Core Viewpoint - The 2026 consumer market will be led by green consumption, supported by new policies that optimize subsidies for energy-efficient products and promote the transition to electric vehicles and renewable energy sources [1][2]. Group 1: Policy Initiatives - Nine government departments have jointly issued a document outlining 20 measures to promote green consumption, establishing a comprehensive policy framework that includes incentives, constraints, and guarantees [2]. - The new policies include a subsidy of 15% of the sales price for energy-efficient home appliances, with a maximum subsidy of 1500 yuan per item, and prioritize the replacement of old operational vehicles with electric ones [1][2]. Group 2: Market Demand Trends - Consumer demand is shifting from basic availability to quality and sustainability, with a notable increase in the sales of energy-efficient appliances, which grew over 10% during the New Year holiday [2]. - The latest data indicates that from 2024 to 2025, 18.3 million vehicles will be replaced under the old-for-new program, with nearly 60% being new energy vehicles, and over 90% of home appliances replaced will meet first-level energy or water efficiency standards [2]. Group 3: Industry Transformation - The demand for green products is driving companies to increase their investments in sustainable practices, including the development of green supply chains and the use of energy-efficient facilities [3]. - The transition to a circular economy is being facilitated by the establishment of reverse logistics systems and the promotion of "Internet + second-hand" models, shifting business models from linear to circular [3]. Group 4: Consumer and Corporate Perspectives - Green consumption should be perceived as a cost-effective choice rather than a premium option, with energy-efficient appliances and electric vehicles offering long-term savings and better experiences [4]. - Companies are encouraged to view green transformation as a source of competitive advantage through technological innovation and resource optimization, which can lead to cost savings and new revenue streams [4].

Core Viewpoint - The home appliance ETF (159996) rose over 1.5% on January 9, driven by the recovery of the export chain and the rebound in domestic demand [1] Group 1: Policy and Market Trends - The 2026 home appliance replacement policy focuses on six product categories, including refrigerators, washing machines, televisions, and air conditioners, with a subsidy rate of 15% and a maximum subsidy of 1500 yuan per item [1] - The subsidy scope and rate will narrow in 2026, with higher energy efficiency requirements benefiting leading companies in the white goods, black goods, and water heater industries [1] Group 2: Company Actions and Industry Signals - Midea announced a price increase for air conditioners starting in January, raising prices of popular models by 2% to 4% to offset cost pressures from rising copper prices, signaling healthy competition in the industry for 2026 [1] - At the CES exhibition, innovations in robotic vacuum cleaners became a highlight, with brands like Roborock and Dreame showcasing new technologies such as mechanical leg modules and flying modules, breaking spatial limitations [1] Group 3: Production and Export Outlook - The production of white goods is expected to remain stable in Q1 2026, with exports of refrigerators and washing machines recovering in November, indicating a smooth transition for the industry [1] - Policy support for the development of smart home products continues, and discussions on standards such as aluminum replacing copper are ongoing, suggesting further improvement in industry regulations [1] Group 4: Index and Market Representation - The home appliance ETF (159996) tracks the home appliance index (930697), which selects listed companies in the white goods, black goods, and small appliances sectors from the Shanghai and Shenzhen markets to reflect the overall performance of these securities [1] - This index emphasizes companies with high market share and technological strength, reflecting the characteristics of industry allocation under the trend of consumption upgrading [1]

注:手工测量可能有一定的误差 选购指南 159.5mm 产品型号: SH07S104-PRO 额定功率:600W 产品容量: 0.7L 77.5mm 产品净重:0.82KG Midea 产品尺寸 (长宽高mm) : 159.5*139*177.5mm 139mm 产品容量: (311 (250mL/杯) 0.7L = 选购指南 159.5mm 产品型号: SH07S104-PRO 额定功率:600W 产品容量: 0.7L 77.5mm 产品净重:0.82KG Midea 产品尺寸(长宽高mm) : 159.5*139*177.5mm 139mm 产品容量: 3 (250mL/杯) 0.7L = 注:手工测量可能有一定的误差 8 > 新浪财经APP 24小时全球 具备资讯 下载APP > 广告 ...

Core Insights - The CES 2026 marks a pivotal shift in AI technology from conceptual showcases to practical applications in everyday scenarios, with Hisense leading the way in display technology and AI advancements [1] - Hisense's long-term investments in AI algorithms, hardware development, and scene adaptation have positioned the company to capitalize on the current breakthroughs in embodied intelligence [1][8] - Hisense's products create a dual adaptation system between technology and scenarios, indicating a strong alignment with national strategic directions and industry trends [1] Group 1: Display Technology Innovations - Hisense unveiled the world's first 116-inch next-generation RGB-Mini LED TV at CES 2026, establishing a new standard for immersive visual experiences [2] - The company has transitioned from being a technology follower to a rule-maker in the display industry, achieving over 90% market share in the high-end 85-inch TV segment during the 2025 Double 11 shopping festival [2][3] - Hisense's RGB technology, which includes self-developed RGB light-emitting chips and AI picture quality chips, has led to significant advantages in color accuracy, brightness, and energy efficiency [2][3] Group 2: AI and Smart Ecosystem Development - Hisense is not only focusing on hardware but is also deeply exploring software ecosystems and scene experiences, evolving televisions into indispensable companions that understand user intentions [4][5] - The company is leveraging its role as the official sponsor of the 2026 FIFA World Cup to launch customized products that integrate cutting-edge technology into fans' daily lives, enhancing the overall experience [5][6] - Hisense aims to create a comprehensive smart home ecosystem powered by AI, integrating various appliances and technologies to enhance user experience across different household scenarios [6] Group 3: Embodied Intelligence and Future Growth - Hisense is actively developing embodied intelligence, showcasing robots that serve as companions in homes and efficient employees in commercial settings, marking a significant step towards practical applications of AI [7][8] - The company’s experience in display technology and home appliances provides a solid foundation for the development of embodied intelligence, emphasizing both technological advancement and practical applicability [8] - Hisense's exploration in this field positions it as a key player in the smart home and smart city sectors, opening up new avenues for future growth [8][9]

Market Performance - The internal rotation effect in the U.S. stock market was significant, with the Dow Jones increasing by 0.55%, the Nasdaq decreasing by 0.44%, and the S&P 500 rising by 0.01% [1] - The Russell 2000 index, representing small-cap stocks, surged by 1.1%, reaching a historical high and outperforming the Nasdaq 100 by approximately 4 percentage points in the first five trading days of the year, marking the second strongest start to a year in history [1] Sector Performance - Despite mixed performances among the three major indices, the number of stocks that rose significantly outnumbered those that fell, with the energy, consumer discretionary, consumer staples, and real estate sectors overall increasing [3] - In the large-cap tech sector, over half of the stocks experienced a pullback [3] Military Spending and Industry Impact - A major news item was Trump's plan to increase the U.S. military budget by 50% to $1.5 trillion by 2027, with stringent conditions attached [5] - Trump indicated that the military budget shortfall would be covered by tariff revenues, suggesting a potential unprecedented surge in order volume for military contractors [6] - However, Trump imposed three major restrictions on defense companies, including a ban on stock buybacks and dividends until production efficiency is met, a cap on executive salaries at $5 million, and a mandate that profits must prioritize factory expansion and equipment maintenance [6] Legal and Economic Implications - The U.S. Supreme Court is set to release a key opinion that could significantly alter market trends for 2026, particularly regarding the legality of Trump's comprehensive tariff plan [7] - If the court rules against the tariffs, S&P 500 companies could see a 2.4% increase in EBIT for 2026 compared to last year, as tariffs are viewed as a form of corporate tax [8] - Consumer sectors heavily reliant on imports, such as toys, clothing, and home appliances, would benefit from reduced procurement costs if tariffs are lifted, leading to potential valuation recovery [9] - Industries dependent on global supply chains, such as industrials and transportation, would also benefit from lower logistics costs and potential tariff refunds [10] - Conversely, domestic producers previously protected by trade policies may face increased international competition, leading to potential underperformance in stock prices [11] Debt Market Concerns - The bond market is experiencing complex sentiments, with concerns about fiscal sustainability arising from potential tariff revenue losses, which could exacerbate the federal budget deficit [12] - If the court mandates tariff refunds, there may be a surge in bond issuance to raise funds, negatively impacting the bond market [12] Strategic Outlook - Investors have partially priced in the expectation of tariffs being overturned, and initial sell-offs in the bond market may be temporary [13] - The focus for retail investors will not only be on the court's decision but also on the White House's subsequent responses, which could quickly diminish profit expectations in the stock market [13] - If the economic stimulus from tariff removal is too strong, it may cause the Federal Reserve to reconsider its interest rate path for 2026, maintaining high market volatility [14]

Group 1 - The 2026 International Consumer Electronics Show (CES 2026) is taking place in Las Vegas, showcasing advancements in AI technology and consumer electronics, with Hisense presenting its new RGB-Mini LED display technology [1] - Hisense has developed a new generation of RGB-Mini LED display technology, achieving a color gamut of 110% BT.2020 and a color control precision of 134 bits, marking a significant advancement in display technology [1] - The integration of RGB and Mini LED technologies is described as a revolutionary change, aimed at closely replicating the visual experience seen by the human eye [1] Group 2 - Hisense's UX series, featuring the world's first 4-core color backlight, won the "CES 2026 Honor Award" and is set to launch in China in March 2026 [2] - The showcased smart refrigerator incorporates AI capabilities, featuring dual high-definition screens for content display and user interaction, and is powered by Hisense's proprietary Star Sea model for a comprehensive cooking solution [2] - Hisense refrigerators have achieved the top sales volume or revenue in 11 countries by mid-2025, leading in markets such as Canada, France, and Mexico, and maintaining a strong presence in Eastern Europe [2]

美股频道更多独家策划、专家专栏，免费查阅>> 1月9日，韩国消费电子巨头LG电子预计将录得九年来首次季度营业亏损，原因是在竞争加剧的背景 下，家电、电视及其他电子产品需求复苏乏力，经营面临多重挑战。公司同时还在应对关税上升和重组 成本增加的问题。 公司在周五发布的初步业绩报告中表示，10月至12月期间的营业亏损预计为1094亿韩元，约合7530万美 元，而上年同期为1354亿韩元盈利。这将是LG电子自2016年第四季度以来首次出现季度亏损。2025年 全年营业利润预计下滑28%，至2.478万亿韩元。LG电子股价今年以来下跌约4%。公司计划在本月晚些 时候公布完整的季度业绩。 责任编辑：栎树 ...

Group 1 - The 2026 national subsidy program has officially commenced with the first batch of 62.5 billion yuan allocated to support the replacement of consumer goods and enhance equipment upgrades [2][3] - The new subsidy policy has optimized and upgraded aspects such as subsidy scope, methods, and regulatory mechanisms compared to previous years [2][3] - Local governments are rapidly responding with supporting policies, and industries are actively implementing these measures, accelerating the release of policy dividends [2][4] Group 2 - Consumers can receive a subsidy of 15% for purchasing certain digital products and home appliances, with specific caps on the maximum subsidy amount per item [3] - In the automotive sector, consumers can receive subsidies of up to 20,000 yuan for trading in old vehicles for new energy cars, and up to 15,000 yuan for trading in old fuel vehicles for smaller fuel cars [3] - The policy aims to stimulate demand in the digital and smart product markets, with new categories like smart glasses included in the subsidy scope [6] Group 3 - The implementation of the subsidy program has led to significant increases in sales, with notable growth in consumer electronics and automotive sales during the New Year holiday [7] - The policy has effectively mitigated consumer hesitation in certain sectors, demonstrating a strong impact on market activity [7] - The 2026 subsidy program is designed to enhance local autonomy in implementing subsidies, allowing for flexibility and adaptability to local conditions [7][8] Group 4 - The program is expected to boost both short-term consumption and long-term economic growth, contributing to the optimization of industrial structure and improvement of the consumption ecosystem [8] - Continuous implementation and refinement of supporting measures are anticipated to further activate domestic demand potential, providing sustained momentum for high-quality development [8]

Group 1 - The Hang Seng Index rose by 0.28% as of the report date, while the CSI Hong Kong Stock Connect Consumer Theme Index fell by 0.01% [1] - Among the index constituents, Mixue Group increased by over 4%, while Blukoo and Maogeping rose by over 3%, and Weidong Meishi and Shenzhou International increased by over 2% [1] - The Hong Kong Consumer ETF (159735.SZ) rose by 0.5% with a trading volume exceeding 2 million yuan and a real-time premium rate of 0.28% [1] Group 2 - Local governments are focusing on expanding domestic demand to stimulate the economy, with "domestic demand as the main driver" being a top priority for economic work in 2026 [2] - Experts indicate that enhancing consumption and driving investment will provide support for sustained economic recovery [2] - Huatai Securities believes that short-term market sentiment may be impacted by funding and geopolitical disturbances, but the upward trend for the spring market is likely to continue [2]

在安徽省合肥市包河区的一家电器城内，合肥市民王女士正在向销售人员咨询如何领取国家补贴， 购买空调。 今年消费品以旧换新精准贴合民生需求与消费升级趋势，家电以旧换新补贴1级能效或水效标准产 品，成为市场的重要风向标。在甘肃省兰州市西关商圈的一个家电卖场内，顾客马斌说："现在想换台 一级能效的双开门冰箱，原价6990元，扣除旧机回收价300元，再叠加15%政府补贴，比平时买便宜了 一千多块钱，非常实惠。" 为确保补贴资金第一时间直达消费者，兰州市建立了商务部门联合审核机制，通过甘肃省统一政务 服务平台实现补贴申请、审核、兑付全流程线上办理。 兰州市七里河区第三产业发展服务中心主任赵铮：我们将持续做好政策宣传解读，加强市场监管， 确保政策红利精准滴灌，不断提振消费信心，激发市场活力。 央广网北京1月9日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，新年伊始，汽 车、家电、数码和智能产品等消费品以旧换新政策正式实施。"新国补"落地首周，各地消费市场迎 来"焕新"热潮。 王女士：最高可以减1500元，活动力度挺大的，所以想过来看看。 根据商务部等5部门要求，2026年1月1日起，按照全国统一的品类和标准，对个 ...