Retail sales of household appliances and audiovisual equipment in 2025 increased by 11% YoY.

SMM Morning Meeting Minutes: LME copper opened at $13,357/mt overnight, fluctuated upward initially and touched a high of $13,480/mt, then the center of copper prices gradually moved downward to a low of $13,115/mt, before rebounding to close at $13,239/mt, up 1.06%, with trading volume reaching 26,500 lots and open interest at 326,000 lots, an increase of 893 lots from the previous session, overall showing bulls increasing positions. The most-traded SHFE copper contract 2603 opened at 103,620 yuan/mt overnight, climbed to 103,730 yuan/mt at the beginning of the session, then experienced wide swings and touched a low of 101,840 yuan/mt, before fluctuating upward to close at 102,190 yuan/mt, up 0.26%, with trading volume at 69,800 lots and open interest at 152,000 lots, a decrease of 6,478 lots from the previous session, overall showing bears reducing positions.

According to data from ChinaIOL, in 2025, China's refrigerator and freezer production and sales both exceeded 140 million units, increasing slightly YoY, but compared with the same period last year, the growth rate slowed down significantly.

According to SMM, enamelled wire enterprises have started their holidays today, and the industry is expected to fully enter holiday mode next week, with only a few enterprises maintaining reduced production. The operating rate of enamelled wire is projected to drop to 25.67%.