开泰研究中心预计，2026年泰国对主要出口市场的出口增长趋向放缓，主要商品的出口均趋于萎缩。 中新社曼谷1月9日电泰国开泰研究中心9日发布报告称，预计2026年泰国出口总值将萎缩1.2%，主要因 素是美国关税措施可能进一步扩大，同时全球贸易前景趋于放缓。 农产品：预计2026年泰国农产品出口值将萎缩1.4%，主要源于价格相对稳定以及全球市场竞争加剧， 尤其是大米出口仍面临印度持续扩大出口的压力。同时，农产品产量也呈下降趋势，因为气候从2025年 水量充沛、更有利于支持农业生产的拉尼娜状态转为中性状态，导致农业用水可能出现不足。 涉农工业产品：预计2026年泰国涉农工业产品出口值仍可保持增长，但增速将放缓至1.0%。(完) 电子产品：预计2026年泰国电子产品出口值将在上年强劲增长后萎缩约3.1%，主要源于对美国市场出 口面临压力，尤其是集成电路和半导体产品面临被美国依据232条款加征进口关税的风险，其他电子产 品如硬盘驱动器、手机零部件等也将在此前出口加速之后出现放缓。 家用电器：预计2026年泰国家用电器出口值将萎缩1.5%，主要由于空调机和电冰箱出口放缓，部分原 因是某些电器生产基地从泰国转移至越南。 汽 ...

每一次标准的进步，最终都是为了守护每一个普通人的美好生活。安全使用年限新国标，是国家送给万千家庭的一份"安心指南"。它提醒我们，关爱家人， 可以从检查身边的老旧电器开始；提升生活品质，可以从拥抱更安全、更高效的新科技起步。当我们学会用这份指南来打点生活，我们所收获的，将是一个 更安全、更舒适、更低碳的家，以及对未来日子更从容的底气与信心。（勃潺） "一般来说，电冰箱、微波炉、电风扇等产品的安全使用年限通常在10年左右；电视机、空调则在8到10年；而洗衣机、燃气灶、吸油烟机、电热水器等使用 频率高、工作环境复杂的品类，建议安全使用年限一般为8年；至于电饭锅、电压力锅等小型厨电，其核心元件损耗较快，建议安全使用年限约为5年。"苏 宁易购家电管家补充道，"超期'服役'的老旧家电，往往是家庭中隐藏的'电老虎'和安全隐患源，可能导致能耗飙升、性能衰减，甚至引发漏电、起火等安全 事故。因此我们建议消费者参考标注的安全使用年限，及时对家电进行维护和换新。" 国家发改委、财政部已明确，2026年继续实施消费品以旧换新政策，支持家电以旧换新，支持数码和智能产品购新，个人消费者购买冰箱、洗衣机、电视、 空调、电脑、热水器等6类一 ...

中国轻工业联合会副会长刘江毅表示，今年1至11月，家电以旧换新超1.28亿台，带动相关商品销售额 超2.5万亿元。家具智能等级评定等标准，助推行业智能升级，龙头企业加速推出中高端智能家具产 品，市场规模达100亿元以上，成为家具消费升级的新增长点。 在低碳转型方面。日用陶瓷、照明电器、塑料制品等碳足迹核算标准，助力企业精准识别高碳环节，科 学优化减排路径，从源头推动低碳转型。以景德镇集中产瓷区为例，当地各类窑炉3500座以上，依托标 准精准定位减排关键环节与核心问题，倒逼企业设备更新、工艺升级，预计每年减排二氧化碳约8.4万 吨。 在循环利用方面。今年1至10月，我国规范拆解电视机、电冰箱、洗衣机、空调和电脑等"四机一脑"约 8600万台（套），产出约190万吨再生资源。家用电器回收服务等标准，规范回收处置流程，提升废旧 家电的回收效率和资源利用率。家具绿色设计、绿色产品等标准，引导企业优化原材料选取，改进生产 工艺，减少资源能源消耗。目前已有超700家企业的2200多种产品获得绿色家具产品认证，有效支撑了 家具行业绿色循环发展。 轻工业是我国国民经济的传统优势产业、重要民生产业。刘江毅介绍，2025年，轻工 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [5][10]. Core Insights - The company reported a net profit increase of 15% year-over-year for Q3 2025, with domestic business growth performing well despite industry challenges [5][8]. - The company's revenue for Q3 2025 reached RMB 775.6 billion, reflecting a 9.5% year-over-year growth, while the net profit for the same period was RMB 53.4 billion, up 12.7% year-over-year [8]. - The report highlights the company's strong performance in the domestic market, with a 10.8% increase in revenue compared to the industry average decline of 3.2% [8]. Financial Performance Summary - The company achieved a total revenue of RMB 2,340.5 billion for the first three quarters of 2025, with a year-over-year growth of 10% [8]. - The projected net profits for 2025, 2026, and 2027 are RMB 21.66 billion, RMB 23.72 billion, and RMB 26.29 billion, respectively, with year-over-year growth rates of 15.56%, 9.54%, and 10.81% [7][8]. - Earnings per share (EPS) are expected to be RMB 2.31, RMB 2.53, and RMB 2.80 for the years 2025, 2026, and 2027, respectively [7][8]. Market Position and Strategy - The company is actively expanding its overseas business, with a year-over-year revenue growth of 8.3% in Q3 2025, despite a challenging environment in North America [8]. - The report notes that the company's high-end brand, Casarte, saw an 18% revenue increase, while its budget-friendly brand, Leader, experienced a 25% revenue growth [8]. - The company is focusing on digital transformation and cost optimization, leading to a slight decrease in management and research expenses [8].

Company Overview - Haier Smart Home (SH 600690) announced on October 31 that it did not implement A-share buybacks in October 2025. From the start date of the buyback on April 7, 2025, to the end of October 2025, the company repurchased approximately 40.48 million shares, accounting for 0.431% of the total share capital, with a total expenditure of about 1.017 billion yuan [1]. Financial Performance - For the first half of 2025, Haier Smart Home's revenue composition was as follows: refrigerators accounted for 27.17%, air conditioners 20.94%, washing machines 20.22%, kitchen and bathroom appliances 13.1%, channel comprehensive services and others 11.97%, and water appliances 6.11% [1]. Market Capitalization - As of the report date, Haier Smart Home's market capitalization was 251.5 billion yuan [2].

Financial Performance - The company's operating revenue for the reporting period is approximately 7.32 billion yuan, a decrease from 7.81 billion yuan in the same period last year [1] - The net profit attributable to shareholders is approximately 711.19 million yuan, down from 1.15 billion yuan year-on-year [1] - The net profit after deducting non-recurring gains and losses is approximately 599.81 million yuan, compared to 818.37 million yuan in the previous year [1] - Basic and diluted earnings per share are both 0.0692 yuan, a decrease of 3% from the previous year [1] - The weighted average return on equity is 1.16%, down from 1.96% year-on-year [1] Cash Flow and Assets - The net cash flow from operating activities for the first three quarters of 2025 is approximately 1.345 billion yuan, a decrease of 51.17% year-on-year [23] - The total assets at the end of the reporting period are approximately 24.06 billion yuan [1] - The company's cash and cash equivalents decreased by 12.45% compared to the end of the previous year [31] Shareholder Structure - As of the end of the third quarter of 2025, new shareholders include the Social Security Fund 1106 Combination and Wang Jialing, replacing previous shareholders [42] - The largest shareholder, Sichuan Changhong Electric Co., Ltd., holds approximately 24.12% of the total shares, unchanged from the previous period [43] Valuation Metrics - As of October 22, the company's price-to-earnings ratio (TTM) is approximately 11.28 times, the price-to-book ratio (LF) is approximately 1.19 times, and the price-to-sales ratio (TTM) is approximately 0.24 times [1]

Core Viewpoint - The waste electrical and electronic products (WEEE) processing industry in China is undergoing significant adjustments with the introduction of new pollution control technology standards aimed at enhancing environmental management and promoting sustainable practices [1][5][7]. Group 1: New Standards and Principles - The newly proposed standards emphasize the principles of "reduction, resource utilization, and harmlessness," encouraging the adoption of automated sorting and intelligent disassembly technologies to reduce pollution and carbon emissions [1][7]. - The draft standard, titled "Pollution Control Technology Specification for Waste Electrical and Electronic Products Processing," is designed for enterprises engaged in waste electrical equipment processing, covering pollution control requirements throughout the entire lifecycle from storage to disposal [1][5]. Group 2: Industry Trends and Challenges - The volume of waste electrical products is expected to rise significantly, with an estimated 94 million units (sets) of "four machines and one brain" (TVs, refrigerators, washing machines, air conditioners, and computers) to be dismantled in 2024, resulting in approximately 2.65 million tons of waste [1][3]. - The current industry primarily relies on manual disassembly, while developed countries favor automated processes due to high labor costs, highlighting the need for efficiency improvements in China's processing methods [2]. Group 3: Pollution Control Measures - The new standards introduce specific pollution control measures for different types of waste electrical products, focusing on critical pollution-generating stages and the types of pollutants involved, such as lead glass in CRT displays and refrigerants in refrigerators and air conditioners [3][5]. - The standards also mandate enhanced storage requirements, including separate storage areas for hazardous materials and clear labeling to prevent contamination and ensure safety [7][8]. Group 4: Regulatory Oversight and Compliance - The draft emphasizes the need for increased regulatory oversight of waste electrical equipment processing enterprises, including regular inspections and compliance checks against the new standards [8][9]. - The standards will be periodically evaluated and revised to incorporate new processing technologies and pollution control requirements, ensuring that the industry adapts to evolving environmental challenges [9].

Core Points - The article emphasizes the importance of safety checks for household electrical appliances and gas stoves before holiday travel [1][2] - It provides specific guidelines for ensuring safety, including disconnecting certain appliances and checking for potential hazards [1] Group 1: Electrical Safety - A thorough inspection of electrical circuits is necessary to eliminate hazards, with a focus on disconnecting high-power appliances like water heaters and air conditioners [1] - Essential appliances such as refrigerators and security devices should remain powered, but their surroundings must be kept clear to prevent overheating [1] - Homeowners should check extension cords for certification marks, inspect for any signs of wear or damage, and test leakage protection devices [1] Group 2: Gas Safety - The article advises on gas safety measures, highlighting the importance of closing the main valve and checking gas hoses for aging or cracks [1] - It stresses the need to ensure that connections are secure to prevent gas leaks [1] Group 3: Fire Prevention Tips - A mnemonic for fire prevention is introduced: "Three Cleans and Four Closures," which includes clearing pathways, balconies, and kitchens, as well as closing off fire, electricity, and gas sources [2] - The message reinforces that safety should not be taken lightly and that proactive measures can lead to a safe holiday experience [2]

Core Insights - The report highlights improvements in social governance focusing on enhancing people's quality of life and ensuring long-term social stability [1][4] - There has been a continuous decline in criminal activities, with public safety perception remaining above 98% for five consecutive years [3][4] Group 1: Social and Economic Indicators - The average daily time spent on household labor by residents decreased by 28 minutes from 2018 to 2024, indicating an upgrade in living patterns [5] - By 2024, the average number of washing machines, refrigerators, and air conditioners per hundred households reached 99.2, 104.8, and 150.6 respectively, showing increases of 2.6%, 2.9%, and 28.0% since 2020 [8] - The average number of cars per hundred households reached 51.2 in 2024, marking a 38.0% increase since 2020, which enhances travel convenience for residents [11] Group 2: Employment and Gender Equality - By the end of 2024, the number of employed women reached 320 million, accounting for 43.4% of the total workforce, an increase of 0.3 percentage points since the end of 2021 [13][14]

Core Viewpoint - The recent release of multiple national standards by the State Administration for Market Regulation (National Standards Committee) significantly enhances product safety, convenience, and promotes high-quality development in industries such as smart home devices and recreational vehicles [2][9]. Group 1: Refrigeration Appliances - A new national standard for household and similar use refrigeration appliances (GB/T 8059—2025) has been approved, set to be implemented on June 1, 2026. This revision addresses consumer demands for meat and seafood preservation by introducing a "deep freeze compartment" definition and performance assessment requirements [3][4]. - The standard includes a new requirement for "smart grid signal response functionality," allowing refrigeration appliances to adjust their operation based on electricity grid signals, promoting energy conservation and environmental protection [4]. Group 2: Multifunctional Ceiling Appliances - The new national standard for multifunctional ceiling appliances (GB/T 26183-2025) will be implemented on March 1, 2026. It introduces specific product requirements and testing methods for use in kitchens, balconies, and bathrooms, ensuring safety and reliability in various environments [5]. Group 3: Smart Mattresses - The smart mattress standard (GB/T 46272—2025) will take effect on March 1, 2026. It specifies requirements for remote control, alerts, and voice interaction, enhancing user convenience and data management for health monitoring [6]. - The standard mandates comfort and health performance, including adaptive adjustment capabilities and strict noise limits, ensuring minimal disturbance during sleep [7]. Group 4: Recreational Vehicles - The recommended national standard for recreational vehicles (GB/T 46094-2025) outlines safety signs and information symbols, detailing technical requirements for their shape, color, size, and arrangement. This aims to enhance user awareness of safety practices while using these vehicles [8][9]. - The standard will be implemented on March 1, 2026, contributing to improved safety and convenience in the use of recreational vehicles, thereby supporting the industry's high-quality development [9]. Group 5: Individual Business Credit Evaluation - The national standard for individual business credit evaluation indicators establishes basic requirements and content for credit evaluation activities, addressing the challenges of financing for individual businesses [10]. - This standard supports the development of a unified national market and enhances the social credit system, providing a framework for flexible and prudent regulation to assist individual businesses [10].