证券时报·数据宝统计显示，具体到个股，6月3日共有1901只股获融资净买入，净买入金额在千万元以 上的有337只，其中11只融资净买入额超亿元。格力电器融资净买入额居首，当日净买入2.99亿元，其 次是比亚迪、光启技术，融资净买入金额分别为2.76亿元、2.39亿元，融资净买入金额居前的还有美的 集团、五粮液、国电南瑞等。 分行业统计，获融资客净买入超亿元个股中，食品饮料、汽车、家用电器等行业最为集中，分别有2 只、2只、2只个股上榜。板块分布上，大手笔净买入个股中，主板有9只，创业板有2只。 融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为2.87%，融资余额占比 最高的是天阳科技，该股最新融资余额6.61亿元，占流通市值的比例为8.96%，融资余额占比较高的还 有光启技术、赛力斯、比亚迪，占比分别为6.93%、4.34%、3.17%。（数据宝） 6月3日融资客净买入金额排名 截至6月3日，市场融资余额合计1.79万亿元，较前一交易日增加34.52亿元，其中，沪市融资余额 9065.40亿元，较前一交易日增加14.74亿元；深市融资余额8807.56亿元，较前一交易日增加19.81亿元 ...

Core Viewpoint - The chairman of Midea Group, Fang Hongbo, emphasized that the home appliance industry is highly competitive and likened the competition with Xiaomi to a "war of attrition," where regardless of the victor, it results in significant resource consumption [1][3]. Group 1: Competition with Xiaomi - Fang Hongbo stated that while he tactically respects Xiaomi, he does not fear its entry strategically, as the home appliance industry has low barriers to entry but is intensely competitive [2][3]. - Midea has conducted extensive research on Xiaomi, totaling over 100,000 words, indicating a proactive approach to understanding its competitor [2]. - The home appliance sector is characterized by fixed strategies, and efficiency improvements are limited, making it a challenging environment for new entrants [3]. Group 2: Business Growth and Strategy - Midea aims to slow down the lifecycle of its home appliance business while simultaneously growing its ToB (business-to-business) segment, hoping for a relay-like growth between the two [1][6]. - The company reported a 50% year-on-year increase in air conditioning installation in May, reflecting strong market performance [3]. - Midea's overseas market potential is significant, with the global home appliance market estimated at nearly 4 trillion RMB, while Midea's overseas revenue is currently under 200 billion RMB [4]. Group 3: Impact of Tariff Fluctuations - Despite recent fluctuations in tariffs, Midea's orders from the U.S. are expected to grow, with a 6% contribution to overall revenue from U.S. exports [5]. - The company has established a robust regional supply chain with 23 factories overseas, allowing it to adapt to changing policies and maintain competitiveness [5]. Group 4: Future Business Directions - Midea's ToB business is projected to exceed 100 billion RMB in revenue for the first time in 2024, indicating a strong growth trajectory [6]. - The company is also exploring opportunities in the medical equipment sector, reflecting a strategic diversification of its business portfolio [6]. - Fang Hongbo indicated that Midea plans to increase its dividend payouts in the future, signaling confidence in its financial health [6].

Group 1 - The US has accused China of violating the Geneva consensus, while China's Ministry of Foreign Affairs has firmly opposed these accusations and emphasized the need for mutual respect and factual accuracy in bilateral relations [2][4] - The US President has announced an increase in tariffs on imported steel and aluminum from 25% to 50%, effective June 4, 2025 [2] - South Korea's presidential election results show Lee Jae-myung from the Democratic Party winning with a vote share of 49.42%, marking a significant political shift [2] Group 2 - Japan's 10-year government bond auction saw a significant increase in demand, with the bid-to-cover ratio rising from 2.54 to 3.66, indicating strong market interest [3] - China's Caixin Manufacturing PMI for May recorded 48.3, a decline of 2.1 percentage points from April, marking the first drop below the critical point since October 2024 [4][11] Group 3 - The Chinese Ministry of Commerce has initiated the "Service Consumption Season" for 2025, focusing on integrating various sectors to stimulate service consumption [5] - The second "Belt and Road" Science and Technology Exchange Conference is scheduled for June 10-12 in Chengdu, aiming to enhance international cooperation in technology [5] Group 4 - The Shenzhen Stock Exchange has announced a periodic adjustment of index samples, with changes effective from June 16, including the addition of several companies to various indices [6] - The Hong Kong stock market has seen 28 IPOs in 2025, raising a total of 776.8 billion HKD, with expectations for around 80 new listings by year-end [7] Group 5 - NIO reported Q1 2025 revenue of 12.035 billion CNY, up from 9.909 billion CNY year-on-year, with a projected delivery guidance of 72,000 to 75,000 vehicles for Q2 [8] - The Chinese trust industry managed assets worth 29.56 trillion CNY by the end of 2024, reflecting a growth of 23.58% year-on-year [14] Group 6 - The US stock market indices closed higher, with the Dow Jones up 0.51% and the S&P 500 up 0.58%, driven by strong performance in technology stocks [22] - The issuance of bonds by listed companies in China has exceeded 2.41 trillion CNY in 2025, showing an 11.79% year-on-year increase [25]

Core Viewpoint - Midea Group is strategically unafraid of competition from Xiaomi, emphasizing that the home appliance industry is highly competitive and any new entrants will face significant challenges [3][5]. Group 1: Company Strategy and Market Position - Midea Group aims to extend the lifecycle of its home appliance business while simultaneously developing its ToB (business-to-business) segment, hoping for a seamless transition in growth between the two [3][7]. - The company has observed a significant increase in air conditioning installation, with a 50% year-on-year rise in May alone, indicating strong market performance [5]. - Midea's overseas business remains stable despite recent tariff fluctuations, with expectations for growth in the U.S. market, where orders are projected to increase [6][7]. Group 2: Competitive Landscape - The entry of Xiaomi into the home appliance market is seen as a tactical concern, but Midea believes that the industry's low barriers to entry will lead to a "war of attrition" among competitors [4][5]. - Midea has conducted extensive research on Xiaomi, indicating a proactive approach to understanding competitive dynamics [4]. - The company acknowledges that the home appliance sector has limited efficiency improvement potential, making it a challenging environment for all players [5]. Group 3: Financial Performance and Future Outlook - Midea's ToB business is projected to exceed 100 billion yuan in revenue for the first time in 2024, highlighting its growth potential [7][8]. - The company plans to increase its dividend payouts in the future, reflecting confidence in its financial health and commitment to returning value to shareholders [8]. - Midea has established a robust overseas supply chain with 23 factories, positioning itself favorably to adapt to global market changes [6][7].

家电行业的新一轮竞争，是否会演变成一场巨大消耗战，主要还是看市场是否属于充分竞争的开放生 态。既保持市场的完全开放准入，又采取必要且有力的监管措施，是规避低水平价格战、"内卷式"恶性 竞争的治本之策。 家电领域再次充满浓烈的火药味。 面对小米在家电领域的扩张，最近美的集团董事长、总裁方洪波在美的集团2024年年度股东大会上表 示，家电行业门槛不高，但高度竞争，经过多轮大战，已是一片红海。家电行业增长空间、价值链效率 提升空间不大。方洪波还表示，当前无论怎么"打"，最终谁胜，都是一场巨大的消耗战。 奥维云网数据显示，今年前4个月，小米在空调市场线上渠道的市占率已跃居第三。小米称，2025年小 米空调销量将进入国内前三，计划2030年冲上国内前二。 小米会否在家电领域产生鲇鱼效应，出现短兵相接的阵地战？经过多轮充分竞争，家电行业的价值链已 相对透明，市场竞争更趋差异化特征，不太可能出现同质化的硬扛特征，竞争各方都在构建各自的叙事 结构和逻辑。以美的为例，其第二增长曲线聚焦ToB业务，医疗、机器人板块等也是其布控重点。 这向监管体系提出了制度和秩序的重塑、重构要求，即监管和制度护航的是市场公平竞争秩序，保护任 何人 ...

Core Viewpoint - The relationship between Midea Group and Xiaomi has shifted from collaboration to competition, marked by Midea's complete divestment of Xiaomi shares worth 1.8 billion yuan in 2024, ending a partnership that began in 2014 [1][2]. Group 1: Strategic Shifts - Midea's Chairman Fang Hongbo stated that entering the home appliance industry now means losing strategically, emphasizing that Midea does not fear Xiaomi's entry [1][3]. - Midea has been gradually reducing its stake in Xiaomi since 2020, coinciding with Xiaomi's rapid growth in the home appliance sector, particularly in air conditioning, which saw over 6.8 million units shipped in 2024, a growth rate exceeding 50% [2][3]. - Xiaomi's strategy includes launching high-end products like the "Mijia Central Air Conditioning Pro," which integrates various smart home devices, enhancing customer retention and increasing average transaction value [2][4]. Group 2: Market Dynamics - Xiaomi's competitive pricing strategy has allowed it to capture market share quickly, with its air conditioning products priced significantly lower than those of Midea and Gree [2][4]. - Midea's response to Xiaomi's market encroachment includes a dual strategy of focusing on both high-end and entry-level products to defend its market position [3][4]. Group 3: Competitive Advantages - Midea's strength lies in its comprehensive supply chain, global presence, and diversified business model, with over 40% of its revenue coming from international markets [4]. - In contrast, Xiaomi's advantages stem from its ecosystem and internet-driven marketing strategies, which have proven effective in driving sales of its home appliances [4][5]. Group 4: Challenges Ahead - Xiaomi faces significant challenges in establishing a robust offline service network, with plans to build 400 large stores by 2025, which still falls short compared to Midea's extensive distribution network [5]. - Analysts highlight Xiaomi's reliance on external suppliers for key components, which may hinder its long-term competitiveness in the home appliance market [5].

证券代码：000333 证券简称：美的集团 公告编号：2025-039 美的集团股份有限公司 1 交价为80.44元/股，最低成交价为69.50元/股，支付的总金额为899,940,383.07元 （不含交易费用），本次回购符合相关法律法规的要求，符合公司既定的回购方 案。 2、50-100亿A股回购方案 关于以集中竞价交易方式回购 A 股股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 美的集团股份有限公司（以下简称"公司"）于2025年3月28日召开第五届 董事会第六次会议、于2025年5月30日召开2024年度股东大会审议通过了《关于 以集中竞价方式回购公司A股股份的方案》，同意公司以集中竞价交易方式回购 公司部分已发行的A股股份，用于依法注销减少注册资本及实施股权激励计划及 /或员工持股计划。回购价格为不超过人民币100元/股，回购金额为不超过100亿 元且不低于50亿元，实施期限为自股东大会审议通过回购股份方案之日起12个月 内（以下简称"50-100亿A股回购方案"）。公司于2025年3月29日披露了《关于 以集中竞价方式回购公司 ...

Core Viewpoints - The home appliance industry is expected to outperform the market, driven by strong retail demand and favorable policies such as the old-for-new replacement program [6][14][18] - The online retail performance of major home appliance categories has accelerated since May, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth [2][19] - The production of white goods in June saw a year-on-year increase of 7.3%, with air conditioner domestic sales experiencing a notable growth of 29.3% [3][37] Market Performance - The online retail sales of air conditioners, refrigerators, and washing machines increased by 25.4%, -3.5%, and 9.4% respectively in the first 21 weeks of 2025 compared to the same period in 2024 [2][19] - Offline retail sales maintained a growth rate of over 10%, indicating robust market demand [2][19] - The home appliance sector achieved a relative return of +1.65% in May, outperforming the Shanghai Composite Index [46] Production and Sales Data - In June, the total production of white goods reached 35.15 million units, with air conditioner production increasing by 11.5% year-on-year [3][37] - The production of air conditioners for domestic sales was 20.5 million units, reflecting a growth of 29.3% compared to the previous year [3][37] - The production of refrigerators and washing machines showed stable performance, with year-on-year growth of 3.6% and flat production respectively [3][37] Company Recommendations - Key companies recommended for investment include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Technology, and Hisense Home Appliances, all rated as outperforming the market [5][14][64] - In the small appliance sector, Stone Technology and Bear Electric are highlighted for their strong overseas growth and product expansion [14][17] - The kitchen appliance sector recommends Boss Electric, which is expected to maintain stable growth due to its strong market position [14][17]

美的集团（000333）公告，截至2025年5月31日，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A股股份数量为1218.88万股，占公司目前总股本的0.1587%，最高成交价为80.44元/股，最 低成交价为69.5元/股，支付的总金额为近9亿元(不含交易费用)。公司50-100亿A股回购方案尚未实施。 ...

Market Overview - The Shanghai Composite Index rose by 0.43% on June 3, with 20 out of the 28 sectors in the Shenwan classification experiencing gains. The leading sectors were Beauty Care and Textile & Apparel, with increases of 3.86% and 2.53% respectively [1] - The Household Appliances sector had the largest decline, falling by 2.10%, with a net outflow of 440 million yuan in capital [1] Household Appliances Sector Analysis - In the Household Appliances sector, there were 95 stocks, with 44 rising and 43 falling. Two stocks hit the daily limit up [1] - The stocks with the highest net inflow of capital included: - United Precision: 39.76 million yuan - Sichuan Changhong: 28.99 million yuan - *ST Tongzhou: 26.59 million yuan [1] - The stocks with the largest net outflow of capital included: - Midea Group: 108 million yuan - Haier Smart Home: 79.02 million yuan - Gree Electric: 65.44 million yuan [1] Key Stock Performance in Household Appliances - Midea Group: -3.98% with a turnover rate of 0.81% and a net outflow of 107.64 million yuan [1] - Haier Smart Home: -1.24% with a turnover rate of 0.68% and a net outflow of 79.02 million yuan [1] - Gree Electric: -3.10% with a turnover rate of 1.33% and a net outflow of 65.44 million yuan [1] ETF Performance - Food and Beverage ETF (Product Code: 515170): -0.34% over the last five days, with a PE ratio of 20.98 and a net outflow of 4.46 million yuan [4] - Gaming ETF (Product Code: 159869): +2.02% over the last five days, with a PE ratio of 53.42 and a net inflow of 32.94 million yuan [4] - Cloud Computing 50 ETF (Product Code: 516630): -0.84% over the last five days, with a PE ratio of 91.52 and a net inflow of 0.058 million yuan [5]