1月4日，武汉经开区举行新年首场重大招商引资项目集中签约活动，成功揽获11个重点 产业项目，总投资额达107亿元，实现"开门红"。 "新朋友"逐链而来，"老朋友"持续加码、深耕布局。鼎龙控股第二研究院及半导体新材 料扩产项目、美的楼宇中央空调智能制造基地项目等多个重点扩建与追投项目扎实推进，共 同构筑产业生态新格局。 武汉经开区正以产业链精准招商为强大引擎，加速从"中国车谷"向"世界车谷"迈进，奋 力为武汉打造"五个中心"作贡献。 编辑：宗夏 本次签约项目聚焦汽车制造、新能源、半导体新材料等主导及战略性新兴产业，呈现投 资规模大、科技含量高、产业带动强的特点，将为武汉经开区构建现代化产业体系、培育新 质生产力，注入强劲动能。 地通工业控股集团股份有限公司（以下简称地通控股）将在武汉经开区投资20亿元，建 设地通武汉汽车零部件生产及研发基地。地通控股副总裁王晓雄表示，选择武汉经开区，正 是看中其深厚产业底蕴、完善的产业链以及在新兴赛道上的强大集聚效应。该项目采用"先 租赁后自建、分期投产"的灵活模式，从厂房入驻到产品交付仅用时43天，创下了地通控股 全国项目落地最快速度。 此外，八达光电高压连接系统智能制造基地 ...

Core Viewpoint - The article discusses the impact of the 2026 "National Subsidy" policy for replacing old home appliances on leading home appliance companies' performance in the coming year, particularly focusing on Midea Group's stock buyback and financial performance [3][31]. Group 1: Stock Buyback and Market Performance - Midea Group has spent 10 billion on stock buybacks from June 17, 2025, to December 8, 2025, with 70.36% of the repurchased shares set for cancellation, signaling strong cash flow and valuation discount [3][4]. - Since the buyback began, Midea Group's stock has seen a maximum increase of over 15%, closing at a price that attempted to reach its historical high of 88.74 yuan per share [4]. - The stock's price-to-earnings ratio (PE) reached 13.32 times, with a dividend yield of 5.16%, indicating an attractive valuation [30]. Group 2: Financial Performance - Midea Group's revenue for 2024 is projected to be 409.1 billion, a year-on-year increase of 9.5%, with the first three quarters of 2024 showing a revenue of 364.7 billion, up 13.8% [5][10]. - The net profit for 2024 is expected to be 38.54 billion, reflecting a 14.3% increase year-on-year, with the first three quarters showing a net profit of 37.88 billion, up 19.5% [10]. - Midea Group has consistently outperformed competitors like Gree Electric and Haier Smart Home in terms of revenue and net profit since 2020 [10][12]. Group 3: B2B Business Contribution - Midea Group's B2B business contributed significantly to its revenue, with 2024 B2B revenue at 104.5 billion, accounting for 26% of total revenue [15]. - The B2B segment includes various solutions such as new energy and industrial technology, smart building technology, and robotics, with the new energy and industrial technology segment showing a 20.58% year-on-year growth [16][20]. - The company has strategically elevated its B2B business to be on par with its consumer-oriented smart home business since 2020, marking a significant shift in its operational focus [19]. Group 4: Acquisition Strategy - Midea Group has a history of strategic acquisitions that have bolstered its growth, including the purchase of Toshiba's air conditioning business and KUKA Robotics, enhancing its capabilities in various sectors [22][24]. - The acquisitions have allowed Midea to fill gaps in its product offerings and expand its global influence, with a notable increase in goodwill, reaching 34.37 billion by the end of Q3 2025 [25]. - The company has not experienced significant goodwill impairment in any fiscal year, indicating successful integration of acquired entities [25]. Group 5: Future Outlook with National Subsidy - The new "National Subsidy" policy for 2026 will continue to support the home appliance sector but will be more focused and optimized, which is seen as a positive for leading companies like Midea [31].

来源：环球网 由格力电器与央视频联合打造的深度商业观察类栏目《格力电器请回答》第二季播出完毕，获得强烈反 响。据央视频数据统计，全网曝光量近2.4亿，其中大量热榜出现，成为2025年年末现象级观察类探访 栏目。 在中国制造向"中国智造"转型的关键阶段，央视频联合格力电器推出《格力电器请回答》第二季，通过 五集深度走访，从中央空调、冰箱、芯片、家用空调到洗护机，全方位拆解了格力电器三十余年深耕制 造业的技术沉淀与品牌坚守，为中国高端制造突围提供了鲜活范本。 自主攻坚：打破垄断，构建科研壁垒 从"受制于人"到"技术领跑"，格力电器的突围之路始于核心技术的自主掌控。 在中央空调领域，过去大型机组市场长期被国际品牌垄断，2012年起，格力电器将研发队伍从数百人扩 充至近两万人，建成16个研究院、152个研究所、1411个实验室的科研集群。通过自主研发磁悬浮、气 悬浮压缩机，格力电器中央空调能效提升超30%，可靠性优于外资品牌，成功进驻中国尊、港珠澳大 桥、北京大兴机场等国家级地标。 格力电器光储空样板工程：北京大兴机场 针对全球能源难题，格力电器早在2012年便布局清洁能源，历经十余年迭代，打造出"光储空"一体化系 ...

截至发稿，刘先政累计任职时间7年338天，现任基金资产总规模7.94亿元，任职期间最佳基金回报 118.04%， 任职期间最差基金回报-34.66%。 张艺敏累计任职时间5年109天，现任基金资产总规模7.94亿元，任职期间最佳基金回报24.68%， 任职 期间最差基金回报-40.75%。 数据显示，中银证券旗下1只基金重仓美的集团。中银证券中证A500指数A（023153）三季度减持1.09 万股，持有股数7500股，占基金净值比例为1.18%，位居第八大重仓股。根据测算，今日浮盈赚取约 6000元。 中银证券中证A500指数A（023153）成立日期2025年3月19日，最新规模4244.95万。成立以来收益 25.06%。 中银证券中证A500指数A（023153）基金经理为刘先政、张艺敏。 12月31日，美的集团涨1.01%，截至发稿，报79.65元/股，成交3.38亿元，换手率0.06%，总市值6051.73 亿元。 资料显示，美的集团股份有限公司位于广东省佛山市顺德区北滘镇美的大道6号美的总部大楼,香港铜锣 湾希慎道33号利园1期19楼1918室，成立日期2000年4月7日，上市日期2013年9月 ...

东方阿尔法兴科一年持有混合A（015900）基金经理为尹智斌。 截至发稿，尹智斌累计任职时间2年62天，现任基金资产总规模6997.91万元，任职期间最佳基金回报 65.04%， 任职期间最差基金回报32.22%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月31日，美的集团涨1.01%，截至发稿，报79.65元/股，成交3.27亿元，换手率0.06%，总市值6051.73 亿元。 资料显示，美的集团股份有限公司位于广东省佛山市顺德区北滘镇美的大道6号美的总部大楼,香港铜锣 湾希慎道33号利园1期19楼1918室，成立日期2000年4月7日，上市日期2013年9月18日，公司主营业务涉 及美的集团股份有限公司是一家主要从事家用电器的制造和销售的中国公司。该公司主要产品分为消费 电器、暖通空调（HAVC）和机器人及自动化系统三类。该公司的产品主要包括中央空调、供暖及通风 系统、厨房家电、冰箱、洗衣机和其他小家电，如饮水机、净水设备、空气净化器、电热水壶、吸尘器 和 ...

Core Insights - The article emphasizes that in today's fragmented attention economy, traditional brand advertising often fails to create significant impact, likening it to "throwing salt into the sea" [1] - The key to breaking through lies not in chasing more channels, but in finding a "strategic fulcrum" that builds trust and creates long-term value [2] Trust as a Valuable Asset - Trust has become the most valuable form of traffic in an era where consumers are overwhelmed with choices, making authoritative partnerships essential for brands [3][4] - Collaborating with credible platforms allows brands to transfer the trust accumulated by these platforms, thereby reducing consumer decision-making risks [4] Case Study: Huawei - Huawei faced a trust deficit despite technological superiority, which was addressed through strategic partnerships with authoritative media, elevating its brand perception from a "technology supplier" to a representative of "Chinese intelligence manufacturing" [5] - The "Hongmeng Starry Night" event exemplified this trust-building, achieving over 203 million views and 11 billion topic reads, showcasing the deep integration of platform credibility and brand value [5] Effective Communication Strategies - Effective communication should focus on impactful messaging at key nodes rather than spreading weak signals everywhere [10] - The article highlights the importance of a structured approach to media engagement, utilizing both mainstream and social media to create a resonant narrative [10] Content as a Brand Driver - In a content-saturated environment, the scarcity lies in creating memorable and shareable content that resonates emotionally with audiences [15] - Platforms with strong content creation capabilities can provide brands with essential tools to integrate their narratives into national storytelling [15][16] Ecosystem Collaboration - The shift from "traffic cooperation" to "value co-creation" is crucial for sustainable marketing [24] - Collaborations that transform cultural IP into tangible products can enhance brand visibility and drive commercial growth [27] Conclusion: Emphasizing Certainty - The paradox of modern marketing is that despite having abundant tools, building a lasting brand seems more challenging [34] - The core of brand loyalty lies in trust, resonance, and certainty, suggesting that strategic partnerships and quality content are vital for long-term brand asset cultivation [35]

中央空调作为一项高投入的家庭长期投资，其服务品质直接影响着用户未来十年以上使用周期内的舒适体验、能耗成本与系统寿命。因此，服务品质也成为 越来越多消费者在选购中央空调产品时重视的核心决策要素之一。 近日，由商务部指导、中国商业联合会主办的第十二届全国售后服务大会暨标准宣贯活动在北京举行。大会以国家标准：《商品售后服务评价体系》(GB/T 27922-2023)为核心，结合多项行业规范，对企业售后服务水平与顾客满意度展开综合评价与认证。其认证结果不仅被纳入政府采购招投标的考核指标，同 时也为消费者在选购汽车、家电、暖通空调系统等看重长期服务的商品时提供权威参考。 其中，大金再度凭借独树一帜的"智能预判+主动关怀式的全周期服务"，成为空调暖通领域的标杆，揽获"全国国标五星级售后服务企业"、"全国售后服务 TOP10"两项代表当前国家评价体系下最高服务水平的权威荣誉，彰显了大金在服务端的领先实力。 大金作为一家百年历史的全球性品牌，长期以来将服务置于战略高度，秉持"以人为核心"的理念，不断迭代突破，为用户提供更智能、更主动、更贴心的高 质量全周期服务，提升用户体验。 服务模式创新：智能预判，主动关怀，优化服务体验 ...

行 华福证券 家用电器 2025 年 12 月 28 日 业 研 究 行 业 定 期 报 告 家用电器 多地部署 2026 年国补，关注政策落地进展—— 25W52 周观点 投资要点： 多地部署 2026 年国补，关注政策落地进展 2025 年国补政策效果显著，最后一轮补贴加速收尾。2025 年国家 通过超长期特别国债累计安排 3000 亿元专项资金，分四批次精准投放 消费品以旧换新市场。根据京九晚报，截至 12 月 24 日，补贴全国平 均消耗率超 90%，热门品类额度消耗速度持续加快。 多品类全面发力，带动消费规模超 2.5 万亿元。据商务部数据， 2025 年 1 月-11 月，消费品以旧换新带动相关商品销售额超 2.5 万亿元， 惠及超 3.6 亿人次，政策对消费的拉动作用充分释放。 中央统筹部署，优化政策实施，锚定内需与绿色发展。2025 年 12 月召开的中央经济工作会议明确要求，2026 年要优化大规模设备更新 和消费品以旧换新政策实施，核心目标包括扩大内需、促进消费升级 和绿色发展，清理消费领域不合理限制措施、释放服务消费潜力。 多地陆续部署 2026 年国补政策。截至 2025 年 12 月 ...

Core Viewpoint - The 13th China Energy Conservation Association Conference focuses on energy conservation and low-carbon development, aiming to build a platform for policy interpretation, industry development, and technology exchange to promote green development [1][5]. Group 1: Conference Overview - The conference is hosted by the China Energy Conservation Association and features over 600 participants, including government officials, industry representatives, and media [1][2]. - The theme of the conference is "Focusing on Energy Conservation and Carbon Reduction, Promoting Green Development" [1]. Group 2: Key Presentations and Discussions - Keynote speeches include topics such as the core value of energy power technology innovation in achieving carbon neutrality and the current challenges and opportunities in energy conservation and carbon reduction [7][12]. - The conference includes the awarding of the "2025 China Energy Conservation Association Innovation Awards," recognizing 72 achievements across various industries [5]. Group 3: Workshops and Forums - The conference features ten parallel forums and specialized exchange activities covering critical areas such as industrial energy conservation, building energy efficiency, and hydrogen energy technology [11]. - These activities aim to explore innovative technologies, models, and policy implementations in energy conservation and carbon reduction [11]. Group 4: Future Directions - The China Energy Conservation Association aims to leverage the success of this conference to continue promoting technological innovation, result transformation, and industrial upgrades in the energy conservation sector [11].

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances Key Points Industry and Market Conditions - The fourth quarter of 2025 continues to face operational pressures due to the decline of national subsidies and high base effects from the previous year. However, some product categories are seeing a rebound in price indices, leading to slight improvements in profit margins. The overseas market is undergoing inventory destocking, with expectations for order recovery in December and early next year [2][3][4]. Product and Business Development - The newly launched water-based paint factory in Changsha is expected to enhance the central air conditioning business and improve processing depth, aiding in order growth in the mature markets of Europe and America. Currently, water machine products account for about 5% of total revenue, with positive outlooks for the water-cooled and liquid-cooled market trends [2][5]. - Hisense is exploring aluminum alternatives to copper to mitigate the impact of rising copper prices, with some experience in overseas markets. The domestic market will require consideration of technology maturity and consumer acceptance [2][6]. Strategic Focus and Brand Development - The company anticipates that the effects of subsidy exhaustion will be less severe than historical policies. Hisense is focusing on building core competencies and brand recognition in the post-subsidy era, targeting consumer segments with products like fresh air conditioners and embedded refrigerators to gain competitive advantages [2][7]. - The competitive landscape in the air conditioning market is expected to shift in 2026, with leading companies focusing more on core capabilities and brand image enhancement. Hisense aims to strengthen its competitive edge to perform better in the post-subsidy environment [2][8]. Operational Efficiency and Market Strategy - Hisense plans to maintain profitability in the processing sector while expanding market share in emerging markets. The company is integrating resources from Nantong, Hisense Hitachi, and Jiakang to improve overall efficiency and reduce ineffective SKUs [2][9]. - The air conditioning division has faced operational pressures in 2025, prompting management to implement integration and efficiency measures, including procurement and channel collaboration [2][10]. Revenue and Profit Guidance - For 2026, the central control products are expected to achieve positive growth, with varying quarterly performances. The public construction segment is projected to grow from 15% to 35% of revenue, while the renovation segment is expected to decrease from 35% to 15% [2][11]. - The company is optimistic about overall performance in 2026, despite challenges in the renovation segment, which has seen a decline of over 20% each quarter [2][11]. International Market Outlook - Hisense's international sales have shown good growth, with regions like Latin America exceeding 30% growth. However, some areas like ASEAN have experienced declines due to adverse weather conditions. The company plans to enhance market share and average selling price (ASP) in mature markets while expanding product offerings in flexible markets like Latin America and ASEAN [2][12]. - The 2026 FIFA World Cup in North America is expected to significantly boost Hisense's growth in these regions, leveraging sponsorship to enhance brand visibility and market penetration [2][13]. Risk Management and Supply Chain - Hisense is managing risks related to increased tariffs on exports to Mexico by optimizing local procurement and maintaining a competitive edge through its Mexican manufacturing base [2][14]. - The company is also addressing the impact of the domestic new energy vehicle tax reduction and softening European demand by optimizing product structures to enhance market competitiveness [2][14]. Financial Planning and Capital Expenditure - Hisense plans to maintain a dividend payout ratio of around 50% and is exploring new incentive schemes for employees. Capital expenditures will include the construction of the Changsha mobile phone factory and the second and third phases of the Thailand industrial park, aimed at meeting future demand in Europe and the U.S. [2][17]. Future Guidance - Specific revenue and profit guidance for 2026 will be assessed based on domestic and international market conditions, with plans to communicate updates to the market as necessary [2][18].