1月15日，康佳集团股份有限公司（证券简称：深康佳A）发布2025年度业绩预告提示性公告，预计2025年年度归属于上市公司股 东的净利润为负值，公司2025年年度经营业绩将出现亏损。 在财务资助方面，公司按持股比例向毅康科技提供的233,116,949.03元财务资助，拟与其他股东同步按照同股同权原则展期至2026 年12月20日，年化利率不低于4%；对于2025年应收毅康科技的1,418.13万元财务资助利息，在毅康科技其他股东以同等条件减免 的前提下，公司拟按持股比例减免1,000万元。 在担保方面，对于山东高速股份有限公司向毅康科技外部融资提供的全额担保，公司拟将持有的毅康科技24.9829%股权，按持股 比例向山东高速提供质押担保，质押担保额度不高于2.5亿元，期限为1年。公司申请股东会授权董事会在2.5亿元额度内，逐笔对 实际发生的质押担保进行审批，实施股权质押担保后，公司将逐步收回为毅康科技提供的全部存量信用担保。 公告同时披露了公司累计财务资助及担保情况。目前，公司对外实际提供财务资助金额为181,349.18万元，占公司最近一期经审计 净资产的比例为76.53%，其中为烟台康悦投资有限公司、重 ...

Core Viewpoint - The Ministry of Industry and Information Technology of China has officially announced the list of consumer brands for 2025, with Aucma recognized for its product quality, innovation, social responsibility, and strong user reputation [1] Group 1: Product Innovation and Development - Aucma adheres to the mission of "creating a happy temperature with technology" and has established a two-tier R&D system focusing on future and cutting-edge technologies as well as personalized product development based on user needs [2] - The company boasts a high conversion rate of over 98% for valuable invention patents and has achieved advanced levels in energy efficiency, digital control, software security, artificial intelligence, and the Internet of Things [2] - Aucma has made breakthroughs in home refrigeration by applying advanced technologies used in medical refrigeration, launching ultra-low temperature freezers down to -70°C, setting new records for home refrigeration and preservation [2] Group 2: Market Expansion and Product Line - While strengthening its freezer market position, Aucma is also actively expanding into the refrigerator market with the marketing concept of "good freezers, better refrigerators" [2] - The company has introduced a series of innovative refrigerator products, including a -40°C deep freezing preservation refrigerator and various models designed to meet market demands for seamless and flush installations [2] Group 3: Customer Service and Satisfaction - Aucma has developed the "Golden Dolphin Five-Star Service Brand" and established a comprehensive after-sales service system, enhancing service through AI technology and offering full-scenario solutions for installation, maintenance, and renewal [3] - The company has received multiple accolades as a "five-star benchmark enterprise for user satisfaction" and its digital service platform has been recognized as a national "service-oriented manufacturing demonstration platform" [3] - Aucma plans to continue focusing on innovation and deepen the integration of temperature technology with digital technology to provide better products and services for consumers [3]

Summary of the Conference Call for Bear Electric (小熊电器) Company Overview - **Company**: Bear Electric (小熊电器) - **Industry**: Home Appliances Key Points and Arguments Organizational Restructuring and Efficiency - Bear Electric has integrated its kitchen divisions to optimize resource allocation and enhance operational efficiency, establishing five main divisions: kitchen, lifestyle, various households, emerging categories, and overseas [2][4] - The restructuring aims to improve decision-making efficiency and reduce costs, particularly in channel expenditure [4][5] Focus on Emerging Categories - The company plans to increase investment in emerging categories, particularly in maternal and infant products, aiming for a growth rate of 30-40% in the first three quarters of 2026 [7][10] - Bear Electric is also exploring other emerging areas such as pet products and will seek complementary acquisitions [7] Overseas Market Strategy - Bear Electric will promote its own brand distribution in Southeast Asia and has established a self-operated team in Indonesia to manage business development [11] - The company’s overseas strategy includes a balanced approach between revenue and profit, avoiding a sole focus on profitability to ensure reasonable growth [12] Acquisition of Roman - The acquisition of Roman has shown positive performance, with significant growth attributed to its R&D advantages and client expansion capabilities [8][19] - Bear Electric aims to leverage the integration experience from Roman for future acquisitions, focusing on retaining the strengths of acquired teams while providing necessary guidance [19][20] Economic Environment and Challenges - The home appliance industry is currently facing a weak overall market, prompting Bear Electric to adjust its strategies, including organizational changes and resource allocation [6][9] - The company is also focusing on profit-oriented strategies, reducing low-margin SKUs, and optimizing channel expenses in response to economic pressures [9] Research and Development Investment - Bear Electric plans to gradually increase R&D personnel and funding to meet the growing consumer demands, emphasizing design and quality in product development [3][14][15] - The company recognizes the need for enhanced product quality and emotional value, especially in a competitive market [15] Incentive Measures and Capital Expenditure - In 2026, Bear Electric plans to implement an equity incentive program to retain talent and provide reasonable market guidance, although specific timelines are pending [3][18] - The company currently does not foresee significant capital expenditures but may consider long-term overseas factory plans [18] Pricing Strategy and Subsidy Adjustments - Bear Electric has adjusted its pricing strategy in response to subsidy policies, with approximately 10% of total revenue coming from subsidies [13] - The company is closely monitoring competitor policies to make necessary adjustments in pricing and marketing strategies [13] Additional Important Insights - The company is aware of the competitive landscape and is taking proactive measures to enhance its market position through acquisitions and strategic adjustments [6][9] - Bear Electric's focus on the maternal and infant product category is driven by strong demand and consumer willingness to pay a premium for quality [17]

Core Insights - The Ministry of Industry and Information Technology of China officially announced the list of consumer brands for 2025, with Rongsheng Refrigerator being recognized for its product quality and brand strength, reflecting its user-centered development philosophy and industry-leading value [1][6]. Group 1: Product Innovation and Market Position - The selection of Rongsheng as a consumer brand aligns with the focus on meeting the quality consumption needs of the public, showcasing its long-term commitment to a "user-first" philosophy [6]. - Since its establishment in 1983, Rongsheng has prioritized consumer demand as the origin of innovation, evolving from basic preservation to health-oriented and scenario-adapted needs through continuous technological iterations and quality control [6]. - Rongsheng's core products, including the WILL fresh-keeping series, utilize advanced technologies such as the "light, water, and ion" system to redefine health preservation standards, achieving breakthroughs in nutrient retention [7]. Group 2: Targeting Young Consumers - Rongsheng has identified the trend of younger consumers and developed the Fangtang series, which combines classic design with modern aesthetics, meeting the demands for convenience and health in ice-making [8]. - The Fangtang flagship model features the "i-Smell Smart" technology for real-time monitoring of food odors, enhancing user trust through visible health protection [8]. - The introduction of the ultra-pure rapid automatic ice-making system has earned Rongsheng the first certification for automatic ice-making performance from the China Household Electrical Appliances Research Institute [8]. Group 3: Commitment to ESG and Sustainability - Rongsheng integrates ESG principles throughout its development process, establishing itself as a benchmark for green development in the industry [9]. - The company launched China's first CFC-free refrigerator in 1993 and has since built a comprehensive green system from R&D to production, receiving accolades for its environmental initiatives [9]. - Rongsheng's "Energy-Saving Forest Plan" and other community engagement projects demonstrate its commitment to social responsibility and ecological restoration [10]. Group 4: Market Performance and Recognition - Rongsheng's focus on technological innovation and user orientation has resulted in significant market success, with six of its products ranking among the top ten in industry sales in the first half of 2025 [11]. - The Fangtang flagship model achieved the top sales position within seven days of launch and maintained its lead for five consecutive months, while the 515 Fangtang refrigerator topped online sales for French four-door models [11]. - The recognition as a consumer brand for 2025 is part of a broader array of awards, including the People's Craftsmanship Product Award and the IFA "Annual Technology Innovation Achievement" Award, underscoring Rongsheng's leadership in health preservation and industry innovation [11].

Group 1 - The main stocks with significant capital outflows include Haige Communication (-1.197 billion), TBEA (-1.048 billion), and Goldwind Technology (-0.998 billion) [1][2] - Haige Communication experienced a price increase of 10%, while TBEA and Goldwind Technology saw increases of 7.34% and 2.65% respectively [2][3] - Other notable stocks with capital outflows include China Satellite (-0.827 billion), Oriental Communication (-0.710 billion), and Zhongji Xuchuang (-0.673 billion) [1][2] Group 2 - The sectors represented by the stocks with the largest capital outflows include communication equipment, power grid equipment, and wind power equipment [2][3] - Stocks like Tianlong Group and Yidian Tianxia saw significant price increases of 16.52% and 17.47% respectively, despite experiencing capital outflows of -0.549 billion and -0.521 billion [2][3] - The data indicates a mixed performance across various sectors, with some stocks showing positive price movements while still facing substantial capital outflows [1][2]

证券日报网讯1月13日，海尔智家（600690）在互动平台回答投资者提问时表示，公司始终重视全体股 东利益，并致力于通过持续推进数字化变革，海外创牌升级与创新驱动提升长期价值。股价波动受宏观 经济、市场情绪及行业周期等多重复杂因素影响。公司高度重视投资回报，已建立包括现金分红与股份 回购在内的多元化回报机制。面对原材料价格上涨压力，公司会通过全球采购协同、优化产品结构、深 化数字化转型及提升高端产品占比等措施，积极管理成本、稳定盈利能力。未来，公司管理层将继续勤 勉尽责，聚焦主业，不断提升经营质量与核心竞争力，致力于以稳健的业绩成长和长远的发展前景回报 广大投资者的信任。 ...

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [4][11]. Core Insights - The report highlights that the domestic market's consumption potential is expected to be activated by the continuation of national subsidies, despite a marginal slowdown in their impact. The "Two New" policies are anticipated to further stimulate demand in the home appliance sector [3]. - The report emphasizes the acceleration of AI applications in the home appliance industry, with significant developments expected from AI models and smart hardware products [2][6]. Summary by Sections Domestic Market Outlook - The report notes that the leading companies in the white goods sector have a higher proportion of first-level energy-efficient products and more mature management processes for trade-in programs, positioning them to benefit more significantly from the evolving market dynamics [3]. - The first quarter of 2026 is projected to see stable production schedules for white goods, aligning with domestic market expectations [5]. International Expansion - The report identifies international expansion as a long-term strategy, with companies that diversify their production capacity being favored. A valuation shift is anticipated by 2026 [3]. AI Integration - The report discusses the rapid iteration of AI models and their broad application in the home appliance sector, suggesting that smart hardware products integrated with AI services are becoming a key trend. Companies like Yingzi Network are highlighted for their deep engagement in smart home segments [6].

Group 1 - The core message emphasizes the importance of product quality for the company, highlighting a historical incident in 1995 that established a strong quality control culture [1] - The company has implemented rigorous quality control measures, including a 220-step inspection process for components, to ensure product reliability and consumer trust [1] - The company acknowledges the need to maintain a zero-tolerance policy for defective products and to prioritize consumer feedback to avoid losing market share [1] Group 2 - The company reaffirms its commitment to quality as the foundation of its operations, ensuring strict quality control throughout the entire product lifecycle, from design to service [2] - Continuous innovation is emphasized as a means to enhance product quality and meet consumer expectations [2] - The company expresses gratitude for investor feedback and commits to upholding the trust of consumers [2]

Economic Indicators - As of January 11, 2026, the ECI supply index is at 49.95%, up 0.03 percentage points from last week, while the demand index remains stable at 49.83%[6] - The ECI investment index is at 49.84%, down 0.01 percentage points, and the consumption index is at 49.67%, up 0.03 percentage points[6] - The ECI export index is at 50.17%, down 0.02 percentage points, indicating a mixed performance in economic activity[6] Loan and Financing Data - In the first 11 months of 2025, new RMB loans totaled 15.36 trillion, a decrease of 1.74 trillion compared to the same period in 2024[14] - It is expected that December 2025 will see new loans of approximately 1 trillion, consistent with seasonal trends from the past three years[14] - The social financing scale is projected to increase by around 2 trillion in December 2025, down approximately 0.86 trillion year-on-year, with a slight decrease in growth rate to 8.3%[14] Consumption and Investment Trends - The average daily sales of passenger cars reached 122,628 units in the last week of December 2025, an increase of 19,277 units year-on-year[24] - The transaction area of commercial housing in 30 major cities decreased by 25% week-on-week, but the supply of land increased by 29.62%[31] - The price of ordinary Portland cement was recorded at 281.30 yuan/ton, showing a slight decrease of 0.10 yuan/ton compared to the previous period[31] Export Performance - The export growth rate for South Korea in December was 13.40%, an increase of 5 percentage points from November, indicating a recovery in global demand[36] - The total cargo throughput at monitored ports in China decreased by 0.65% week-on-week, reflecting some challenges in export activity[36] Inflation and Price Trends - The average wholesale price of pork rose to 17.92 yuan/kg, an increase of 0.26 yuan/kg, while the price of 28 monitored vegetables fell slightly to 5.60 yuan/kg[42] - Brent crude oil futures settled at $61.55 per barrel, up by $0.18, indicating a slight recovery in global oil prices[42] Risk Factors - Uncertainties remain regarding U.S. tariff policies and the potential for policy measures to fall short of market expectations[55] - The sustainability of improvements in the real estate sector is still under observation[55]

Core Viewpoint - Midea Group is actively responding to the national policy of replacing old appliances with new ones, planning extensive promotional activities in 2024-2025 to enhance customer engagement and service offerings [1] Group 1: Replacement Activities - The company will conduct thousands of special replacement activities as part of its initiative to promote the old-for-new policy [1] - Midea will provide additional quality service benefits, including installation packages for air conditioners and free cleaning services for home appliances [1] Group 2: Promotional Events - At the beginning of 2026, Midea has initiated a group buying event in collaboration with local shopping malls to promote New Year goods [1] - The company plans to carry out regional replacement and benefit activities during January and February [1]