Shanghai Securities: Technological innovation, overseas expansion, and sustainable growth drive the triple transformation of mass consumption.

Shanghai Securities released a research report stating that three major trendstechnological innovation, overseas expansion, and sustainable growthare driving the triple transformation of mass consumption. At the technological level, new quality productive forces are accumulating and gaining momentum, and technology consumption is reshaping new trends in livelihood consumption; at the overseas expansion level, extreme responsiveness to demand and independent innovation iteration are helping Chinese manufacturing go global and gain prominence; at the sustainability level, the green content is becoming richer, and the pace of green and low-carbon energy transformation is accelerating. The firm believes that consumption is the cornerstone and technology is the future. Technological innovation is penetrating into the fabric of the consumer market, reshaping the logic of value, demographic structure, and category ecosystem, and extending the continuous upgrading of quality of life. The main views of Shanghai Securities are as follows: Technological level New quality productive forces are accumulating and gaining momentum, and technology consumption is reshaping new trends in livelihood consumption. In 2026, from the national deployment of the "AI+" development plan, which clearly sets goals for the popularization of intelligent terminals, to multiple departments issuing policies to enrich the supply of products such as AI phones and smart wearables, policies are driving industrial innovation and quality improvement. The abundant supply of intelligent products precisely meets the public's demand for high-quality and high-efficiency life, laying a solid industrial foundation for the continued warming of technology consumption. According to data from the National Bureau of Statistics and the Ministry of Commerce, in the first half of 2026, the added value of China's equipment manufacturing industry and high-tech manufacturing industry grew by 9.3% and 13.3%, respectively. In July 2026, sales of embodied intelligence Siasun Robot&Automation on key platforms increased by 95.1%, sales of exoskeleton assist devices increased by 39.5%, sales of action cameras increased by 24.7%, and sales of sweeping Siasun Robot&Automation increased by 19.4%. The trade-in of consumer goods drove growth in green and intelligent consumption. The firm believes that the shift in consumption logic has refreshed the true meaning of mass consumption upgrading, making technology consumption a mainstream trend in livelihood consumption. Overseas expansion level Extreme responsiveness to demand and independent innovation iteration are helping Chinese manufacturing go global and gain prominence. According to the General Administration of Customs, in the first half of 2026, China's exports reached 14.73 trillion yuan, a year-on-year increase of 13.4%, maintaining growth for 11 consecutive quarters. Among these, exports of high-tech products and self-owned brands grew by 39% and 25.4%, respectively. Home appliance exports reached 360.96 billion yuan, of which exports of home appliances such as air conditioners, electric fans, and refrigerators totaled 107.91 billion yuan. Chinese manufacturing is also empowered by cutting-edge technologies such as artificial intelligence, promoting high-value-added products going overseas and creating new consumption scenarios. In the first half of 2026, China's industrial Siasun Robot&Automation exports had covered 141 countries and regions worldwide, surgical Siasun Robot&Automation export value increased by 3.3 times, and cleaning Siasun Robot&Automation and intelligent bionic Siasun Robot&Automation together exported 18.09 billion yuan. According to the Ministry of Commerce, driven by the dual wheels of "policy + activities," as of now more than 40 "Export to China" series activities have been held domestically and overseas, with high-quality products from nearly 100 countries participating in the series activity platform. The firm believes that China's hub position in global production and supply chains is continuously strengthening. Sustainability level The green content is becoming richer, and the pace of green and low-carbon energy transformation is accelerating. In the first half of 2026, clean energy power generation accounted for 36.2% of China's power generation by industrial enterprises above designated size. New green momentum is accelerating its growth, with lithium battery output increasing by 39.3%, the cumulative retail penetration rate of new energy vehicles reaching 54.1%, and zero-carbon parks and zero-carbon transportation corridors being built in an orderly manner. The firm believes that the "15th Five-Year Plan" has released a clear signal that the circular economy and sustainable consumption have risen to national strategy. For enterprises, sustainability is not a burden but an entry point to a trillion-yuan market. The firm believes that consumption is the cornerstone and technology is the future On the domestic demand side, technological innovation is penetrating into the fabric of the consumer market, reshaping the logic of value, demographic structure, and category ecosystem, and extending the continuous upgrading of quality of life. On the overseas expansion side, as the four major overseas expansion tracks of consumption, production capacity, services, and technology work together, they are leading China's industries to break through toward the high end of the global value chain. Risk warnings: the risk of continued slowdown in domestic consumption growth; the risk that the pace of real estate recovery is lower than expected; the risk of a sharp rise in raw material prices; the risk of tightening overseas regulation; the risk of loss of major customers; and the risk of sharp exchange rate fluctuations.