并购重组 新兴铸管：子公司芜湖新兴拟以12.44亿元收购华润制钢100%股权 新兴铸管公告称，下属全资子公司芜湖新兴铸管有限责任公司拟收购江阴华润制钢有限公司100%股权，交易对价12.44亿元。本次交易完成后，公司全资 子公司芜湖新兴将直接持有华润制钢100%股权，华润制钢纳入公司合并报表范围。 惠而浦：拟以现金方式购买控股股东格兰仕家用电器洗衣机业务有关资产 惠而浦公告称，公司拟以现金方式购买控股股东广东格兰仕家用电器制造有限公司的洗衣机（含干衣机）业务有关资产，包括固定资产、专利、专有技术 和产品。本次资产收购完成后，格兰仕家用电器及其实际控制人与公司不再存在实质性同业竞争。此外，格兰仕家用电器拟以全球范围内独占使用许可的 方式将洗衣机业务有关商标许可给公司使用。本次关联交易已经公司2025年第三次临时董事会审议通过，尚需提交公司股东大会审议。 兆新股份：拟以2.2亿元现金收购优得新能源70%股权 兆新股份公告称，公司12月10日与交易对方签署《股权收购意向协议》，拟以2.2亿元现金收购优得新能源70%股权，交易完成后标的公司将成为控股子 公司。 蓝盾光电：终止购买上海星思半导体有限责任公司股权 每经记 ...

2025.12. 11 本文字数：571，阅读时长大约1分钟 作者 | 第一财经 王珍 12月10日至11日举行的中央经济工作会议确定明年坚持内需主导，优化"两新"（大规模设备更新、 消费品以旧换新）政策实施。"可以明确的是明年肯定还有国补。"一位家电业资深人士11日晚向第 一财经记者表示，但国家补贴如何优化尚不清楚。 还有家电经销商建议，未来可以探索更便捷的补贴申领方式，比如让消费者凭借购买发票和产品安装 照片，直接通过政府官方平台申领补贴等。 有一位空调零售商提到，今年国补出现过黄牛党利用科技手段抢券、转手卖给网店谋利的情况。希望 国补实施加强发券管理，杜绝黄牛党的恶意抢券转让，消费者必须是本人领券、本人购买。 还有县级零售商表示，建议政策实施平稳、连贯，让线上线下渠道公平竞争。一位家电企业相关人士 也对记者表示，希望政策持续激活线下经济活力。 微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们 ...

Core Insights - The 2026 "National Subsidy" policy will continue the "old-for-new" consumption initiative with an increased budget of 500 billion yuan, aimed at stimulating consumption and stabilizing economic growth [1][3][16] Group 1: Policy Overview - The "National Subsidy" policy has shown significant results since its launch in 2024, generating over 2.5 trillion yuan in sales and benefiting 360 million people [3] - The policy will focus on three main upgrades: increasing the subsidy amount, expanding coverage to new sectors, and optimizing the distribution process [4][10] Group 2: Sectoral Impacts - Traditional consumption sectors like home appliances and automobiles are expected to see a second wave of growth, with home appliance subsidies potentially increasing from 12.84 million units to 15 million units [6][8] - The service consumption sector, particularly in tourism and health, is anticipated to become a new focal point, with over 100 billion yuan in tourism vouchers expected to be issued [6][10] - Digital and green consumption will be enhanced, with subsidies for smartphones and energy-efficient appliances, benefiting companies like Apple and Huawei [8][10] Group 3: Economic Implications - The policy aims to boost domestic demand and counter economic pressures, with expectations for retail sales growth to rebound to 5%-6% in 2026 [10] - It promotes industrial upgrades by leading consumption upgrades, encouraging innovation in sectors like electric vehicles and smart home appliances [10][14] Group 4: Investment Opportunities - Key investment targets include essential consumer goods like dairy products and condiments, as well as discretionary items like home appliances and new energy vehicles [15] - The policy is seen as a long-term opportunity for investors, with potential for valuation recovery and growth in the consumer sector [16]

12月10日至11日举行的中央经济工作会议确定明年坚持内需主导，优化"两新"（大规模设备更新、消费 品以旧换新）政策实施。"可以明确的是明年肯定还有国补。"一位家电业资深人士11日晚向第一财经记 者表示，但国家补贴如何优化尚不清楚。 在接受记者采访时，有家电经销商表示，期待明年的国家补 贴政策落地时，能够进一步优化资金兑付流程，减轻线下经销商的垫资压力。 有一位空调零售商提 到，今年国补出现过黄牛党利用科技手段抢券、转手卖给网店谋利的情况。希望国补实施加强发券管 理，杜绝黄牛党的恶意抢券转让，消费者必须是本人领券、本人购买。 还有县级零售商表示，建议政 策实施平稳、连贯，让线上线下渠道公平竞争。一位家电企业相关人士也对记者表示，希望政策持续激 活线下经济活力。 （第一财经） ...

有家电经销商表示，期待明年的国家补贴政策落地时，能够进一步优化资金兑付流程，减轻线下经销商的垫资压力。 野矿泉 自由 争热一体 煥鲜水 - 排出 河雪豚 比烧开一步到位 首杯水直饮 全时鲜活纯净 全 室 外 吸 排 12月10日至11日举行的中央经济工作会议确定明年坚持内需主导，优化"两新"（大规模设备更新、消费品以旧换新）政策实施。"可以明确的是明年肯定还 有国补。"一位家电业资深人士11日晚向第一财经记者表示，但国家补贴如何优化尚不清楚。 在接受记者采访时，有家电经销商表示，期待明年的国家补贴政策落地时，能够进一步优化资金兑付流程，减轻线下经销商的垫资压力。 有经销商提到，相较于资金实力雄厚的电商平台，线下门店垫资能力有限，使线下国补实施效果打折扣。 还有家电经销商建议，未来可以探索更便捷的补贴申领方式，比如让消费者凭借购买发票和产品安装照片，直接通过政府官方平台申领补贴等。 有一位空调零售商提到，今年国补出现过黄牛党利用科技手段抢券、转手卖给网店谋利的情况。希望国补实施加强发券管理，杜绝黄牛党的恶意抢券转让， 消费者必须是本人领券、本人购买。 还有县级零售商表示，建议政策实施平稳、连贯，让线上线下渠道公 ...

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。 （文章来源：第一财经） 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。 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 ...

Group 1 - The core argument of the article highlights that despite initial predictions of a decline in China's exports due to trade pressures, China has achieved a historic trade surplus exceeding 1 trillion USD, with the U.S. falling to third place in trade relations with China [1][32] - In the first eleven months of 2025, China's total goods trade value reached 41.21 trillion yuan, a year-on-year increase of 3.6%, with exports at 24.46 trillion yuan (up 6.2%) and imports at 16.75 trillion yuan (up 0.2%), resulting in a trade surplus of 7.71 trillion yuan, equivalent to 1.07 trillion USD [3][5] - China is the first country to achieve a trade surplus exceeding 1 trillion USD, a figure that surpasses the combined trade surpluses of the second to eighth ranked countries globally [5] Group 2 - ASEAN remains China's largest trading partner, with a total trade value of 6.82 trillion yuan (16.6% of total trade), followed by the EU at 5.37 trillion yuan (13%), while the U.S. has dropped to third place with a trade value of 3.69 trillion yuan (8.9%), a year-on-year decline of 16.9% [5] - Trade with countries involved in the Belt and Road Initiative reached 21.33 trillion yuan, growing by 6%, highlighting its significance as a key driver of foreign trade growth [8] Group 3 - The export structure has shifted significantly, with mechanical and electrical products accounting for 60.9% of total exports at 14.89 trillion yuan, a year-on-year increase of 8.8%, while labor-intensive products have decreased to 15.1% of exports, down 3.5% [10][12] - A representative case is a Zhejiang automotive parts company that shifted its focus from the U.S. market to ASEAN, resulting in over 50% growth in exports to ASEAN countries [14][17] Group 4 - Companies are leveraging retained foreign exchange funds for overseas investments, such as a Guangdong home appliance company that used 1.5 million USD of its foreign exchange earnings for purchasing high-end components and establishing an assembly base in Mexico [21][23] - The "hidden reserves" policy has stabilized domestic prices, with the CPI remaining low at 0.1% in June 2025, contrasting with inflation in other countries [25][27] Group 5 - Recent changes in U.S.-China trade relations indicate a shift from "comprehensive containment" to "economic competition and military deterrence," with over 30% of U.S. small and medium enterprises resuming business discussions with China, although the U.S. share in trade with China has not yet recovered [28][30]

齐鲁晚报.齐鲁壹点张唯 知识产权保护是创新环境的"风向标"。12月11日下午，在山东省政府新闻办举行的"'十四五'时期山东扎实推进市场监管现代化建设情况"新闻发布会上， 围绕"十四五"期间山东在强化知识产权保护、提升社会满意度方面做了哪些工作、取得了哪些成效等问题，山东省市场监督管理局副局长、一级巡视员、 山东省知识产权局副局长于智勇作出回应。 于智勇介绍，"十四五"期间，省市场监管局(省知识产权局)聚焦全链条保护，全力打造全国一流知识产权保护新高地。在健全法治体系、筑牢制度保障方 面，十四五以来先后出台了地方性法规《山东省知识产权保护和促进条例》、省政府规章《山东省专利纠纷行政裁决和行政调解办法》，今年修订出台了 《山东省专利条例》，形成了"两法规一规章"的成熟体系。配套制定展会知识产权审查、对外转让、保险扶持等6件规范性文件，知识产权保护体系建设 工程实施方案、专利侵权纠纷行政裁决等31件政策文件，构建起统一稳定的政策制度体系。 在优化源头保护、激发创新动能方面，十四五以来布局建设8家国家级知识产权保护中心、3家快速维权中心、10家海外知识产权应对指导地方分中心，数 量居全国前列，形成覆盖全省的保护网络。 ...

Core Insights - The report maintains a positive outlook on the home appliance sector, emphasizing the potential for growth in both domestic and international markets, particularly in emerging markets and through the development of new product categories [3][5]. Group 1: Market Performance Overview - The home appliance sector has shown varied performance in 2025, with white goods yielding a total return of +1% but underperforming against the CSI 300 by -19% due to high base effects and market competition [11]. - Small appliances have performed well with a +12% return, indicating a shift from scale expansion to value creation, supported by new subsidy policies [11]. - The components sector has excelled with a +70% return, benefiting from investments in emerging technologies such as AI and robotics [11]. Group 2: Domestic and International Sales - Domestic sales have faced pressure due to tightening national subsidies, with expected growth rates for major appliances showing mixed results, while small appliances have fared better [5][38]. - Internationally, emerging markets have outperformed, with a notable recovery in export orders as tariff impacts begin to stabilize [41][42]. Group 3: Product Development and Innovation - The report highlights a continuous upgrade in product structure, with an increasing share of high-end products contributing to profit margins [5][44]. - New product categories such as smart glasses, drones, and UV printers are expected to create new growth opportunities, driven by consumer demand for innovative and personalized experiences [5][10]. Group 4: Investment Recommendations - The report suggests focusing on leading white goods companies as they represent assets with significant growth potential, particularly in the context of favorable U.S. market conditions and anticipated interest rate cuts [5][44]. - Specific companies recommended for investment include Haier Smart Home, Hisense, TCL Electronics, and Ecovacs, among others [5][44].

Core Points - The article discusses the importance of indoor heaters as essential products during the winter heating season, emphasizing the need for quality and safety to protect consumer interests [1] - The Cixi Market Supervision Administration has launched a special inspection campaign named "Autumn Hunting and Winter Hunting" to ensure consumer safety and promote quality upgrades in the home appliance sector [1] Group 1 - The inspection campaign focuses on three areas: production, circulation, and online sales, covering industrial clusters and various sales channels [3] - A total of 220 inspection personnel were deployed, inspecting 106 production and business entities, and identifying 12 closed-loop safety issues [3] - The campaign included strict checks on 3C certification qualifications, with a significant case involving the seizure of over 40,000 substandard heating products, amounting to over 800,000 yuan [3][4] Group 2 - The campaign conducted over 30 enforcement checks, resulting in 8 cases of quality violations and the confiscation of more than 43,000 non-compliant products, with a total value exceeding 900,000 yuan [4] - A mechanism for "problem list + time-limited rectification + re-inspection closure" was established to enhance compliance and quality responsibility among enterprises [3] - Two training sessions were held, covering 80 enterprises and addressing 7 technical pain points [3]