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]

12月12日，法国法院12月11日作出宣判，资不抵债的法国最大家电制造商白朗集团(Brandt)进入司法清 算程序。作为唯一备选的救济措施，由政府支持的合作制公司重组方案遭法院否决，这意味着该集团将 终止经营活动，本土700多名员工面临失业。法媒评论说，法国工业再遭沉重一击。 白朗集团由法国企业家埃德加·白朗(Edgar Brandt)于1924年成立，一度成为法国工业的标志之一。在发 展历程中曾多次易手，直至2014年由阿尔及利亚最大私企Cevital集团收购。近年来，受市场竞争激烈、 房地产业低迷等因素影响，公司陷入严重财务危机，自今年10月1日起进入破产重整程序。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

Group 1 - The first full-scale venting test of a 10 MPa high-pressure hydrogen pipeline in China was successfully conducted, marking a significant advancement in hydrogen pipeline safety technology [2] - Samsung is accelerating preparations to produce Tesla's AI5 chip in the U.S. by recruiting experienced engineers to address complex wafer fabrication challenges and ensure stable production yields [2] - The "Jiutian" drone successfully completed its maiden flight, showcasing its capabilities as a large general-purpose drone platform with a maximum takeoff weight of 16 tons and a payload capacity of 6,000 kg [3][4] Group 2 - The "Jiutian" drone can adapt to various civilian scenarios through modular payloads, including heavy cargo transport, emergency rescue, and geographic surveying, indicating a breakthrough in large drone technology in China [3] - Xiaomi's first large home appliance factory in Wuhan has officially commenced production, with the first self-produced product being the "Mijia Central Air Conditioning Pro Dual Fan Wheel" [4]

Macro Economic Overview - The central economic work conference indicates that China will adopt a moderately stimulating policy in 2026, with a more proactive fiscal policy and a moderately loose monetary policy. Key focuses include expanding consumption, stabilizing investment, and preventing systemic risks [2] - The central bank is expected to lower the RRR by 50 basis points and the LPR by 20 basis points in 2026. The broad fiscal deficit may reach 8.5% of GDP, close to 8.4% in 2025 [2] Global Market Performance - The Hang Seng Index closed at 25,531, down 0.04% for the day but up 27.27% year-to-date. The Shanghai Composite Index closed at 3,873, down 0.70% for the day and up 15.56% year-to-date [3] - The U.S. markets showed slight increases, with the Dow Jones up 1.34% and the S&P 500 up 0.21%. However, the Nasdaq fell by 0.25% [3] Industry Outlook Consumer Sector in China - The report maintains a "market perform" rating for the Chinese consumer sector in 2026, expecting overall retail sales growth of about 3.5%, slightly down from approximately 4% in 2025. Negative factors outweigh positive ones, including the withdrawal of subsidies and slowing export momentum [7][8] - Investment focus is on three consumption types: survival consumption emphasizing frugality, compensatory consumption focusing on affordable entertainment, and defensive assets like gold and high-dividend stocks [8] Specific Sub-sectors - The report is optimistic about the tea and coffee, trendy toys, clothing, and textile industries for 2026. It suggests that tea and coffee have structural growth potential despite a slowdown in growth rates [8][9] - The restaurant sector faces challenges from subsidy withdrawals and increased competition, while the sports goods sector may see some brand reversals but is still impacted by consumer downgrading and inventory pressures [9] Company Reports - Adobe reported a 10% year-on-year revenue increase to $6.19 billion in Q4 FY25, with non-GAAP net profit rising 8% to $2.29 billion, meeting expectations. The integration of AI technology is driving business growth, with AI-enabled business ARR exceeding one-third of total business [10] - J&T Express achieved profitability in Thailand after years of price wars, holding a market share of 32.8% in the first half of FY25. The management is confident about growth potential in the Southeast Asian market [10]

Group 1 - The core viewpoint of the news is the continuation and optimization of the "National Subsidy" policy in 2026, which aims to boost domestic demand and support consumer spending [2][3] - The "National Subsidy" policy will be optimized in 2026, with specific adjustments to be made, indicating a sustained government effort to stimulate consumption [2] - The funding for the "National Subsidy" program is set to increase from 150 billion yuan in 2024 to 300 billion yuan in 2025, which is expected to drive consumption by over 2.5 trillion yuan and benefit 360 million people [3] Group 2 - In November 2025, China's automotive industry saw production exceed 3.5 million vehicles and exports surpass 700,000 units, both reaching historical highs, with new energy vehicle sales accounting for over 50% for the second consecutive month [5] - The continuation of the "National Subsidy" policy is expected to positively impact the automotive market, particularly for new energy vehicles, as consumers may benefit from subsidies and tax incentives [5]

所谓"两新"政策，指的是大规模设备更新和消费品以旧换新政策。其中与普通消费者密切相关的就是消费品以旧换新政策，也就是大家常说的"国补"。据第 一财经报道，此次会议明确2026年优化"两新"政策实施，意味着2026年将会继续实施国补政策。 P 10 4 F ak 9 5 011 A ● STAT Cal ar I I D S : 6 I S A P (55 . 8. 4 V V 1 Fra 12 0 P ● D p 12月10日至11日，中央经济工作会议在北京举行。会议提到"要坚持稳中求进、提质增效""要继续实施更加积极的财政政策""要继续实施适度宽松的货币政 策"，持续扩大内需、优化供给，做优增量、盘活存量，深入实施提振消费专项行动，制定实施城乡居民增收计划。扩大优质商品和服务供给。优化"两 新"政策实施。清理消费领域不合理限制措施，释放服务消费潜力。 为了促进消费，中国先后在2024年和2025年分别发行了1500亿元和3000亿元超长期特别国债资金用于消费品以旧换新，2025年"国补"范围较2024年进一步扩 大，增加了手机、平板等数码3C产品和微波炉、电饭煲等家电产品。商务部数据显示，今年1-11月，消 ...

Market Overview - The Hong Kong stock market indices opened higher and continued to rise, with the Hang Seng Index closing up by 1.36% at midday [1] - The Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 1.17% and 1.45% respectively, indicating a sustained recovery in market sentiment [1] Sector Performance - Major technology stocks, serving as market barometers, collectively rose, contributing to the overall market uptrend [1] - Consumer sectors, including restaurants, dairy products, and home appliances, became active following the central government's emphasis on promoting consumption [1] - Precious metals such as silver and copper reached new highs, while stocks in the non-ferrous metals sector showed renewed strength [1] Notable Trends - Despite the overall positive market movement, consumer electronics stocks that performed strongly previously experienced declines [1] - The semiconductor sector saw a majority of stocks decline, contrasting with the performance of other sectors [1]

大消费相关ETF： 聚焦提振内需主线，消费意愿提升：食品饮料ETF（515170） 元旦假期催化+海南全岛封关利好：旅游ETF（562510） 12月10-11日，中央经济工作会议在京举办，在消费层面指出"坚持内需主导，建设强大国内市场"，本 次会议将"内需"摆在优先位置，消费鼓励政策有望持续加码。 "居民消费率明显提高，内需拉动经济增长主动力作用持续增强"是"十五五"时期经济社会发展的主要目 标之一。本次会议则将发展内需作为明年经济工作的第一条，凸显消费在经济发展中的重要性。 中金公司表示，2025年"国补"在2024年基础上扩围，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。2026年全国性补贴品类或仍有优化空间，带动 相关品类需求提振。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 ...

1. Report Industry Investment Rating The report provides a bias assessment for various varieties, with "√" indicating a bullish bias and "V" (assuming it's a typo and should be "√") indicating a bullish bias as well: - Bullish: Index futures (IH, IF, IC, IM), Treasury bonds (TS), Rubber, Rebar, Hot - rolled coil, Iron ore, Gold, Silver, Copper, Aluminum, Lithium carbonate, Cotton, Corn [5] - Bearish: Crude oil, Methanol, Apple, Container shipping to Europe [5] 2. Report's Core View - The Central Economic Work Conference emphasizes continuing to implement a more proactive fiscal policy and a moderately loose monetary policy, aiming to promote economic development and stabilize the market [1][7][11] - Under multiple positive factors, the long - term and slow - rising trend of the A - share market is expected to be consolidated, and the resonance of positive policy signals and the Fed's interest rate cut may boost market risk appetite [3][10] - Different futures varieties show different trends based on their own supply - demand fundamentals and macro - economic factors 3. Summary by Relevant Catalogs 3.1当日主要新闻关注 - **International News**: The US initial jobless claims for the week ending December 6 reached 236,000, the highest since the week of September 6, 2025 [6] - **Domestic News**: The Central Economic Work Conference held in Beijing on December 10 - 11 pointed out the overall requirements and policy orientation for next year's economic work, including continuing proactive fiscal and moderately loose monetary policies, stabilizing the real estate market, and resolving local government debt risks [7] - **Industry News**: In November, China's monthly automobile production exceeded 3.5 million for the first time, and the production and sales of new energy vehicles both approached 15 million, with exports of new energy vehicles doubling year - on - year [7] 3.2外盘每日收益情况 - The report shows the daily returns of various overseas futures on December 10 - 11, 2025, including the S&P 500, FTSE China A50 futures, ICE Brent crude oil, etc. For example, the S&P 500 rose 0.21% to 6,901.00 points, and ICE Brent crude oil fell 1.55% to $61.55 per barrel [9] 3.3主要品种早盘评论 3.3.1 Financial - **Stock Index Futures**: After the previous trading day's decline, with the improvement of the system, the expansion of funds, and the empowerment of industries, the long - term and slow - rising trend of the A - share market may be consolidated. The Fed's expected interest rate cut in December and the positive policy signals are expected to boost market risk appetite [3][10] - **Treasury Bonds**: Treasury bonds rose slightly, with the yield of the 10 - year Treasury bond active bond falling to 1.831%. The market liquidity is loose. The Fed's interest rate cut and the expected introduction of domestic policies support the short - term Treasury bond futures [11] 3.3.2 Energy and Chemicals - **Crude Oil**: The sc night - session fell 1.27%. The IEA raised the forecast for oil demand growth in 2026, but the overall downward trend is difficult to reverse due to factors such as weak European demand [13] - **Methanol**: Methanol's night - session fell 1.83%. The domestic coal (methanol) to olefins plant operating rate decreased, and the coastal methanol inventory decreased. It is expected to be weak in the short term [14] - **Rubber**: Natural rubber futures fluctuated. Overseas supply is increasing, and domestic supply elasticity is weakening. The demand side supports the stable operation of all - steel tire production. It is expected to fluctuate widely in the short term [15] - **Polyolefins**: Polyolefin futures declined. The downstream demand has reached a high level, and the previous price decline was affected by the weakening of crude oil and the overall commodity market. After the Fed's interest rate cut, the price continued to be weak [16] - **Glass and Soda Ash**: Glass futures continued to be weak, and soda ash futures mainly declined. Both are in the process of inventory digestion. Attention should be paid to the potential changes in industrial production and the recovery of the real estate industry chain [17] 3.3.3 Metals - **Precious Metals**: Gold and silver prices rose. The Fed's interest rate cut and balance - sheet expansion are expected to boost market liquidity and support the long - term upward trend of precious metals [18] - **Copper**: The night - session copper price rose more than 2% due to the Fed's unexpected action. The concentrate supply is tight, and the global copper supply - demand is expected to turn into a deficit. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [19] - **Zinc**: The night - session zinc price rose nearly 3% due to the Fed's action. The zinc concentrate supply is temporarily tight, and the supply - demand difference is not obvious. Attention should be paid to market sentiment and related factors [20] - **Aluminum**: The night - session Shanghai aluminum rose 0.82%. The Fed's interest rate cut and balance - sheet expansion support the aluminum price. In the short - to - medium term, the supply is stable, and the demand is okay in the off - season. The upward momentum is weakening in the short term, but the long - term outlook is optimistic [21] - **Lithium Carbonate**: The supply is expected to increase in December, and the demand is expected to decline. The short - term supply disturbance is the focus. It is recommended to take a bullish view after a callback [22][23] 3.3.4 Black Metals - **Coking Coal and Coke**: The night - session coking coal and coke futures continued to be weak. The steel mill's production reduction expectation and the increase in Mongolian coal imports put pressure on the price, but the strong policy expectation in December may provide upward momentum. It is expected to fluctuate in the short term [24] - **Iron Ore**: The iron ore price declined. The shipping volume increased slightly, and the port inventory increased slightly. The steel mill's demand is weak, and it is expected to fluctuate slightly stronger in the short term [25] - **Steel Products**: The steel price volatility increased. The supply and demand are both weak, and the inventory decline has narrowed. The steel price has short - term rebound momentum but is expected to be weak in the medium term [26] 3.3.5 Agricultural Products - **Protein Meal**: The night - session soybean and rapeseed meal futures rose slightly. The Brazilian soybean sowing progress is slower than last year, and the US soybean export is slow. The domestic supply is sufficient, and the price is expected to be weak [27] - **Oils and Fats**: The night - session soybean and palm oil futures were weak, and rapeseed oil rose. The Malaysian palm oil inventory increased, and the rapeseed oil is expected to be strong in the short term due to positive news [28] - **Sugar**: Zhengzhou sugar futures fluctuated narrowly and are expected to be weak in the short term. The international raw sugar price is affected by Brazil and India, and the domestic supply is increasing, but the cost provides some support [29] - **Cotton**: The overnight cotton price was weak but still above the upper limit of the range. It is expected to be strong in the short term due to factors such as fast sales progress, potential reduction in planting area, and improved Sino - US relations [30] 3.3.6 Shipping Index - **Container Shipping to Europe**: The EC fluctuated, and the 02 contract rose 2.04%. The shipping companies' price - holding intention is strong in December and early January. The 02 contract is expected to fluctuate, and the 04 contract may decline due to supply surplus and potential red - sea route resumption [31]

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。 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。 商务部数据显示，今年1~11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及超3.6亿人次。 其中，汽车以旧换新超1120万辆，家电以旧换新超12844万台，手机等数码产品购新补贴超9015万件， 电动自行车以旧换新超1291万辆，家装厨卫"焕新"超1.2亿件。 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。 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 ...