本周关注点 公司公告汇总 关于选举第二届董事会职工代表董事的公告 合肥雪祺电气股份有限公司于2025年12月29日召开职工代表大会，选举陈允艳女士为第二届董事会职工 代表董事。陈允艳女士现任公司海外销售总监，符合相关法律法规及《公司章程》规定的任职条件。本 次选举后，公司第二届董事会由8名董事组成，其中职工代表董事1人，兼任高级管理人员及职工代表董 事人数未超过董事总数的二分之一。任期自选举通过之日起至第二届董事会届满。 截至2025年12月31日收盘，雪祺电气（001387）报收于13.82元，较上周的14.04元下跌1.57%。本周， 雪祺电气12月29日盘中最高价报14.15元。12月31日盘中最低价报13.57元。雪祺电气当前最新总市值 25.29亿元，在白色家电板块市值排名10/10，在两市A股市值排名4845/5181。 北京市嘉源律师事务所出具法律意见书，认为合肥雪祺电气股份有限公司2025年第四次临时股东大会的 召集召开程序、出席会议人员资格、召集人资格、表决程序及表决结果均符合相关法律法规及公司章程 规定，表决结果合法有效。本次会议审议通过了关于2026年度日常关联交易预计、部分募投项目变更 ...

Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) [1] Core Insights - Haier Smart Home has received multiple industry recognitions for its digital service system, which extends its offline service capabilities online and overseas, enhancing service efficiency and standardization [1] - The company reported a revenue of 77.56 billion yuan in Q3 2025, reflecting a year-on-year growth of 9.51%, consistent with the 10.2% growth in H1 2025 [8] - The domestic business revenue grew by 10.8% year-on-year, with the air conditioning segment seeing over 30% growth in Q3 [8] - The company’s profitability improved, with a net profit of 5.34 billion yuan in Q3 2025, up 12.7% year-on-year [8] - The operating cash flow for Q3 2025 was 6.352 billion yuan, which is 1.2 times the net profit [8] - Future growth is expected to continue, with a projected double-digit profit growth in 2026, supported by improving demand in domestic and international markets [8] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 285.981 billion, 309.930 billion, 328.665 billion, and 347.024 billion yuan respectively, with year-on-year growth rates of 9.4%, 8.4%, 6.0%, and 5.6% [3] - Net profit projections for the same years are 18.741 billion, 21.432 billion, 23.605 billion, and 26.101 billion yuan, with growth rates of 12.9%, 14.4%, 10.1%, and 10.6% respectively [3] - The target price is set at 33.8 yuan, with the current price at 26.54 yuan, indicating significant upside potential [4]

Market Overview - The white goods sector experienced a decline of 1.01% on December 31, with TCL leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Stock Performance - Changhong Meiling (000521) closed at 6.55, up 1.71% with a trading volume of 114,800 shares and a turnover of 74.87 million yuan [1] - Whirlpool (600983) closed at 9.56, up 0.53% with a trading volume of 19,900 shares and a turnover of 18.93 million yuan [1] - Aucma (600336) closed at 8.22, up 0.37% with a trading volume of 220,700 shares and a turnover of 182 million yuan [1] - Gree Electric (000651) closed at 40.22, down 0.76% with a trading volume of 503,000 shares and a turnover of 2.028 billion yuan [1] - Midea Group (000333) closed at 78.15, down 0.89% with a trading volume of 287,800 shares and a turnover of 2.257 billion yuan [1] - Hisense Home Appliances (000921) closed at 24.81, down 1.39% with a trading volume of 99,700 shares and a turnover of 249 million yuan [1] - Haier Smart Home (600690) closed at 26.09, down 1.70% with a trading volume of 435,700 shares and a turnover of 1.142 billion yuan [1] - TCL Smart Home (002668) closed at 10.38, down 4.07% with a trading volume of 254,100 shares and a turnover of 267 million yuan [1] Capital Flow Analysis - The white goods sector saw a net outflow of 424 million yuan from institutional investors, while retail investors contributed a net inflow of 235 million yuan [1] - TCL Smart Home experienced a net outflow of 45.27 million yuan from retail investors, despite a net inflow of 35.83 million yuan from institutional investors [2] - Midea Group had a net outflow of 44.91 million yuan from retail investors, with a net inflow of 29.11 million yuan from institutional investors [2] - Haier Smart Home had a significant net inflow of 68.95 million yuan from retail investors, despite a net outflow of 21.1 million yuan from institutional investors [2]

(责任编辑：田云绯) 中国经济网北京12月31日讯 A股三大指数今日涨跌不一。截至收盘，上证综指报3968.84点，涨幅0.09%， 成交额8295.12亿元；深证成指报13525.02点，跌幅0.58%，成交额12156.30亿元；创业板指报3203.17点，跌幅 1.23%，成交额5436.92亿元。 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手） = 总成交额（亿元）▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 军工电子 | 2.60 | 2748.97 | 714.66 | 19.62 | 54 | 7 | | 2 | 机场航运 | 2.54 | 1528.46 | 78.85 | 11.55 | 11 | N | | ന | 文化传媒 | 2.18 | 3908.25 | 446.42 | 54.71 | 75 | ਰੇ | | ব | 教育 | 1.76 | 729.33 | 46.46 | 0.99 | 14 | 2 | | 5 | 幸工装备 | 1.6 ...

华宝基金 红利情报局 2025.12.31 2026年红利逻辑或仍稳固, 白色家电龙头稳中有进 热点动态 2026年红利资产配置逻辑或仍稳固 2026年A股市场风格可能更趋于均衡,红利风格确定性较 高,但仍偏向结构性及阶段性机会。"长钱长投"资金配 置需求支撑红利板块表现。资本市场建设强调投融资平 衡,鼓励分红导向不变,上市企业分红意愿及能力持续抬 升。在增量资金以及政策预期支撑下,红利资产配置逻辑 或仍稳固。(中金公司,2025.12.29) 白色家电: 戊头业绩增长稳中有进,高股息标的或有进 步上升空间 一方面,主流白电企业的业绩增长具有较强韧性,横向对 比过去10年利润增速,自电龙头业绩增速保持在9-14%之 间,稳中有进;另一方面,主流白马标的仍维持较高股息 率,且有进一步上升空间。当前家电板块公募基金配置比 例处于历史相对低位,自电龙头具备高股息率,红利属性 显著。(华西证券,2025.12.30) | 行业股息龙虎榜-股息率前五板块 || (近12月股息率) 煤炭开采 国有大型银行 II 白色家电 5.91% 5.35% 5.25% 农商行 II 城商行ll 4.88% 4.77% 指数一级行业分 ...

公司研究 证 券 研 究 报 告 格力电器（000651）重大事项点评 强推（维持） 主营承压下盈利能力改善，制造体系持续夯实 事项： ❖ 2025 年 11 月，工信部公示《2025 年度领航级智能工厂项目培育名单》，格力 电器旗下"全价值链格力协同屋空调智能工厂"项目入选（全国首批仅 15 家）， 公司智能制造能力与示范效应获得国家级层面认可。 评论： ❖ 风险提示：新品开拓不及预期、原材料价格上涨。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 190,038 | 179,515 | 187,740 | 196,561 | | 同比增速(%) | -7.3% | -5.5% | 4.6% | 4.7% | | 归母净利润(百万) | 32,185 | 30,058 | 32,279 | 34,156 | | 同比增速(%) | 10.9% | -6.6% | 7.4% | 5.8% | | 每股盈利(元) | 5.75 | 5. ...

从去年到今年，促消费、促内需，一直是社会的重要议题。 此前，重要工作会议更是将"坚持内需主导，建设强大国内市场"定位明年八大重点任务之首。 但回望过去一年，在大盘整体上涨的趋势之中，跌幅居前的，仍大多是消费板块。 但，转机往往在危机之中酝酿，在今年最惨的板块之中，又到底能否酝酿出新的机遇呢？ 01 白酒板块 年内跌幅12.44% "买你的白酒去吧，老登。" 这句以一己之力打造出老登股和小登股概念的话，足以表现出如今白酒板块的尴尬处境。 同花顺数据显示，在申万二级行业指数之中，今年年内下跌的16个行业中，有十个均为消费板块。 | 申万二级行业指数排名 | | --- | | | 简称 | 年涨跌幅(%) | | --- | --- | --- | | T | 专业连锁II | -14.72 | | 2 | 铁路公路 | -12.86 | | 3 | 三恩山 | -12.44 | | 4 | 房屋建设 II | -11.80 | | 5 | 非白酒 | -11.61 | | 6 | 出版 | -7.22 | | 7 | 调味发酵品 II | -6.04 | | 8 | 煤炭开采 | -5.55 | | g | 中 ...

从去年到今年，促消费、促内需，一直是社会的重要议题。 此前，重要工作会议更是将"坚持内需主导，建设强大国内市场"定位明年八大重点任务之首。 但回望过去一年，在大盘整体上涨的趋势之中，跌幅居前的，仍大多是消费板块。 同花顺数据显示，在申万二级行业指数之中，今年年内下跌的16个行业中，有十个均为消费板块。 | | 简称 | 年涨跌幅(%) | | --- | --- | --- | | 1 | 专业连锁II | -14.72 | | 2 | 铁路公路 | -12.86 | | 3 | 三恩山 | -12.44 | | 4 | 房屋建设 II | -11.80 | | 5 | 非白酒 | -11.61 | | 6 | 出版 | -7.22 | | 7 | 调味发酵品 II | -6.04 | | 8 | 煤炭开采 | -5.55 | | 9 | 中药 II | -5.02 | | 10 | 数字媒体 | -4.95 | | 11 | 厨卫电器 | -4.11 | | 12 | 轨交设备 II | -3.08 | | 13 | 乘用车 | 勾股大数据_97 | | 14 | 通信服务 | -2.74 | | 15 | ...

Core Viewpoint - The article discusses the significant downturn in various consumer sectors, particularly the liquor and retail industries, highlighting the challenges and potential opportunities for recovery amidst changing consumer behaviors and market dynamics [2][4][43]. Group 1: Liquor Industry - The liquor sector, especially the white liquor segment, has faced substantial declines, with the overall white liquor market down by 12.44% this year [9][15]. - Major brands like Wuliangye have reported significant drops in revenue and profit, with a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters [17]. - The white liquor industry is experiencing a shift from a growth-driven model to one focused on consumer preferences, with a need for companies to adapt to changing consumption patterns [26][27]. Group 2: Retail Industry - The professional chain sector has seen a dramatic decline of 14.72%, with many traditional retail models struggling to survive [28][30]. - Companies like Renrenle have faced severe financial difficulties, leading to a significant reduction in store numbers and ultimately triggering delisting procedures [34][35]. - The shift towards online shopping and changing consumer preferences have forced traditional retailers to innovate or face extinction [36][39]. Group 3: Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also suffered, with a reported decline of 11.61% this year [40]. - Major players like Budweiser APAC have experienced significant sales drops, with a 9.5% revenue decrease and a 24.4% decline in net profit [46]. - The industry is witnessing a trend of cross-industry competition, with liquor companies diversifying into other beverage categories to adapt to market changes [51][56]. Group 4: Publishing Industry - The publishing sector has faced a 7.22% decline, with the overall market for printed books down by 10.40% [60]. - Despite the downturn, some publishing companies have managed to increase profits through cost control and operational efficiency, with a 14.65% rise in net profit for listed companies [61][62]. - The industry is undergoing significant transformation, moving from traditional sales models to more dynamic content management and IP development strategies [70][71]. Group 5: Seasoning Industry - The seasoning sector has seen a 6.04% decline, with companies like Qianhe Flavor struggling due to a drop in revenue and profit [74]. - The industry is facing challenges from both market saturation and changing consumer preferences, necessitating a shift in strategy for many companies [81]. Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector has experienced a 5.02% decline, with companies like Pian Zai Huang facing significant revenue and profit drops [86]. - The industry is under pressure from regulatory changes and increased competition, pushing companies to innovate and diversify their product offerings [91][92]. Group 7: Digital Media - The digital media sector has reported a 4.95% decline, with traditional advertising models struggling to adapt to new market realities [97][100]. - Companies like Mango TV have seen significant revenue drops, highlighting the challenges of maintaining profitability in a rapidly changing landscape [101][104]. Group 8: Kitchen and Bathroom Appliances - The kitchen and bathroom appliance sector has faced a 4.11% decline, with major players like Boss Electric experiencing revenue drops for the first time in years [112]. - The industry is grappling with reduced demand due to a slowdown in the real estate market, necessitating a shift towards innovation and international expansion [117][118]. Group 9: White Goods - The white goods sector has seen a 2.02% decline, with companies like Gree Electric facing significant challenges due to market saturation and increased competition [126][129]. - The industry is shifting towards a more rational consumer base that prioritizes product quality and brand reputation over traditional growth drivers [133]. Group 10: Hotel and Restaurant Industry - The hotel and restaurant sector has experienced a 1.37% decline, with many businesses struggling to convert increased tourism into profits [140][141]. - The industry is witnessing a shift towards more refined operational models, with companies focusing on member engagement and digital transformation to enhance profitability [142][143].

证券之星消息，12月30日白色家电板块较上一交易日上涨0.12%，美的集团领涨。当日上证指数报收于 3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 001387 | 雪祺电气 | -13.83万 | -0.30% | -156.71万 | -3.36% | 170.54万 | 3.66% | | 600983 | 惠而浦 | -53.67万 | -4.20% | 98.39万 | 7.71% | -44.73万 | -3.50% | | 002668 | TCL智家 | -88.87万 | -0.71% | 346.85万 | 2.76% | -257.98万 | -2.05% | | 000921 海信家电 | | -366.29万 | -3.47% | 673.84万 | 6.39% | -307.55万 ...