Core Viewpoint - The Zibo Municipal Bureau of Commerce has announced the list of participating brands for the 2026 appliance recycling and new purchase activities, aiming to promote consumer goods recycling and stimulate local consumption [1][4]. Group 1: Appliance Recycling Program - The Zibo Municipal Bureau of Commerce has collected applications from brand manufacturers to establish a product model database for the 2026 appliance recycling program [4]. - A total of 87 home appliance brands, including Haier, Midea, and Gree, have registered to participate in the 2026 appliance recycling initiative [4][5]. - The participating brands cover various categories such as refrigerators, washing machines, air conditioners, and televisions [5][6]. Group 2: Digital and Smart Products Purchase Program - The program also includes a new purchase initiative for digital and smart products, with 21 brands, including Huawei and Apple, participating [4][8]. - The participating brands in the digital and smart products category offer a range of items including smartphones, tablets, and smartwatches [8].

Core Insights - The implementation of the "New National Subsidy" policy in January 2026 has sparked a consumption upgrade trend, benefiting 16.13 million people and generating sales of 92.56 billion yuan in various sectors including automobiles, home appliances, and digital products [1] Group 1: Policy Impact - The "New National Subsidy" policy offers significant financial incentives for consumers, such as up to 20,000 yuan for trading in old vehicles for new energy vehicles, and 15,000 yuan for fuel-efficient cars [2] - The policy includes two types of subsidies: "scrap and update" for those who scrap old cars and buy new ones, and "trade-in update" for selling old cars to purchase new ones [2] Group 2: Market Dynamics - The timing of the policy's implementation coincides with the pre-Spring Festival shopping season, creating a favorable market environment for consumption upgrades [3] - The combination of consumer demand and supportive policies is expected to release significant consumption potential and promote the adoption of green and intelligent products [3] Group 3: Consumer Behavior - The new subsidy policy encourages consumers to purchase energy-efficient and smart appliances, leading to a shift in consumer preferences towards more advanced products [4] - The policy aims to enhance consumer experience by providing a seamless service process for exchanging old products for new ones, thereby increasing consumer satisfaction [3] Group 4: Regulatory Environment - Authorities are intensifying scrutiny to prevent fraudulent practices such as price inflation before subsidies, ensuring market order and compliance with the new policy [4] - The government is committed to cracking down on illegal activities related to the subsidy program, which will help maintain a fair market environment [4]

平安观点： 观 报 告 宏 观 周 报 宏 2026 年 2 月 8 日 中国宏观周报（2026 年 2 月第 1 周） 二手房挂牌价恢复 证券分析师 证 券 研 究 报 告 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 从高频数据观察，本周春节临近，工业生产环比大多季节性走弱，工业品 价格指数环比回落。不过，年初以来二手房挂牌价逐步止跌，外贸港口吞 吐量及韩国、越南 1 月出口数据表现亮眼，体现外需支撑增强。 1. 工业：本周生产环比季节性走弱。1）原材料方面，本周日均铁水产量提 升，部分化工品开工率环比提升；水泥熟料产能利用率、浮法玻璃开工率、 石油沥青开工率、钢铁建材表观需求环比回落。2）中下游方面，本周纺织 聚酯开工率、织造业开工率季节性走弱；汽车半钢胎开工率、全钢胎开工 率环比回落。 2. 地产：二手房挂牌价抬升。1）销售方面，本周（截至 2 月 6 日）30 大中 城市新房销售面积同比快速增长，去年同期基数受春节假期拖累；年初以 ...

Core Viewpoint - The 2026 Winter Olympics in Milan is showcasing the increasing influence of Chinese technology and brands, positioning it as a "golden window" for Chinese manufacturing to demonstrate its technological prowess on a global stage [3]. Group 1: Chinese Technology Empowering the Olympics - Chinese companies like TCL are enhancing the Winter Olympics experience through technology, with TCL providing various products and technical support across venues [6][7]. - TCL's "Olympic Screen Universe" initiative includes the deployment of hundreds of large-screen TVs and digital signage to improve broadcasting and audience engagement [7]. - The integration of AI technology, such as Alibaba's AI model, is making this Winter Olympics the "smartest" in history, improving operational efficiency for participating countries [8][9]. Group 2: Marketing and Sponsorship by Chinese Brands - TCL has signed prominent athletes like Gu Ailing as global brand ambassadors, leveraging the Olympics to enhance its market presence [11]. - Following the success of the Beijing Winter Olympics, brands like Changhong are increasing their involvement in winter sports, partnering with international events to boost brand visibility [12]. - Various Chinese apparel brands are gaining international exposure through their sponsorship of national teams at the Winter Olympics, showcasing the potential of Chinese brands in global markets [13]. Group 3: Athlete Endorsements and Brand Strategy - Sports stars are becoming popular choices for brand endorsements, with athletes like Gu Ailing and Su Yiming representing multiple brands, enhancing their marketability [14]. - The article emphasizes the need for Chinese brands to enhance creativity in their marketing strategies, particularly in leveraging the personal stories of athletes for deeper engagement [14].

现阶段我国居民消费市场呈现出结构升级与驱动乏力并存的鲜明阶段性特征。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称《建议》）明确重提"居民消费率明显提 高"，该表述清晰传递出未来五年我国着力提振居民消费、释放消费潜力的核心政策导向，为消费市场高质量发展划定 核心主线。相较于笼统表述或者具体量化目标，本次目标设定更具科学性与务实性——既充分兼顾我国经济转型升级 阶段的客观实际，避免设定过高过急的发展任务；又保留充足的任务约束性，倒逼各项促消费政策落地见效、形成协 同发力格局。 当前，我国居民消费提振正处于历史性关键转折期，消费增长驱动模式正逐步脱离以往依赖国补、消费券等短期刺激 性政策拉动的传统路径，转向培育收入支撑、消费意愿、场景供给等内生动力的长效发展模式。这一转型的核心是通 过分配端改革，破解居民"不敢花、不愿花、没钱花"的深层制约，最终实现居民消费从"被动响应"向"主动参与"、 从"不敢花"向"放心花、愿意花"的根本性跨越。 居民消费率由居民平均消费倾向（居民消费支出占可支配收入的比重）与居民可支配收入占GDP比重两大核心维度共 同决定，两大维度相互关联、互为支撑、缺一不可——前者 ...

Core Insights - The 2026 Winter Olympics in Milan and Cortina is showcasing an increasing presence of Chinese technology products, positioning it as a "golden window" for Chinese manufacturing to demonstrate its technological strength globally [1] - Chinese brands, including TCL, Alibaba, and Anta, are actively participating as sponsors, reflecting their competitive strength and aggressive marketing strategies in the global market [1] Group 1: Chinese Technology Empowerment - TCL has joined the ranks of global partners for the Winter Olympics, integrating its technology and products into the event's operations and user experience [3] - The "Snow Velvet Wonderland" exhibition by TCL at Milan's central train station features innovative products like TVs, air conditioners, and AR/AI glasses, showcasing future technology [3][4] - TCL's "Olympic Screen Universe" initiative includes providing hundreds of large-screen TVs and digital signage for broadcasting, enhancing the viewing experience for athletes and spectators [4] Group 2: AI and Smart Solutions - The Winter Olympics is noted as the "smartest" in history, with Alibaba's AI model enhancing operational efficiency for national Olympic committees across 11 countries [5] - AI technology is also being utilized for high-precision reconstruction of snowy scenes during broadcasts, improving the clarity of fast-paced sports action [5] Group 3: Sports Marketing and Brand Promotion - TCL has signed Chinese freestyle skier Gu Ailing as its global brand ambassador and is sponsoring top athletes, leveraging the Olympics to promote its brand [6] - Other Chinese brands, such as Changhong and Midea, are also increasing their presence in winter sports marketing, with Changhong partnering with the International Ski Federation [7] - Chinese apparel brands are gaining visibility, with teams from various countries wearing outfits from brands like Li Ning and Anta during the opening ceremony [8] Group 4: Athlete Endorsements - Sports stars are becoming popular choices for brand endorsements, with Gu Ailing securing numerous deals post-2022 Beijing Olympics, highlighting the effectiveness of athlete endorsements over entertainment figures [9] - The marketing strategies of Chinese brands are evolving, with a need for more creativity and storytelling in their campaigns to enhance global appeal [9]

Group 1 - The core viewpoint of the article highlights the dedication and hands-on approach of Dong Mingzhu, the CEO of Gree Electric Appliances, emphasizing her active involvement in the company's operations and decision-making processes [1][3][5] - Dong Mingzhu, at 71 years old, continues to oversee critical aspects of Gree's production, including the adaptation of parameters and production lines for domestic substitutes in components like chips and motors, demonstrating her commitment to quality and reliability [1][3] - The company has faced challenges such as rising copper prices, prompting Dong to invest 20 billion yuan in machine tools to ensure production stability, reflecting her proactive management style [1][3] Group 2 - Gree has implemented measures to improve installation quality, such as providing high-temperature subsidies to 40,000 installation workers, which resulted in a 0.03% reduction in air conditioner return rates, showcasing the importance of employee welfare in operational efficiency [5][3] - Dong Mingzhu's reluctance to step down is evident, as she remains concerned about potential disruptions in the supply chain and the need for a reliable successor, indicating the company's ongoing dependency on her leadership [7][5] - The article portrays Dong as a leader who balances strict adherence to company rules with a deep understanding of operational nuances, as seen in her refusal to grant favors to family members to maintain organizational integrity [5][3]

- The report does not contain any specific quantitative models or factors, nor their construction, evaluation, or backtesting results. The content primarily focuses on market performance, style indices, valuation, and other financial metrics without detailing any quantitative models or factors[1][2][3]

[Table_Page] 投资策略|专题报告 2026 年 2 月 8 日 证券研究报告 [Table_Summary [Table_Title] ] 春节前后，港股如何反应？ ——港股市场策略展望 报告摘要： （4）港股天量 IPO 对市场影响不大，影响主要在于 IPO 过后 6 个月 的解禁高峰。典型的例如 11 年年中、15 年下半年、19 年 3 月、21 年 二季度、22 年年中，解禁潮都与港股下跌出现在相似时间段。26 年 3 月主要是有色金属（紫金黄金国际、南山铝业国际）+茶饮（蜜雪冰城） 的解禁潮，中大型规模公司的解禁规模 872 亿港元，高于去年年末的 解禁小高峰。由于港股通账户并不能够参与打新，享受稀缺性公司的 上市红利，却需要承受限售股解禁带来的风险，这可能确实是南向资 金对于 2026 年港股的主要担忧之一。 | [分析师： Table_Author]刘晨明 | | | --- | --- | | | SAC 执证号：S0260524020001 | | | SFC CE No. BVH021 | | | 010-59136616 | | | liuchenming@gf.com.cn ...

Group 1 - The core viewpoint emphasizes that boosting domestic demand is not just a slogan but a necessary action for the Chinese economy, with a focus on building a strong domestic market as a key task for 2026 [1] - Consumer spending has become a critical support for stable economic operation, contributing 2.6 percentage points to GDP growth in 2025, despite the overall consumption rate being low at 52% and personal consumption rate below 40% [2] - The existence of a gap in consumption rates presents an opportunity for boosting consumption and driving domestic demand, with the need to shift focus from cold transaction data to vibrant, specific life experiences [2] Group 2 - The empowerment of the "life economy" through the internet and big data allows for the discovery of nuanced consumer demands, as seen in platforms like Xiaohongshu, which facilitate the expression of individual needs [3] - The emergence of emotional value demands, such as those seen in the popularity of products like "crying horse" and the success of live-streaming sales, indicates a shift towards consumers seeking products that express emotions rather than just material possessions [3][4] - New lifestyle trends among urban youth, such as cycling and camping, are creating diverse experiential demands, leading to a full industry chain around these activities, which reflects a shift away from price wars towards quality differentiation [4] Group 3 - Consumers are increasingly willing to pay for cultural values, aesthetic resonance, and identity recognition, as demonstrated by the rise of cultural phenomena like "Su Chao" and "Village BA," which transform consumption into emotional connections [5] - The underlying logic of the life economy is to recognize individual needs and achieve precise supply-demand matching, with small, diverse, and novel demands becoming new growth points for consumption [5] - Focusing on specific human needs and respecting diverse aesthetics allows producers and brands to invest in people, leading to a cycle where new demands drive new supply and vice versa, thus paving a new path for boosting domestic demand [5]