Investment Insights - The report highlights that the subsidy for replacing old appliances is continuing as expected, which supports domestic demand in the white goods sector [6] - Leading companies in the white goods sector, such as Midea Group, Gree Electric, and Haier Smart Home, are expected to show strong performance due to their robust overseas production capacity and market expansion strategies [6] - The two-wheeler sector is anticipated to benefit from accelerated national subsidies, with leading companies like Yadea Holdings expected to outperform the industry [6] - The black goods segment is seeing improvements in profitability driven by the old-for-new policy and structural upgrades, with a recommendation for Hisense Visual and a watch on TCL Electronics [6] Market Review - In July, the home appliance index showed a slight increase of 0.92%, but underperformed compared to the broader market indices, indicating a challenging environment for the sector [13] - The report notes that the home appliance sector's performance has been affected by fluctuating subsidy policies and tariff expectations, leading to a mixed market sentiment [12][13] - The overall market sentiment improved in July due to expectations of fiscal easing and a focus on "anti-involution" policies, which positively impacted the sector's absolute returns [13] Key Data Tracking - The report tracks significant price movements in raw materials, noting that copper and aluminum prices increased by 3% and 8% year-on-year, respectively, while cold-rolled steel prices decreased by 6% [20] - Retail sales of air conditioners showed strong growth in June, with online and offline sales increasing by 28% and 40% year-on-year, respectively, indicating a robust demand environment [27] - The report also highlights that the average selling prices of air conditioners have seen a slight decline, suggesting a competitive pricing environment [27][30]

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly highlighting the undervaluation, high dividends, and stable growth attributes of the white goods segment [5]. Core Insights - The home appliance sector has shown resilience, with the home appliance index outperforming the CSI 300 index, remaining flat while the latter declined by 2.1% [4][6]. - The report identifies three main investment themes: white goods, exports, and core components, recommending key players such as Hisense, Midea, and Gree for white goods, and companies like Ousheng Electric and Dechang for exports [5]. Summary by Sections Air Conditioning Data - Online sales of air conditioners reached 9.18 million units in June 2025, a year-on-year increase of 27.9%, while offline sales reached 1.032 million units, up 40.4% [2]. - The average online price decreased by 5.6% to 2,429 RMB/unit, and the offline average price fell by 2.5% to 4,031 RMB/unit [2][24]. Kitchen Appliances Data - For range hoods, online sales were 565,000 units, up 13.7%, and offline sales were 180,000 units, up 32.8% [3]. - The average online price for range hoods decreased by 2.0% to 1,662 RMB/unit, while the offline price increased by 4.8% to 4,674 RMB/unit [3][26]. - Dishwashers saw online sales of 192,000 units, up 8.9%, and offline sales of 49,000 units, up 24.3% [3]. - The average online price for dishwashers fell by 8.0% to 4,196 RMB/unit, while the offline price rose by 3.9% to 8,464 RMB/unit [3][30]. Industry Dynamics - The total production of major home appliances in August 2025 was 26.97 million units, a decrease of 4.9% year-on-year [11]. - Air conditioner production was 11.44 million units, down 2.8% year-on-year; refrigerator production was 7.62 million units, down 9.5%; and washing machine production was 7.91 million units, down 3.0% [11]. Investment Opportunities - The report suggests that the white goods sector is poised for growth due to favorable real estate policies and potential catalysts from trade-in programs [5]. - The report highlights the increasing demand for core components driven by the robust performance of the white goods sector, recommending companies like Huaxiang and Shun'an Environment for their competitive advantages [5].

Group 1 - The State Intellectual Property Office of China has granted Hisense Visual Technology Co., Ltd. a patent for a "display device" with authorization announcement number CN223180786U, applied for on September 2024 [1] - The patent provides a display device that includes a display panel, back panel, light board, flexible circuit board, and reflective sheet, indicating advancements in display technology [1] - The light board is positioned between the back panel and the display panel, featuring a design that includes a sloped section to enhance the display's functionality [1] Group 2 - Hisense Visual Technology Co., Ltd. was established in 1997 and is located in Qingdao, primarily engaged in the manufacturing of electrical machinery and equipment [1] - The company has a registered capital of 1,304.97 million RMB and has invested in 31 enterprises, participated in 2,485 bidding projects, and holds 123 trademark records and 5,000 patent records [1] - Additionally, the company possesses 53 administrative licenses, showcasing its extensive operational capabilities and market presence [1]

Group 1 - The Osaka World Expo features the Hisense 100-inch high-end display as a representation of China's intelligent manufacturing achievements [1][3] - The global demand for ultra-large screen televisions has surged, with significant growth in shipments of 100-inch and larger TVs over the past three years, indicating a strong consumer preference for premium audiovisual experiences [3] - Hisense has maintained the top position in the global market for 100-inch and larger ultra-large screen televisions in 2023, showcasing its competitive strength in the high-end display sector [3] Group 2 - Hisense has significantly increased its market share in Japan, with its brands occupying two of the top three positions in the Japanese television market, achieving a cumulative sales share of over 40% [4]

| 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 002052 | 同洲 | -0.77 | 2.45 | 10.71 | 10.85 | -1.25 | 10.32 | -4.85 | | | 电子 | | | | | | | | | 002989 | 中天 | -0.77 | 2.14 | 32.36 | 32.71 | -1.07 | 31.12 | -4.87 | | | 精装 | | | | | | | | | 603983 | 丸美 生物 | -2.64 | 0.70 | 39.79 | 40.17 | -0.93 | 38.69 | -3.68 | | | 格科 | | | | | | | | | 688728 | 微 | 0.46 | 0.48 | 15.71 | 15.82 | -0.68 ...

Market Overview - The Shanghai Composite Index is at 3555.41 points, with a decline of 0.50% [1] - The total trading volume of A-shares is 128.87 billion yuan [1] Technical Analysis - A total of 64 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Tongzhou Electronics: -1.29% - Marubi Biological: -0.95% - GeKao Micro: -0.69% [1] Individual Stock Performance - Key stock performances include: - Tongzhou Electronics (002052): Today's change -1.15%, 5-day MA at 10.70 yuan, 10-day MA at 10.84 yuan, with a distance of -1.29% [1] - Marubi Biological (603983): Today's change -2.84%, 5-day MA at 39.78 yuan, 10-day MA at 40.16 yuan, with a distance of -0.95% [1] - GeKao Micro (688728): Today's change 0.33%, 5-day MA at 15.71 yuan, 10-day MA at 15.82 yuan, with a distance of -0.69% [1] - Other notable stocks include: - Huatai Securities (601059): Today's change -0.86%, 5-day MA at 16.73 yuan, 10-day MA at 16.84 yuan, with a distance of -0.66% [1] - Jiabao (600622): Today's change -1.01%, 5-day MA at 3.08 yuan, 10-day MA at 3.10 yuan, with a distance of -0.64% [1] Additional Stock Movements - Other stocks with notable movements include: - Laka Laka (300773): Today's change -4.02%, 5-day MA at 27.62 yuan, 10-day MA at 27.73 yuan, with a distance of -0.39% [2] - Yongtai Technology (002326): Today's change 4.09%, 5-day MA at 13.25 yuan, 10-day MA at 13.29 yuan, with a distance of -0.32% [2] - Qijing (603677): Today's change -0.46%, 5-day MA at 19.91 yuan, 10-day MA at 19.96 yuan, with a distance of -0.25% [2]

重要内容提示： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本次利润分配方案经海信视像科技股份有限公司（以下简称"公司"）2025年6月27日的2024年年度股东 大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 ● 每股分配比例 A股每股现金红利0.88元（含税），不送红股，不以公积金转增股本。 （三）分配方案： 本次利润分配以方案实施前的公司总股本1,304,972,254股为基数，每股派发现金红利0.88元（含税）， 共计派发现金红利1,148,375,583.52元。 三、相关日期 ■ 四、分配实施办法 （一）实施办法 2、对于持有公司限售流通股的个人股东和证券投资基金，根据《关于实施上市公司股息红利差别化个 人所得税政策有关问题的通知》（财税〔2012〕85号）等的有关规定，对个人和证券投资基金持有的公 司限售股，解禁后取得的股息红利，按照上述通知规定计算纳税，持股时间自解禁日起计算；解禁前 ...

Group 1 - As of July 31, Hisense Visual's stock price closed at 22.74 yuan, down 1.04 yuan, representing a decline of 4.37% from the previous trading day [1] - The trading volume on that day was 258,710 hands, with a transaction amount reaching 590 million yuan [1] - Hisense Visual's main business includes the research, production, and sales of display products, covering areas such as televisions, commercial displays, and medical displays [1] Group 2 - On the evening of July 31, Hisense Visual announced a cash dividend distribution for the 2024 fiscal year, proposing a cash dividend of 0.88 yuan per share (tax included) for all shareholders [1] - The record date for the dividend is August 7, with the ex-dividend date and cash dividend payment date both set for August 8 [1] - On July 31, the net outflow of main funds for Hisense Visual was 29.72 million yuan [1]

Group 1 - The core point of the announcement is that Hisense Visual has declared a cash dividend of 0.88 yuan per share (including tax) for the year 2024 [1] - The record date for the dividend is set for August 7, 2025, with the ex-dividend date and payment date both on August 8, 2025 [1]

证券代码：600060 证券简称：海信视像 公告编号：2025-030 海信视像科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.88元（含税），不送红股，不以公积金转增股本。 相关日期 本次利润分配方案经海信视像科技股份有限公司（以下简称"公司"）2025 年 6 月 27 日的2024年年度股东大会审议通过。 二、分配方案 （一）发放年度：2024年年度 （二）分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （三）分配方案： 本次利润分配以方案实施前的公司总股本1,304,972,254股为基数，每股派发现 金红利0.88元（含税），共计派发现金红利1,148,375,583.52元。 三、相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | -- ...