公募基金二季报本周进入密集披露期，部分头部基金及知名基金经理的调仓动向也备受市场关注。 综合来看，各家基金在二季度保持了高仓位运作，新能源产业链、医药消费等成为关注重点。 此外，睿远基金傅鹏博管理的基金则对光伏行业板块个股更为关注。综合季报，通威股份、迈为股 份等新晋十大重仓股，大族激光、先导智能等退出前十大重仓股序列；由傅鹏博、朱璘管理的睿远成长 价值混合基金前十大重仓股为三安光电、中国移动、立讯精密、东方雨虹、万华化学、通威股份、吉利 汽车、沃森生物、迈为股份、国瓷材料。相比一季度，该基金新进持仓了通威股份、吉利汽车、迈为股 份，而先导智能、大族激光、卫宁健康则被调出十大重仓股序列；广发基金刘格菘持仓结构没有出现大 幅调整。其前十大重仓股当中，亿纬锂能、龙佰集团的持仓量不变，国联股份、福莱特分别新晋成为第 七大重仓股和第九大重仓股。另外，晶澳科技、隆基绿能、锦浪科技等多只个股持股数量均较一季度末 有所增长。 Wind数据显示，截至7月20日记者发稿时，已经有多家基金公司旗下1338只股票型开放式基金（未 合并A/C）发布了二季度报告，其中不乏头部基金公司和张坤、刘格菘、傅鹏博、李晓星等知名基金经 理。易方 ...

Core Viewpoint - Haier is reportedly planning to enter the automotive sector with its own brand of vehicles, but the company has denied these claims, stating that the reports are untrue [1] Group 1: Haier's Automotive Strategy - Haier has been actively investing in the automotive industry through its capital arm, Haier Capital, which has invested in several smart connected vehicle service providers and auto parts manufacturers [2] - The company has signed strategic cooperation agreements with major automotive manufacturers such as SAIC Motor and Chery Holding Group, focusing on building an industrial internet big data platform for digital transformation in the automotive sector [2] - Haier aims to leverage its smart home technology to create a new ecosystem of connectivity between homes and vehicles, enhancing consumer experiences [2] Group 2: Technology Giants in the Automotive Industry - Technology companies are increasingly seen as key players in the automotive sector, particularly in software and algorithm development, with significant advancements in machine vision and artificial intelligence [3] - Unlike Baidu and Xiaomi, which are entering the vehicle manufacturing space, Tencent and Huawei have maintained their stance of not producing cars but instead collaborating with automotive companies to provide software and support [3][4] - Tencent has partnered with over 100 automotive companies and major mobility tech firms, offering cloud services and smart cockpit products to enhance vehicle management and user experience [3] - Huawei, while also not manufacturing vehicles, has developed over 30 products related to automotive technology, including systems for intelligent driving and connected vehicles [4]

8月15日，记者获悉，国内首个针对中式烹饪清洁问题的团体标准已正式出台。同时，根据奥维云网预 计，2022年下半年洗碗机零售额将达到66亿元，全年破百亿已成定局。 据了解，洗碗机在上世纪80年代末进入我国市场。1998年，我国市场再次掀起洗碗机热潮，众多家电巨 头纷纷进入洗碗机领域，但无论是进口品牌还是合资品牌的产品，进入市场后反响平平，并无大规模增 长。尽管洗碗机生产企业和相关机构多次尝试推动洗碗机普及，洗碗机在中国市场始终处于初级阶段。 随着我国制造业发展，不少本土家电品牌纷纷仿照欧美设计生产洗碗机，但始终未能针对中式餐饮的重 油污进行有效改良，加之消费者对洗碗机存在洗不干净、费水费电的认知误区，导致洗碗机在中国长期 陷入"水土不服"的困境。 产业观察家洪仕斌表示，传统中式餐饮常用煎、炒、炸等烹饪方式，导致餐具食用油残留严重。而起源 于欧美的洗碗机，在设计之初就只是为了清洗轻油污，这导致西式洗碗机在中式油污面前尽显疲态。此 外，中式深碗不同于西式浅盘，普通喷淋水洗难以做到无死角的有效清洁。 有关分析认为，洗碗机作为一种舶来品，在进入中国市场以来，一直处于"水土不服"的尴尬位置，如今 随着技术的突破、标准的 ...

Core Viewpoint - The rural consumption market in China is experiencing significant growth, driven by tailored products and improved infrastructure, which is becoming a vital force for domestic demand expansion and economic stability [6][10]. Group 1: Rural Consumption Growth - In the first four months of this year, China's rural retail sales reached 21,412 billion yuan, with a year-on-year growth of 4.8%, surpassing urban growth rates [6]. - The introduction of various consumption-boosting policies has further stimulated the vitality of the rural consumption market [6]. Group 2: Product Adaptation to Rural Needs - Companies are increasingly focusing on the unique characteristics of rural consumers, adapting product designs to meet their specific needs [10]. - For instance, Haier's new washing machine features a high-foot design to prevent rust from water accumulation, and simplified controls for ease of use by older consumers [9]. - The introduction of smart appliances, such as air fryers and voice-controlled televisions, reflects a shift from basic functionality to enhanced user experience in rural households [10][15]. Group 3: Electric Vehicles in Rural Areas - The availability of charging infrastructure has made electric vehicles more accessible to rural consumers, with initiatives like the "ten-minute fast charging circle" addressing previous charging difficulties [11]. - Companies like SAIC-GM-Wuling are producing affordable electric vehicles priced between 30,000 to 50,000 yuan, catering to the budget of many rural families [13]. - The growing adoption of electric vehicles is evident, with more rural residents using them for daily activities and agricultural tasks [14]. Group 4: Shift in Consumer Behavior - There is a noticeable shift in rural consumer behavior from merely "getting by" to "enjoying life," with increased interest in entertainment and health-related products [15]. - The rise of online shopping has also transformed purchasing habits, with more rural residents embracing e-commerce for convenience and variety [16]. - The integration of smart technology in daily life, such as smartwatches and health monitoring devices, indicates a growing trend towards health and wellness among rural consumers [16].

Core Insights - In the first half of this year, China's total export of home appliances reached $68.78 billion, marking a year-on-year increase of 6.2% [1] - Italy has emerged as the second largest market for Chinese white goods in the EU, following Germany, with a total export value exceeding $1.74 billion, reflecting a growth rate of 9.8% [2][3] Group 1: Market Dynamics - Italy's home appliance market is showing strong growth, with sales increasing by 2.4% and volume by 3.8% in the first quarter of this year [2] - The demand for Chinese home appliances is bolstered by Italy's position as the second largest manufacturing power in the EU and the local manufacturing sector facing cost pressures [3] Group 2: Export Growth - China's export of home appliance parts to Italy has also surged, with a total export value of $362 million in the first half of the year, representing a significant year-on-year increase of 33.1% [2][3] - China has become Italy's largest supplier of home appliances, with direct imports exceeding €590 million, which is approximately 2.7 times that of Germany [2] Group 3: Strategic Positioning - The growth in exports is not merely about scale but also reflects an elevation in China's position within the global supply chain, transitioning from a mere supplier to a provider of core components and technological solutions [4] - Chinese companies are enhancing their competitiveness through overseas acquisitions, localized production, and multinational R&D centers [4] Group 4: Consumer Trends - There is a growing demand among overseas consumers for diversified and personalized home appliances, particularly those that are smart and of high quality [5] - The extreme heat this summer has driven up demand for air conditioning units, with exports expected to exceed 90 million units for the year [7]

Group 1 - AstraZeneca has made continuous investments in Qingdao, Shandong for three consecutive years, with a new production base expected to be operational by the end of 2028 [1] - Germany's Almayer Group has also increased its investment for the fourth time, establishing a new calcined alumina plant in Qingdao, indicating strong foreign interest in the region [1] - The Chinese government emphasizes the importance of high-level opening up and reform, aiming to create new opportunities for economic development in Qingdao [1] Group 2 - The China-Europe Railway Express from Qingdao reaches Europe in just 17 days, while truck transport to Moscow takes only 7 days, showcasing the efficiency of logistics in the region [2] - Qingdao has established a comprehensive logistics network, connecting over 700 ports in more than 180 countries and regions, with 32 regular China-Europe Railway routes linking 54 cities in 23 countries [2] - The city is actively expanding its international logistics channels to enhance trade and industry integration, indicating significant growth potential [2] Group 3 - Qingdao's Free Trade Zone has implemented a "white list" system for medicinal and food products, significantly reducing transaction costs for businesses by 50% [3] - Over 60 companies in the medicinal and food sector have settled in the Qingdao Free Trade Zone, creating a multi-industry chain that includes import, processing, and cross-border trade [3] - Recent reforms have eliminated restrictions on trade volume for small and medium enterprises, allowing more businesses to benefit from the new policies [3] Group 4 - The establishment of the China-Shanghai Cooperation Organization Local Economic and Trade Cooperation Demonstration Zone in Qingdao aims to enhance industrial internet services and support for smart home appliance industries [4] - The Haier Group's industrial internet ecosystem has seen a significant increase in orders, reflecting the success of the new industrial model [4] Group 5 - Qingdao is enhancing its policy framework to improve information sharing, logistics connectivity, and project collaboration among Shanghai Cooperation Organization member states [5] - The Shandong government has proposed 23 support measures across four areas to accelerate the development of the Shanghai Cooperation Organization Demonstration Zone [6] - Continuous efforts are being made to promote higher levels of opening up and to inject new momentum into regional cooperation [6]

Core Insights - The washing machine market is expected to experience steady growth by 2025, driven by consumer demand for upgrades and the national "trade-in" policy for home appliances [1] - Haier washing machines hold the leading market share, with 34.4% offline and 27.6% online, attributed to their focus on addressing user pain points [1] - Haier pioneered the multi-tub washing machine category, overcoming significant technical challenges to launch the first dual-tub washing machine after six years of development [1][2] - The lack of unified technical standards in the multi-tub washing machine market has led to inconsistent product performance, complicating consumer choices and hindering healthy market development [1] Industry Developments - Haier has taken the initiative to lead the establishment of global standards for multi-tub washing machines, collaborating with the International Electrotechnical Commission (IEC) and industry experts over four years [2] - The recent release of the IEC international standard for multi-tub washing machines marks a significant milestone, ending the era of no standards in this category [2] - Haier's dual role as both the inventor of the multi-tub washing machine and the developer of its international standards underscores its leadership position in the industry [3]

Group 1 - The stock price of Haier Smart Home is reported at 25.11 yuan, down 0.01 yuan from the previous trading day, with a decline of 0.04% [1] - The company’s main business includes the research, production, and sales of home appliances such as refrigerators, air conditioners, and washing machines, while actively expanding into the smart home sector [1] - Haier Smart Home is recognized as a representative enterprise in the home appliance industry, continuously promoting the intelligent upgrade of its products [1] Group 2 - Recently, Haier Smart Home has reached a strategic cooperation with Jomoo Group, focusing on deep collaboration in four major dimensions including smart living and technology interconnection [1] - The smart home market in China is expected to reach a scale of 682.1 billion yuan by 2024 [1] - On August 11, the net inflow of main funds was 19.58 million yuan, with a cumulative net inflow of 269 million yuan over the past five trading days [1]

Investment Rating - The report indicates a significant growth potential in the household dishwasher industry, with a current low penetration rate of 4.8% in China, compared to over 70% in mature markets like North America, suggesting a strong investment opportunity [10][19]. Core Insights - The household dishwasher market in China is characterized by low penetration but substantial growth potential, primarily driven by younger consumers who favor smart solutions and embedded dishwashers [3][9][11]. - The market is currently facing challenges due to consumer perception issues, product adaptability, and a downturn in the real estate market, which affects demand [10][19]. - The industry is transitioning from a phase of imitation to one of independent innovation, with domestic brands gaining market share and improving their competitive edge [13][53]. Summary by Sections Industry Definition - Household dishwashers are integrated appliances that utilize chemical, mechanical, thermal, and electrical technologies for automated cleaning, rinsing, and drying of tableware [4]. Market Characteristics - The market penetration rate for household dishwashers in China is low at 4.8%, indicating significant growth potential [10]. - The primary consumer demographic is younger individuals, particularly those born in the 1980s and 1990s, who are increasingly reliant on smart home solutions [11]. Product Types - The market is dominated by embedded dishwashers, which accounted for 57.8% of purchases in 2023, reflecting consumer preferences for larger capacity and aesthetic integration with kitchen cabinetry [12]. Industry Development Stages - The industry has evolved through several stages, from its inception in the early 1990s to a rapid growth phase starting in 2016, with significant technological advancements and market expansion [13][17]. Market Size and Growth - The market size of the household dishwasher industry in China grew from 5.16 billion RMB in 2018 to 11.22 billion RMB in 2024, with a compound annual growth rate (CAGR) of 16.8% [41]. Competitive Landscape - The competitive landscape is becoming increasingly concentrated, with domestic brands surpassing foreign brands in market share for the first time in 2023 [51][53]. - The top five brands hold a significant market share, indicating a trend towards market consolidation [51]. Policy Environment - Recent policies aimed at promoting green appliances and enhancing consumer awareness are expected to further stimulate market growth [49][50]. Supply Chain Analysis - The supply chain consists of upstream component suppliers, midstream manufacturers, and downstream sales channels, with midstream brands holding significant bargaining power [22][21]. Consumer Behavior - Consumer preferences are shifting towards embedded dishwashers, which are favored for their space efficiency and functionality, leading to a transformation in the market structure [40]. Future Outlook - The market is expected to continue growing, driven by the increasing demand from younger consumers and the ongoing shift towards smart home technologies [48].

Investment Rating - The report maintains a recommendation for the home appliance industry [2] Core Viewpoints - The report analyzes the impact of the USMCA (United States-Mexico-Canada Agreement) and the potential risks posed by the U.S. government's tariff policies on Chinese home appliance companies operating in Mexico [6][8] - It emphasizes that the concerns regarding the USMCA's risks are primarily focused on two aspects: the potential for the U.S. government to invoke national security clauses and the upcoming review of the agreement in 2026 [6][8] - The report suggests that the short-term impact of the USMCA's implementation is limited, as many leading Chinese home appliance companies have already established significant production capacities in Mexico that comply with the agreement's rules [6][7] Summary by Sections Industry Basic Data - The home appliance industry consists of 80 listed companies with a total market value of 185.1 billion yuan and a circulating market value of 165.1 billion yuan [2] Relative Index Performance - The absolute performance of the industry over the past 1 month, 6 months, and 12 months is 0.3%, 1.1%, and 21.4% respectively, while the relative performance is -3.2%, -5.6%, and 3.0% [3] USMCA Agreement Analysis - The USMCA is designed to encourage regional production and supply chain integration, with specific rules for determining the origin of products [12][14] - The agreement provides trade benefits only to goods certified as originating from the USMCA region [12][14] - The report outlines two potential scenarios for the future of the USMCA: the continuation of the current tariff framework and the tightening of origin certification rules [55][58] Company Strategies - Leading Chinese home appliance companies like Haier, Midea, Hisense, and TCL have established substantial production capacities in Mexico, which allows them to mitigate tariff risks effectively [6][7][56] - The report highlights that these companies have the capability to meet the USMCA's origin certification requirements, thus reducing potential tariff impacts [6][7][57] - The white goods sector, particularly Haier, is expected to strengthen its market position in North America due to its localized production and supply chain flexibility [7][60] Market Dynamics - The report notes that while black goods manufacturers face challenges due to the concentration of LCD panel supply chains in Asia, they can still expand their market share through product upgrades [7][61] - The overall competitive landscape for Chinese home appliance companies has shifted from relying on cost advantages to focusing on brand development, operational efficiency, and product innovation [60]