Real Estate - New home sales in Wind 20 cities increased by 18.26% week-on-week and 38.03% year-on-year, with first and second-tier cities showing over 40% growth compared to last year[7] - Shanghai's second-hand home sales surged by 84.06% year-on-year, while Shenzhen's increased by 114.04%[22] Investment - Commodity prices generally rose, with rebar prices increasing by 0.70% to 3299 yuan/ton, and cement price index up by 0.62%[31] - Glass futures prices rose by 3.15% to 1212 yuan/ton, and asphalt prices increased by 1.35%[31] Production - Steel mill blast furnace operating rate slightly increased to 84% while oil asphalt operating rate decreased to 34.4%[44] - PTA operating rate rose by 2.3 percentage points to 77.29%[50] Consumption - Movie box office revenue increased significantly by 131.94% to 830.29 million yuan, with metro ridership and domestic flights also exceeding seasonal expectations[51] - Average wholesale price of pork decreased by 2.01% to 19.48 yuan/kg, while vegetable prices fell by 1.78%[61] Export - SCFI index dropped significantly, while BDI index increased, indicating mixed signals in export demand[58]

Investment Rating - The report assigns an "Buy" rating for the company for the first time [2][45]. Core Views - The company has a strong foundation in the braking industry and is rapidly expanding its intelligent electronic control business, which is expected to drive significant revenue growth [7][45]. - The company is diversifying its product offerings based on its core braking business, with ongoing international expansion expected to contribute significantly to revenue [7][45]. Summary by Sections Company Overview - The company has been deeply engaged in the braking market for over 20 years and has established itself as a leading domestic manufacturer [11]. - The main business segments include mechanical braking, intelligent electronic control, and mechanical steering [15]. Financial Performance - The company reported a revenue of 51.64 billion yuan in the first half of 2025, with a year-on-year growth of 30% [7][19]. - The intelligent electronic control segment's revenue share has increased significantly, from 27% in 2020 to 47% in 2024, while mechanical braking's share has decreased from 72% to 46% during the same period [18]. Revenue and Profit Forecast - Projected revenues for 2025-2027 are 128.2 billion yuan, 160.4 billion yuan, and 193.9 billion yuan, respectively, with corresponding net profits of 14.1 billion yuan, 17.2 billion yuan, and 21.1 billion yuan [6][41]. - The company expects to maintain a compound annual growth rate (CAGR) of 29% in revenue from 2025 to 2027 [6]. Product Expansion and Internationalization - The company is expanding its product categories based on its braking technology, including steering and suspension systems, and has developed three ADAS solutions [29][33]. - The company has successfully entered international markets, initially supplying General Motors and later expanding to other major clients like Stellantis and Volvo [36][37]. Valuation and Comparables - The report provides a relative valuation analysis, comparing the company with peers such as Desay SV and Top Group, with projected PE ratios for 2025-2027 at 22.7, 18.6, and 15.2 times, respectively [6][46].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Views of the Report - The FOMC resolution was in line with expectations, with a dovish tone focusing on employment risks. The Fed cut the federal funds rate target range by 25 basis points in September 2025, the first rate cut of the year. The statement showed concerns about economic downside risks and employment, and there was internal disagreement mainly on the speed of rate cuts [2]. - The dot - plot indicated two more rate cuts this year, but Powell's speech at the press conference was hawkish. He emphasized data - driven decisions and that the current policy was not misaligned, and the exit of restrictive monetary policy remained uncertain [2]. - Powell's hawkish remarks reversed the initial market reaction. In the short term, the US Treasury yield curve may show a bull - steepening pattern, and the US dollar may remain weak. The Fed's rate cuts are beneficial to China's external environment, opening up space for aggregate monetary policies [3]. 3. Summary According to the Directory 3.1 What to Focus on in the Fed's Interest - Rate Meeting 3.1.1 FOMC Resolution Starts to Focus on Employment Downside Risks - The September 2025 FOMC resolution had three points of focus compared to July: adding descriptions about rising unemployment in the fundamental assessment, highlighting employment downside risks in the risk assessment, and only new Fed governor Milan voting against the resolution, preferring a 0.5 - percentage - point rate cut [7]. - The market's immediate reaction to the resolution was mild as it had almost fully priced in the rate cut before the meeting. The S&P 500 rose 0.19%, 2 - year and 10 - year US Treasury yields declined, gold prices rose, and the US dollar index weakened slightly [9]. 3.1.2 Dot - Plot Shows Two More Rate Cuts This Year - The Fed's September 2025 economic forecast showed a slight decrease in the risk of stagnation and an increase in the risk of inflation. GDP growth forecasts were raised, unemployment forecasts were slightly lowered, inflation forecasts were slightly raised, and the median federal funds rate for 2025 decreased, indicating two more rate cuts this year [11]. - The narrowing of the central tendency suggested that the Fed believed the predictability of the economy was increasing [12]. 3.1.3 Press Conference Speech Is Hawkish, Reinforcing the Fed's Data - Driven Inertia - Powell's speech at the press conference was hawkish. He emphasized the Fed's independence, stating that decisions were based on data and economic understanding, and individual influence was exerted through persuasion [19]. - He also emphasized that the current restrictive policy was still applicable, the rate cut was a result of risk balancing, and future decisions would be data - dependent [19]. - The market prices were affected by his hawkish remarks. The S&P 500 fell, US Treasury yields rose, gold prices dropped, and the US dollar index increased [20]. 3.2 How to View the Market - In the short term, the US Treasury yield curve may show a bull - steepening pattern. The market may further price in the remaining rate cuts this year, with the 2 - year US Treasury rate expected to fluctuate between 3.44% - 3.84% and the 10 - year rate between 3.9% - 4.3% [21]. - The US dollar index may remain weak, possibly falling below 96. The Fed's rate cuts, weak US economic data, and policy uncertainties contribute to this trend. The Fed's rate cuts are beneficial to China's external interest - rate environment, allowing for the possibility of aggregate monetary policies [23].

Monetary Policy Decisions - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a target range of 4%-4.25%[4] - Slightly over half of the FOMC officials anticipate at least two more rate cuts this year, while only one cut is expected next year[4] - The decision to cut rates was based on a "shift in the balance of risks," with employment growth slowing and the unemployment rate edging up[4] Employment and Inflation Outlook - The unemployment rate rose to 4.3% in August, the highest since late 2021, indicating a shift towards a surplus in the labor market[7] - The Fed maintained its 2025 unemployment rate forecast at 4.5% and PCE inflation at 3%[10] - Inflation has increased, with commodity prices contributing significantly to this rise, although the increases are expected to be moderate and possibly one-time shocks[4][10] Economic Growth Projections - The Fed revised its 2025 GDP growth forecast upward to 1.6% and 2026 to 1.8%[11] - Economic activity is described as slowing, with consumer spending declining in most regions due to economic uncertainty and tariffs[11] - Rate cuts may lower credit costs, potentially boosting consumer confidence and stabilizing the economy next year[11] Market Reactions and Risks - Following the announcement, U.S. stock markets initially rose but then fell, with bond yields increasing and the dollar index fluctuating[13] - Risks include higher-than-expected inflation, tighter monetary policy from the Fed, and a sharper-than-anticipated economic downturn[16]

Policy Measures - On September 16, nine departments jointly issued policies to expand service consumption, focusing on five key areas: cultivating service consumption platforms, enriching high-quality service supply, stimulating new consumption, enhancing financial support, and improving statistical monitoring systems[2] - The report outlines 19 specific measures aimed at promoting the quality and expansion of service consumption, thereby unleashing domestic demand potential[2] Industry Insights - In the cultural and tourism sector, the added value of cultural and related industries reached CNY 5.95 trillion in 2023, while tourism and related industries added value was CNY 5.48 trillion[2] - Domestic travel is projected to reach 5.615 billion trips in 2024, with total consumption expected to hit CNY 5.75 trillion[2] - The sports industry is anticipated to grow significantly, with a focus on introducing high-quality international sports events and fostering grassroots sports events like "Village Super" and "Su Super" to create new consumption growth points[2] Investment Recommendations - Service retail sales are expected to grow by 6.2% year-on-year in 2024, outpacing goods retail sales by 3 percentage points[2] - Per capita service consumption expenditure is projected to increase by 7.4%, contributing 63% to overall per capita consumption growth[2] - Investment focus areas include "new" cultural tourism projects, quality sports event IPs, and long-term care insurance-related enterprises in the elder care sector[2] Risk Factors - Potential risks include slower-than-expected policy progress, lower-than-expected economic growth, and weaker-than-expected consumer sentiment recovery[2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The report highlights that Kingdee International is acquiring a 62.8% stake in Yunzhijia for 68 million yuan, which will increase its ownership from 7.5% to 70.3% and allow for consolidation in financial statements [7] - Yunzhijia has transitioned to profitability, with a net profit of 4.66 million yuan in the first four months of 2025, aligning with Kingdee's subscription and AI-focused strategy [7] - The acquisition is expected to enhance Kingdee's mobile office capabilities and create a unified entry point for AI and collaboration tools, improving user experience in cloud ERP [7] - The financial impact of the acquisition is anticipated to be limited in the short term, with projected revenues for 2025-2027 at 7.01 billion, 7.90 billion, and 8.95 billion yuan respectively [7] Financial Performance Summary - Revenue for 2023 is projected at 5.68 billion yuan, with a growth rate of 16.71%, and expected to reach 7.01 billion yuan in 2025, reflecting a growth rate of 12.03% [6][8] - The company is expected to achieve a net profit of 151 million yuan in 2025, with a significant increase in net profit growth rate of 270.97% in 2026 [6][8] - Earnings per share (EPS) is projected to turn positive in 2025 at 0.04 yuan, increasing to 0.31 yuan by 2027 [6][8] - The price-to-earnings (P/E) ratio is expected to decrease from 346.26 in 2025 to 48.25 by 2027, indicating improving valuation metrics [6][8]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - Second - batch 14 science - innovation bond ETFs were launched, with a total of about 40 billion yuan in raised funds. The report analyzes their impact on index component bonds and the potential of component bonds [3][9]. - Despite the continuous adjustment of the bond market, the total scale of credit bond ETFs increased in August, reaching around 350 billion yuan. Science - innovation bond ETFs contributed most of the scale increment, while the scale of benchmark market - making credit bond ETFs declined [3][9]. - Since July 18, component bonds of various tenors and implicit ratings have been adjusted to different degrees. Shorter - term bonds are more resilient, and the longer the tenor, the greater the adjustment. There is a certain divergence among investors regarding the future market of component bonds [4][47]. - Based on the experience of benchmark market - making credit bond ETFs, the scale of ETFs has a significant impact on component bonds. The upcoming expansion of science - innovation bond ETFs will bring about 40 billion yuan in incremental funds, and component bonds of science - innovation bonds are more resilient than market - making component bonds. However, the excess return of current component bonds may be relatively limited [4][49]. - Considering that interest rates have risen to a stage high, after the listing of the second - batch science - innovation ETFs, the market demand has increased. Without unexpected shocks, the liquidity of component bonds is expected to remain good, and they can be allocated from a coupon - oriented perspective [6][50]. 3. Summary According to the Table of Contents 3.1 How Have Credit Bond ETFs Performed Recently? - Despite the continuous adjustment of the bond market, the total scale of credit bond ETFs increased in August, currently around 350 billion yuan. Science - innovation bond ETFs contributed most of the scale increment, with a total increase of 27.8 billion yuan. The scale of benchmark market - making credit bond ETFs decreased by 10.7 billion yuan compared to July 18, while the scale of urban investment bond and corporate bond ETFs changed little, and the scale of short - term financing ETFs increased by 5.7 billion yuan [9][11]. - In terms of secondary - market trading activity, the turnover rates of market - making credit bond and science - innovation bond ETFs are in a fluctuating downward trend, with the current 7 - day moving average turnover rates around 20% and 30% respectively. The turnover rate of short - term financing ETFs has been rising, increasing from about 20% to over 50% since the second half of the year [11]. - Since the beginning of the year, among the indices tracked by credit bond ETFs, the Shanghai Urban Investment Bond index has the largest increase (1.53%), followed by the Shenzhen AAA Science - innovation Bond (1.40%) and the ChinaBond AAA Science - innovation Bond (1.24%) [15]. 3.2 How Have the Component Bonds of the Science - innovation Bond Index Performed? - Since the second half of the year, the performance of component bonds of the science - innovation bond index can be divided into three stages: rapid decline in valuation during the ETF application stage in June; intensified bond - grabbing market after the subscription ended on July 7, with component bond valuation inverting; and since the official listing of science - innovation bond ETFs on July 17, the excess spread of component bonds has oscillated and turned positive, showing signs of catch - up decline in the recent two weeks [17][19]. - From the perspective of low - valuation transactions and turnover rates, since the beginning of the year, science - innovation bonds have mostly had low - valuation transactions. After late July, high - valuation transactions occurred intensively, and the turnover rate continued to decline after August, indicating that investors have certain divergence regarding the future market of component bonds [4][17]. - As of September 12, high - grade component bonds of various tenors are still undervalued compared to medium - and short - term notes of the same tenor and rating. Since the bond market adjustment on July 18, component bonds of various tenors and implicit ratings have been adjusted to different degrees, with shorter - term bonds being more resilient [21]. 3.3 Will the Component Bonds Have Excess Performance? - For benchmark market - making credit bond ETFs, in the first quarter, the market was in adjustment, and the scale increased slowly. In the second quarter, the scale grew rapidly, and the excess spread of component bonds decreased significantly. After late July, the scale declined, and the excess spread of component bonds widened [25][26]. - The upcoming expansion of science - innovation bond ETFs will bring about 40 billion yuan in incremental funds, and the component bonds of science - innovation bonds are more resilient than market - making component bonds. However, the excess return of current component bonds may be relatively limited due to the weaker environment for credit spread compression in the fourth quarter, institutions' early "bond hoarding" in the second - batch, and the implementation of positive factors in the first - batch [4][32][49]. 3.4 How to Allocate Component Bonds in the Future? - As of September 12, 10 science - innovation bond ETFs hold a total of 636 individual bonds. Currently, science - innovation bond ETFs prefer component bonds with tenors of 2 - 3 years and 3 - 5 years, with the proportion of holdings in the balance of index component bonds being 12.3% and 10.3% respectively, and the overall portfolio duration ranging from 2.98 to 4.14 years [33]. - Since July 25, the weighted average remaining term of component bonds of science - innovation bond ETFs has shown an inverted V - shape. After the listing of ETFs, the duration was generally lengthened quickly, and then continued to decrease during the adjustment period, currently dropping to 3.73 years [39]. - Considering that interest rates have risen to a stage high, after the listing of the second - batch science - innovation ETFs, the market demand has increased. Without unexpected shocks, the liquidity of component bonds is expected to remain good, and they can be allocated from a coupon - oriented perspective [6][50]. 3.5 Summary - The second - batch 14 science - innovation bond ETFs were launched, with a total of about 40 billion yuan in raised funds. The report analyzes their impact on index component bonds and the potential of component bonds [46]. - Credit bond ETFs' scale increased in August, with science - innovation bond ETFs contributing most of the increment. The Shanghai Urban Investment Bond index had the largest increase since the beginning of the year [3][46]. - Since July 18, component bonds of science - innovation bonds have been adjusted, and there is divergence among investors regarding their future market. The excess return of component bonds may be limited, but they can be allocated from a coupon - oriented perspective [4][47][49].

Core Insights - The real estate sector has shown a significant increase in performance, with a weekly gain of 5.8%, outperforming the CSI 300 and Wind All A indices by 4.4% and 3.7% respectively [3][45][49] - New housing sales in 36 cities decreased by 11.0% week-on-week but increased by 2.3% year-on-year, with total sales for the year up to September 12 at 69.36 million square meters, down 7.4% year-on-year [3][9][21] - The second-hand housing market saw a week-on-week increase of 16.1% and a year-on-year increase of 16.3%, with total sales for the year reaching 56.004 million square meters, up 12.2% year-on-year [3][15][21] Real Estate Market Situation - New housing sales in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen showed varied performance, with Beijing and Shanghai experiencing declines of 8.4% and 10.0% respectively [9][32] - The inventory of new homes in 13 cities stands at 77.989 million square meters, with a year-on-year decrease of 9.2% and an average de-stocking period of 20.8 months [3][21][33] Land Market Situation - The land transaction volume from September 8 to September 14 was 9.663 million square meters, a decrease of 51.7% week-on-week and 69.0% year-on-year, with an average land price of 1,074 yuan per square meter [3][35][36] - Cumulative land transactions for the year reached 75.8187 million square meters, down 7.0% year-on-year [3][35] Investment Recommendations - For real estate development, companies such as China Resources Land, Poly Developments, and Greentown China are recommended for investment [3][7] - In property management, firms like China Resources Vientiane Life and Greentown Services are highlighted as having long-term investment value [3][8] - In real estate brokerage, leading platforms like Beike and I Love My Home are suggested for consideration [3][8]

Report Industry Investment Rating - Not provided in the content Core Views - Important news: Indexes are frequently "newly launched" to offer more refined investment tools for the market; public funds are heavily investing in enhanced index funds; the total scale of QDII funds has increased by 26.5% this year [2]. - Market review: Last week (from September 8th to September 12th, 2025), the major broad - based indexes of the A - share market showed an upward trend. Overseas indexes also mostly rose [2][15]. - Fund market review: Most active equity funds achieved positive returns last week, with the median return of active equity funds at 2.03%. Technology and cyclical theme funds performed well [2]. - ETF fund statistics: The top three performing ETF categories last week were international broad - based, technology, and H - share broad - based theme ETFs. In terms of capital flow, manufacturing, pharmaceutical, and financial real - estate theme ETFs had the highest capital inflows, while A - share broad - based, technology, and bond theme ETFs had the highest outflows [2]. - Fund market dynamics: Last week, 58 public funds had new fund managers, 40 new public funds were established, 56 public funds entered the issuance stage, and 33 public funds were awaiting issuance [2]. - Equity fund issuance tracking: The issuance scale of equity funds last week was 177.49 billion yuan, a decrease of 65.68 billion yuan from the previous week. It is expected that newly established and fully - invested funds will bring significant incremental funds to industries such as electronics, computers, and pharmaceuticals [2]. Summaries by Relevant Catalogs 1. Important News 1.1 Market Dynamics - Indexes are frequently "newly launched" to offer more refined investment tools. On September 11th, six new indexes were released, all selecting 100 securities from the CSI A500 index as samples, providing diversified investment targets [7]. - The international gold price hit a new high, and institutions flocked to research gold stocks. On September 8th, the spot gold price exceeded $3,610 per ounce. Some gold concept stocks were intensively investigated by institutions [7]. - Public funds are heavily investing in enhanced index funds. This year, 106 enhanced index funds have been newly issued, with a combined issuance share of 61.097 billion, exceeding the full - year figures of 2024 and 2023 [8][9]. 1.2 Product Highlights - The total scale of QDII funds has increased by 26.5% this year. As of September 12th, the total scale of QDII funds reached 673 billion yuan, an increase of 141 billion yuan from the beginning of the year. There are 215 stock - type QDII funds, with a scale of 567.7 billion yuan [10]. - The second batch of science - innovation bond ETFs has collectively completed fundraising. On September 12th, the second batch of science - innovation bond ETFs from 14 fund companies were launched, and many products completed their fundraising ahead of schedule [10][11]. - The industry's first floating - management - fee medical QDII fund was launched. The Dongfanghong Medical Innovation Hybrid Securities Investment Fund (QDII) was launched on September 10th, with a fundraising period from September 10th to September 23rd [11]. 1.3 Overseas Market - The latest US inflation data was released. On September 11th, the US CPI and core CPI data were announced, which met market expectations and strengthened the market's confidence in the Fed's subsequent interest - rate cuts [11]. - South - bound funds had a net inflow of over HK$60 billion in a week, and Internet giants were heavily added. From September 8th to September 12th, the net inflow of south - bound funds was HK$60.822 billion, the highest since May [12]. - Public funds are actively going overseas, and "buying Chinese funds" has become a new global investment trend. Chinese public funds are entering the "capability output" stage in overseas expansion, with products being well - received in Southeast Asian markets [12][13][14]. 2. Market Review - Last week, the major broad - based indexes of the A - share market showed an upward trend. The Shanghai Composite Index closed at 3,870.60, up 1.52%; the CSI 300 Index closed at 4,522.00, up 1.38%; the CSI 500 Index closed at 7,147.75, up 3.38%; the CSI 800 Index closed at 4,963.53, up 1.92%; the CSI 1000 Index closed at 7,422.88, up 2.45%; and the ChiNext Index closed at 3,020.42, up 2.10%. Overseas indexes also mostly rose [2][15]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the past week, technology and cyclical theme funds performed well, with average interval returns of 4.64% and 3.02% respectively. In the past three months, technology and manufacturing theme funds led in performance, with average interval returns of 41.68% and 25.64% respectively. In the past year, technology and pharmaceutical theme funds stood out, with average interval returns of 91.68% and 62.13% respectively [18]. 3.2 Top - Performing Fund Performance Statistics - The top - performing active equity fund last week was Penghua Innovation - Driven (005967.OF), a technology - themed fund, with a weekly interval return of 13.55% [23]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - In terms of the average interval return last week, the top three performing ETF categories were international broad - based, technology, and H - share broad - based theme ETFs, with interval returns of 5.10%, 5.05%, and 3.33% respectively [25]. 4.2 ETF Fund Capital Flow Statistics - In terms of last week's net capital inflow, the top - ranked ETF categories were manufacturing, pharmaceuticals, and financial real - estate, with inflows of 128.97 billion yuan, 116.68 billion yuan, and 115.72 billion yuan respectively. The A - share broad - based ETF had the highest net outflow, at 172.64 billion yuan [28]. 4.3 ETF Fund Premium and Discount Statistics - As of September 12th, 2025, the top three ETFs in terms of premium rate were Huabao Shanghai - Stock - Exchange Science - Innovation Board Artificial Intelligence ETF, Huaxia Feed Soybean Meal Futures ETF, and Shenwan Hongyuan CSI R & D Innovation 100 ETF, with premium rates of 1.95%, 1.63%, and 1.43% respectively. The top three ETFs in terms of discount rate were Yinhu CSI 2000 Enhanced Strategy ETF, Huaxia CSI Hong Kong Stock Connect 50 ETF, and Huaxia CSI Science - Innovation and Entrepreneurship 50 ETF, with discount rates of 0.63%, 0.62%, and 0.55% respectively [34]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - Last week, 58 public funds had new fund managers, involving 49 fund managers from 27 fund management companies. The top three fund management companies in terms of the number of funds with new managers were Huaxia Fund, Taiping Fund, and Huatai - Peregrine Fund [36]. 5.2 Newly Established Funds Last Week - A total of 40 public funds were newly established last week, with a combined issuance share of 21.794 billion [2]. 5.3 First - Time Issued Funds Last Week - 56 public funds entered the issuance stage last week, with the largest number being passive index - type bond funds, at 14 [2]. 5.4 Funds Awaiting Issuance - As of September 14th, 2025, there were 33 public funds awaiting issuance [2]. 5.5 Equity Fund Issuance Tracking - The issuance scale of equity funds last week was 177.49 billion yuan, a decrease of 65.68 billion yuan from the previous week. There are still 296 newly issued funds in the position - building period, with an estimated 35.14% of them having a position - building ratio of less than 5%, and an estimated 88.871 billion yuan of funds yet to be invested [2].

Core Insights - The report maintains a positive outlook on the white goods industry, particularly focusing on the air conditioning sector, highlighting the growth potential and market dynamics [1][2] Company Overview - The company, Aux Electric, is one of the top five air conditioning providers globally, with a market share of 7.1% as of 2024, and has experienced a compound annual growth rate (CAGR) of 30% in sales from 2022 to 2024, significantly outpacing the global market growth rate of 4.6% [10][14] - Aux Electric offers a diverse product range, including home air conditioners and central air conditioning systems, designed to meet various consumer needs and application scenarios [14][15] Financial Performance - From 2022 to 2024, the company's revenue increased from 19.53 billion to 29.76 billion RMB, while net profit rose from 1.44 billion to 2.91 billion RMB, indicating robust financial health and operational efficiency [43][44] Product Strategy - The company has developed a comprehensive product matrix that includes various air conditioning models focusing on energy efficiency, comfort, health, and smart technology [27][28] - The flagship model, Aux Zhi Yin II Pro, incorporates advanced AI technology for enhanced user interaction and energy management [29][30] Marketing and Sales Strategy - Aux Electric employs a dual-channel strategy, integrating online and offline marketing efforts to enhance brand visibility and consumer engagement, achieving a digital procurement process for 97.8% of its distributors [32][33] - The company has established strategic partnerships for targeted marketing, such as collaborating with high-tech platforms to drive consumer traffic to physical stores [34] Supply Chain and Manufacturing - The company utilizes an intelligent production system that has led to a 30% reduction in energy consumption and improved product quality, supporting scalable production [36][38] - By collaborating with Panasonic for compressor development, Aux Electric aims to enhance its supply chain stability and reduce dependency on external suppliers [37][38] Global Market Position - Aux Electric's international revenue share reached 45.9% in 2024, with a focus on localizing operations in key markets such as Southeast Asia and the Middle East to mitigate domestic competition pressures [40][41] - The company maintains a strong brand presence in the domestic market, particularly in the budget segment, reinforcing its competitive edge in global markets [41][42]