Group 1 - The provincial government of Hunan is implementing measures to ensure a stable economic start in the first quarter of 2026, including increasing the issuance of consumer vouchers and organizing over 500 promotional activities [1] - Hunan will continue to distribute the "Enjoy Hunan · Xiang Has Benefits" consumer vouchers and will accelerate the implementation of the 2026 consumer goods trade-in policy, focusing on new consumption models that integrate culture and tourism [2] - The province has identified 4,345 major projects to be promoted in the first quarter, including 3,000 ongoing projects, 777 new projects, and 568 potential projects, aiming to leverage central funding opportunities [3] Group 2 - Hunan plans to issue nearly one million winter hot spring tourism consumption vouchers to attract national tourists, promoting the integration of hot springs with culture and wellness [4] - The province will enhance the quality of service industries by utilizing special bonds to acquire existing housing for various purposes and organizing promotional activities for commercial housing [4] - Hunan aims to strengthen its manufacturing sector by establishing a list of annual projects to be launched and ensuring timely production and effectiveness [4]

Core Viewpoint - The announcement details the implementation of the 2025 mid-term profit distribution plan by Gree Electric Appliances, which includes a cash dividend of 10.00 RMB per 10 shares for all shareholders, totaling 5.585 billion RMB in cash dividends [2][3][5]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the second extraordinary shareholders' meeting held on November 24, 2025, with a base of 5,585,138,741 shares after excluding 16,267,000 repurchased shares [3][5]. - The total cash dividend to be distributed amounts to 5,585,138,741 RMB, with no stock dividends or capital reserve transfers [2][3]. - The cash dividend per 10 shares, calculated based on the total share capital, is 9.970959 RMB, which will be adjusted accordingly if the total share capital changes before the distribution [2][12]. Group 2: Key Dates - The record date for the profit distribution is set for January 22, 2026, and the ex-dividend date is January 23, 2026 [9]. Group 3: Dividend Recipients - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [10]. Group 4: Distribution Method - The cash dividends for A-share shareholders will be directly credited to their accounts through their securities companies on the ex-dividend date [11].

Group 1 - The core viewpoint of the news is that Qinghai Province is enhancing its consumption policies, particularly focusing on the "old-for-new" program for consumer goods, with significant financial backing and a broad reach in 2026 [1] - In 2025, Qinghai Province invested a total of 1.69 billion yuan, benefiting over 1.52 million people and stimulating consumption worth 19.7 billion yuan, with notable figures in vehicle and appliance upgrades [1] - The province achieved the replacement of 92,000 vehicles, 496,000 home appliances, 615,000 digital products, 31,900 home decor items, and 4,000 electric bicycles, making it one of the few provinces to implement such policies throughout the year [1] Group 2 - In 2026, the central government will continue to allocate long-term special bond funds, with local governments providing matching funds to support the "old-for-new" consumption policy [1] - The automobile "old-for-new" program will adopt a unified national subsidy standard, adjusting the fixed subsidy to a percentage of the vehicle price, with specific caps for both fuel and new energy vehicles [2] - The home appliance "old-for-new" program will also follow a unified subsidy standard, offering 15% of the product sales price as a subsidy for energy-efficient appliances, capped at 1,500 yuan [2] - The digital product upgrade program will provide a subsidy of 15% for eligible products, with a maximum subsidy of 500 yuan for items priced under 6,000 yuan [2]

Group 1 - Guangdong's manufacturing prowess is highlighted by the fact that one in three household appliances globally is produced there, with nearly half of China's appliance exports coming from the province in the period from January to November 2025 [1] - The region has developed nine trillion-yuan industrial clusters, including electronic information and new energy, and boasts 77,000 high-tech enterprises, maintaining the top position in national innovation capability for several consecutive years [1] - Guangdong's culinary reputation is recognized internationally, with UNESCO designating Shunde and Chaozhou as "Cities of Gastronomy," showcasing the local commitment to traditional flavors and culinary excellence [1] Group 2 - The natural beauty of Guangdong is exemplified by attractions like the ancient Longxia Gorge and the 140,000-year-old volcanic crater lake in Zhanjiang, which reflect the region's rich environmental heritage [2] - Cultural events such as dragon boat races have gained international recognition, and local heritage sites are preserved, contributing to the region's appeal [2] - The essence of Guangdong's identity is rooted in its practical approach to manufacturing, culinary arts, and appreciation of nature, creating a unique cultural tapestry that attracts both locals and visitors [2]

（来源：策略优基基） 2025年是权益市场红红火火的一年——政策转向、流动性充裕、AI浪潮席卷全球，市场迎来久违的估 值修复和结构性行情。时值岁末年初，多家主观多头管理人陆续发布年度回顾和来年展望。我们基于公 开信息，对十余家管理人的核心观点进行提炼总结，方便大家一览。 复胜——"寻找业绩确定性和增长幅度两者综合比较最优的方向。" 2025年，年初布局港股新消费龙头、年中切换至零食零售和游戏板块。对创新药和AI硬件布局不多， 更侧重于AI科技的下游应用和上游资源龙头企业。尽管制造业股价有所抬升，但考虑到潜在的产能释 放压力，我们对此保持谨慎。 展望2026年，会继续重点关注"新消费"，从消费升级和消费方式多样化等维度挖掘机会；同时还会布局 有色金属和传统行业。认为化工、航空等传统行业已经经历了长期产能出清，叠加"反内卷"政策导向， 龙头企业的控价能力抬升且需求端也有改善，基于此有色金属的投资也侧重于工业金属。 同犇——"坚守高景气赛道，警惕估值驱动型标的。" 2025年市场呈现结构性行情，有色金属和AI产业链是市场两条核心主线。我们于24年10月提前布局新 消费细分赛道，在25年上半年取得阶段性显著收益，但后 ...

新一轮消费品以旧换新政策落地后，浙江多地消费市场持续升温，迎来新年"开门红"。 增幅达50%以上 嘉兴桐乡各大家电卖场迎来消费热潮 连日来，广大消费者趁着"国补"政策实施这一契机，开启了"买买买"模式，嘉兴桐乡各大家电卖场再次迎来消费热潮。 记者在浙北大厦四楼家电专卖区看到，不少品牌方都将"国补"优惠政策放在显眼位置，导购员边讲解，边向市民推荐合适的家电。据介绍，自1月1日"国 补"实施以来，家电销量明显提升，比去年12月"国补"暂停期间，增幅明显。 同样销售火爆的还有3C家电市场。在该商场一楼的3C数码产品店铺内，各类新款手机、电脑、电视机等数码产品也勾起了不少市民的消费欲望。自"国 补"政策实施一个多星期以来，店内日均销售额增幅明显，其中手机品类销售额翻了一番，家电类增幅也达50%以上。 绿色消费热潮涌动 海宁节能智能产品受青睐 临近中午，海宁建材市场家电销售区已有不少顾客，市民趁着刚刚上新的国补政策，专程赶来选购自己心仪的家电。市民周先生正在装修新房，元旦前就 相中了一款冰箱，今年新的国补政策让他得到了更大的实惠。 "去年年底就是想买，但是又怕价格太贵。"市民周先生表示："据说今年还有国补，这两天正好过 ...

| 机构间 | 发布日期 - 预测营业收入 | | 同比 | 预测净利润 | 同比 | 预测扣非净利润 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 卖方预测区间 | | 4605.28~4949.00 | 75 | 447.41~506.98 | - | - | - | | 平均数 | | 4864.86 | - | 486.75 | -- | - | - | | 中位数 | -- | 4876.68 | -- | 487.08 | -- | - | -- | | UBS | 2026-01-14 | 4867.03 | " | 471.29 | -- | -- | - | | 国泰海通 | 2026-01-10 | -- | -- | 493.50 | -- | -- | -- | | 国盛证券 | 2026-01-08 | -- | 7 | 496.09 | - | -- | -- | | 银河证券 | 2026-01-05 | 4914.60 | - | 506.98 | - | -- | -- | | 国联民生证券 | | | ...

南方财经记者吴蓉 佛山报道 广货的传奇仍在继续。 2025年10月，一通电话打进了格兰仕集团。家在黑龙江的王女士提出想把一台用了28年的格兰仕微波炉，寄回它的"出生地"广东顺德。这款微波炉至今完好 无损，可王女士担心超期使用存在安全隐患，又不忍将其当作废品处置，只能请"娘家"妥善保管。 无独有偶，暨南大学新闻与传播学院副教授朱磊最近回浙江老家也意外发现，父母几十年前买的格兰仕微波炉还在服役，这让本就研究全球品牌的朱磊感慨 不已，"质量如此过硬，确实是传奇"。 一款小小的微波炉，不仅成为品牌与消费者的情感见证，也揭开了"中国家电之都"佛山在改革开放后独领风骚至今的密码。从改革开放初期的"三来一补"起 步，佛山家电企业带着"敢为人先"的岭南基因，在小作坊里开启了创业征程，美的、格兰仕、万家乐等一批企业昼夜赶工，将性价比出众、品质可靠的家电 产品源源不断送往全国，在竞争激烈的市场中杀出一条血路。"远看像洋货，近看是广货"的调侃，既是消费者对广货品质的认可，也见证了佛山家电从模仿 承接向自主制造的初步跨越。 而当市场进入新消费周期，消费需求从"能用、耐用"升级为"智能、个性、绿色"，佛山家电又以"智造"为核，完成了从 ...

Group 1 - The "Guangdong Goods Going Global" spring campaign was launched on January 15 in Foshan, focusing on promoting local home appliance brands through live streaming sales [1] - Over 1,900 home appliance companies participated in the first promotional event, with 55 major brands including Midea, Gree, and Hisense actively engaging in live streaming [1] - The campaign aims to boost revenue for industrial chain enterprises and promote consumption upgrades through new channels, aligning with China's 14th Five-Year Plan [1] Group 2 - The event received support from over 10 major commercial platforms, including Alibaba International, JD.com, and Douyin, as well as numerous offline supermarkets [1] - The chairman of Xinxuan Group emphasized that live e-commerce not only generates sales but also empowers quality industries and domestic brands through tailored content [2] - The Guangdong Provincial Department of Industry and Information Technology plans to organize 12 online promotional events covering various manufacturing sectors, including home appliances, mobile phones, and cosmetics [2]

Core Viewpoint - Guangdong is leveraging government-led initiatives to enhance regional industrial strengths and promote consumption through innovative channels like live-streaming e-commerce [2][3] Group 1: Government Initiatives - The "Guangdong Goods Going Global" spring campaign was launched on January 15 in Foshan, focusing on the home appliance sector, with over 1,900 provincial enterprises participating [2] - The campaign aims to boost revenue for industrial chain companies and promote consumption upgrades through new channels [2] Group 2: Industry Participation - Major brands such as Midea, Gree, Galanz, and Hisense participated in the live-streaming sales event, showcasing a variety of products [2] - The event received support from over 10 major commercial platforms, including Alibaba International, JD.com, and Douyin, as well as numerous offline supermarkets [2] Group 3: E-commerce and Consumer Engagement - The chairman of Xinxuan Group emphasized that live-streaming e-commerce not only generates sales but also empowers quality industries and domestic brands [3] - The event highlighted the importance of e-commerce channels, with companies like Mofei Technology noting strong consumer interest in their products, even in prototype form [3] Group 4: Future Plans - The Guangdong Provincial Department of Industry and Information Technology plans to organize 12 online promotional events covering various manufacturing sectors, including home appliances, mobile phones, clothing, food, smart devices, automobiles, and beauty products [3]