep-water pipeline and a high-speed unmanned submarine [4][5]. Industrial Innovation - Zhuhai has seen over 80% growth in R&D investment, with a significant increase in the number of high-tech enterprises and patents per capita [9][10]. - The industrial output value has consistently surpassed 500 billion yuan, with advanced manufacturing accounting for 58.6% of the total industrial output [9][11]. Future Outlook - The city aims to transition from "scale expansion" to "advantage forging," focusing on technological innovation and the development of new industries such as artificial intelligence and robotics [12][13]. - Zhuhai plans to enhance its role as a core city in the Greater Bay Area, contributing to the construction of a modern industrial system [12][13].

Core Viewpoint - The company is focusing on the demand for display technology in 3A gaming scenarios and has achieved product adaptation through technological innovation [1] Group 1: Product Development - The company has launched the RGB-Mini LED TV E8S Pro, which features 4K 170Hz native high refresh rate and professional-grade color reproduction, catering to gaming user needs [1] - The company has established a global partnership with the game "Black Myth: Wukong" to provide display technology support [1]

Core Insights - Japanese brands are strategically adjusting their presence in the Chinese market, with notable exits from various sectors while simultaneously increasing investments in high-tech industries [1][12]. Group 1: Market Exit and Shrinking Presence - Sony's Xperia mobile business announced its exit from the Chinese market in November 2025, while Sharp has removed several mobile products this year [1][2]. - Mitsubishi Motors officially ceased production and sales in China at the beginning of 2025, closing its joint venture factory in Changsha, Hunan [1][3]. - Japanese automotive brands have seen their market share in China drop to 10.8%, a decline of over 50% from peak levels, while Chinese brands surged to 58.3% [2]. - In the home appliance sector, Japanese brands collectively hold less than 8% of the market, with Haier and Midea dominating at 72% [2]. Group 2: Strategic Investment in High-Tech Industries - Despite the market exits, Japanese investment in China increased by 55.5% in the first nine months of 2025, with a focus on high-tech manufacturing and energy-saving sectors [1][12]. - Japanese companies are investing in digital AI, industrial IoT, and biomedicine, collaborating with Chinese firms to develop innovative solutions [12]. - Panasonic is shifting its focus from low-end consumer appliances to high-end care appliances and commercial equipment, closing several production lines for low-end products [4]. Group 3: Challenges and Market Dynamics - Japanese brands have struggled to adapt to changing consumer preferences in China, leading to a misalignment with local market demands [9][10]. - The perception of Japanese products has shifted, with consumers becoming more price-sensitive and less reliant on the "import halo" [9]. - Japanese companies face high labor costs and lengthy decision-making processes, putting them at a disadvantage in competitive price wars [11]. Group 4: Future Outlook and Strategic Realignment - Japanese firms are not entirely retreating but are instead selectively withdrawing from low-end manufacturing while investing in emerging industries [12][13]. - The focus on high-quality products and advanced manufacturing indicates a strategic realignment to maintain competitiveness in the evolving market landscape [12][13].

Group 1 - The core viewpoint of the article highlights that Aux Electric (02580) has seen a stock price increase of over 4%, currently trading at HKD 14.65, with a transaction volume of HKD 31.9 million [1] - The Shenzhen Stock Exchange announced adjustments to the constituent stocks of the Hang Seng Composite Mid-cap Index, resulting in changes to the Hong Kong Stock Connect target securities list, with Aux Electric being included effective from December 8 [1] - Huatai Securities reported that Aux Electric is the fifth largest air conditioning provider globally and the fourth largest in China, with its air conditioning business operating in over 150 countries and regions [1] Group 2 - The company primarily focuses on household and central air conditioning, utilizing its main brand Aux and three sub-brands: ShinFlow, Huasuan, and Aufit, to cover different price segments [1] - Domestic sales remain stable, while international sales are rapidly growing driven by both ODM and OBM strategies, showcasing the company's leading manufacturing efficiency and cost control capabilities [1] - The long-term growth potential of the company is viewed positively by analysts [1]

Group 1 - The core point of the article is that Aux Electric (02580) saw a stock price increase of over 4%, reaching HKD 14.65, with a trading volume of HKD 31.9 million due to its inclusion in the Hong Kong Stock Connect list [1] - The Shenzhen Stock Exchange announced adjustments to the Hang Seng Composite MidCap Index, which affected the list of target securities for the Hong Kong Stock Connect [1] - Aux Electric is recognized as the fifth largest air conditioning provider globally and the fourth largest in China, with operations in over 150 countries and regions [1] Group 2 - The company primarily focuses on household and central air conditioning, utilizing its main brand Aux and three sub-brands: ShinFlow, HuaSuan, and Aufit, to cover different price segments [1] - Domestic sales remain stable, while international sales are rapidly growing driven by both ODM and OBM strategies, showcasing the company's manufacturing efficiency and cost control capabilities [1] - The long-term growth potential of the company is viewed positively by Huatai Securities [1]

Core Viewpoint - CMB International maintains a "market perform" rating for China's discretionary consumption sector for 2026, expecting overall retail sales growth of approximately 3.5% with a cautious outlook [1] Sector Summaries Preferred Sub-sectors - The company is optimistic about the following sub-sectors: 1) Tea and coffee, 2) Trendy toys, 3) Apparel, 4) Textiles [1] Neutral Outlook Sub-sectors - The company maintains a "market perform" view on the following sub-sectors: 5) Dining, 6) Sports goods, 7) Travel and hotel, 8) Home appliances [1] Consumption Types - In a basic scenario, the company favors: 1) Survival consumption (frugality, low price, high cost-performance), with related companies including: Guoquan, Yum China, Luckin Coffee, Dashihua, Bosideng [1] - 2) Compensatory consumption (small pleasures, affordable entertainment, emotional value, experiential) [1] - 3) Defensive consumption (gold, silver, high dividends), with related companies including: Bosideng, Jiangnan Buyi, Li Lang, Tabo [1] Optimistic Scenario - In an optimistic/bull market scenario (strong stock market, stabilizing real estate), large-ticket consumption will benefit more, with related companies including: Haier Smart Home, Midea Group, Hai Di Lao, Anta Sports [1]

Core Viewpoint - The report from CMB International indicates a cautious outlook for China's discretionary consumption sector in 2026, with an expected overall retail sales growth of approximately 3.5%, a slight decrease from about 4% in 2025, influenced by factors such as the delayed Spring Festival, extended holidays, potential recovery in the real estate sector, and a thriving stock market [1] Group 1: Industry Overview - The industry valuation is likely to have bottomed out this year, currently at around 15 times the price-to-earnings ratio, which is still not expensive compared to the average of about 20 times over the past eight years [1] - The overall view remains conservative due to potential slowing growth in the next 12 months and high geopolitical risks, suggesting that valuations may not rise quickly without significant positive policies or a clear recovery in real estate [1] Group 2: Subsector Ratings - CMB International prioritizes the following subsectors for 2026: 1) Tea and coffee, 2) Trendy toys, 3) Apparel, 4) Textiles; maintaining a "market perform" rating for: 5) Dining, 6) Sports goods, 7) Travel and hotel, 8) Home appliances [2] - The ratings for the tea and coffee sector and trendy toys are maintained at "outperform," while the apparel and textile sectors have been upgraded to "outperform" [2] Group 3: Investment Themes - The investment themes are categorized into different types of consumption, with a focus on: 1) Essential consumption (frugality, low price, high cost-performance), related companies include: Guoquan (02157), Yum China (09987), Luckin Coffee (LKNCY.US), Dashihua (01405), Bosideng (03998) [2] - Other themes include compensatory consumption (small pleasures, affordable entertainment, emotional value, experiential) and defensive consumption (gold, silver, high dividends), with related companies such as Bosideng (03998), Jiangnan Buyi (03306), Li Lang (01234), and Taobo (06110), all rated as "buy" [2] Group 4: Large-ticket Consumption - CMB International is less optimistic about large-ticket consumption (durables, real estate-related, luxury goods, high-end tourism), but in a bullish scenario (if wealth effects are strong with a thriving stock market and stabilizing real estate), it could benefit large-ticket consumption, with related companies including Haier Smart Home (06690, 600690.SH), Midea Group (00300, 000300.SH), Haidilao (06862), and Anta Sports (02020), all rated as "buy" [3]

Core Insights - Haier Air Conditioning received dual top certifications, "User Satisfaction Level Evaluation Five-Star Certification" and "Market Quality Credit AAA Level Certification," at the "2025 Satisfaction China Conference," marking it as the only home appliance company to achieve this in 2023 [1] - This recognition validates Haier's long-term strategy of "creating the best user reputation" [1] Group 1: User Satisfaction Management - Haier has transformed user feedback into a systematic management process, establishing "creating the best user reputation" as a guiding principle [4] - The management loop includes user cloud platforms, global R&D networks, smart lighthouse factories, and "four comprehensive" star-level services, ensuring end-to-end coverage from demand insight to service implementation [4] Group 2: Performance Metrics - Haier's service satisfaction rate has exceeded 99.9% for three consecutive years, with a continuous decline in user complaints and an increase in profits, demonstrating the conversion of reputation into commercial value [5] Group 3: AI Integration - AI technology is deeply integrated across the entire process, enhancing efficiency [7] - In R&D, AI big data captures user pain points and predicts demand trends, leading to innovations like the world's first 12-decibel ultra-quiet air conditioner [8] - AI simulations and algorithms have significantly shortened technical validation cycles and accelerated product iterations [8] - A "User Reputation Committee" has been established to analyze online feedback in real-time, triggering immediate improvement processes [8] - The "Smart Home Brain" platform anticipates user needs, enabling proactive service management [8] Group 4: Industry Implications - Haier's approach serves as a reference for the industry on how to systematically operate user experience, shifting competition from product functionality to comprehensive user experience design and management [9] - The focus on user satisfaction is evolving into a dynamic process that fosters continuous optimization and innovation [9] - Haier aims to deepen the integration of AI and user services, building a more resilient brand moat in an era where trust is increasingly valuable [9]