天眼查工商信息显示，近日，宁波美和美善创业投资合伙企业（有限合伙）成立，执行事务合伙人为朱 文斌，出资额4001万人民币，经营范围为创业投资。合伙人信息显示，该合伙企业由美的集团 （000333）旗下美的创业投资管理有限公司、方洪波、顾炎民等共同出资。 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, indicating a "Look Forward" investment rating for 2025 [3][5]. Core Insights - The home appliance industry experienced a year-on-year revenue growth of 7.34% in Q2 2025, with total revenue reaching 482.5 billion yuan [4][19]. - The net profit for the industry in Q2 2025 was 37.41 billion yuan, reflecting a year-on-year increase of 3.14% [4][22]. - The report identifies three main investment themes: 1) White goods benefiting from real estate policy changes and trade-in incentives; 2) Export opportunities driven by large customer orders; 3) Core components seeing increased demand due to the favorable market conditions for white goods [4][6]. Summary by Sections 1. Industry Performance Overview - The home appliance sector underperformed the market, with a decline of 5.3% from April 1 to June 30, 2025, compared to a 1.3% increase in the CSI 300 index [14][18]. 2. Q2 2025 Home Appliance Industry Performance - Revenue growth of 7.34% year-on-year, with total revenue of 482.5 billion yuan [4][19]. - Net profit growth of 3.14% year-on-year, totaling 37.41 billion yuan [4][22]. - The gross margin decreased by 1.36 percentage points to 23.21% [25]. 3. Sub-Industry Performance 3.1 White Goods - Revenue reached 300.21 billion yuan, growing by 5.81% year-on-year [41]. - Net profit was 30.38 billion yuan, with a year-on-year growth of 5.86% [42]. 3.2 Kitchen Appliances - Revenue declined by 8.36% to 7.944 billion yuan, with net profit down 13.80% to 0.813 billion yuan [46]. 3.3 Small Appliances - Revenue increased by 14.10% to 37.23 billion yuan, but net profit fell by 14.68% to 2.599 billion yuan [51]. 3.4 Black Goods - Revenue grew by 8.23% to 100.34 billion yuan, with net profit increasing by 13.93% to 1.342 billion yuan [55]. 4. Key Investment Targets - The report recommends investing in leading companies in the white goods sector, such as Hisense, Midea, Haier, and Gree, due to their favorable valuation and growth potential [4][5][6].

以下文章来源于公募排排网 ，作者康波 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 84位百亿主动权益基金经理名单曝光！ 84位百亿主动权益基金经理名单曝光！ 公募排排网 数据显示，管理规模超百亿的基金经理仅有84位。 从学历背景来看，百亿主动权益基金经理均拥有硕士及以上学历。其中， 硕士学历的有 73人，博士学历的为11人 。拥有博士学历的百亿主动 权益基金经理分别是 葛兰、刘格菘、朱少醒、崔宸龙、黄兴亮、周云、曲扬、秦毅、蓝小康、焦巍及王贵重 。 在基金经理年限方面， 截至2025年9月7日， 百亿主动权益基金经理的 平均基金经理年限为 9.41年 。资历较深的有刘彦春（16.37年）、周蔚 文（18.47年）、朱少醒（19.83年）、赵晓东（16.03年）、傅鹏博（15.64年）、冯波（15.70年）、张军（17.52年）、史博（17.33年）。 从所属基金公司角度看， 广发基金、易方达基金、中欧基金和汇添富基金 等公司拥有数量较多的百亿主动权益基金经理，分别为9位、7位、7 位、5位和5位。 （ 点此查看百亿 ...

Core Viewpoint - The article discusses the performance of the HuShen 300 ETF (510320) as of September 11, highlighting its increase of 2.10% and the performance of its major holdings [1] Group 1: ETF Performance - The HuShen 300 ETF (510320) closed at 1.216 yuan with a trading volume of 17.7851 million yuan [1] - Since its inception on April 16, 2025, the fund has achieved a return of 19.24%, with a one-month return of 8.33% [1] Group 2: Major Holdings Performance - Major stocks in the ETF include: - Kweichow Moutai: down 0.26% - CATL: up 1.66% - Ping An Insurance: up 0.88% - China Merchants Bank: up 0.12% - Industrial Bank: up 0.42% - Yangtze Power: down 0.18% - Midea Group: down 0.65% - Zijin Mining: up 0.87% - BYD: up 0.67% - East Money: up 4.77% [1]

齐鲁晚报·齐鲁壹点 记者 蔡宇丹 9月5日，青岛市长任刚率市直有关部门负责人到海尔集团调研并举行座谈会。根据公开报道，海尔机器 人产业成为这场政府调研的重点。 同日开幕的柏林国际电子消费品展览会（IFA 2025）上，美的正式发布了其家用人形机器人预告片，这 标志着美的正式进军人形机器人战场。 而就在9月3日，优必选宣布获得一份价值2.5亿元的具身智能人形机器人采购合同，为目前全球该领域 最大单笔订单。 人形机器人正加速从研发走向规模化商业应用，这个赛道已成为国内家电巨头寻找新蓝海的重点方向， 对于区域经济发展，这个赛道同样至关重要。 五年前，时任青岛党政一把手共同与海尔围绕共建"世界工业互联网之都"，在海尔集团召开座谈会，当 时正处于工业互联网崛起之际。当下，国家层面打响"人工智能+"的发令枪，和"人工智能+"密切相关的 人形机器人产业，被各地寄予厚望。2025年3月，南京成立机器人产业攻坚办，在青岛人形机器人产业 发展中，海尔能否起到关键作用尚未可知，伴随着区域经济竞跑的新赛点，产业界一场新的"能力迁 徙"已然开始。 1. 根据摩根士丹利报告数据，人形机器人潜在市场总规模可达60万亿美元，预计到2050年 ...

Group 1: MOMO US - The operating profit exceeded expectations, with overseas new products maintaining strong growth momentum [1] - Revenue for Q2 2025 was 2.62 billion yuan, a year-on-year decrease of 3%, while adjusted operating profit was 450 million yuan, surpassing the expected 390 million yuan due to better-than-expected cost control and marketing channel optimization [1] - Overseas revenue continued to expand, increasing by 73% year-on-year, accounting for 17% of total revenue [1] Group 2: Future Outlook for MOMO US - Revenue for Q3 2025 is expected to decline by 2% year-on-year, with the impact of stricter compliance on streamer taxes leading to potential increases in revenue-sharing incentives [2] - Overseas revenue is projected to grow by 62% year-on-year, with products like Amar and Yaahlan expected to maintain strong growth [2] - Adjustments to net profit expectations for 2025/26 have been made due to potential new product marketing investments and changes in dividend withholding tax rates [2] Group 3: SF Express (9699 HK) - The company is experiencing continuous profit release under diversified layouts, with a buy rating maintained [3] - Revenue growth for 2025-27 has been revised upward by 14%/12%/12% to 22 billion - 30.4 billion yuan, with year-on-year growth rates of 40%/20%/15% [3] - Profit forecasts for 2025-27 have been increased by 26%/23%/27% to 340 million - 760 million yuan, with Non-IFRS net profit margins of 1.5%/2%/2.6% [3] Group 4: Future Outlook for SF Express - SF Express is expected to benefit from a rational return of subsidies in the takeaway market, with significant business space remaining [4] - The target price has been adjusted to 15.4 HKD based on a rolling valuation to 2026, corresponding to 0.5 times the sales ratio [4] Group 5: Consumer Industry Overview - The consumer market in mainland China showed moderate recovery in the first half of 2025, with structural differentiation in performance across segments [8] - Key trends include the leading performance of experiential consumption, revenue growth from global expansion strategies, and operational efficiency becoming a critical factor for profit differentiation [8][9] - Recommendations include focusing on players capturing consumer trends with high growth potential, such as Pop Mart (9992 HK), and industry leaders with stable fundamentals like Midea (000333 CH), Anta (2020 HK), and Yili (600887 CH) [8] Group 6: Automotive Industry Overview - The penetration rate of new energy vehicles reached 55.2% in August, with retail sales of passenger cars hitting a historical high of 1.995 million units [12] - The export of passenger cars, including new energy vehicles, maintained good growth momentum, with 204,000 new energy vehicles exported in August, accounting for 40.9% of total exports [13] - The upcoming launch of multiple new models in Q3-Q4 2025 is expected to enrich market supply and boost sales during the traditional peak season [13][14]

Core Insights - The "14th Five-Year Plan" has led to improved overall production and operational conditions for participating companies, with significant advancements in technological innovation and digital transformation [1] - The "15th Five-Year Plan" is viewed as a critical phase for accelerating new industrialization, with companies highlighting the need to address new challenges and enhance core technology capabilities [1][2] Group 1 - The meeting was attended by leaders from major companies such as Sinopec, Ansteel Group, and Xiaomi, who collectively acknowledged the positive outcomes of the "14th Five-Year Plan" [1] - Companies emphasized the importance of strengthening key core technology research, enhancing supply chain resilience, and promoting high-end, intelligent, and green development [1][2] Group 2 - Li Lecheng highlighted the dual nature of opportunities and challenges during the "15th Five-Year Plan," stressing the need for strategic focus and leveraging China's market advantages [2] - The plan aims to maintain a reasonable proportion of manufacturing, enhance value creation through quality, and promote the high-end positioning of Chinese products [2] - There is a call for increased investment in technological innovation and the formation of innovation alliances to tackle national technology challenges [2]

人民财讯9月10日电，9月10日，通威股份（600438）董事长、CEO刘舒琪率队到访美的，实地参观了美 的微波炉灯塔工厂、美的库卡智能制造科技园、美的总部展厅等。参访过程中，双方围绕财经体系运作 模式、供应链管理、数字化转型、AI技术应用、企业管理等话题展开深入交流与探讨。此前，美的集 团（000333）与通威股份签订了战略合作协议，双方在光伏行业数字化、机器人及物流自动化、智慧楼 宇、物流服务等领域展开全面深度合作。 ...

美的集团9月10日大宗交易平台出现一笔成交，成交量22.48万股，成交金额1735.01万元，大宗交易成交 价为77.18元，相对今日收盘价溢价0.21%。该笔交易的买卖双方均为机构专用席位。 进一步统计，近3个月内该股累计发生10笔大宗交易，合计成交金额为1.44亿元。 证券时报·数据宝统计显示，美的集团今日收盘价为77.02元，下跌0.21%，日换手率为0.39%，成交额为 20.88亿元，全天主力资金净流入9226.96万元，近5日该股累计上涨1.85%，近5日资金合计净流入4.84亿 元。 机构评级来看，近5日共有5家机构给予该股评级，预计目标价最高的是交银国际证券，9月4日交银国际 证券发布的研报预计公司目标价为96.20元。（数据宝） 9月10日美的集团大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 22.48 | 1735.01 | 77.18 | 0.21 | 机构专用 | 机构专用 ...

Core Insights - The importance of the "14th Five-Year Plan": The upcoming "14th Five-Year Plan" is expected to significantly impact China's economic and social development over the next five years, shifting focus from production to a balance between production and consumption due to the current issue of insufficient effective demand [1] - Strengthening consumption policies: Starting in 2024, consumption policies will be significantly enhanced, including the allocation of special government bond funds to support consumption upgrades. Continued funding is expected in 2025 and 2026 [1] - Potential of service consumption: China's service consumption still lags behind developed economies, indicating a substantial opportunity for growth in this sector to stimulate consumer interest and optimize the consumption environment [1] - Rise of technology consumption: With a rapid technological development and an engineering talent surplus, products like robotic vacuum cleaners and drones are gaining market attention, likely creating new consumer demand [1] - Optimization of the overall consumption mechanism: Measures such as consumption tax reform will encourage local governments to transition from production-oriented to service-oriented, promoting the internationalization of quality consumption companies and enhancing residents' consumption capacity [1] Investment Recommendations - Food and Beverage: Recommended companies include Dongpeng Beverage and Lihigh Food, with a focus on Youran Dairy and Bairun Co [2] - Service Sector: Recommended companies include Guming, Mixue Group, and Bubugao, with a focus on Zhongsheng Holdings [2] - Light Industry: Companies to watch include Hengfeng Paper and Xilinmen [3] - Trendy Toys: Recommended companies include Pop Mart and Blokus [4] - Home Appliances: Recommended companies include Midea Group, Haier Smart Home, TCL Electronics H, Roborock, and Ecovacs, with a focus on Yingshi Innovation [5] - Agriculture: Recommended companies include Zhongchong Co, Petty Co, Muyuan Foods, and Haida Group [11] - Textile and Apparel: Recommended companies include Anta Sports, Xtep International, 361 Degrees, and Hailan Home, with a focus on Li Ning and Sanfu Outdoor [11] Report Content Analysis - Expanding consumption share: The report emphasizes that expanding consumption share is essential for achieving Chinese-style modernization, as China's consumption rate is significantly lower than that of developed countries [9] - Shift in fiscal spending: During the "14th Five-Year Plan" period, fiscal spending will shift from material investments to human capital investments, increasing support for education, healthcare, and housing [9] - Promotion of common prosperity: The report highlights the need for income distribution reform and the promotion of the Zhejiang common prosperity model to achieve balanced development [9] - Consumption tax reform: The report suggests that consumption tax reform will help local governments transition from production-oriented to service-oriented, enhancing the consumption environment [9] - Transition from traditional to new consumption: The report analyzes the maturation of traditional consumption markets and the rise of new consumption, which is characterized by a focus on quality and personal satisfaction [9] - Stimulating interest in service consumption: The report indicates that the shift from physical to service consumption is crucial for expanding domestic demand, with growing demand for events and performances benefiting local consumption [9]