新华财经上海7月21日电（林郑宏）7月21日，香港恒生指数收盘上涨0.68%，报24994.14点，盘中一度站上25000 点整数关口，创2022年2月以来新高。 H股股价高于A股股价的AH股公司一览（截至7月21日收盘数据） 受此带动，H股相对A股溢价的AH股公司数量攀升至8家，其中宁德时代H股较A股溢价最多，达36.69%，华新水 泥、东方电气、恒瑞医药3家公司也均超过10%。 新华财经注意到，近一个月内，AH股溢价始终处于低位徘徊，而H股较A股溢价的公司数量也一直维持在3家， 但这一局面在今天被打破。 长江证券研报数据显示，虽然AH溢价率整体来看，一直呈现A股溢价状态，但是历史上也有部分阶段A股相较于 对应港股呈现折价。典型阶段如2014年下半年，当时AH股溢价一度跌至100以下，呈现普遍性的H股贵于A股的 情况，而H股较A股溢价的公司当时也一度攀升至18家。 中字头央企领涨恒指成分股，中国石油化工股份涨5.53%，中国石油股份涨3.61%，中国神华H股涨2.94%。 AH股溢价下跌0.67%，报125.44，创2020年6月后最低水平，两地上市公司H股与A股差价进一步缩小。 得益于雅鲁藏布江水电站工程 ...

Core Viewpoint - The latest holdings of Zhu Shaoxing's fund, FuGuo TianHui Selected Growth Mixed Fund, show significant changes in stock positions and reflect the current market conditions and investment strategies [1][2][3][4]. Group 1: Fund Performance and Holdings - As of the end of Q2 2025, Zhu Shaoxing's stock position is at 94.05%, with the top ten holdings accounting for 34.98% of the fund's net value [2]. - The top ten holdings include Guizhou Moutai, Ningbo Bank, Spring Power, Midea Group, Ruifeng New Materials, CATL, Jerry Holdings, Binjiang Group, Guangdong Hongda, and Blue Sky Technology [2]. - New entries in the top ten holdings for Q2 include Jerry Holdings, Guangdong Hongda, and Blue Sky Technology, while positions in Ningbo Bank, Spring Power, Midea Group, CATL, and Binjiang Group were reduced [2]. Group 2: Market Analysis - In Q2, the CSI 300 Index rose by 1.25%, and the ChiNext Index increased by 2.34%, following a period of significant market volatility due to escalating trade tensions [3]. - The market experienced a recovery after a sharp decline caused by trade conflicts, with expectations of a negotiated resolution to the trade issues [3]. - The current A-share market is viewed as attractive in terms of long-term valuation, with equity assets positioned well in terms of risk-reward [4]. Group 3: Investment Strategy - The fund aims to focus on high-quality stocks with strong corporate governance and management, believing these companies are more likely to create value for investors in the future [4]. - The investment strategy emphasizes patience in collecting shares of companies with significant growth potential, rather than attempting to predict short-term market trends [4]. - The fund's performance is linked to sharing the capital market gains derived from the growth of the underlying companies [4].

2020年3月，美的集团正式宣布，全球创新园区落户上海计划启动，拟以全新姿态完成从"白电龙头"到"科技巨头"的蜕变。 同年12月，美的集团以底价18.36亿元，成功竞得上海西虹桥一宗商办用地。 2025年6月，历时5年，承载人工智能、新能源、智能制造、智慧医疗、智慧物流等领域研发重任的美的全球创新园区正式竣工启用，总投资超过70亿元。 该园区定位为美的继广东顺德总部后的第二个国内全品类研发中心，未来可容纳8000至10000名科研人员，聚焦人工智能、大数据、智慧能源等前沿技术研 发，与美日德意等30余个全球研发中心形成"2+4+N"创新网络。 这也意味着，美的全球研发体系的全面升级。 （文/张志峰 编辑/周远方） 企业2025年一季度财报显示，美的集团楼宇科技业务收入同比增长20%，成为增长最快板块之一。 悬空双塔与绿色技术 "我们希望员工在工作中犹如置身于森林之上，感受科技带来的便捷与自然的宁静。" 美的集团上海园区办公室总监许宁说。 上海美的全球创新园区的设计理念为"森林之上，科技之城"，旨在打造一个融合自然与科技的未来园区。建筑主体采用钢结构体系，通过 14 个核心筒支撑 起两栋L型塔楼，形成连续200 ...

Core Viewpoint - The home appliance industry maintains a high level of prosperity, with strong growth in air conditioning demand driven by summer heat, and leading companies are expected to perform well in the upcoming quarters [1] Group 1: White Goods - The summer heat has led to significant growth in the air conditioning sector, with online sales growth of 55% and offline sales growth of 70% in the first two weeks of July [2] - Major companies like Gree, Midea, and Haier reported online sales growth of 61%, 37%, and 222% respectively, while offline sales growth was 66%, 56%, and 99% [2] - The domestic air conditioning market saw a 16% increase in June, with Gree, Midea, and Haier growing by 16%, 26%, and 27% respectively [2] Group 2: Robotic Vacuums - The competitive landscape in the robotic vacuum sector is improving, with companies like Ecovacs and Roborock showing online sales growth of 129% and 63% respectively [2] - The price increase by a competitor has led to a slight loss in market share, but overall, the industry is expected to see a profit margin improvement in Q3 [2] Group 3: Black Goods - The black goods sector experienced a 10% year-on-year growth in online sales in the first two weeks of July, primarily driven by an increase in average prices [3] - Companies like Hisense and Vidda saw online growth of 37% and 6%, while TCL grew by 46% [3] - The average price of 65-inch and 75-inch panels is expected to decline by $4 in July, continuing a downward trend [3] Group 4: Two-Wheelers - The domestic sales of electric two-wheelers are projected to reach 32.325 million units in the first half of 2025, marking a 29.5% year-on-year increase, driven by government subsidies [3] - After a brief disruption in subsidy funding, regions like Wuxi have resumed normal funding trends, supporting industry growth [3] - Companies like Ninebot announced domestic shipments exceeding 8 million units, while Niu Technologies reported significant sales during a recent product launch [3] Group 5: Motorcycles - The sales of motorcycles with engine sizes over 250CC reached 102,000 units in June, reflecting a 14.3% year-on-year increase, with exports growing by 59.9% [4] - The market concentration among top brands is increasing, with the top three brands holding a combined market share of 46.9% [4] - International demand is recovering, with notable growth in registrations in Italy and Spain, indicating a positive trend for Chinese motorcycle manufacturers [4]

Core Viewpoint - The AI Fund, China Europe Responsible Investment Mixed A (009872), reported a profit of 122 million yuan in Q2 2025, with a net value growth rate of 3.73% and a total fund size of 3.341 billion yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the fund's unit net value was 0.893 yuan [3]. - The fund's performance over various time frames includes: - 3-month net value growth rate: 15.05%, ranking 34 out of 132 comparable funds [4]. - 6-month net value growth rate: 21.02%, ranking 16 out of 132 comparable funds [4]. - 1-year net value growth rate: 31.32%, ranking 24 out of 132 comparable funds [4]. - 3-year net value growth rate: -0.37%, ranking 42 out of 127 comparable funds [4]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years is 0.2062, ranking 44 out of 129 comparable funds [9]. - The maximum drawdown over the past three years is 40.03%, ranking 52 out of 129 comparable funds, with the largest single-quarter drawdown occurring in Q1 2022 at 23.31% [11]. Investment Strategy - The fund maintained an average stock position of 91.92% over the past three years, compared to a peer average of 86.11% [14]. - The fund reached its highest stock position of 93.71% at the end of Q1 2025, with the lowest being 84.08% at the end of 2020 [14]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings include: - Xiaomi Group-W - Zijin Mining - Tencent Holdings - CATL - Midea Group - Jiangsu Bank - Dongyue Group - Jinbo Bio - CITIC Securities - China Merchants Bank [19].

Group 1: Market Trends - The sales of "cooling" appliances have surged due to high temperatures across the country, with sales of cooling fans with humidifying functions and air circulation fans increasing by over 62% and 89% year-on-year, respectively [1] - Air conditioner sales and installations have also seen significant growth, with a store manager reporting weekend sales reaching 300-350 units and weekday sales around 100-150 units, leading to a 2.3 times increase in average installation volume [1] - The demand for ice has rapidly increased, with ice production in Zhengzhou reaching nearly 300 tons daily, and sales doubling [1] Group 2: Product Performance - Ice-making refrigerators, home ice makers, and ice-making drinking machines have gained popularity, with Bosch reporting over 200% year-on-year growth in sales and revenue for its ice-making products in Q2 [2] - A store manager noted a 60% increase in customer inquiries for refrigerators with ice-making capabilities, with over 150 units sold in just one week [2] - Small Bear Electric reported a 20% year-on-year increase in ice maker sales from April to June, along with strong performance in other related products [2] Group 3: Industry Insights - The surge in ice-making appliances is attributed to the previous year's exposure of ice demand in cold drink scenarios and the entry of leading brands enhancing product experience and awareness [3] - Despite the rapid growth in the first half of the year, there is still room for continued expansion in the ice-making appliance market, with expectations of price reductions as leading brands increase their presence [3] - Other companies such as Midea and Supor are also entering the market for home ice makers and ice-making drinking machines [3]

Core Viewpoint - The article discusses the increasing presence and competitiveness of Chinese home appliance companies in the European market, highlighting their strategies and growth in sales, while also noting the response from South Korean companies like LG Electronics to this challenge [1][2][3]. Group 1: Market Dynamics - Chinese home appliance exports to Europe reached $15.57 billion from January to May 2025, marking a 12.3% year-on-year increase, with air conditioning exports growing approximately 20% due to rising temperatures in Europe [4][9]. - Haier's market share in the UK has reached 9%, positioning it among the top three brands, alongside Beko and Bosch [9]. - Midea's air conditioning sales in Europe increased by 35% in the first half of 2025, with a notable 68% growth in France [4][9]. Group 2: Competitive Strategies - LG Electronics plans to launch co-developed washing machines and refrigerators priced around $500 in Europe, moving from OEM to Joint Development Manufacturing (JDM) to enhance market share [2][4]. - LG Electronics has partnered with Chinese companies like Skyworth and Aucma to develop products, aiming to expand this model to other appliances like air conditioners [5][6]. - The article notes that LG Electronics is under pressure as its profits and appliance revenues have fallen below those of Midea, which reported a record revenue of 407.1 billion RMB in 2024 [7][8]. Group 3: Future Outlook - Chinese appliance companies are not only expanding in the low-cost segment but are also moving towards the mid-to-high-end market, creating a multi-tier brand matrix [8][10]. - The article predicts that the market share of Chinese companies in Europe will continue to rise as they focus on localizing production and enhancing brand value [10].

Investment Rating - The report maintains a positive outlook on the home appliance sector, indicating a "Buy" rating for key companies in the industry [3][4]. Core Insights - The home appliance sector outperformed the CSI 300 index, with the Shenwan home appliance index rising by 1.9% compared to a 1.1% increase in the CSI 300 index [3][4]. - The issuance of 123 billion yuan in ultra-long-term special bonds is expected to support the "old-for-new" consumption policy, with a total of 300 billion yuan allocated for this initiative [9][62]. - Midea Group has become the official sponsor of the 2025 Africa Cup of Nations, indicating a strategic investment in the African market, which is seen as having strong consumer potential [10][11]. Summary by Sections 1. Market Performance - The home appliance sector has shown resilience, with key companies like Yitian Smart (up 25.0%), Ecovacs (up 20.9%), and Roborock (up 9.7%) leading the gains, while Huaxiang Co. (-4.8%) and Hisense Visual (-2.4%) faced declines [3][6]. 2. Industry Dynamics - The issuance of 123 billion yuan in ultra-long-term special bonds aims to bolster consumer spending through the "old-for-new" policy, with 3 billion yuan allocated for this purpose [9][62]. - Midea's partnership with the African Football Confederation marks a significant step in expanding its investment in Africa, with plans for new manufacturing facilities in Egypt [10][11]. 3. Data Observations - In June, the average retail price of white goods increased, with air conditioners seeing a 10.1% rise in retail volume and a 14.6% increase in retail value [28][30]. - The average price of refrigerators rose by 2.7% to 7,137 yuan, despite a 2.4% decline in retail volume [31][34]. - The kitchen appliance segment also saw growth, with range hoods and gas stoves experiencing retail volume increases of 18.4% and 9.9%, respectively [36][37]. 4. Economic Environment - As of July 18, 2025, the exchange rate of the US dollar against the Chinese yuan has decreased by 0.54% since the beginning of the year [39][40]. - The sales area of commercial housing in June 2025 increased by 11.84% year-on-year, indicating a recovery in the real estate market [41][42].

市场调研公司欧睿国际最近的报告显示，中国在东南亚电器消费市场的份额从2015年的3.6%上升到 2024年的8.6%，其中一些产品崛起尤为强劲。欧睿国际高级全球洞察经理蒂姆·蔡说："中国的创新竞争 很激烈。在中国市场存活下来的强势企业一旦进入海外市场，就能凭借经验形成主导优势。" 海尔、美的等中国家电巨头通过收购和建立本地生产基地，逐步扩大全球版图。一些知名度较低的品牌 也凭借在国内积累的经验，借助高效、低成本的物流和强大线上销售渠道，不断提升（在东南亚的）市 场份额。 日本"日经亚洲评论"7月16日文章，原题：中国消费品牌在东南亚市场崛起，挑战老牌巨头 中国消费品 牌正通过收购竞争对手和利用线上销售渠道，加速在东南亚的扩张，深入进军曾由日韩和欧洲企业主导 的家电和化妆品市场。与汽车和智能手机领域的中国企业一样，海尔等大品牌以及一些不太知名的中国 品牌在该地区迅速扩张。 随着美国不断提高关税，中国消费品涌入东南亚的趋势可能加速。（作者铃木航等，刘长煌译） 中国企业的崛起挤压了曾在东南亚主导相关领域的日韩制造商的空间，如松下、LG电子等品牌。在空 调领域，2015年至2024年，日企的市场份额下降7个百分点，中 ...

Core Viewpoint - Chinese home appliance companies are increasingly gaining market share in Europe, prompting Korean companies to adopt new strategies to compete effectively [4][5][10]. Group 1: Market Dynamics - Haier, Midea, and other Chinese companies are expanding their presence in the European market, with Haier's market share in the UK reaching 9% [10]. - Midea's MBT Climate has established a new R&D center in Italy, investing €12 million to focus on environmentally friendly technologies [5][11]. - Chinese air conditioning exports to Europe reached $1.557 billion in the first five months of 2025, marking a 12.3% year-on-year increase [6][10]. Group 2: Competitive Strategies - LG Electronics plans to launch jointly developed washing machines and refrigerators priced around $500 in Europe, moving from OEM to JDM collaboration with Chinese firms [6][7]. - LG's strategy aims to capture the mid-to-low price market segment, which has been increasingly dominated by Chinese brands [9]. - Chinese companies are not only competing on price but are also moving towards the mid-to-high-end market, creating a diverse brand matrix [10][11]. Group 3: Financial Performance - Midea reported a record revenue of 407.1 billion RMB in 2024, with a significant portion coming from its home appliance segment [8]. - LG Electronics' revenue for 2024 was $62.893 billion, with a notable decline in profit margins compared to Chinese competitors [8][9]. - Haier and Hisense also reported record performances, indicating a strong competitive position against LG and other traditional players [8][10].