Group 1 - The company, Midea Group, announced a share buyback plan on November 18, 2025, with a total expenditure of RMB 99.9989 million [1] - The buyback will involve repurchasing 1.2866 million A-shares at a price range of RMB 77.01 to 78.61 per share [1]

智通财经APP讯，美的集团(00300)发布公告，于2025年11月18日斥资9999.89万元回购128.66万股A股股 份。 ...

美的集团（000333）(00300)发布公告，于2025年11月18日斥资9999.89万元回购128.66万股A股股份。 ...

Market Overview - The white goods sector experienced a decline of 1.0% on November 18, with major stocks like Deep Konka leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Key stocks in the white goods sector showed varied performance, with the following notable changes: - Snow Qi Electric: Closed at 14.38, up 0.14% - Gree Electric: Closed at 40.11, down 0.20% - Midea Group: Closed at 77.40, down 0.68% - Haier Smart Home: Closed at 26.34, down 0.87% - Deep Konka A: Closed at 5.38, down 2.89% [1] Capital Flow - The white goods sector saw a net outflow of 312 million yuan from institutional investors, while retail investors contributed a net inflow of 385 million yuan [1] - Detailed capital flow for specific stocks includes: - Deep Konka A: Net outflow of 55.04 million yuan from institutional investors, with a retail net inflow of 43.96 million yuan [2] - TCL Smart Home: Net outflow of 20.99 million yuan from institutional investors, with a retail net inflow of 15.50 million yuan [2] - Gree Electric: Net outflow of 3.94 million yuan from institutional investors, with a retail net inflow of 32.46 million yuan [2]

证 券 研 究 报 告 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：陆偲聪 邮箱：lusicong@hcyjs.com 执业编号：S0360525050002 家电行业 2025Q3 基金重仓分析 重仓家电比例下降，家电上游及清洁电器获 推荐（维持） 增配 行业研究 家电 2025 年 11 月 18 日 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,320.65 | 1.67 | | 流通市值(亿元) | 18,146.56 | 1.85 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.4% | 8.0% | 9.9% | | 相对表现 | 3.4% | -9.4% | -4.7% | -11% -2% 8% 18% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11 ...

Core Viewpoint - Recent announcements from multiple listed companies regarding future dividend plans have garnered market attention, indicating a trend towards increased shareholder returns and confidence in corporate profitability [1][2][8]. Group 1: Dividend Plans - Yili Co. announced a plan for 2025-2027, committing to a cash dividend totaling at least 75% of the net profit attributable to shareholders each year, with a minimum cash dividend of 1.22 yuan per share for 2024 [1][8]. - Sanda Membrane disclosed a special dividend plan for 2025, proposing a cash dividend of 2.1 yuan per 10 shares, reflecting stable operational performance and a healthy balance sheet [2]. - China Communications Construction Company (CCCC) plans to distribute a minimum cash dividend of 0.11756 yuan per share for 2025, amounting to approximately 1.9142 billion yuan, which is about 20% of its net profit for the first half of 2025 [2][3]. Group 2: Implementation of Dividend Plans - Jidian Co. announced a cash dividend of 0.21 yuan per 10 shares for the first three quarters of 2025, with an expected total payout of approximately 76.17 million yuan, representing a dividend rate of 9.73% [4]. - Midea Group plans to distribute 5 yuan per 10 shares, totaling around 3.448 billion yuan, with the record date set for November 17 [5]. Group 3: Enhancing Shareholder Returns - Many companies are expressing intentions to gradually increase investor returns, with Ming Tai Aluminum committing to a minimum annual dividend payout ratio of 30% over the next three years [6][7]. - Yili Co. emphasized the importance of stable dividend expectations in enhancing company value and investor confidence, advocating for increased frequency of dividends and simplified mid-term dividend processes [8].

【深圳商报讯】（记者 陈燕青）今年以来，上市公司回购的热情依然不减。根据统计，截至11月16 日，年内已有1428家A股公司出手回购，合计金额约1302亿元。其中，275家公司回购金额超过1亿元， 美的集团（000333）、贵州茅台（600519）、宁德时代（300750）位居前三名。 还有少数公司更是多次上调回购价，湖南白银（002716）6月推出回购计划，设定回购价格上限为5元/ 股；9月公司首次上调回购价上限至7元/股；10月，公司再度将回购价上限调整为8元/股，同时将回购 资金总额由"不低于6000万元且不超过1.05亿元"调整为"不低于9260.06万元且不超过1.23亿元"。 记者注意到，近期还有部分公司提高回购金额或大幅提高回购价。10月30日，顺丰控股（002352）公告 称，公司将此前回购资金总额由"不低于5亿元且不超过10亿元"调整为"不低于15亿元且不超过30亿 元"。对于大幅调整回购规模的原因，顺丰控股称，是基于对公司未来发展的信心和对公司价值的认 可。 三花智控（002050）日前公告称，鉴于近期公司股价持续高于回购方案确定的回购价格上限，基于对公 司长期价值的认可和发展前景的信心， ...

11月14日，湖南长沙，希迪智驾科技股份有限公司展示的无人挖掘机产品。 11月13日，湖南长沙，湖南长步道光电科技股份有限公司展示的光学产品。 "十五五"规划建议谋篇布局，将"建设现代化产业体系，巩固壮大实体经济根基"摆在了12项战略任务的 首位。具体来看，要"坚持把发展经济的着力点放在实体经济上，坚持智能化、绿色化、融合化方向， 加快建设制造强国、质量强国、航天强国、交通强国、网络强国，保持制造业合理比重"。 实际上，不光是长沙，在党的二十届四中全会闭幕后，从南到北、从东到西，我国关于加快建设现代化 产业体系的讨论越来越多。中青报·中青网记者近日参加工信部组织的"新型工业化媒体调研行"活动时 看到，一个个先进制造业企业正通过技术攻坚与智能制造升级，为现代化产业体系建设注入新动能。 "十五五"时期，"建设现代化产业体系"如何发力？答案就藏在具体的实践中。 传统产业要加快"焕新" 转钢，即调整钢坯旋转角度，这是钢板轧制过程中的一个重要步骤，其目的是使钢坯在展宽轧制环节符 合宽度尺寸要求。 11月13日，湖南长沙，湖南中南智能装备有限公司展示的智能焊接系统。 11月11日，湖南 株洲，山河星航实业股份有限公司展示 ...

275家公司回购超亿元 近年来，监管层鼓励上市公司和主要股东积极采用市值管理工具提振投资者信心、优化投资者回报，包 括采用提高分红率、增加分红频次、公司回购、大股东增持等举措。 数据显示，今年以来，合计有275家公司回购金额过亿元，其中14家公司回购金额超过10亿元。从板块 来看，消费、科技、智能制造是A股回购的"主力军"。 回购规模最大的莫过于美的集团。截至10月底，公司通过回购专用证券账户，以集中竞价交易方式累计 回购公司1.3亿股，占总股本的1.7048%，支付总金额为95.75亿元（不含交易费用）。 紧随其后的是贵州茅台和宁德时代，今年以来两家公司回购金额分别为60亿元和43.87亿元。 数据显示，截至11月15日，已有503家公司披露公司或公司股东获得了回购增持贷款支持，贷款金额上 限为1050亿元，其中包含375个股份回购贷款计划。 美的集团 贵州茅台 宁波华翔 三花智控 天臣医疗 顺丰控股 分时图 日K线 周K线 月K线 78.42 -0.81 -1.02% 1.60% 1.07% 0.53% 0.00% 0.53% 1.07% 1.60% 77.96 78.38 78.81 79.23 79. ...

Group 1: Fixed Income Market - The main economic indicators weakened in October, leading to expectations of interest rate cuts and reserve requirement ratio reductions to support the economy [7] - The three pillars supporting the economy are under pressure, with negative growth in infrastructure and real estate investments [7] - The central bank has indicated the need for counter-cyclical and cross-cyclical adjustments, suggesting that policy rate cuts and new tools may be key to economic support in the coming months [7] Group 2: Pharmaceutical Industry - The small nucleic acid drug market is expected to grow significantly, with a projected market size of approximately $62 billion in 2024 and $467 billion by 2033, reflecting a compound annual growth rate of 25% [12] - Alnylam Pharmaceuticals is a leader in the siRNA field, with strong commercialization performance and a revenue of $2.617 billion in the first three quarters of 2025, a 58% year-on-year increase [13] - The industry is characterized by a high degree of activity in business development transactions, with over $45 billion in cumulative transactions in the siRNA sector from 2018 to November 2025 [12] Group 3: Consumer Electronics - The 2025 "Double Eleven" shopping festival saw a total e-commerce sales of 1.695 trillion yuan, a year-on-year increase of 14.2%, with the home appliance sector showing resilience and growth [14][15] - Home appliances accounted for 266.8 billion yuan in sales during the event, representing a 38.2% increase year-on-year, indicating a shift towards smart and integrated appliances [15] - Companies like Haier, Midea, and TCL achieved significant sales milestones, with over 10 billion yuan in transactions during the festival [15] Group 4: Transportation Industry - The express delivery sector experienced record volumes during the "Double Eleven" period, with 13.938 billion packages collected, marking a 117.8% increase in daily average volume compared to regular operations [20] - The oil transportation market is expected to strengthen in December, with VLCC daily earnings reaching $124,000, the highest since Q2 2020, driven by increased demand from the Middle East and Brazil [22] - The logistics sector is benefiting from improved collaboration with e-commerce platforms, enhancing operational efficiency and supporting consumer demand [20] Group 5: Precious Metals - The precious metals market is poised for potential upward movement, with gold prices recently rebounding but not surpassing previous highs, influenced by the end of the U.S. government shutdown and upcoming economic data releases [36][38] - Gold and silver prices have shown recent increases, with gold reaching $4,071.10 per ounce and silver at $52.01 per ounce, reflecting market reactions to economic conditions [35] - The market is closely monitoring key upcoming economic reports, including non-farm payrolls and GDP revisions, which could impact precious metal prices [38]