| 编纂]項下的[編纂]數目 : [編纂]股股份(視乎[編纂] 行使與否而定) | | --- | | [編纂]數目 :[編纂]股股份(可予[編纂]) | | [編纂]數目 :[编纂]股股份(可予[編纂]及 | | 視乎[編纂]行使與否而定) | | 最高[編纂]:每股股份[編纂],另加[編纂]([編纂]》 | | 港元[編纂],多繳款項可予退還) | | 面值 : 每股股份0.02美元 | | [編纂] : [編纂] | 瑞财经 吴文婷8月25日，纳真科技公司（以下简称"纳真科技"）在港交所递交招股书，花旗和中信证券为其联席保荐人。 纳真科技是光通信与光连接解决方案的全栈式供应商，为AI算力网络提供最关键的光通信产品，同时其亦是全球少数同时拥有光模块和光芯片研发及量产 能力的企业之一。 根据弗若斯特沙利文的资料，2024年，按全球光模块收入计，公司在全球所有专业光模块厂商中排名第五；按中国光模块收入计，公司在全球所有专业光模 块厂商中排名第三。 据招股书，2022年-2024年，纳真科技实现收入分别为50.43亿元、42.39亿元、50.87亿元；年内溢利分别为4.29亿元、2.16亿元、8949万元。 2 ...

Core Insights - In July, domestic air conditioner sales increased by 14% year-on-year due to high temperatures, while exports declined [1] - The overall household appliance export value in July decreased by 3% year-on-year, but the decline has narrowed compared to previous months [2] - The U.S. household appliance retail sales fell by 2% in July, with rising inventory levels indicating potential opportunities for Chinese appliance exports [3] Group 1: Domestic Market Performance - In July, total air conditioner sales in China reached 16.437 million units, a year-on-year increase of 1.6%, with domestic sales at 10.583 million units, up 14.3% [1] - The air conditioner export volume was 5.854 million units, showing a year-on-year decline of 15.5% due to high overseas inventory and tariffs [1] - Air conditioner production is expected to face pressure in August and September as the off-season approaches, with a projected production decline of 11.9% in September [1] Group 2: Export Market Trends - The household appliance export value in July was down 3.0% year-on-year, but the decline has improved from nearly 8% in May and June [2] - Specific categories like washing machines and vacuum cleaners saw over 10% growth, while refrigerators experienced a 1.5% increase in exports [2] - The air conditioner export value fell by 16.3% year-on-year, but the overall export performance is expected to improve as Chinese companies expand their overseas sales channels [2] Group 3: U.S. Market Insights - U.S. retail sales for electronics and appliances decreased by 1.7% year-on-year in July, with cumulative sales down 1.6% for the year [3] - Inventory levels in U.S. appliance stores have been rising, with a stock-to-sales ratio of 1.56, indicating a recovery from previous lows [3] - The increase in U.S. inventory levels may present opportunities for Chinese appliance exporters as they can benefit from the replenishment of stock [3] Group 4: Key Data Tracking - The relative performance of the home appliance market showed a decline of 2.01% this week [4] - Raw material prices for copper and aluminum decreased by 0.1% and 0.6% respectively, while cold-rolled steel prices fell by 1.8% [4] - Real estate data indicated a significant decline in residential construction and sales area, with year-on-year decreases of 17.3% and 4.1% respectively [4] Group 5: Investment Recommendations - Recommended companies in the white goods sector include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL, and Hisense [5] - In the kitchen appliance segment, Boss Electric is recommended, while in the small appliance category, Bear Electric, Roborock, and Ecovacs are highlighted [5]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][64]. Core Views - The home appliance sector is expected to gradually return to stable growth in both domestic and export sales, driven by high temperatures boosting air conditioning sales domestically, despite export pressures from tariffs and high inventory levels [1][2][18]. - The report highlights a positive trend in major appliance exports, with a narrowing decline in July, particularly in washing machines and vacuum cleaners, which saw growth exceeding 10% [2][23]. - The U.S. home appliance retail market is experiencing a slight decline in sales, but inventory levels are rising, indicating potential benefits for Chinese exporters as U.S. retailers increase stock in response to tariffs [3][33]. Summary by Sections 1. Investment Rating - The home appliance industry is rated as "Outperform the Market" [6][64]. 2. Key Research Tracking and Investment Thoughts - July air conditioning sales in China saw a year-on-year increase of 14%, with total sales reaching 16.437 million units, a 1.6% increase year-on-year [1][19]. - Domestic sales of air conditioners were strong at 10.583 million units, up 14.3% year-on-year, while exports fell by 15.5% to 5.854 million units [1][19]. - The report anticipates a return to stable growth in both domestic and export sales as the peak season ends and promotional events approach [1][19]. - The July export value of home appliances decreased by 3.0% year-on-year, a significant improvement from the nearly 8% decline in previous months [2][23]. - The U.S. home appliance retail sales fell by 1.7% year-on-year in July, with inventory levels rising, indicating a potential opportunity for Chinese exporters [3][33]. 3. Key Data Tracking - The home appliance sector's relative performance was -2.01% this week, with raw material prices for copper and aluminum slightly declining [4][38][41]. - The report notes a decrease in housing construction and sales, with residential construction down 17.3% year-on-year in July [4][51]. - The report provides a list of recommended companies, including Midea Group, Gree Electric, and Haier Smart Home, all rated as "Outperform the Market" [5][61].

证券之星消息，8月25日白色家电板块较上一交易日上涨1.99%，深康佳Ａ领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000016 | 深康佳A | 6.12 | 10.07% | 174.96万 | | 10.36 Z | | 000921 | 海信家电 | 25.60 | 3.77% | 33.46万 | | 8.45亿 | | 000651 | 格力电器 | 48.10 | 2.10% | 76.24万 | | 36.35 Z | | 000333 | 美的集团 | 73.52 | 1.98% | 1 70.02万 | | 51.10亿 | | 600690 | 海尔智家 | 26.19 | 1.59% | 52.49万 | | 13.68亿 | | 000521 | 长虹美菱 | 7.97 | 0.89% | 34.68万 | | 2. ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the industry [7] Core Insights - The report highlights that Dahon Technology is the leading player in the domestic folding bicycle industry, with a market share of 26.3% in sales volume and 36.5% in sales revenue for 2024, indicating strong brand influence and industry position [2][12] - The folding bicycle market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 24% in sales volume and 33% in revenue from 2022 to 2024 for Dahon Technology [2][59] - The global bicycle market is expected to grow steadily, with a retail volume increase from 164.5 million units in 2019 to 178.8 million units in 2024, reflecting a CAGR of 1.7% [13][16] Summary by Sections Industry Overview - The demand for folding bicycles is rapidly increasing, driven by urban commuting needs and the convenience of compact storage [21][22] - The global folding bicycle market is projected to grow from 2.0 million units in 2019 to 3.7 million units in 2024, with a CAGR of 13.4% [22][30] - The market for high-end folding bicycles (priced above 2500 RMB) is expanding, accounting for approximately 44.1% of retail volume and 86.5% of retail revenue in 2024 [30][42] Company Profile: Dahon Technology - Dahon Technology, founded in 1982, has established itself as a leader in the folding bicycle sector, achieving significant growth and brand recognition [2][55] - The company’s revenue for 2024 is projected to reach 4.51 billion RMB, with a net profit of 0.52 billion RMB, both reflecting a year-on-year increase of 50% [2][59] - Dahon's product strategy focuses on the mid to high-end market, with mid-range products accounting for approximately 69.5% of revenue by 2024 [70] Market Dynamics - The domestic market for folding bicycles is highly concentrated, with Dahon Technology holding a dominant position, capturing 60.4% of the market share among the top five companies [49][46] - The report indicates that the Chinese market is the largest single market for folding bicycles, with retail volume expected to grow from 0.3 million units in 2019 to 0.8 million units in 2024, reflecting a CAGR of 19.9% [40][41] - The company is expanding its distribution network, with over 680 retail points across 30 provincial regions in China, while also gradually recovering its overseas market presence [75][76]

Core Insights - The recent disclosure of semi-annual reports by A-share listed companies reveals significant movements among institutional investors, particularly pension funds [1] Group 1: Institutional Investment Trends - In the second quarter, pension funds entered the top ten circulating shareholder lists of over 20 stocks [1] - The total market value of stocks newly held by pension funds, with a market value exceeding 100 million yuan, includes 11 companies: Hongfa Technology, Satellite Chemical, Shengyi Electronics, Yuyue Medical, Jereh Group, Angel Yeast, Taineng Technology, Huace Testing, Hisense Home Appliances, Gongda Electronics, and Cambridge Technology [1] - Additionally, pension funds also entered the top ten circulating shareholder lists of companies such as Weichai Heavy Machinery, Huafeng Aluminum, Luxi Chemical, Jingneng Electric Power, Nova Star Cloud, Fuda Co., Tianqin Equipment, Shanhaishan, Gaoxingxing, Jiuzhitang, Doli Technology, Zhongce Rubber, Weifeng Electronics, and Baolijia [1]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净点比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000333 | 美的集团 | 7091.87万 | 2.52% | -1.76 Z | -6.24% | 1.05 Z | 3.72% | | 001387 | 雪祺电气 | 225.10万 | 3.29% | -101.79万 | -1.49% | -123.32万 | -1.80% | | 002668 | TCL智家 | 6.49万 | 0.04% | 85.03万 | 4 0.58% | -91.51万 | -0.62% | | 600983 | 惠而浦 | -101.26万 | -1.30% | -826.59万 | -10.64% | 927.86万 | 11.94% | | 600336 | 澳柯玛 | -249.97万 | -0.95% | -140.18万 | -0.53% | 390.15万 | 1.48% | | 000521 | 长虹美菱 | ...

智通财经APP获悉，国联民生证券发布研报称，空调7月内销双位数增长，外销弱势运行，符合市场预 期。政策/高温带动下，2025冷年空调内销量同比+11%至1.1亿台，历史新高。过去十年产业景气包括 2017(地产+热夏)及2023-2024(疫后修复+政策)，内销降幅超过10%仅在2015(去库)及2020(疫情)，无累 库/需求冲击时，基数影响有限。冷年内销景气收官，海外关税/地缘仍有不确定性，龙头转产持续推 进，出海长逻辑不改；白电龙头高质量且高股息，投资价值值得重视。 产业在线发布7月空调产销数据 国联民生证券主要观点如下： 当月家用空调产量1,612万台，同比-0.01%，销量1,644万台，同比+1.58%，其中内销1,058万台，同比 +14.34%，出口585万台，同比-15.47%，期末库存1,472万台，同比-7.47%；分公司销量，格力当月同 比-4.05%(内销持平，出口-15.00%)；美的同比-7.37%(内销+1.69%，出口-22.22%)；海尔同比+27.59% (内销+57.89%，出口-30.00%)；海信同比+19.58%(内销+62.50%，出口-11.93%)；长虹同比 ...

TO OD DE LED STORES of a b 1 F 11 7 08 1 and and the 11 0 佛山已培育出84家境内外上市公司，打造了资本市场"佛山军团"。图为佛山环文华公园创新活力区。南方日报记者 戴嘉信 摄 | 股票代码 | 股票简称 | 营业收入 | 营业收入 同比增长率 | 净利润 | | --- | --- | --- | --- | --- | | 000921.SZ | 海信家电 | 493.40亿元 | 1.44% | 20.77亿元 | | 002911.SZ | 佛燃能源 | 153.38亿元 | 8.59% | 3.10亿元 | | 001322.SZ | 箭牌家居 | 28.37亿元 | -8.12% | 2844.14万元 | | 603348.SH | 文灿股份 | 28.03亿元 | -8.88% | 1311.00万元 | | 002611.SZ | 东方精工 | 21.59亿元 | -0.10% | 3.97亿元 | | 002676.SZ | 顺威股份 | 15.85亿元 | 14.27% | 5656.07万元 | | 002054.SZ | 德美化 ...

上市企业：美的集团(000333)、格力电器(000651)、TCL科技(000100)、海信家电(000921)、海尔智家(600690) 相关企业：科龙、大金空调、三菱电机、奥克斯、华凌、小米、统帅 关键词：家用空调行业政策、家用空调产销量、家用空调市场竞争格局、家用空调行业发展趋势 内容概要：按国际标准规定，家用空调基本定义为小于4HP的空调产品，包括窗机、柜机、挂机及移动空调等。从20世纪70年代首台窗式空调的诞生，到如 今，我国空调业取得了卓著的成就。目前，中国成为全球家用空调生产大国，在"一带一路"沿线国家，空调出口比例已达40%，全球80%的空调产自中国， 即使不是在中国生产的空调，也基本离不开中国的供应链。目前全球超过70%的家用空调产能都集中在中国。2024年中国家用空调产量19508万台，较2023 年增加3179.8台。作为家庭必备电器之一，空调行业延续了火热的态势，从整体大盘来看，需求量保持上升。2024年中国家用空调销量为18977万台，较 2023年增加3282.4万台，其中内销9652万台，较2023年增加597.9万台；出口640.5万台，较2023年增加9325万台。目前，我 ...