Core Viewpoint - The article discusses the current state of various industries in China, highlighting the impact of the Lunar New Year timing on production and sales, as well as the mixed performance across different sectors. Group 1: Power Generation and Industrial Activity - As of January 8, the cumulative power generation from coal-fired power plants increased by 2.6% year-on-year, contrasting with a decline of 8.5% in December [1][6] - The industrial operating rates show mixed trends, with steel production rates improving while chemical production rates decline. The average operating rate of 247 blast furnaces rose by 1.4 percentage points year-on-year [7][8] - The average daily crude steel production from key enterprises increased by 11.8% month-on-month but decreased by 4.1% year-on-year as of January 10 [2][9] Group 2: Construction and Funding - The funding availability rate for construction sites decreased by 0.3 percentage points, indicating a lack of momentum in physical work [11] - The asphalt operating rate fell to 26.3%, down 2.1 percentage points month-on-month, reflecting a decline in construction activity [11][12] Group 3: Consumer Behavior and Sales - The average daily subway ridership in major cities increased by 15.8% year-on-year due to the Lunar New Year timing, indicating a slight recovery in consumer mobility [3][12] - Real estate sales showed a significant decline, with a 38.6% drop in daily average transactions in major cities compared to the same period last year [15] - Retail sales of passenger vehicles fell by 32% year-on-year, with wholesale volumes down by 40% [16] Group 4: Industry-Specific Insights - The photovoltaic industry manager index decreased to 133.0 points, reflecting a slight decline in industry sentiment [13] - The BPI index for industrial products reached a near one-year high, with significant price increases in coal and chemical products [22][23] - Port container throughput increased by 6.3% year-on-year, indicating resilience in logistics despite fluctuations in shipping volumes to the U.S. [18][20]

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating [1][2][3] Core Viewpoints of the Report - The spring rally in the A-share market at the beginning of the year was driven by the fear of missing out, but after the regulatory adjustment of the minimum margin ratio for margin trading, the market shifted from a rapid rise to a slow bull market. The two - margin funds did not leave but switched from high - leverage to low - leverage sectors. The left - hand force of the spring rally came from institutional investors, while foreign capital and margin trading formed the right - hand acceleration, with foreign capital participating more actively [2][15] - The AI industry chain is the main direction where funds form a consensus. The logic of "storage driving computing power, and computing power leading to applications" is expected to be a popular investment direction. Insurance in the financial sector can contribute absolute returns, and industries such as chemicals, home appliances, and panels can be considered for portfolio investment [3][28][29] Summary According to the Directory Market Review: From High - Speed Growth to Active Cooling - At the beginning of the year, the A - share market experienced a spring rally. From the beginning of the year to January 13, the Sci - tech Innovation 50 index rose 9.33%, and sectors such as media, computer, and national defense and military industry led the gains. The proportion of margin trading turnover in the total turnover reached 11.5%, approaching the upper limit of the historical average plus twice the standard deviation [8] - On January 14, the regulatory authorities announced an increase in the margin ratio from 80% to 100%, which was a measure to cool down the over - heated market sentiment. After the adjustment, there was a "hot - cold switch" in the broad - based index and industry structure. In the broad - based index, leveraged funds shifted from small - cap to large - cap stocks. In the industry structure, funds shifted from high - volatility themes to undervalued blue - chips [11][12][13] Slow Bull Trend Established, Leverage Cooling, but Bullish Sentiment Remains - Margin trading accelerated the spring rally but was not the dominant force. The spring rally was mainly driven by domestic institutional investors, with foreign capital and margin trading accelerating on the right - hand side, and foreign capital's participation was more significant. Comparing the trading volume ratios of 9 trading days before and after New Year's Day, the trading volume ratio of north - bound funds increased from 10.2% to 11.6%, while that of margin trading only increased from 11.0% to 11.4% [15] - While broad - based ETFs experienced large - scale outflows, theme - based ETFs continued to see inflows. For example, from January 14 to 16, the average daily net outflow of the CSI 300 ETF reached 14.71 billion yuan, while sectors such as non - ferrous metals, consumption, securities, and medical devices saw capital inflows [19][20] Tightening Micro - environment Accelerates Stock Game, with Both Offensive and Defensive Strategies - The marginal tightening of the micro - liquidity environment led to a stock game and structural optimization. The AI industry chain remained the main line, and some funds flowed back to sectors such as home appliances and chemicals with high safety margins [25] - The capital flow in the AI industry showed a "spiral relay" pattern, starting from storage chips and commercial aerospace, moving to AI applications, and then flowing back to storage and spreading to embodied intelligent robots. The semiconductor and media ETFs remained at the forefront, indicating strong market recognition of the AI industry chain [26] Index Uptrend Slows, Strong Focus on the AI Industry Chain - The AI industry chain's "storage - computing power - application" logic is expected to be a popular investment direction. The performance of US stocks provides a strong reference, and the continuous strength of overseas technology giants has raised the valuation ceiling for A - share counterparts [28] - Insurance in the financial sector can contribute absolute returns. It benefits from the bull market and the rise of the technology sector in terms of asset - side profitability and has defensive properties when offensive sectors adjust [28] - For portfolio investment, technology sectors can provide high returns and elasticity, while sectors such as chemicals, home appliances, and panels with improving fundamentals and healthy chip structures can be used as stable investment options [29]

Core Viewpoint - The Hubei province has launched a "trade-in" subsidy policy for home appliances and digital smart products, effective from January 1, 2026, to December 31, 2026, aimed at encouraging consumer spending and upgrading household electronics [5][7][8]. Group 1: Subsidy Details - Consumers can receive a subsidy of 15% of the final sales price for purchasing energy-efficient home appliances, with a maximum subsidy of 1,500 yuan per item, limited to one item per category [7]. - The eligible home appliances include refrigerators, washing machines, televisions, air conditioners, computers, and water heaters [7]. - For digital smart products, consumers can receive a subsidy of 15% of the final sales price, with a maximum of 500 yuan per item, also limited to one item per category [8]. - Eligible digital products include smartphones, tablets, smartwatches, and smart glasses, with a single item price cap of 6,000 yuan [8]. Group 2: Implementation and Access - The subsidy program is accessible through participating merchants, and consumers must follow specific steps to claim their subsidies via the "Hubei Trade-in" WeChat public account [12][15]. - The program is designed to operate daily from 00:00 to 24:00, with the subsidy vouchers valid only for the day they are claimed [12]. - Consumers can check their eligibility and receive assistance through the WeChat mini-program dedicated to the trade-in program [15][21].

Group 1 - Wentech Technology's subsidiary in India is involved in a dispute with Luxshare's subsidiary over an asset transaction, with approximately 160 million yuan remaining unpaid [2] - Luxshare Precision announced that the asset transfer is hindered due to asset seizures and freezes, preventing ownership transfer procedures [2] - Wentech is divesting its product integration business, which has faced years of losses, and has been placed on the U.S. Entity List, affecting its ability to secure new orders [2] Group 2 - Midea Group's chairman emphasized the need to eliminate redundant businesses and low-efficiency assets, aiming for a streamlined organization and a focus on core markets and businesses by 2026 [3] - The company plans to enhance its core white goods and HVAC businesses while targeting growth in robotics, new energy, and medical sectors [3] Group 3 - Qianwen App has integrated with Alibaba's ecosystem, allowing users to order food, book hotels, and purchase tickets directly through the app, enhancing AI shopping experiences [4] - This move signifies Alibaba's strategy to leverage its ecosystem in the AI ToC market, emphasizing collaboration and payment integration with Alipay [4] Group 4 - Xunlei has filed a civil lawsuit against former CEO Chen Lei, seeking 200 million yuan for damages related to a shadow company allegedly controlled by him [5][6] - This lawsuit marks a new phase in a long-standing dispute that began in 2020, highlighting internal conflicts and power struggles within the company [6] Group 5 - Perfect World announced the detention of three art department heads for corruption, focusing on issues related to outsourcing and procurement management [7] - The company is part of a broader trend in the gaming industry, where marketing and procurement roles have been identified as high-risk areas for corruption [7] Group 6 - The World Economic Forum has recognized several Chinese companies, including Hisense, Haier, and Midea, as "lighthouse factories" for their digital transformation efforts [8] - This recognition reflects the increasing global acknowledgment of China's advancements in smart manufacturing [8] Group 7 - Aishi Technology launched PixVerse R1, a real-time world model capable of 1080P resolution, marking a significant advancement in video generation technology [9] - This model reduces video generation latency from seconds to instant response, representing a shift towards real-time interactive experiences in the AIGC field [9]

Power Generation and Industrial Activity - As of January 8, the cumulative power generation from coal-fired power plants increased by 2.6% year-on-year, compared to a decrease of 8.5% in December[3] - The cumulative heating supply from coal-fired power plants rose by 5.1% year-on-year[3] - The operating rate of 247 blast furnaces nationwide increased by 1.4 percentage points year-on-year, reaching 79.0%[3] - The average daily crude steel output from key enterprises increased by 11.8% month-on-month but decreased by 4.1% year-on-year, averaging 1.997 million tons per day[4] Construction and Real Estate - The funding availability rate for construction sites decreased by 0.3 percentage points to 59.6% as of January 13[5] - The average daily transaction area of commercial housing in 30 major cities fell by 38.6% year-on-year from January 1 to January 16[8] - The year-on-year decline in second-hand housing agency subscriptions in 80 cities was 20.8%[10] Consumer Goods and Retail - Retail sales of passenger vehicles from January 1 to January 11 dropped by 32% year-on-year, with wholesale sales down by 40%[10] - The average wholesale price of pork increased by 2.7% to 18.1 yuan per kilogram as of January 16[16] - The production of household appliances showed a positive growth of 6% year-on-year, with air conditioner production up by 11%[11] Economic Indicators - The Business Price Index (BPI) rose by 3.8% to 933 points as of January 16, indicating a broad price increase across various sectors[13] - The photovoltaic manager index (SMI) decreased by 1.3 percentage points to 133.0 points, reflecting a decline in upstream manufacturing activity[7]

Core Viewpoint - The evolution of Guangdong manufacturing reflects a shift from traditional quality-focused products to innovative, consumer-oriented solutions that emphasize both product quality and service excellence [4][9][20]. Group 1: Historical Context and Brand Perception - A 1997 Guangdong-made washing machine has served a family for 26 years, symbolizing the long-standing trust in local products [1] - The initial perception of Guangdong products was that they were affordable and functional, but there remains a lingering impression of them being inferior compared to foreign goods [4][9]. Group 2: Transition in Manufacturing and Marketing Strategies - The recent "Guangdong Goods Going Global" initiative showcases a shift from traditional product displays to online marketing and live streaming, indicating a modern approach to consumer engagement [7][10]. - Quality remains a cornerstone for Guangdong products, but it is no longer sufficient alone; companies must also focus on understanding and meeting consumer needs [9][13]. Group 3: Product Innovation and Consumer Demand - A Foshan home appliance company presented new rice cookers developed in-house, highlighting the importance of adapting to changing consumer preferences and dietary habits [10]. - The small appliance sector is increasingly focused on creating unique, high-quality products that address specific consumer pain points, emphasizing the need for innovation and technical barriers [13]. Group 4: Service and Consumer Engagement - Guangdong manufacturers are recognizing the importance of not just good products but also excellent service, with a focus on customer experience and support [18]. - The concept of "New Guangdong Goods" extends beyond products to include comprehensive service offerings, enhancing the overall consumer experience [20]. Group 5: Broader Implications for Manufacturing - The evolution from traditional manufacturing to intelligent manufacturing reflects a broader trend in Chinese manufacturing, moving from durability and affordability to prioritizing consumer experience [20].

再从大家电赛道来看，目前家电龙头美的集团港股市值6535亿港元， 2025年前三季度营收刚超4000亿 元，归母净利润超400亿元。目前家电行业市值第二是海尔智家，公司港股市值2615亿港元，2025年前 三季度营收刚超2600亿元，归母净利润不到200亿元。 新京报贝壳财经讯（记者陈维城）针对近期提出的"打造人类历史上首个百万亿美元公司生态"的言论， 追觅科技创始人兼CEO俞浩1月17日发文回应称，"我说的是未来，不是一年。做出人类历史上第一个百 万亿美元公司，确实是我的目标。是我和相信我们的人，用接下来二十年去奋斗的。" 他认为，基于客观规律，人类基本上每20年，最高市值的公司，提高一个数量级。20年后，一定会有公 司做到100万亿美元的。"不是我们，也会是其他人。为什么不去试试呢？不去尝试就一定不会有。" 不过，2025年全球市值最高的公司是英伟达，市值仅有4万亿美元，距离"百万亿美元"，还有不少"十万 亿级"需要跨越。英伟达实现4万亿美元也花30年，俞浩要实现这些跨越并非易事。 从清洁电器赛道来看，科沃斯目前市值不到500亿元，2025年前三季度营收不到130亿元，归母净利润超 14亿元。另一家同类企 ...

Core Viewpoint - Xi'an is implementing a "trade-in" program for consumer goods to enhance quality and efficiency, with various promotional activities launched by shopping malls to stimulate the consumer market [4]. Group 1: Automotive Trade-in Program - The program supports the scrapping and replacement of gasoline and diesel vehicles, offering a 12% subsidy (up to 20,000 yuan) for consumers who scrap eligible vehicles and purchase new energy vehicles listed in the Ministry of Industry and Information Technology's directory [4]. - A 10% subsidy (up to 15,000 yuan) is available for consumers purchasing fuel vehicles with an engine size of 2.0 liters or less [4]. - Consumers can receive an 8% subsidy (up to 15,000 yuan) for purchasing new energy vehicles and a 6% subsidy (up to 13,000 yuan) for fuel vehicles when transferring their old cars [5]. Group 2: Home Appliance Subsidies - Consumers purchasing energy-efficient home appliances such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters can receive a 15% subsidy on the purchase price, with a maximum of 1,500 yuan per item [5]. - Each consumer can receive a subsidy for one item per category [5]. Group 3: Digital and Smart Products - A 15% subsidy is available for consumers purchasing mobile phones, tablets, smartwatches, and smart glasses, with a maximum of 500 yuan per item for products priced under 6,000 yuan [6]. - Consumers can obtain digital coupons for home appliances and smart products through the Yunshanfu platform, which are valid for a limited time [6].

Core Viewpoint - The ambitious goal of achieving a market value of 100 trillion USD in 20 years is presented as a feasible target based on historical trends of tech giants like Microsoft, Apple, and Nvidia, which have seen significant increases in their valuations over time [2][17]. Group 1: Strategic Recommendations - The company should leverage its core technology of "high-speed digital motors + AI algorithms" to expand into various sectors beyond home appliances, including automotive and aerospace [3][5]. - It is advised to adopt strategies from industry leaders: Nvidia's hardware and ecosystem integration, Apple's seamless user experience, and Microsoft's open platform approach to create a robust business model [5][6]. - The company should focus on global expansion and localization, establishing direct retail experiences in key markets to enhance brand presence and adapt products to local needs [6]. Group 2: Roadmap to Growth - The first phase (2026-2030) aims to solidify the company's foundation with a target market value of 50 billion USD, emphasizing R&D investment and market leadership in existing product categories [7][8]. - The second phase (2031-2035) focuses on expanding the ecosystem, targeting a market value of 500 billion USD, with plans to enter the automotive sector and develop partnerships for technology sharing [10]. - The third phase (2036-2040) aims for a market value of 3 trillion USD, with the goal of establishing industry standards and leading in smart living and robotics [11]. - The final phase (2041-2046) envisions a market value of 100 trillion USD, emphasizing groundbreaking technologies and a shift towards subscription services and data monetization [12][13]. Group 3: Financial Strategy - The company needs to secure diverse funding sources, including self-funding, equity financing, and strategic investments, to support its ambitious growth plans without relying solely on public offerings [16].

文/ 汇丰银行大中华区前首席经济学家 屈宏斌 消费与科技从来不是"非此即彼"的选择题，而是"唇齿相依"的共生体。没 有 消 费 需 求 的 " 土 壤 " ， 科 技 创 新 就 是 " 无 的 之 矢 "； 脱 离 民 生 改 善 的 " 目 标"，技术突破也难成可持续的增长动能。 消费与科技从来不是"非此即彼"的选择题，而是"唇齿相依"的共生体 在讨论经济增长的核心动力时，不少人会下意识站队"科技创新"——毕竟芯片突破、AI迭代、新能源崛起的故事足够振奋，这种思路也潜移默化体现在政 策导向上：研发补贴、科创园区、人才计划密集出台，而消费刺激常被视为"短期救急"。 多数人推崇科技创新的重要性，固然有其道理。2024年我国全社会研发经费支出突破4万亿元，占GDP比重达2.8%，新能源汽车、人工智能等领域专利数 量稳居全球第一，这些"硬核实力"确实是突破发展瓶颈的关键。但脱离消费需求的科技创新，往往陷入"叫好不叫座"的尴尬。 某国产芯片企业耗费5年攻克28纳米消费级芯片技术，投入研发资金超10亿元，可因终端消费电子需求疲软，手机厂商减产压库，该芯片上市后订单量不 足预期的三成，不仅未能收回成本，还因现金流紧张被 ...