（原标题：调仓风向标|中泰资管姜诚：加仓银行股，以"简单决策"应对市场） 中国基金报 隋明希 编者按：公募基金2025年度三季报披露结束，明星基金经理们的调仓动作和仓位变化也成为基民们关注的焦点。而在每一份定期报告背后，也隐 藏着这些优秀管理人的"投资秘籍"。基金君将继续为大家更新人物库专题【调仓风向标】，解码明星基金产品持仓变化及其管理人的投资理念。 一向以价值风格投资著称的中泰资管基金经理姜诚，在28日正式披露旗下基金的运作情况。这是基金君跟踪姜诚调仓情况以来，其披露季报时间 较最晚的一次。 本季度内，姜诚管理时间最长也最具代表性的两只基金均采取被动调整的方式，且没有任何新增个股进入重仓。此外，受到申赎影响，本季度姜 诚的管理规模再次下降。 另一方面，姜诚在两只同时布局A股和港股的基金中，均调入了一只家电行业个股并大幅加仓银行股。 本期【调仓风向标】，基金君将为大家详解中泰资管姜诚的2025年三季报及调仓变化。 组合保持高稳定性，仅作被动应对 随着近期市场热度持续攀升，A股续创10年新高，沪指重新站上4000点。但本轮的持续上涨，主要倚靠新兴产业来带动，因而以价值风格投资著 称的姜诚，即使仍然能保证一定的 ...

我国居民人均可支配收入增加，服务性消费支出占比提升。据国家统计局数据，我国居民人均可支配收 入由2019年的30733元上升至2024年的41314元，CARG为6.10%。随着我国居民人均可支配收入的逐年 增加，居民人均消费支出及居民人均服务性消费支出均呈现增长趋势，居民人均服务性消费支出占消费 支出的比重由2020年的42.61%增长至2024年的46.11%。 基础需求得到满足后，可支配收入盈余为需求层次的提升提供空间。根据马斯洛需求层次理论，人的需 求由低到高分为5层，当某一层次需求得到相对满足，人们会趋向于追求更高一层的需求。不断增长的 人均可支配收入在支持人们满足基本的生理需求和安全需求后，其盈余为追求更高层次的归属、尊重、 自我实现需求提供经济基础。 消费者开始追求精神生活，当前并未进入"第四消费时代"。随着改革开放40多年来我国财富积累的增 多，中国人开始从物质生活转向了对精神生活的追求，表现在全国旅游业、文化产业的蓬勃消费。当前 中国社会的消费远没有发生如"第四消费时代"宣称的理性和萎缩，充其量只能是出现了部分价值观及行 为方式的转变。如果援用三浦展的讨论，疫情之后的中国消费，依旧将主要维持 ...

家电行业 强于大市（维持） 证券研究报告 积极拥抱具备情绪价值的家电新消费 ——情绪消费专题系列之三 证券分析师 王 萌 投资咨询资格编号：S1060522030001 2025年11月3日 请务必阅读正文后免责条款 情绪消费崛起，关注家电新消费 投资建议及风险提示 2 消费需求：人均可支配收入增长，驱动居民需求层次结构升级 马斯洛需求层次模型 资料来源：国家统计局，潮新闻，平安证券研究所 3 目录CO N T E N T S 解析情绪价值，把握细分需求 我国居民人均可支配收入增加，服务性消费支出占比提升。据国家统计局数据，我国居民人均可支配收入由2019年的30733元上升至2024 年的41314元，CARG为6.10%。随着我国居民人均可支配收入的逐年增加，居民人均消费支出及居民人均服务性消费支出均呈现增长趋 势，居民人均服务性消费支出占消费支出的比重由2020年的42.61%增长至2024年的46.11%。 基础需求得到满足后，可支配收入盈余为需求层次的提升提供空间。根据马斯洛需求层次理论，人的需求由低到高分为5层，当某一层次 需求得到相对满足，人们会趋向于追求更高一层的需求。不断增长的人均可支配收入 ...

证券之星消息，11月3日小家电板块较上一交易日下跌0.94%，小熊电器领跌。当日上证指数报收于 3976.52，上涨0.55%。深证成指报收于13404.06，上涨0.19%。小家电板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002959 | 小能电器 | 46.25 | -4.05% | 6.16万 | 2.84亿 | | 688169 | 石头科技 | 156.97 | -3.94% | 8.81万 | 13.79亿 | | 920926 | 鸿智科技 | 20.44 | -3.40% | 2.65万 | 5415.71万 | | 920199 | 倍益康 | 40.08 | -2.00% | 1 2.74万 | 1.10亿 | | 603486 | 科沃斯 | 88.00 | -1.57% | 5.70万 | 5.00亿 | | 002032 ...

Core Insights - The kitchen small appliance industry is experiencing a "ice and fire" situation, with some companies reporting strong revenue and profit growth, while others face declines in both metrics [2] - The disparity in performance among companies is attributed to differences in product innovation capabilities and the lifecycle stage of existing products [2][4] - The market is undergoing structural upgrades, with a shift towards high-end products driven by national subsidies and increased consumer standards for product updates [2][7] Company Performance - Beiding Co. reported revenue of 219 million yuan, a year-on-year increase of 18.98%, and a net profit of 27.1 million yuan, up 288.95% [3] - Xiaoxiong Electric achieved revenue of 1.156 billion yuan, a 14.73% increase, and a net profit of 41.01 million yuan, up 113.16% [3] - Joyoung Co. experienced mixed results, with revenue of 1.598 billion yuan, down 10.99%, but a net profit of 854,600 yuan, up 101.11% [5] - Xinbao Co. reported revenue of 4.481 billion yuan, down 9.78%, and a net profit of 298 million yuan, down 13.05% [5] - Supor Co. had revenue of 5.42 billion yuan, down 2.3%, and a net profit of 426 million yuan, down 13.42% [5][6] Market Trends - The kitchen small appliance market is transitioning from a "necessity" phase to a "quality" phase, with a focus on product upgrades and competition among existing products [7] - The overall retail sales of kitchen small appliances are projected to decline by 9.6% in 2023 and 0.8% in 2024, but are expected to rise by 9.3% in the first half of 2025 due to national subsidies [7] - The market is shifting towards improvement-driven demand, emphasizing smart, personalized, and aesthetically pleasing products [7][8] Strategic Directions - Companies are focusing on product innovation to address consumer needs for health, cooking enjoyment, and quality [8] - The market is moving from a "price war" to a "value war," with an increase in average prices for small appliances [8] - Companies are exploring international markets, but face challenges such as trade barriers and geopolitical uncertainties [9]

Core Viewpoint - The company reported a slight decline in revenue for Q3 2025, primarily due to increased sales expenses impacting profitability, while maintaining a focus on product innovation and channel optimization to drive future growth [1][2][4] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 16.897 billion, a year-on-year increase of 2.33%, with a net profit attributable to shareholders of 1.366 billion, down 4.66% year-on-year [1] - In Q3 2025, the company recorded revenue of 5.420 billion, a year-on-year decline of 2.30%, and a net profit attributable to shareholders of 0.426 billion, down 13.42% year-on-year [1][2] - The gross profit margin for the first three quarters of 2025 was 23.71%, a decrease of 0.12 percentage points year-on-year, while the operating profit for the same period was 1.554 billion, down 4.92% year-on-year [2] Cost Structure - The sales expense ratio increased to 10.15%, up 0.69 percentage points year-on-year, contributing to the decline in profitability [2] - In Q3 2025, the sales expense ratio further increased to 10.39%, up 1.54 percentage points year-on-year, indicating intensified market competition and increased marketing investments [2] Product and Market Strategy - The company is actively pursuing product innovation centered around consumer needs, focusing on core categories and exploring niche consumption scenarios [3] - The company continues to implement a big product strategy in dining utensils, maintaining strong sales in its popular product lines [3] - The company is expanding into new categories such as personal care products and enhancing its channel layout to adapt to changing market dynamics [3] Investment Outlook - The company is expected to maintain steady growth in scale while optimizing profitability efficiency, with projected net profits of 2.250 billion, 2.379 billion, and 2.535 billion for 2025-2027, corresponding to PE ratios of 16.78, 15.87, and 14.90 respectively [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a slight decline in revenue and a phase adjustment in profitability, with a year-on-year revenue growth of 2.33% for the first three quarters of 2025, totaling 16.897 billion yuan. However, the net profit attributable to shareholders decreased by 4.66% to 1.366 billion yuan [2][6]. - In Q3 2025, the company experienced a revenue decline of 2.30% year-on-year, amounting to 5.420 billion yuan, and a net profit drop of 13.42% to 426 million yuan [2][6]. - The company is actively innovating products and optimizing channel layouts to adapt to changing consumer demands, focusing on core categories and expanding into new segments [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 16.897 billion yuan, with a net profit of 1.366 billion yuan, reflecting a decline in profitability [2][6]. - The gross margin for the first three quarters was 23.71%, a decrease of 0.12 percentage points, while the sales expense ratio increased by 0.69 percentage points to 10.15% [12]. - In Q3 2025, the gross margin was 23.92%, with a significant increase in the sales expense ratio to 10.39% [12]. Market Strategy - The company is focusing on consumer-centered product innovation and category expansion, aiming to meet user needs with intelligent solutions [12]. - It is enhancing its marketing efforts in response to intense market competition and has adjusted its channel strategies to improve sales efficiency [12]. Future Outlook - The company is expected to maintain steady growth in scale and improve profitability efficiency, with projected net profits of 2.250 billion, 2.379 billion, and 2.535 billion yuan for 2025, 2026, and 2027, respectively [12]. - The corresponding PE ratios are estimated to be 16.78, 15.87, and 14.90 times for the same years [12].

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index, showcasing their daily and year-to-date performance along with dividend yields [1] - Xiamen Bank (601187.SH) leads with a daily increase of 5.46% and a year-to-date increase of 29.77%, offering a dividend yield of 4.34% [1] - Other notable performers include Jian Sheng Group (603558.SH) with a daily rise of 5.40% and a year-to-date increase of 13.62%, and Jinbei Electric (002533.SZ) with a daily increase of 5.28% and a year-to-date increase of 37.17% [1] Group 2 - The article also mentions that MACD golden cross signals have formed, indicating a positive trend for certain stocks [3]

Core Viewpoint - The performance growth myth of Supor, known as the "king of small home appliances" in A-shares, has collapsed, with both revenue and net profit declining in the third quarter of 2025 [2][4]. Financial Performance - In Q3 2025, Supor reported revenue of 5.42 billion yuan, a year-on-year decrease of 2.30%, and a net profit attributable to shareholders of 426 million yuan, down 13.42% year-on-year [3][4]. - For the first three quarters of 2025, cumulative revenue reached 16.90 billion yuan, a slight increase of 2.33%, while net profit was 1.37 billion yuan, down 4.66% year-on-year [4]. Business Structure and Growth Challenges - Supor has long relied on cookware and kitchen appliances, with slow expansion into new business areas, resulting in only a 4 percentage point increase in revenue share over five years [2][7]. - The company’s revenue from kitchen appliances has consistently contributed over 85% to total revenue, while other categories have seen minimal growth, from 10.19% to 14.56% since 2020 [7]. Sales Performance - Domestic sales have shown a trend of slow growth, with annual growth rates fluctuating and even turning negative in some years [8]. - External sales growth is heavily dependent on the major shareholder, SEB Group, which poses risks to Supor's performance due to the high correlation between their sales [10][11]. Dividend Policy and Management Actions - Despite declining revenue and profit growth, Supor has maintained a high dividend payout strategy, with significant amounts distributed to shareholders [14][16]. - The management, including major shareholders, has been actively reducing their stakes, with Su Xianze having cashed out over 170 million yuan since 2011 [14][15]. Research and Development Investment - Supor's investment in research and development has been notably lower than competitors, with a declining ratio of R&D expenditure to revenue over recent years [16][18]. - The acquisition by SEB Group has led to concerns that Supor is being treated as a "cash cow," with insufficient focus on sustainable development and innovation [18][19].

Core Viewpoint - The performance growth myth of Supor, known as the "king of small appliances" in A-shares, has collapsed, with both revenue and net profit declining in the third quarter of 2025 [2][4]. Financial Performance - In Q3 2025, Supor reported revenue of 5.42 billion yuan, a year-on-year decline of 2.30%, and a net profit attributable to shareholders of 426 million yuan, down 13.42% year-on-year [3][4]. - For the first three quarters of 2025, cumulative revenue reached 16.90 billion yuan, a slight increase of 2.33%, while net profit fell by 4.66% to 1.37 billion yuan [4][5]. Business Structure - Supor has long relied on cookware and kitchen appliances, with new business expansions progressing slowly, resulting in a mere 4 percentage point increase in revenue share over five years [2][7]. - The company's main business segments include open flame cookware, kitchen appliances, kitchen and bathroom electrical appliances, and household electrical appliances, with cookware contributing over 85% of revenue since 2020 [7]. Sales Performance - Domestic sales have shown a trend of slow growth, with annual growth rates fluctuating and even turning negative in some years [8]. - External sales have been heavily dependent on the major shareholder, SEB Group, which poses risks to Supor's revenue stability [10][12]. Shareholder Actions - Despite declining revenue and profit growth, Supor's board has continued to implement high dividend payouts, with significant cashing out by major shareholders [13][14]. - Since 2005, Supor has maintained a high dividend strategy, with a payout ratio reaching approximately 99.82% in 2023 [14]. Research and Development - Supor's investment in research and development has been notably lower than that of competitors like Bear Electric and Joyoung, indicating a lack of focus on innovation [16][18]. - The R&D expenditure as a percentage of revenue has been declining, raising concerns about the company's long-term sustainability and competitive advantage [18].