为期3天的第二届中东家电电子展览会正在阿联酋迪拜举行，展会聚焦家电电子产品绿色化、智能化趋势，吸引众多国内外知名企业和专业采 购商参展。作为中东地区首个聚焦家电和电子消费品的展会，中国企业在满足区域市场需求方面发挥着关键作用。中阿携手推动智慧生活、创 新发展的共同愿景，为中阿经贸合作注入新活力。 本届展会以"万物智能"为主题，集中展示来自中国几百家企业的最新和热门产品，展品涵盖人工智能驱动的智能家居生态系统、节能环保型绿 色家电、5G+物联网场景化应用以及新能源技术解决方案，多维呈现"中国智造"的创新实力。 总台记者 李曌：听到这熟悉的直播带货声音，您是不是还以为我们在国内呢。大家好，欢迎来到2025中东家电电子展会现场，在这里，近200 家中国企业可谓竭尽全力。不仅带来了他们最新的产品、最新的科技，还带来了全新的营销模式。但是想要做好出海，光有诚意可是远远不够 的。 在城市化进程加速与居民购买力持续提升的双重驱动下，中东的家电市场展现出强劲增长潜力。专家预估，市场规模至少以每年10%的速度增 长。这为中国家用电器出海提供了新的增长动力。 阿联酋外贸部副部长 法赫德·杰尔贾维：尤其是在阿联酋这样出口需求旺盛的 ...

长虹美菱公告，下属全资子公司四川长虹空调有限公司拟以自筹资金1257.84万元实施技术改造项目。 2025年11月27日，公司召开第十一届董事会第二十四次会议，审议通过了《关于下属子公司四川长虹空 调有限公司实施技术改造项目的议案》。项目预计建设周期5个月，主要内容为空调管路配件自制并优 化生产工艺的技术改造。通过该项目，长虹空调将优化生产工艺，提高生产制造能力，提升产品竞争 力。 ...

联合资信 工商评级一部 |郭察理 2025 年 10 月，国家发展改革委会同财政部向地方下达了今年第四批 690 亿元超长期特别国债支 持消费品以旧换新资金，至此，全年 3000 亿元中央资金已全部下达，本次下达的 690 亿元作为全年 3000 亿元国补计划中的最后一批，为四季度"双十一""双十二"消费旺季预留出充足的政策空 间。此外，国家贴息支持分期免息，形成"政策补贴+金融支持+商家优惠"的政策组合拳，进一步 释放消费潜力。 伴随国补进入第二年末期，政策激励效应边际递减，加之国内房地产市场仍低位运行、需求不 足等经济结构调整持续深化为家电行业带来挑战，家电行业增速放缓、竞争趋于白热化，或将面临 政策退坡带来的阵痛与转型。另一方面，《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》仍将"大力提振消费"放在首位，从国家到地方将协同发力，通过更为精准而有针对性的 补贴政策和深层次的民生保障稳定消费预期，实现家电行业从"补贴拉动"到"内生增长"的转 变。 www.lhratings.com 研究报告 0 一、政策背景及主要内容 以旧换新激活内需潜力，促进消费持续复苏 ——2025 年第四批国补落地政 ...

工业和信息化部等六部门在开幕式上公布了我国首批领航级智能工厂名单。这标志着我国智能制造进入 从数字化、网络化迈向智能化的关键跃升期。 宝山钢铁股份有限公司——高端绿色硅钢预测式制造智能工厂、上海航天设备制造总厂有限公司——高 可靠规模化宇航产品全流程链动智能工厂、徐州重型机械有限公司——全球定制敏捷交付的移动式起重 机智能工厂、南京钢铁股份有限公司——产业链深度协同的特殊钢个性化定制智能工厂、中国石油化工 股份有限公司镇海炼化分公司——基于全局优化的自主执行绿色石化智能工厂、杭州海康威视 （002415）数字技术股份有限公司——物联感知产品大规模个性化定制智能工厂、潍柴动力（000338） 股份有限公司——基于数智精益模式的高端发动机智能工厂、青岛海尔中央空调有限公司——中央空调 全流程定制化服务与智慧集成智能工厂、长飞光纤（601869）光缆股份有限公司——面向极致工艺的棒 纤缆全产业链一体化智能工厂、武汉京东方光电科技有限公司——极致效率驱动的10.5代液晶面板智能 工厂、中联重科（000157）股份有限公司——挖掘机共享制造智能工厂、格力电器（000651）（珠海金 湾）有限公司——全价值链格力协同屋空 ...

每经记者｜刘艳美 每经编辑｜杨欢 浙江日报消息，高水平建设"航运浙江"推进会11月27日在杭州召开，以促进有效降低全社会物流成本、推动内 河航运高质量发展。一批成效突出的交通运输结构调整"公转水"项目同时签约。 报道指出，2025年是"航运浙江"建设开局之年，浙江省已编制浙江省内河干线航道网规划，构建"五纵八横十 干"布局，规划二级航道1400公里，为项目落地和资金争取提供了关键依据。同时，发布内河高等级航道技术指 引2.0版，通过技术创新实现"不征地、少占地"。海河联运通道扩能升级取得新突破，四大海河联运通道协同推 进，瓯江航道加速贯通，温丽集装箱海河联运常态化运行，衢州港吞吐量有望突破1000万吨。 解读：浙江是海运大省，也是水运大省，坐拥世界第一大港和京杭运河等水运体系，兼具江河湖海禀赋优势。 去年，宁波舟山港货物吞吐量连续16年居全球第一，集装箱吞吐量连续7年居全球第三，仅次于上海和新加坡。 不仅如此，浙江全省内陆地市全部通江达海，内河航道近9800公里，国家高等级航道里程约1600公里，排名全 国第四。 既然如此，浙江为何还要进一步强调内河航运？ 从全国视野来看，内河航运是横贯东西、连接南北的重要通 ...

Global Home Appliance Industry Analysis - The global home appliance market reached a sales scale of $640 billion in 2023, an increase of 18.52% compared to 2019, with major appliances accounting for $400 billion and small appliances for $240 billion [3] - The market is projected to grow to $850 billion by 2029, with a 10-year CAGR of approximately 4.64% [3] - Asia is the largest market for home appliances, contributing $340 billion in sales in 2023, followed by North America at $130 billion and Europe at $100 billion, together accounting for about 89% of the global market [3] Competitive Landscape - The global home appliance industry is characterized by mature development and intense competition, dominated by leading Chinese brands like Midea, Gree, and Haier, as well as established foreign brands such as Whirlpool, Electrolux, Samsung, Panasonic, and LG [4] - The smart home market is expected to grow from $24.823 billion in 2019 to $92.2 billion by 2028, with a CAGR of 15.70%, indicating a shift in growth momentum towards emerging markets like smart appliances [4] China Home Appliance Industry Analysis - The Chinese home appliance market is projected to reach ¥906.4 billion in 2024, with a year-on-year growth of 6.4%, and is expected to grow to approximately ¥1.33 trillion by 2029 [5] - The market is transitioning from a blue ocean phase to a red ocean phase, facing intense competition and limited new demand as it becomes saturated [5] Policy and Market Trends - National policies such as "old-for-new" subsidies are stimulating mid-to-high-end consumption and driving demand for appliance upgrades [6] - The cumulative market size for Chinese home appliances from January to October 2024 reached ¥730.4 billion, with a year-on-year growth of 4.2%, and a significant increase to 7.6% in the third quarter due to the implementation of upgrade policies [6] Export and Economic Performance - China's home appliance exports are expected to reach $112.4 billion in 2024, a year-on-year increase of 14.0%, marking a historical high [7] - The overall revenue of the Chinese home appliance industry is projected to reach ¥19.5 trillion in 2024, with a year-on-year growth of 5.6%, and total profits expected to reach ¥173.7 billion, up 11.4% [7] Future Outlook - With rising domestic labor costs and increasing potential in overseas markets, more home appliance companies are expected to expand internationally, leveraging their supply chain management capabilities for growth [8]

Core Insights - Qingdao has completed an investment of 337.46 billion yuan in 1,073 key construction projects, achieving an investment completion rate of 102.8% by the end of October, two months ahead of schedule [1] - The acceleration of project implementation is significantly boosting the production capacity of the new energy vehicle sector in Qingdao, with several key projects in progress [2] - New projects are driving the advancement of advantageous industries towards higher value chains, particularly in the smart home appliance and modern light industry sectors [3] - The rapid construction of livelihood projects is addressing public expectations, with significant progress in transportation infrastructure and commercial developments [4] Investment and Project Completion - 1,073 key construction projects in Qingdao have cumulatively completed an investment of 337.46 billion yuan, with a completion rate of 102.8% [1] - Among these, 138 provincial key projects have invested 97.62 billion yuan (90.1% completion), 460 municipal projects have invested 228.19 billion yuan (94.1% completion), and 608 county-level projects have invested 108.31 billion yuan (126.3% completion) [1] New Energy and Automotive Sector - The implementation of key projects is crucial for the surge in new energy vehicle production in Qingdao, with several automotive projects achieving significant milestones [2] - The China Power Construction Corporation's offshore photovoltaic project in Jiaozhou Bay, with a total investment of 10.2 billion yuan, is set to produce approximately 1.07 billion kWh of green electricity annually after full capacity is reached [2] Industry Development - The Kaos Industrial Internet Ecological Park is attracting multiple projects in the smart home appliance sector, with a total investment of 4 billion yuan from eight new projects [3] - The Nestlé UHT milk production line and the Luckin Coffee innovation center are among the significant investments in the modern light industry, with the latter project valued at 3 billion yuan [3] Infrastructure and Livelihood Projects - The Sam's Club project in Qingdao is progressing with mechanical installation and interior decoration, aiming for a mid-2026 opening [4] - Key transportation projects, including the G15 Shenhail Highway expansion and the Weifang-Suzhou high-speed rail connection, are advancing ahead of schedule, enhancing the city's transport network [4] - The Qingdao Development and Reform Commission is streamlining approval processes to facilitate faster project implementation, creating a more favorable investment environment [4]

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances, specifically focusing on air conditioning, refrigerators, and washing machines Key Points and Arguments Market Conditions - The central air conditioning business is under pressure in the real estate market, particularly in the refined decoration sector, with a potential decline of 15-20% expected [2][5] - Domestic sales (C-end and public construction) are anticipated to see slight growth, while external sales of refrigerators and washing machines are projected to grow in double digits [2][4] - Orders for processing products are expected to show a turning point in December, with a return to positive growth by the end of 2026 or early 2027 [2][3][5] Financial Performance and Projections - The company faces challenges in achieving its annual performance targets, aiming to unlock nearly 100% of its equity incentive goals [2][5] - For 2026, domestic sales will focus on enhancing product strength and cost competitiveness, while external sales are expected to grow by over 10% with improved profit margins [2][5] - The net profit margin for the central air conditioning business is stable, estimated between 6-10% [4][12] Strategic Initiatives - The company plans to enhance its foundational capabilities by reducing SKU counts, integrating R&D platforms, and improving procurement efficiency to boost single product profitability [2][6] - Expansion of proprietary channel stores and strengthening of lower-tier channel construction are key strategies [2][7] - The company is optimistic about long-term growth in emerging markets, driven by increasing appliance penetration and favorable demographic trends [4][10] External Market Dynamics - The impact of national subsidy policy reduction on price competition is not straightforward; the company does not expect significant price increases despite subsidy reductions [6] - The company is focusing on structural products that benefit from subsidies, such as high-end air conditioning and fresh air systems [7] Profitability and Cost Management - External sales profitability recovery is primarily driven by gross margin improvements, with a 0.5 percentage point increase in profit margin expected, of which 0.3 percentage points come from cost reduction and efficiency improvements [8] - The processing product orders are gradually reducing inventory, indicating a potential recovery in sales [9] Regional Performance - The European market accounts for over 30% of the overall structure for air conditioning and refrigerators, with emerging markets like ASEAN and Central-South America showing significant growth potential despite seasonal fluctuations [10][11] - The company aims to increase overseas revenue contribution to over 20% within 3 to 5 years, leveraging new production capabilities [11] Future Outlook - The company anticipates a modest growth in the C-end market for new housing and second-hand demand, with a projected growth of around 10% in 2025 and single-digit growth in 2026 [18] - The new fresh air conditioning products are expected to have a gross margin advantage of at least 10 percentage points over non-fresh air products [21] Shareholder Returns - The company plans to maintain a minimum dividend payout ratio of 50% and will consider increasing this ratio in the future [17] Additional Important Insights - The company is actively working on balancing cooperation and competition with Midea, focusing on resource optimization and market penetration strategies [15][16] - The integration of logistics and procurement strategies with Midea is progressing well, although details on overseas collaborations remain limited [14]

Summary of Changhong Meiling Conference Call Industry Overview - The home appliance industry is facing increased sales pressure due to the gradual reduction of subsidies starting from Q3 2025, with a complete cancellation expected in Q4 2025. This has posed challenges for air conditioners, refrigerators, and washing machines [2][3][4] Company Performance - In Q4 2025, overall performance was subpar, with significant pressure on domestic sales due to high comparison bases from the previous year when subsidies were at their peak [3][4] - For external sales, refrigerators and washing machines are projected to maintain a growth rate of 10% to 20% for the year, but growth is slowing in Q4, stabilizing overall [2][3] - Air conditioning sales are primarily driven by orders and production concentrated in Q3 and Q4 of the previous year [3] Strategic Focus - Changhong Meiling adheres to a "profitable scale growth" strategy, emphasizing both scale and profit amidst fierce price competition [2][5] - The company is focused on resource integration and centralized procurement to reduce costs, with plans to enhance product line collaboration to unlock more potential [2][7] Market Dynamics - The impact of Xiaomi's self-built factories on Changhong Meiling is expected to be limited, with stable order expectations for the following year [2][6] - The overseas market for washing and refrigeration products is primarily in Europe (over 30% of revenue), with other regions like Africa and the Middle East contributing around 10% each [2][8] Production Capacity and Investment - Changhong Meiling plans to build new production lines to increase overseas air conditioning output due to insufficient capacity [3][11] - A new production line is being established in Mianyang to supplement the Hefei factory's annual capacity by 2 million units for washing machines [12] - A new base for large-capacity refrigerators is planned to meet overseas market demand [12] Product Development - High-end products, such as the M series, currently have a low market share but are gradually increasing. The company is introducing new products with enhanced preservation features [13] - Future investments will focus on health technology and innovation to improve the mid-to-high-end product structure [13] Challenges and Future Directions - The company faces challenges in both domestic and international markets but remains committed to developing its white goods matrix [17] - Future strategies include increasing R&D investment, enhancing brand recognition through industrial and channel collaboration, and steadily advancing market development to provide better returns for investors [17]

Core Viewpoint - Zinc prices have shown increased volatility and a steady upward trend since November, influenced by divergent domestic and international fundamentals and signals from Federal Reserve officials regarding a potential rate cut in December [1] Supply and Demand Dynamics - The global zinc market is experiencing a significant supply shortage, with a deficit of 373,700 tons from January to September 2025, a stark contrast to a surplus of 32,000 tons during the same period last year [2] - In September, the global refined zinc supply shortage reached 35,700 tons, with a year-on-year increase in the deficit of 20,000 tons [2] - The LME zinc spot price premium over futures contracts peaked at $323 per ton in October, indicating tightness in the overseas spot market [2] - Domestic zinc market conditions are relatively loose, with a 32.56% month-on-month decrease in zinc concentrate imports in October, but a cumulative increase of 36.59% year-on-year from January to October [2] Profitability and Production Trends - Domestic smelting enterprises are undergoing a profound shift in profitability, with losses in refined zinc production offset by strong prices for by-product sulfuric acid, maintaining overall profits in the range of -350 to 200 CNY per ton [3] - Zinc concentrate producers are achieving high profits of up to 5,500 CNY per ton, leading to a preference for using self-produced zinc concentrate and an increase in refined zinc exports, expected to rise significantly in November [3] Structural Changes in End-User Demand - The downstream zinc demand is experiencing notable structural differentiation, with varying impacts across different application sectors and regional markets [4] - The white goods sector is under pressure, with production of air conditioners, refrigerators, and washing machines down 14.1% year-on-year as of December 2025 [4] - In contrast, the new energy vehicle sector is witnessing robust growth, with global sales increasing by 23% year-on-year in October, reaching 1.9 million units [4] - Investment demand in infrastructure and real estate remains weak, with infrastructure investment down 0.1% year-on-year and real estate development investment declining by 14.7% [4] Inventory and Market Conditions - Global zinc inventory changes further illustrate the market's divergent dynamics, with a 121% year-on-year increase in SHFE zinc warehouse receipts and a 4% decrease in domestic social inventory [5] - LME zinc inventory has significantly decreased by 80% year-on-year, despite a 40% month-on-month increase, indicating a historically low absolute level of 51,900 tons [5] Macroeconomic Influences - The probability of a Federal Reserve rate cut has risen again, providing liquidity support for the global commodity market, which is favorable for zinc price trends [6] Fundamental Support Factors - The combination of overseas smelting plant production cuts, declining processing fees, high spot premiums, and low inventories provides strong support for zinc prices [7] - The closure of the refined zinc import window and the opening of the export window in the domestic market is expected to accelerate the flow of domestic zinc products overseas, alleviating supply pressure abroad and supporting domestic prices [7]