Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

Investment Rating - The investment rating for the home appliance industry is "Strongly Recommended" for key companies such as Midea Group, Gree Electric Appliances, Hisense Home Appliances, Supor, and others [2]. Core Insights - The recent trade agreement between the US and Vietnam is expected to benefit companies with production capacity in Vietnam, as tariffs on Vietnamese exports to the US have significantly decreased from 46% to 20% [1]. - The US labor market data indicates a mixed outlook, with a decrease in ADP employment numbers and a slight drop in the unemployment rate, which may increase the probability of a rate cut by the Federal Reserve in September [1]. Industry Scale - The home appliance industry consists of 88 listed companies, with a total market capitalization of 1,835.5 billion and a circulating market capitalization of 1,748.9 billion [3]. Key Company Financials - Midea Group: Market Cap 563.3 billion, 2024 EPS 5.03, 2025 EPS 5.61, 2025 PE 13.1, PB 2.5, Investment Rating: Strongly Recommended [2]. - Gree Electric Appliances: Market Cap 261.8 billion, 2024 EPS 5.75, 2025 EPS 6.25, 2025 PE 7.5, PB 1.8, Investment Rating: Strongly Recommended [2]. - Hisense Home Appliances: Market Cap 36.5 billion, 2024 EPS 2.42, 2025 EPS 2.71, 2025 PE 9.7, PB 2.2, Investment Rating: Strongly Recommended [2]. - Supor: Market Cap 42.0 billion, 2024 EPS 2.80, 2025 EPS 3.03, 2025 PE 17.3, PB 6.1, Investment Rating: Strongly Recommended [2]. - Other companies such as Zhaochi Co., Juxing Technology, and Stone Technology also received a "Strongly Recommended" rating [2]. Market Performance - The absolute performance of the home appliance sector over 1 month, 6 months, and 12 months is 4.9%, 10.1%, and 30.3% respectively, indicating a strong upward trend [5]. - The relative performance against the benchmark index (CSI 300) is 2.0%, 4.6%, and 14.8% for the same periods [5]. Supply Chain and Production Insights - Major appliance manufacturers like Hisense and TCL are primarily sourcing from Mexico and Vietnam, mitigating tariff impacts [6]. - The shift in TV imports to the US shows that Vietnam's share has increased to 36%, while China's has decreased to 5% [8]. - Companies in the smart home sector, such as Stone Technology, are also benefiting from reduced uncertainties in supply chains due to the Vietnam agreement [6]. Future Outlook - The anticipated rate cut by the Federal Reserve is expected to boost demand in the tools market, with a 66% probability of a 25 basis point cut in September [9][10]. - Companies are advised to focus on production in Vietnam to meet local origin requirements and capitalize on the upcoming peak season for orders [6].

Core Viewpoint - The legal opinion letter confirms the legality and compliance of Shenzhen Zhaochi Co., Ltd.'s 2025 first extraordinary general meeting of shareholders, including the convening, attendance, voting procedures, and results [1][3][7]. Group 1: Meeting Convening and Notification - The notice for the 2025 first extraordinary general meeting was published on the Shenzhen Stock Exchange and other platforms, detailing the time, location, agenda, and voting procedures [3][4]. - The notice was issued within the legal timeframe, ensuring that the registration date and meeting date were no more than 7 working days apart [3]. Group 2: Meeting Attendance and Qualifications - A total of 670 attendees participated in the meeting, representing 1,479,581,893 shares with voting rights, after excluding the shares for which Nanchang Zhaochi Investment Partnership (Limited Partnership) waived voting rights [4][5]. - The qualifications of the attendees and the convenor of the meeting were verified and found to be compliant with relevant laws and regulations [5][6]. Group 3: Voting Procedures - The meeting utilized both on-site and online voting methods, with the voting results aligning with the agenda previously communicated to shareholders [6][7]. - The voting process was conducted in accordance with the legal requirements, ensuring transparency and accuracy in the counting of votes [6][7]. Group 4: Voting Results - The resolution regarding the sale/disposal of assets was passed with 1,248,086,074 votes in favor, representing 99.5892% of the votes cast [7][8]. - Among minority shareholders, 98.2845% voted in favor of the resolution, indicating strong support for the proposal [8]. Group 5: Conclusion - The legal opinion concludes that all aspects of the meeting, including convening, attendance, voting procedures, and results, comply with the Company Law and relevant regulations, affirming the validity of the resolutions passed [7][8].

Meeting Information - The first extraordinary general meeting of shareholders for 2025 is scheduled for June 16, 2025, at 15:00, with online voting available from 9:15 to 15:00 on the same day [1][2] - The meeting complies with the relevant regulations of the Company Law and the Articles of Association [1] Attendance and Voting - A total of 1,479,581,893 shares were represented at the meeting, accounting for 42.4130% of the total voting shares [1] - 666 shareholders participated through online voting, holding 1,238,522,983 shares, which is 35.5029% of the total voting shares [2] - The voting results showed that 1,248,086,074 shares were in favor of the proposals, with 2,416,178 shares abstaining [2][3] Minority Shareholder Voting - Among minority shareholders, 294,989,374 shares voted in favor, representing 98.2845% of the valid votes from minority shareholders [3] - A total of 2,732,611 shares were opposed, accounting for 0.9105% of the valid votes from minority shareholders [3] Legal Opinion - The legal opinion provided by the lawyers confirmed that the meeting's procedures, attendance, and voting results complied with the Company Law and other relevant regulations, deeming the resolutions valid [3]

Core Viewpoint - Shenzhen Zhaochi Co., Ltd. is progressing with the sale and disposal of assets, including a debt settlement agreement with Nanchang Zhaochi Investment Partnership and Mr. Gu Wei, aimed at mitigating financial risks and ensuring stable operations for the company [1][8]. Summary by Sections 1. Overview of Related Transactions - The company has agreed to a debt settlement agreement concerning the transfer of receivables with Nanchang Zhaochi Investment Partnership and Mr. Gu Wei [1]. 2. Progress of Related Transactions - The company has signed a debt settlement agreement, confirming that as of June 16, 2025, Nanchang Zhaochi has repaid a total of 1.26552 billion yuan, with remaining receivables still owed [4][5]. 3. Basic Information of Related Parties - Nanchang Zhaochi Investment Partnership has total assets of 6.765021 billion yuan and total liabilities of 6.4476918 billion yuan as of December 31, 2024, with a net asset of 317.3292 million yuan [2]. 4. Main Content of the Debt Settlement Agreement - The agreement allows for the repayment of receivables to be extended until December 31, 2027, with no interest charged on repayments made during this period [4][5][6]. 5. Purpose of the Transaction and Impact on the Company - The transaction aims to alleviate risks associated with Evergrande's receivables and maintain stable operations, with the company actively pursuing the recovery of funds to protect shareholder interests [7][8]. 6. Stock Pledge for Security - Nanchang Zhaochi has pledged approximately 4 billion yuan worth of company stock as collateral for the repayment, providing a safeguard for the company's financial security [9].

证券代码：002429 证券简称：兆驰股份 公告编号：2025-030 深圳市兆驰股份有限公司 关于出售/处置资产的进展暨关联交易的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、关联交易概述 深圳市兆驰股份有限公司（以下简称"公司"或"兆驰股份"）于 2025 年 5 月 29 日召开第六届董事会第二十次会议、第六届监事会第十四次会议，审议通过了《关 于出售/处置资产的进展暨关联交易的议案》，同意公司与南昌兆驰投资合伙企业（有 限合伙）（以下简称"南昌兆投"）及顾伟先生就出售资产事项、处置合伙权益事 项及出售信托权益事项（以下统称"出售/处置资产事项"）的转让应收款清偿事宜签 署《债务清偿协议》（以下简称"《清偿协议》"）。具体内容详见公司于 2025 年 5 月 30 日在巨潮资讯网（www.cninfo.com.cn）上披露的《第六届董事会第二十次会议 决议的公告》《关于出售处置资产的进展暨关联交易的公告》等相关公告。 二、本次关联交易的进展情况 2025 年 6 月 16 日，公司召开 2025 年第一次临时股东大会，审议并通过了《关 于 ...

上海市锦天城(深圳)律师事务所 关于 深圳市兆驰股份有限公司 之 2025 年第一次临时股东大会的 法律意见书 之 2025 年第一次临时股东大会的法律意见书 致：深圳市兆驰股份有限公司 上海市锦天城(深圳)律师事务所(以下简称"本所")接受深圳市兆驰股份有限 公司(以下简称"公司"或"兆驰股份")委托，就公司召开 2025 年第一次临时股东 大会(以下简称"本次股东大会")的有关事宜，根据《中华人民共和国公司法》(以 下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、中 国证券监督管理委员会《上市公司股东会规则》(以下简称"《股东会规则》")等 法律、法规、规章和其他规范性文件以及《深圳市兆驰股份有限公司章程》(以 下简称"《公司章程》")的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法(2023)》和《律师事务所证券法律业务执业规则(试行)》等规定，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相 关事项进行了必要的核查和验证，核查了本所认为出具本法律意见书所需的相关 文件、资料，并参加了公司 ...

证券代码：002429 证券简称：兆驰股份 公告编号：2025-029 深圳市兆驰股份有限公司 2025年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议。 3、本次股东大会采用现场投票及网络投票相结合的方式召开。 4、对于涉及中小股东利益的重大事项，公司对中小股东表决采取单独计票。 一、会议召开情况 6、会议的通知：公司于 2025 年 5 月 30 日在《中国证券报》《上海证券报》 《证券时报》《证券日报》及巨潮资讯网刊载了《关于召开 2025 年第一次临时股东 大会的通知》。会议的召集、召开与表决程序符合《公司法》《上市公司股东会规 则》及公司章程的有关规定。 二、会议出席情况 1、出席本次股东大会的股东及股东代理人共计 670 人，所持有表决权的股份总 数为 1,479,581,893 股，占公司有表决权股份总数的比例为 42.4130%。 1、会议召集人：公司董事会。 2、会议方式：本次股东大会采用现场投票及网络投票相结合的方式。 ...

证券代码：002429 证券简称：兆驰股份 公告编号：2025-028 3．本次实施的分配方案与股东大会审议通过的分配方案及其调整原则一致，以 分派总额不变的方式分配。 4．本次实施的权益分派方案距离股东大会审议通过的时间未超过两个月。 二、 权益分派方案 深圳市兆驰股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市兆驰股份有限公司（以下简称"公司"）2024 年年度权益分派方案已获 2025 年 5 月 7 日召开的 2024 年年度股东大会审议通过，现将权益分派事宜公告如 下： 一、 股东大会审议通过权益分派方案情况 1．公司于 2025 年 5 月 7 日召开的 2024 年年度股东大会审议通过了《关于公 司 2024 年度利润分配预案的议案》，本次实施的权益分派方案为：以 2024 年 12 月 31 日总股本 4,526,940,607 股为基数，向全体股东按每 10 股派发现金股利人民币 1.07 元（含税），不送红股，不以公积金转增资本，合计分配现金股利人民币 484,382,644.95 元（ ...

Group 1 - The company held its 20th meeting of the 6th Board of Directors on May 29, 2025, where all 9 attending directors approved the proposal regarding the progress of asset disposal and related transactions [2][3][4] - The Board agreed to extend the payment deadline for receivables from Nanchang Zhaochi Investment Partnership to December 31, 2027, with interest waived for payments made within the agreed period [3][14][38] - The proposal aims to adjust transaction conditions to help the company resolve bad assets while ensuring the interests of the listed company and minority shareholders are not harmed [3][38][41] Group 2 - The company plans to hold the 2025 First Extraordinary General Meeting on June 16, 2025, to discuss the approved proposals [5][45][46] - The meeting will be conducted both in-person and via online voting, allowing shareholders to participate remotely [48][49][52] - The company has ensured compliance with relevant laws and regulations for the meeting's organization [47][48][51] Group 3 - The company has a total receivable amount of RMB 2,367,522,519.67 from Nanchang Zhaochi, with a portion already repaid [21][28][40] - The agreement includes provisions for repayment sources, including dividends from shares held by Nanchang Zhaochi and its principal, Gu Wei [22][31][40] - The company has secured its interests by requiring Nanchang Zhaochi to pledge 758,017,600 shares as collateral for the repayment [23][40][41] Group 4 - The independent directors have reviewed and approved the proposal, emphasizing the need to protect the interests of all shareholders, especially minority ones [41][42] - The adjustments made in the transaction conditions reflect a market-oriented approach and are based on a reasonable and objective transaction background [38][41][42] - The company will continue to monitor the implementation of the repayment plan and ensure timely disclosures [42]