海尔智家、印度巴蒂集团与美国华平投资三方联合发布声明，海尔智家向印度巴蒂集团及美国华平投资 合计转让海尔印度49%股权，交易结构精巧设计：交易完成后，海尔智家保留49%股权，巴蒂集团与华 平投资共同持有49%，剩余2%则纳入当地管理团队中长期激励计划。 这个看似简单的股权转让背后，是一家中国全球化企业在复杂国际环境中寻求突破的战略布局。 交易架构解析：股权重组与战略联姻 2025年底，海尔印度股权变更的消息揭开了中国家电企业在印度市场战略调整的序幕。根据三方联合声 明，此次交易不仅是简单的资本运作，更是多方资源整合的战略联姻。 交易完成后，海尔智家、巴蒂集团与华平投资将形成三足鼎立的股权结构，而2%的股权激励计划则将 当地管理团队利益与公司长期发展深度绑定。这种设计体现了海尔在保持战略主导权的同时，充分调动 各方积极性的深思熟虑。 海尔印度在印度市场深耕已超20年，拥有浦那和大诺伊达两大工业园区。2023年，公司销售额达到890 亿卢比（约10.3亿美元），同比增长33%。面对如此亮眼的业绩，海尔却选择在业务上升期引入外部资 本，这一决策背后的逻辑值得深入探究。 估值问题是此次交易中备受关注的焦点。市场早期传 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 贾 丽 回望2025年，我国制造业全速驶入以人工智能（AI）为重要引擎的新航道。在国内，工业大模型赋能 下，智能转型从"车间的示范点"迅速铺开，标杆工厂提质增效，千行百业迸发发展新动能。在海外，多 个行业技术、方案与标准的系统性输出，正为中国智造赢得全球新坐标。 这一年，《证券日报》记者进工厂、入车间，走访了京津冀、成都、内蒙古等多地的制造基地，从所见 的一幅幅实景中感受到了智能制造发展的新气象。制造业，正成为"AI+"融合应用的重要战场。AI不仅 是驱动新型工业化的核心引擎，也是重塑产业系统的关键变量。中国制造以扎实的产业实践，将智能融 入工业血脉，奋力完成从"规模优势"向"智能优势"的跃迁。 智能制造工程的扎实推进是实现这一跃迁的根基。工业和信息化部数据显示，"十四五"以来，我国已建 成3.5万多家基础级、7000多家先进级、230多家卓越级智能工厂，推动工艺、装备、软件集成创新。 产线深处藏着数字化引擎 在长安汽车的智能工厂，《证券日报》记者的目光被总装线旁伫立的"数字之眼"吸引。它紧盯着经过的 车身上的关键焊点，将数以 ...

Core Insights - China's manufacturing industry is rapidly transitioning into a new era driven by artificial intelligence (AI), with significant advancements in smart manufacturing and industrial transformation [1][7] - The integration of AI into manufacturing processes is reshaping the industry, moving from scale advantages to intelligent advantages, and enhancing productivity and efficiency across various sectors [1][7] Group 1: Smart Manufacturing Developments - Over 35,000 basic-level and 7,000 advanced-level smart factories have been established in China since the start of the 14th Five-Year Plan, promoting innovation in processes, equipment, and software [1] - In smart factories like those of Changan Automobile and Haier, AI-driven systems enable real-time data analysis and personalized production, transforming manufacturing from mass production to customized solutions [2][3] Group 2: Technological Innovations - The introduction of humanoid robots in factories marks a significant evolution in smart manufacturing, with robots performing complex tasks such as precise assembly and quality control [4][5] - Companies like ProRobot are developing flexible robotic solutions that adapt to small-batch, multi-variety production needs, enhancing efficiency and precision [5] Group 3: Sustainability and Digital Transformation - The integration of digital twin technology in factories, such as Lenovo's zero-carbon factory, allows for detailed management of carbon emissions and resource usage, showcasing the synergy between smart and green manufacturing [5] - The push for digital transformation is supported by regional platforms that provide verified solutions and services to facilitate the transition for manufacturers [3] Group 4: Global Integration and Market Positioning - Chinese manufacturing is increasingly integrating into global supply chains, with companies establishing R&D centers abroad and adapting to local standards, thereby enhancing their competitive edge [6] - The narrative of Chinese manufacturing is shifting towards sustainability, with innovations in solar energy, energy storage, and electric vehicles resonating with global decarbonization efforts [6] Group 5: Policy Support and Future Outlook - The Chinese government is actively promoting the digital transformation of the manufacturing sector, emphasizing the importance of AI in enhancing the entire production process from design to supply chain management [7][8] - The ongoing evolution of smart manufacturing is expected to continue, with a focus on deeper integration of AI technologies and the development of skilled professionals who can bridge manufacturing and AI expertise [7][8]

中经记者 方超 石英婧 上海报道 旗下重要子公司近50%股权对外出售，家电巨头海尔近期成为行业焦点。 日前，多家媒体报道，海尔集团旗下海尔智家向印度巴蒂集团（Bharti）及美国华平投资合计转让海尔 印度49%股权，而海尔印度是海尔智家旗下重要子公司，公开信息显示，2024年，海尔印度营收首次超 过10亿美元。 "是为了更好地推动当地业务的发展。"对于出售旗下海外子公司股权予印美公司，海尔集团相关负责人 近日还向《中国经营报》记者表示，出售股权后，"我们还是最大单一大股东，控制权还是在我们这 边"。 在海尔出售印度子公司49%股权的背后，印度市场的政策风险、营商环境等越发受到外界关注。不过公 开信息显示，海尔董事局主席、首席执行官周云杰曾表示："外部风险加大是危，更是机。"在其看来， 危中寻机、倒逼升级，海尔趁势推动海外工厂数字化转型。 49%股权售予印美公司 在进入印度市场20多年后，海尔正将旗下重要子公司海尔印度摆上"出售货架"。 公开信息显示，印度当地时间12月24日，巴蒂集团及华平投资对外宣布对海尔印度进行战略投资，巴蒂 集团与华平投资将共同持有海尔印度49%的股权，此外有信息显示，该笔交易规模达20 ...

Core Viewpoint - Chinese home appliance companies are increasingly establishing production bases in Thailand, positioning it as a strategic hub for their international expansion, with significant growth in overseas revenue reported by major players like Midea and Haier [1][2][3]. Group 1: Market Expansion and Strategy - Midea's overseas revenue has significantly increased, with OBM revenue accounting for over 45% of its TO C business in 2025 [1]. - Haier's overseas market revenue reached 79.08 billion yuan in the first half of 2025, growing by 11.7% [1]. - Midea has established its largest overseas manufacturing base in Thailand and aims to make it its "second home market" after China [3][4]. Group 2: Reasons for Choosing Thailand - Thailand offers advantages in political stability, supply chain infrastructure, and population demographics, making it an attractive location for Chinese home appliance companies [4]. - The eastern economic corridor of Thailand, particularly in Chonburi and Rayong, is a strategic focus for many Chinese brands due to its proximity to major ports [4]. Group 3: Consumer Trends and Brand Positioning - The Thai home appliance market is experiencing a consumption upgrade, with consumers increasingly willing to invest in higher-end products [5][6]. - Chinese brands are gaining market share in Thailand, with Haier leading in air conditioning and Midea dominating in refrigerators and microwaves [6][7]. Group 4: Product Development and Innovation - Chinese home appliance companies are noted for their rapid product iteration and responsiveness to market demands, which contrasts with the slower innovation cycles of traditional Japanese and Korean brands [7]. - High-end product development is becoming a trend, with companies recognizing the need to move beyond low-cost competition to capture higher profit margins [8]. Group 5: Challenges and Opportunities - Despite significant market presence, Chinese brands still face challenges in brand recognition and consumer perception in Thailand [10][11]. - After-sales service is critical for success, with companies investing heavily in service networks to enhance customer satisfaction [11]. Group 6: Globalization and Regionalization - The concept of regionalization is emerging as a strategy to mitigate risks associated with global trade, allowing companies to leverage local production capabilities to support global operations [12]. - The home appliance industry is transitioning towards a comprehensive ecosystem approach, integrating R&D, supply chain, sales, and after-sales services in overseas markets [12].

作者丨赖镇桃 和佳 编辑丨李艳霞 和刻板印象中东南亚人行事散逸不同，工厂里的员工工作时还带点一丝不苟。"我们工厂的本土员工占比已经达到98%以上，有泰国人，也有周 边国家过来的。当然，生产效率还有提高的空间，来这边的家电企业都会面临同样的处境。"美的家用空调泰国工厂总经理李鹏在忙季只能抽身 几分钟向21世纪经济报道记者讲解。 （美的泰国空调工厂里繁忙的工人，拍摄/赖镇桃） 海外市场接近撑起美的营收的半壁江山。 美的2025年的三季报显示，公司今年前三季度实现营业收入3630.57亿元，其中，海外OBM（自有品 牌）收入大幅提升，占TO C业务的比例提升至45%以上。 另一大家电巨头海尔，海外市场的占比已经过半。 财报显示，2025年上半年，海尔智家海外市场收入达到790.8亿元，增长11.7%。 "未来20年，中国企业将在海外再造一个'中国'。"上海财经大学滴水湖高级金融学院院长姚洋曾这样概括中资企业出海之路。 家电企业，作为中资企业国际化程度最高的"舵手"之一，他们是如何破风远航的？又会如何探寻新的航向？ 为什么是泰国？ "2026冷年全力冲击600万套"！ 甫一走进美的在泰国春武里的空调工厂，厂区门口的红 ...

与此同时，国际货币基金组织的最新数据显示，美元在全球外汇储备中的占比已经跌破了60%，创下30年来的新低。 这些数字背后，是一场正在全球范围 内悄然发生的货币格局重构。 乌拉圭央行在2025年12月27日宣布了一系列旨在提升本国比索使用比例的措施。 这些措施包括提高银行对美元贷款的资本金要求，同时取消部分比索存款 的准备金规定，以激励银行增加本币放贷。 当局还在考虑强制要求以外国货币标价的商品必须同时标注比索价格。 这些政策出自一个超过三分之二银行存款都以美元持有的国家。 乌拉圭人对美元的依赖始于20世纪下半叶的高通胀和货币贬值时期，数十年的经济不稳定 让国民对本国货币失去信心。 时至今日，自动取款机同时提供比索和美元，汽车、房产等大额交易仍以美元定价。 托洛萨行长指出，这种深度美元化给国家货币政策带来了严重制约。 本币存款不足限制了信贷供给，因为监管规定限制银行向收入以比索计价的家庭和企 业发放美元贷款。 就在宣布去美元化措施的前几天，乌拉圭央行意外降息50个基点。 这一决策的背景是乌拉圭11月通胀年率为4.1%，低于4.5%的官方目标水平。 乌拉圭央行 还下调了短期通胀预测，预计在国内进口价格走弱的背景下 ...

头条 巴菲特即将卸任CEO，最新个人资产估值1510亿美元 据央视财经报道，现年95岁的巴菲特将在今年年底卸任伯克希尔-哈撒韦公司首席执行官一职。过去60 年，他依托这家公司，为自己、也为公司股东们创造了数额惊人的财富。截至目前，他的个人——净资 产估值已经达1510亿美元。这也让他稳居"彭博亿万富豪榜"第十位。 自1965年掌控伯克希尔-哈撒韦公司以来，巴菲特将这家步履维艰的纺织企业，彻底转型为市值超1万亿 美元的巨型综合企业集团。巴菲特的个人净资产估值达1510亿美元，其中几乎全部由伯克希尔的A类股 票构成，CNBC报道称，如果他没有从2006年开始持续捐赠伯克希尔B类股票，而是一直持有这数十万 股目前市值达2080亿美元的股票，其身家将增至约3590亿美元，在富豪榜上的排名也将跃升至第二位。 今年11月10日，巴菲特在其年度致股东信中宣布在年底卸任伯克希尔-哈撒韦公司首席执行官一职，但 他将继续担任该公司董事会主席并暂时保留"相当数量"的股份。 （央视财经） 声音 本土化是稳健出海的根基，只有真正理解并尊重当地市场，才能建立长久竞争力。 ——全球青年跨境协会中国区会长龙淑贞 详情 当前的"出海"内涵已发 ...

家电行业周报 202 51 22 7 2025 年 12 月 27 日 买入（维持评级） 行业周报 证券研究报告 国金证券研究所 分析师：赵中平（执业 S1130524050003 ） zhaozhongping ＠gjzq.com.cn 分析师：王刚（执业 S1130524080001 ）分析师：蔡润泽（执业 S1130525090001 ） wang_g ＠gjzq.com.cn cairunze ＠gjzq.com.cn 错期影响下空调 1 月排产反弹，冰冷新兴地区贡献增长 错期影响下空调 1 月排产反弹，冰冷新兴地区贡献增长 空调排产：错期影响下 1 月数据亮眼，但终端需求预计仍然偏弱。2026 年 1 月家用空调内销排产 786 万台，同比+8.9%； 出口排产 1065 万台，同比+1.2%。这一反弹主要原因为 2026 年春节落于 2 月，企业将部分 2 月产能前移至 1 月，以 应对节前交付及促销需求，属于排产节奏的短期调整，但终端需求预计仍然偏弱。出口端虽暂时转正，但欧美市场旺 季已过且库存高企，新订单增速受限，叠加海外工厂产能替代效应增强，中国成品出口的长期增长仍面临结构性压力。 冰箱排产 ...

Group 1 - The economic work conference of the Bingtuan Party has set a clear direction for the economic work in the coming year, emphasizing the need to enhance responsibility, mission, and urgency among cadres and staff to contribute to high-quality economic development [1] - The conference highlighted the importance of building a modern industrial system, focusing on structural adjustment and optimization, and promoting the upgrading of industries such as agriculture and manufacturing [1] - The conference called for the establishment of a collaborative development mechanism for the upstream and downstream of the industrial chain, aiming to transform regional advantages into development advantages [1] Group 2 - The conference proposed high-quality co-construction of the core area of the Silk Road Economic Belt, aiming to enhance the institutional openness of the Xinjiang Free Trade Zone Bingtuan Block [2] - A new "3+2" industrial system will be developed, focusing on power equipment manufacturing, home appliance manufacturing, and hardware processing, along with international warehousing logistics and automobile exports [2] - The conference emphasized the need for state-owned enterprise reform and strategic restructuring to foster a green chemical industry chain and enhance the integration of technological and industrial innovation [2] Group 3 - The Bingtuan Party's economic work conference aims to accelerate the growth of characteristic advantageous industries, with a focus on seed industry revitalization and the development of a corn seed industry [2] - The integration of planting, processing, and sales in the seed industry has been established, creating a robust industry that supports local farmers [2] - There is a collective commitment to translate the conference's directives into actionable measures to ensure a strong start for the 14th Five-Year Plan [2]