Core Insights - The CSI 300 Dividend Low Volatility Index has shown a positive performance with a 0.58% increase, driven by significant gains in stocks such as Baosteel and China Construction Bank [1][4] - The CSI 300 Dividend Low Volatility ETF (515300) has also increased by 0.45%, indicating strong investor interest and market activity [1][3] Market Performance - The CSI 300 Dividend Low Volatility ETF recorded a turnover rate of 0.92% with a transaction volume of 43.38 million yuan, reflecting active trading [3] - The ETF's latest scale reached 4.704 billion yuan, with a net inflow of 37.74 million yuan over the past 17 trading days, indicating a positive trend in investor sentiment [3] Dividend Distribution - As of October 31, 2025, a total of 1,033 listed companies have announced cash dividend plans, an increase of 141 companies compared to the previous year, with total cash dividends amounting to 734.9 billion yuan [3] - Notably, 89 companies have declared dividends exceeding 1 billion yuan within the year [3] Investor Sentiment - Market sentiment indicators have returned to a neutral zone, but there remains a willingness among investors to "buy the dip," suggesting that adjustments may present further investment opportunities [4] - The top ten weighted stocks in the CSI 300 Dividend Low Volatility Index account for 35.78% of the index, with companies like China Shenhua and Shuanghui Development leading the way [4][6] Stock Performance - The top performing stocks within the index include China Shenhua (up 1.93%), Shuanghui Development (up 1.59%), and China Petroleum (up 1.65%), while some stocks like Gree Electric and Huayu Automotive experienced declines [6] - Investors without stock accounts can access investment opportunities through the corresponding CSI 300 Dividend Low Volatility ETF linked fund (007606) [6]

Summary of China Consumer Pulse Q3 2025 Industry Overview - **Industry**: Chinese Consumer Market - **Key Sectors Analyzed**: Alcohol, Apparel, Beauty, Travel, Luxury Goods, Autos Core Insights 1. **Mixed Consumer Sentiment**: Chinese consumer sentiment remains mixed, with a notable divergence in spending patterns across sectors [2][29][30] 2. **Experiential Spending Resilience**: Experiential categories such as restaurants (+24% YoY) and travel (+16% YoY) show resilience, indicating a shift towards experiences over goods [2][35] 3. **Premium Demand Recovery**: Onshore luxury spending has improved, with premium auto sales stabilizing and showing positive year-over-year growth in September, ending a 19-month decline [2][30] 4. **Digital Channels Outperform**: Digital retail channels continue to outperform traditional retail, although there are signs of weakness in specific segments like beauty e-commerce, which saw a -3% decline [2][29][30] 5. **GDP and Retail Growth Slowdown**: China's Q3 GDP growth slowed to 4.8% YoY, with retail growth easing to 2.1%, attributed to fading consumer incentives and macroeconomic uncertainties [3][29] 6. **Deflationary Trends**: Deflationary pressures persist across travel and hotel pricing, with moderate price declines observed [12][29] Sector-Specific Insights Premium Beverages - **Weak Demand**: Ultra-premium Baijiu prices continued to slide in Q3 due to weak demand, particularly around the Mid-Autumn Festival [4][30] Apparel and Sportswear - **Mixed Performance**: The apparel market is growing online but remains negative offline, with brands like Adidas showing over 20% growth while Nike faces challenges [5][22] Home Appliances - **Sector Contraction**: The home appliance sector contracted by 7% in Q3, with significant declines in both domestic and overseas exports [7][31] Luxury Goods - **Signs of Improvement**: Early signs of recovery in the luxury market, with brands like Hermès and Louis Vuitton performing well, while Kering struggles [8][9][30] Automotive - **Sales Growth Slowdown**: Auto sales growth slowed to +2.5% YoY in Q3, with EV sales decelerating to +12.5% YoY. However, EV penetration reached 55.1% [10][16][17] Hotels - **RevPAR Declines**: Domestic hotel RevPAR continues to decline, with luxury hotels being the only segment not experiencing persistent declines [10][23] Travel - **Resilient Growth**: The travel industry showed stable positive growth of 16% during the National Day Golden Week, reflecting ongoing domestic travel trends [11][12] Cosmetics - **Moderate Growth**: The cosmetics sector saw a +6.5% YoY increase in gross merchandise value, marking an improvement from previous quarters [13][29] Additional Considerations - **Cautious Consumer Behavior**: The macroeconomic environment is expected to lead to cautious, value-driven consumer behavior, highlighting the uneven recovery across sectors [3][32] - **Investment Implications**: The outlook for various sectors remains cautious, with potential growth in EVs and premium segments, while traditional sectors face challenges [16][17][22][23]

10月31日，美的集团第30届科技月大会暨颁奖仪式在广东佛山美的全球创新中心举行。本届科技月 以"AInnovation"为主题，通过奖项牵引、论坛拓展与展览联动，全面展示了美的在技术创新、产业突破 与人才培育方面的最新成果。从奖项总体来看，在个人奖方面，"科技明星"17人、"科技新星"12人；项 目奖方面，"技术突破奖"18项、"产品贡献奖"12项。 本届科技月对奖项设置进行了结构性调整。"产品贡献奖"新增海外突破和新产业两大类，以强化对海外 OBM业务突破与新产业发展的战略牵引。同时，大幅增加AI创新类"技术突破奖"数量，并增设AI创新 方向"科技明星"与"科技新星"各2名，进一步推动AI技术在美的各业务板块的深度融合与应用落地。 在颁奖仪式上，美的集团董事长兼总裁方洪波表示，未来十年，中国将出现一大批真正科技领先的全球 化企业，美的要有志向成为这样的企业，要有伟大的追求和愿景，始终坚持围绕"三个一代"研发体系， 集中资源，聚焦核心关键项目，真正以用户为中心，解决用户需求，要敢于创新，做真正的创新。 美的科技月已连续举办30届，集中展现了美的对于科技与人才的高度重视，累计奖励已近6亿元。美的 高度重视研发 ...

Investment Rating - Industry rating: Recommended [8] Core Insights - The report highlights that the export production of major home appliances (air conditioners, refrigerators, and washing machines) in November 2025 outperformed domestic sales, with total production of 28.47 million units, a year-on-year decrease of 17.7% [17] - Air conditioner exports showed resilience with a production of 7.46 million units, down 13.8% year-on-year, while domestic production fell by 21.2% to 5.3 million units [17] - Refrigerator production for domestic sales was 3.76 million units, down 10.9% year-on-year, while exports were 4.02 million units, down 1.5% [2][18] - Washing machine exports increased by 5.0% year-on-year to 3.75 million units, while domestic production decreased by 2.6% to 4.18 million units [3][18] - The overall air conditioner export volume for the cold year 2025 reached 88.02 million units, an increase of 12.3% year-on-year, with export value at $16.97 billion, up 13.7% [19] Summary by Sections 1. Weekly Topic: November Production Performance - Air conditioners, refrigerators, and washing machines showed stronger export performance compared to domestic sales, with significant production declines in domestic markets due to high inventory and cost pressures [17] - The report attributes the decline in domestic production to factors such as inventory management, high raw material costs, and the impact of previous government subsidy policies [17] 2. Company Announcements - Hisense Home Appliances reported a revenue of 71.533 billion yuan for Q1-Q3 2025, a year-on-year increase of 1.35%, with a net profit of 2.812 billion yuan, up 0.67% [21] - Midea Group's revenue for Q1-Q3 2025 was 364.7 billion yuan, a 14% increase year-on-year, with a net profit of 37.9 billion yuan, up 20% [24] - Haier Smart Home reported a revenue of 234.1 billion yuan for Q1-Q3 2025, a 10% increase year-on-year, with a net profit of 17.4 billion yuan, up 15% [25] 3. Data Tracking - Raw material prices showed slight increases, with copper and aluminum prices rising by 0.9% and 1.1% respectively as of October 31, 2025 [28] - Shipping rates increased, with the CCFI composite index rising by 2.89% [30] - Real estate data indicated a decline in sales area and construction activity, with year-on-year decreases of 5.5% and 15.3% respectively for the first nine months of 2025 [33]

研究报告 Research Report 2 Nov 2025 美的集团 Midea Group (000333 CH) 收入利润稳健增长，B 端业务持续优异 Stable Growth of Total Revenue and Profit, ToB Business Maintained Strong Performance [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb76.40 目标价 Rmb92.32 HTI ESG 4.8-4.6-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 义利评级 A+ 来源 : 盟浪 . Reproduced by permission; no further distribution 市值 Rmb587.03bn / US$82.82bn 日交易额 (3 个月均值) US$437.09mn 发行股票数目 6,931mn 自由流通股 ( ...

在美的集团科技月的远见者大会上，美的集团AI研究院院长徐翼展示了美的具身智能布局发展的路线 图。他在演讲中展示的实验室视频显示，未来的家庭机器人将实现自动从洗衣机和干衣机中取出衣物 并折叠。 "家电将成为新的流量进口。"徐翼说，美的正更新智能家电交互系统，增强交互，促进多智能体协 作。比如，用户说"关灯"，新系统会反馈说"请问是关闭所有灯，还是客厅的灯"，澄清用户意图后 再操作。智能体通过自主学习、自主决策，构建新的行为数据网络。 2025.11. 02 本文字数：1088，阅读时长大约2分钟 作者 | 第一财经 王珍 美的集团AI研究院院长徐翼在演讲中播放机器人折叠衣服的视频截图。拍摄/第一财经记者王珍 至于像折叠衣服这类机器人什么时候才会进入家庭，徐翼在回答第一财经记者提问时说，美的AI研究 院在做技术探索，商业化落地要与各个事业部结合。 从技术探索的角度，演示视频中的机器人只是样品，它的操作还不是很稳定，动作做100遍，有时候 会不成功。其次，机器人如果要真正进入家庭，安全要求很高，开洗衣机门不能把门拉坏，从冰箱拿 在家庭具身智能方面，主要有收纳、洗护、烹饪、清洁、照护几大类场景。"现阶段的探索主要是在 ...

Core Viewpoint - The latest holdings of the "national team" in A-share listed companies have been revealed, with significant investments in major financial institutions and other sectors, indicating a strategic focus on stability and growth in the market [1][2]. Group 1: National Team Holdings - A total of 233 A-share listed companies have the "national team" (China Securities Finance Corporation and Central Huijin) among their top ten shareholders [1]. - There are 30 stocks with a holding value exceeding 10 billion yuan, including major banks like China Construction Bank, Agricultural Bank of China, and Bank of China, with holdings valued at 1.3288 trillion yuan, 1.1429 trillion yuan, and 1.1138 trillion yuan respectively [1][2]. - The top holdings also include companies from various sectors such as insurance, food and beverage, and energy, showcasing a diversified investment strategy [1][2]. Group 2: New Additions and Performance - Farah Electronics has been newly added to the "national team" holdings, with a market value of 158 million yuan [3]. - For the third quarter, Farah Electronics reported a revenue of 3.944 billion yuan, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up by 14.58% [3]. - The company’s capacitor products are utilized in ultra-high voltage transmission applications, indicating a focus on high-demand technology sectors [3].

Core Insights - The latest holdings of the "national team" in A-share listed companies have been revealed, with 233 companies having the "national team" as one of their top ten shareholders [1][2] - In the third quarter, the "national team" held over 10 billion yuan in market value in 30 stocks, including major banks and insurance companies [1] Group 1: Major Holdings - The top three holdings by market value are: - China Construction Bank: 13,288.15 billion yuan - Agricultural Bank of China: 11,429.52 billion yuan - Bank of China: 11,138.27 billion yuan [1] - Other significant holdings include: - Industrial and Commercial Bank of China: 9,914.42 billion yuan - New China Life Insurance: 751.22 billion yuan - Ping An Insurance: 734.02 billion yuan [1][2] Group 2: New Additions - Farah Electronics is a new addition to the "national team" holdings, with a market value of 1.58 billion yuan [2] - The company reported a revenue of 3.944 billion yuan for the first three quarters, a year-on-year increase of 14.69%, and a net profit of 888 million yuan, also up 14.58% [2] - In the third quarter alone, Farah Electronics achieved a revenue of 1.445 billion yuan, reflecting a year-on-year growth of 9.31% [2]

在工厂智能方面，徐翼透露，美的一方面构建工厂大脑的决策中枢，另一方面构建工厂的具身智能终端。工厂大脑中枢系统可以控制各种具身智能终端，如 人形机器人、AI眼镜等，大脑中枢与智能终端之间是品质智能体、工艺智能体等虚拟智能体。 今年美的设立了人形机器人创新中心，美的集团副总裁、首席技术官卫昶提到，目前在开发超人形机器人，也许能在工厂产生实际的经济价值，希望人形机 器人不只提供情绪价值。 行业智能方面，徐翼说，美的产业布局宽泛，AI研究院对楼宇科技、库卡机器人、美的医疗也有支撑。比如，楼宇科技领域，他们计划构建楼宇大模型， 以赋能各类日常检测任务；库卡领域，他们希望通过代码大模型来帮助工业机器人实现智能升级；医疗领域，他们会有医疗多模态大模型，上面有各种检测 或者诊断的智能体。 至于像折叠衣服这类机器人什么时候才会进入家庭，徐翼在回答第一财经记者提问时说，美的AI研究院在做技术探索，商业化落地要与各个事业部结合。 从技术探索的角度，演示视频中的机器人只是样品，它的操作还不是很稳定，动作做100遍，有时候会不成功。其次，机器人如果要真正进入家庭，安全要 求很高，开洗衣机门不能把门拉坏，从冰箱拿东西不能把东西砸掉。预计 ...

Core Viewpoint - Midea is focusing on user value rather than the concept of "ecosystem," emphasizing the integration of smart home, smart cars, and smartphones to meet user needs across different spaces and scenarios [1][2]. Group 1: Midea's Strategy - Midea is implementing a dual-brand strategy with COLMO and Midea to create deep smart home integration, aiming to connect users across various environments [1]. - The concept of "human-vehicle-home integration" is not unique to Xiaomi but is seen as a direction for the development of the Internet of Things (IoT) [4]. - Midea has conducted extensive research on user needs for connectivity between smartphones, cars, and traditional homes, indicating a demand for seamless integration [2]. Group 2: Industry Context - The "human-vehicle-home" concept has been referenced by other companies, including Huawei, which emphasizes its HarmonyOS in its smart living solutions [4]. - Midea is a member of the Matter protocol, which aims to standardize connectivity across various smart devices, and has already launched products supporting this protocol [4]. - According to Omdia, the number of devices supporting the Matter protocol is expected to increase by 300% in 2024, with the average number of connected devices in homes rising from 6 to 9-10 [4]. Group 3: Midea's IoT Development - Midea established its IoT research lab in 2013 and has progressed through three phases of smart home development, from single-device control to a unified IoT platform [5]. - The current phase focuses on an integrated solution centered around AI, with the Midea app connecting over 1.259 billion devices and having more than 1.159 billion registered users [5]. - Midea plans to expand its connectivity efforts with smartphone and automotive companies to enhance integration beyond the home environment [5].