编辑｜ 江江 视觉 | 诺言 作者｜ 乔悦 考公大省、葱省、不孝有三无编为大、说话倒装、酒桌文化、鱼头必须朝向领导…… 正因如此，山东很少被放进流行的成功叙事里，数字经济、平台企业、新消费品牌构成的主流增长故 事，也更多发生在南方。 但现实却是，就是这样一个省份，它长期稳坐中国经济版图的第三把交椅。甚至从改革开放初期到2025 年，在全国GDP排行榜上，山东几乎从未离开过前三。 | 地区 | 排名 | GDP(亿元) | 增速 (%) | | --- | --- | --- | --- | | 广东 | 1 | 141633.81 | 3.50 | | 江苏 | 2 | 137008.00 | 5.80 | | 山东 | 3 | 98566.00 | 5.70 | | 浙江 | র্ব | 90100.00 | 5.50 | | 四川 | 5 | 64697.00 | 5.70 | 2024年 全国GDP排行榜，山东排名在第三位 山东，一个"常驻"互联网的省份。那些裹挟着它的"标签"谈不上恶意，却精准地勾勒出外界对它的印 象：厚重、守旧、讲规矩，但不时髦。 但这并不足以让人安心，山东也有自己的烦恼：前面是广东 ...

格隆汇1月12日丨海尔智家(600690.SH)在互动平台表示，海尔智家始终以"智慧家庭"为核心战略，致力 于为用户打造全场景无缝体验。我们认为，家庭机器人是实现智慧家庭深度融合的关键载体，也是未来 家庭智能化的重要方向。家庭机器人产业，依托海尔智慧家庭生态，致力于为用户实现"无人家务"的美 好愿景，通过家庭机器人+应用场景，打造"AI生活，智慧万家"的服务机器人产品矩阵，致力于为用户 提供更加智能化、便捷化的服务机器人产品和服务，助力智慧家庭的实现 。海尔智家凭借在智慧家庭 领域积累的场景理解、生态布局与技术能力，正分阶段推进家庭机器人业务发展： 首先，依托清洁、 陪伴等机器人产品，我们持续构建导航避障、物体识别、3D建模与大语言模型交互等基础能力，并实 现与"海尔智家大脑"及UhomeOS的全面协同。 其次，通过AI视觉与多模态感知技术，建立全屋视觉模 型与环境理解能力。同时，在具身清洁机器人等产品上，深化双臂协同、运动控制等物理交互能力。 最终，我们将整合感知、认知、决策与执行能力，构建端到端的具身智能体系，并逐步落地于自研人形 机器人，实现机器人在家庭场景中的自主服务与协同进化。 海尔智慧楼宇有以磁、 ...

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Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for undervalued leading companies with high dividends and stable growth attributes [6]. Core Insights - The home appliance sector is experiencing a mixed performance, with air conditioning sales declining significantly while washing machines show growth in exports. The report emphasizes the importance of leading brands like Midea, Gree, and Haier in navigating market challenges and capitalizing on emerging opportunities [6][36][43]. Summary by Sections Air Conditioning - In November 2025, the air conditioning industry produced 10.577 million units, a year-on-year decrease of 36.70%. Total sales reached 10.492 million units, down 31.80%, with domestic sales at 4.052 million units (down 39.80%) and exports at 6.44 million units (down 25.60%). Midea led the market with a 36.20% share, followed by Gree at 19.50% [2][36][38]. Refrigerators - The refrigerator sector saw a slight overall decline, with production at 8.257 million units (down 3.9%) and sales at 8.0531 million units (down 2.99%). Domestic sales fell to 3.5611 million units (down 15.59%), while exports increased to 4.492 million units (up 10.04%) [2][40][41]. Washing Machines - The washing machine industry reported production of 8.605 million units (up 8.2%) and sales of 8.4619 million units (up 7.61%). Domestic sales were 4.0565 million units (down 5.47%), while exports rose to 4.4054 million units (up 23.31%) [3][43]. Market Performance - The home appliance sector underperformed compared to the broader market, with the sector index rising 2.3% against a 2.8% increase in the CSI 300 index. Key performers included Rongtai Health (up 15.7%) and Yitian Intelligent (up 11.2%), while companies like Lek Electric and Feike Electric faced declines [5][9]. Industry Dynamics - Notable developments include Stone Technology's CES debut of the G-Rover robot vacuum, showcasing advanced cleaning capabilities, and Kaineng Health's acquisition of subsidiaries from Yuaneng Group for 204 million yuan [5][12][13]. Investment Themes - The report identifies three main investment themes: 1. Leading white and black appliance companies with low valuations and high dividends. 2. Upstream core component manufacturers diversifying into robotics and new tech sectors. 3. Strong demand in emerging markets for home appliances, driven by favorable trade conditions [6].

2020-2025年1-11月中国家用洗衣机产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：美的集团（000333）,海尔智家（600690）,格力电器（000651）,惠而浦（600983）,TCL科技 （000100）,创维数字（000810） 相关报告：智研咨询发布的《2026-2032年中国洗衣机行业市场供需态势及投资前景研判报告》 根据国家统计局数据显示：2025年11月中国家用洗衣机产量为1201万台，同比增长5.5%；2025年1-11月 中国家用洗衣机累计产量为11309.7万台，累计增长6.3%。 ...

Core Viewpoint - The recent joint announcement by the Ministry of Commerce and nine other departments on promoting green consumption aims to establish a comprehensive incentive mechanism, proposing 20 measures across seven areas to drive green transformation in production and lifestyle, thereby injecting new momentum into high-quality development [1][3]. Group 1: Policy Measures - The initiative includes policy subsidies, credit support, and incentive points to lower the cost of green consumption for consumers, effectively stimulating consumption willingness and confidence [3]. - Measures such as promoting green recycling and upgrading energy efficiency labeling management are designed to solidify the institutional foundation for normalizing green consumption [3]. - It is projected that from 2024 to 2025, 18.3 million vehicles will be replaced under the old-for-new policy, and 192 million home appliances will be upgraded, with nearly 60% being new energy vehicles and over 90% being first-level energy-efficient appliances [3]. Group 2: Industry Transformation - The push for green consumption is expected to trigger a chain reaction of transformations across various sectors, including manufacturing, circulation, energy, and emissions reduction [4]. - In manufacturing, energy-efficient appliances are continuously evolving, while smart variable frequency devices balance comfort and energy savings [4]. - The construction industry is seeing the rise of green buildings that can reduce energy consumption by over 90% compared to traditional buildings, significantly enhancing residents' living experiences [4]. Group 3: Youth Engagement - The youth demographic is identified as a key driver in promoting green consumption, with 93.3% of surveyed young individuals prioritizing the purchase of green products, and 77.6% believing that a green low-carbon lifestyle will become more prevalent among their peers [6]. - As policy support becomes more robust, it is expected to create new scenarios for green consumption, facilitating a seamless connection for young consumers to engage in sustainable practices [6].

Core Viewpoint - Haier Smart Home emphasizes that its stock price fluctuations in the secondary market are influenced by multiple complex factors, including macroeconomic conditions, industry cycles, market sentiment, and capital preferences [1] Group 1: Company Strategy and Performance - The company is committed to strengthening its fundamentals and long-term competitiveness [1] - The company's stable operations indicate the effectiveness of its strategic path and operational resilience [1] - The financial condition of the company is healthy, with abundant cash flow, laying a solid foundation for long-term development and shareholder returns [1] Group 2: Shareholder Returns - The company places significant importance on sharing development results with investors through cash dividends [1] - Future dividend plans will be carefully formulated, considering the company's development stage, profitability, strategic funding needs, and long-term sustainable development [1] - The company will adhere to its articles of association and relevant regulations to balance current returns with long-term value creation [1]

Core Viewpoint - The company is exploring diversification in its product offerings, particularly in the field of pool cleaning machines, and is looking to expand into high-tech gardening tools in the future [1]. Group 1: Product Development - The company has introduced pool cleaning machines as part of its diversified product exploration [1]. - Some of the company's products have already been launched in overseas markets, although the current sales scale is still small [1]. Group 2: Future Plans - The company plans to continue increasing its investment in research and development [1]. - There is an intention to expand into the category of high-tech gardening tools [1].

活动中，就业联盟单位签署《广东省退役军人就业联盟合作协议》，发布共建信息服务平台、共促就业 岗位对接、共推就业培训开展、共助优惠政策落地、共护跟踪评价机制等系列促进退役军人高质量充分 就业具体举措。现场，特邀专家学者围绕"构建退役军人人才发展的广东模式：机制创新与国内外经验 借鉴"等主题进行深入讲解。广州广电城市服务集团股份有限公司、珠海格力电器股份有限公司等作为 联盟单位代表，就吸纳、培养、用好退役军人等方面交流先进经验。 1月8日，"戎归南粤·乐业湾区"广东省退役军人就业联盟单位促就业活动启动仪式在广州举行，来自国 有企业、民营企业、金融机构、院校等领域的102家广东省退役军人就业联盟单位代表参加。 ...

在这一热烈的市场表现背后，除了投资者信心回暖、上市公司质量提升等因素之外，产业资本的常态化 回购、增持也起到了重要支撑。 数据显示，2025年A股市场合计1494家上市公司实施回购，回购总金额高达1427.36亿元。同期，还有 534家次的上市公司股东发布增持公告，拟增持金额的上限达到839.22亿元。 其间，回购增持再贷款也持续发力，2025年合计有522家上市公司或其股东披露回购增持再贷款情况， 贷款金额上限达到1111.65亿元。截至2026年1月8日，A股市场披露的回购增持再贷款单数已经达到789 单，贷款金额上限合计1606.20亿元。因此，2025年全年A股市场回购增持总规模合计2266.58亿元。 | | | 编者按： 市场活水铸信心 2025年的A股市场暖意尽显，上证指数重回4000点，总成交额刷新历史纪录，市场信心持续回暖。在此 背景下，产业资本全年回购增持规模超2200亿元，为市场注入强劲动能。公募基金自购金额同比大增 51.8%至5626.58亿元，转向长期价值投资方向。二者共同发力，不仅为资本市场带来活水，更传递出对 中国资本市场内在价值与长期发展的坚定信心。 回望2025年的A股市场 ...