米兰冬奥会的高山滑雪场还在上演"冰雪奇迹"，细心留意便会发现，中国元素已经遍布赛场乃至城市的 方方面面——运动员从高台上一跃而下划过赛道时，阿里云系统迅速生成全方位慢镜头定格回放；国际 冰雪组织的裁判员和技术人员身着中国户外运动品牌伯希和为运动员提供服务；还有赛事的现场直播大 屏、奥运村和国际广播中心的转播大屏，全都来自广东企业TCL，高清还原雪道上的滑行、冰面上的舞 蹈。 每一个粤系家电品牌拿出来，都是"单打冠军"。美的系冷柜连续两年拿下世界第一，微波炉、移动空调 已做到欧洲销冠。格力稳坐沙特、阿联酋、巴西的空调市场老大。海信系冰箱目前在加拿大、法国等全 球12个国家实现销售量或销售额第一。格兰仕微波炉连续18年保持市占率全球第一；全球每100台滴漏 式咖啡机，就有约40台出自新宝电器。 而TCL身后站着的，是一个庞大的"家电王国"——广东。数据显示，2025年1-11月，广东家电出口额达 3033.5亿元，占全国近半，稳居全球第一。全国每3台空调、2台彩电就有1台"广东造"，大湾区产业集 群规模占全球30%。 （文章来源：21世纪经济报道） ...

Core Viewpoint - Coway Co., Ltd. has reported on the implementation status of its Corporate Value-Up Plan, highlighting achievements in enhancing shareholder value and detailing its medium- to long-term strategic roadmap [1][3]. Group 1: Corporate Value-Up Plan Overview - The Corporate Value-Up Plan aims for key indicators to be achieved by 2027, including revenue exceeding 5 trillion KRW, maintaining a shareholder return of 40%, a net debt to EBIT ratio of a maximum of 2.5, and improving governance frameworks [2]. - Since the announcement of the plan, Coway has conducted several internal reviews of implementation progress and has proactively prepared additional measures to enhance effectiveness [3]. Group 2: Revenue Growth and Market Performance - In 2025, Coway achieved a revenue of 4.96 trillion KRW, representing a 15.2% increase year-over-year, significantly exceeding the company's target compound annual growth rate (CAGR) of 6.5% [4]. - The growth was driven by strengthening competitiveness in the domestic market and continuous expansion of overseas activities, particularly through the water filter rental business and the growth of international subsidiaries [5]. Group 3: Shareholder Returns - Coway successfully achieved a total shareholder return of 40% in 2025, amounting to 247.3 billion KRW, through a balanced mix of cash dividends of 137.3 billion KRW and share buybacks worth 110.0 billion KRW [8]. - The company plans to prioritize cash dividends starting from the fiscal year 2026 to maintain its status as a high-dividend company and to provide tax benefits for shareholders [10]. Group 4: Financial Stability and Capital Structure - As of 2025, Coway's net debt to EBIT ratio was 2.1, with plans to adjust this ratio to a maximum of 2.5 by 2027 through consistent capital structure management [11]. - Coway actively utilizes debt financing to enhance capital efficiency while strictly monitoring credit risks to strengthen long-term financial sustainability [12]. Group 5: Governance Improvements - Coway reported a compliance rate of 74% for key governance indicators, attributed to an increase in the proportion of external directors to 67% and the establishment of a compensation committee composed solely of external directors [13]. - The company aims for a compliance rate of 93% by 2027, with plans to establish an internal transaction committee and a system of independent senior directors to further enhance governance [14].

Core Viewpoint - Whirlpool reported quarterly earnings of $1.1 per share, missing the Zacks Consensus Estimate of $1.54 per share, and a significant decline from $4.57 per share a year ago, indicating an earnings surprise of -28.69% [1] Financial Performance - The company posted revenues of $4.1 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 3.96%, and a slight decrease from $4.14 billion year-over-year [2] - Over the last four quarters, Whirlpool has surpassed consensus EPS estimates only once, while it has topped revenue estimates two times [2] Stock Performance - Whirlpool shares have increased approximately 15.7% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.18 on revenues of $3.59 billion, and for the current fiscal year, it is $7.11 on revenues of $15.42 billion [7] - The estimate revisions trend for Whirlpool was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Household Appliances industry, to which Whirlpool belongs, is currently in the top 41% of over 250 Zacks industries, suggesting a favorable outlook as the top 50% of Zacks-ranked industries tend to outperform the bottom 50% by more than 2 to 1 [8]

Group 1 - The core viewpoint of the article highlights that Guangxi's GDP is projected to reach 29,727.45 billion RMB in 2025, reflecting a year-on-year growth of 5.1% at constant prices [1] - In 2025, the consumer market in Guangxi is expected to maintain a recovery momentum, with total retail sales of consumer goods increasing by 3.0% compared to the previous year [1] - The sales of household appliances and audio-visual equipment, as well as new energy vehicles, are expected to see significant growth, with retail sales increasing by 17.6% and 9.0% respectively [1] - Online retail sales in Guangxi are projected to grow by 19.0% [1]

Core Insights - Whirlpool Corporation (WHR) is expected to report fourth-quarter 2025 results on January 28, 2026, with projected year-over-year sales growth despite a significant decline in earnings per share [2][3]. Financial Performance - The Zacks Consensus Estimate for fourth-quarter revenues is $4.29 billion, reflecting a 3.7% increase from the previous year [3]. - The consensus estimate for quarterly earnings is stable at $1.50 per share, indicating a 67.2% decrease compared to the same quarter last year [3]. - WHR achieved an earnings surprise of 48.2% in the last reported quarter, with an average earnings beat of 8.9% over the past four quarters [4]. Product and Market Dynamics - The upcoming results are anticipated to show the effects of a significant product refresh cycle, particularly in North America, where new product launches are gaining traction [5]. - The Zacks Consensus Estimate for MDA North America is $2.721 billion, indicating a growth of 4.9% [6]. - The Small Domestic Appliances (SDA) segment is performing well, with a consensus estimate of $427 million, reflecting an 11.2% growth [9][10]. Margin and Cost Management - Margin performance is expected to be affected by high promotional activity due to tariff-related inventory issues, but WHR's U.S.-based manufacturing gives it a competitive edge [7]. - Cost management initiatives are projected to drive earnings, with consistent cost savings helping to offset pricing and tariff pressures [8]. Outlook and Challenges - Management has a cautious outlook for 2025, projecting net sales of $15.8 billion, down from $16.6 billion in the previous year, with ongoing EBIT margin expected at 5% [10][11]. - Competitive and macroeconomic challenges persist, particularly in international markets, but strength in the SDA segment may cushion overall results [9][10]. Valuation and Market Performance - WHR's stock has a forward 12-month price-to-earnings ratio of 12.62x, which is below its five-year high and above the industry average, indicating potential value for investors [13]. - WHR shares have increased by 18.4% over the past three months, outperforming the industry average rise of 16.3% [14].

Core Viewpoint - Whirlpool's stock performance has outpaced major indices, indicating potential investor confidence ahead of its upcoming earnings report [1][2]. Company Performance - In the latest trading session, Whirlpool's shares increased by 2.82% to $87.13, contrasting with the S&P 500's slight loss of 0.06% [1]. - Year-to-date, Whirlpool's shares have risen by 10.11%, outperforming the Consumer Discretionary sector, which saw a decline of 1.49% [1]. Earnings Forecast - Whirlpool is expected to announce its earnings on January 28, 2026, with a forecasted EPS of $1.5, reflecting a significant decline of 67.18% compared to the same quarter last year [2]. - Revenue is projected to be $4.3 billion, indicating a growth of 3.94% year-over-year [2]. Annual Estimates - For the full year, the Zacks Consensus Estimates predict earnings of $6.64 per share and revenue of $15.73 billion, showing a decrease of 45.62% in earnings and no change in revenue compared to the previous year [3]. Analyst Sentiment - Recent adjustments to analyst estimates for Whirlpool suggest a positive outlook, as these revisions are often linked to short-term business trends [3]. - The Zacks Rank system currently rates Whirlpool as 2 (Buy), indicating a favorable sentiment among analysts [5]. Valuation Metrics - Whirlpool's Forward P/E ratio stands at 12.3, aligning with the industry average, suggesting no significant deviation in valuation compared to its peers [6]. - The Household Appliances industry, part of the Consumer Discretionary sector, holds a Zacks Industry Rank of 106, placing it in the top 44% of over 250 industries [6].

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Core Viewpoint - The report from CITIC Securities indicates that the home appliance sector is expected to underperform the market in 2025, with fund holdings at historically low levels, but recovery opportunities are emerging [1][2]. Group 1: 2025 Industry Review - The home appliance sector has underperformed the CSI 300 index since 2025, primarily due to domestic demand being affected by the reduction of national subsidies, high base effects, fluctuating tariffs, and weakening emerging markets in Q3 [2]. - The proportion of fund holdings in the home appliance sector has decreased to 1.93% from Q1 to Q3, with reductions in white goods, black goods, and small appliances, while components have seen a slight recovery [2]. - Currently, institutional holdings in the home appliance sector are at historically low levels, suggesting potential for recovery if domestic policies are implemented and external disturbances ease [2]. Group 2: Focus Areas for 2026 - The "old-for-new" policy is likely to continue, stabilizing domestic sales of home appliances. In 2025, the national subsidy program is expected to expand, with over 128 million units of 12 categories of appliances exchanged, utilizing more than 80 billion yuan of funds [3]. - Tariff impacts are gradually diminishing, with Chinese appliance exports to the U.S. recovering as trade relations stabilize. Companies are accelerating overseas production to mitigate future tariff uncertainties, particularly in emerging markets where penetration rates are low [3]. - The Mini LED television market is experiencing accelerated penetration driven by cost reductions and new product launches from leading manufacturers, with Chinese brands holding significant market shares [4]. - The commercial cold chain sector is expected to rebound in 2026, with leading companies seeing stabilization in frozen business and growth in new segments like smart cabinets [5]. - Component manufacturers are transitioning towards liquid cooling technologies, which are becoming essential in high-density data centers, leveraging existing expertise in thermal management and fluid control [5]. Group 3: Material Price Fluctuations - The impact of raw material price fluctuations is relatively limited, with copper and aluminum prices increasing by 17% and 5% respectively since Q4 2025, while prices for ABS, PP, and PS have decreased significantly [6][7]. - The overall cost index for white goods has shown mixed results, with air conditioners seeing a 3% increase in costs, while refrigerators and washing machines have experienced slight declines [7]. Group 4: Investment Strategy - In 2026, focus on companies that will benefit from continued national subsidies, particularly leading white goods manufacturers [9]. - Attention should be given to overseas companies with manufacturing and brand advantages, as they can effectively navigate trade risks and capitalize on emerging market growth [9]. - The Mini LED market is rapidly expanding, with Chinese leaders positioned to benefit from this trend [9]. - Commercial cold chain leaders are expected to see growth in new business segments driven by increased market share among key clients [9]. - Component companies are encouraged to pursue upgrades, particularly in liquid cooling technologies for AI data centers [9].

Group 1 - The core viewpoint of the news is that the Chinese government is implementing proactive macroeconomic policies to address risks and challenges in the economy, which has led to significant improvements in domestic demand and consumption [1] - The expansion of consumer demand is highlighted, with policies such as the trade-in program for consumer goods driving sales growth in categories like home appliances and communications [1] - Retail sales data for January to November shows significant year-on-year growth in specific categories: home appliances and audio-visual equipment increased by 14.8%, cultural and office supplies by 18.2%, and communication equipment by 20.9% [1] - The implementation of special actions to boost consumption has led to sustained demand in service sectors, with retail sales in cultural and recreational services and communication information services both exceeding 10% year-on-year growth [1]

Core Viewpoint - A new company named Yisheng Small Appliances Sales Firm has been established in Huludao City, with a registered capital of 0.5 million RMB, focusing on various retail and manufacturing activities related to daily necessities and home appliances [1] Company Summary - The legal representative of the newly established company is Guo Hui [1] - The registered capital of the company is 0.5 million RMB [1] - The business scope includes general projects such as daily goods sales, retail of small home appliances, wholesale of daily necessities, and retail of hardware products [1] Industry Summary - The company is involved in the manufacturing of smart home consumer devices and sales of home audio-visual equipment [1] - It also engages in the sale of electric food processing equipment and mechanical and electrical equipment [1] - Additional services offered include office services, typing and copying, and maintenance of computers and office equipment [1]