Group 1: White Goods Sector - Investment in the white goods sector primarily focuses on the stability of company performance, with a steady increase in dividend rates and valuation uplift due to declining risk-free interest rates [1] - The black goods sector presents investment opportunities mainly due to performance elasticity against the backdrop of enhanced global competitiveness [1] - Investment opportunities in clean appliances arise from the deep integration of the industry since Q3 2023, leading to opportunities for leading companies [1] - The penetration of AI and embodied robotics technology is expected to introduce attractive new smart products for certain companies [1] Group 2: U.S. Federal Reserve and Interest Rates - The U.S. Federal Reserve is expected to potentially restart interest rate cuts in October, following a cautious stance in the June meeting where inflation and unemployment rate forecasts were raised while growth expectations were lowered [2] - The main obstacles to rate cuts are uncertainties surrounding tariffs and inflation, particularly how tariffs will impact inflation over time and magnitude [2] - Evidence of tariff impacts on inflation is anticipated in the inflation reports from June to August, which could influence the Fed's decision to cut rates in October if core goods do not significantly transmit inflation to services [2] Group 3: Medical Aesthetics Industry - The medical aesthetics industry in China has significant market potential, driven by increased awareness and an aging customer base, with injection-related products expected to grow faster than the overall industry due to supply-side drivers [3] - Product evolution and iteration create development opportunities, with new certificate scarcity building product dividends and a potential U-shaped market evolution as long-term approvals increase [3] - Competitive factors are shifting from products to a comprehensive capability in marketing, market presence, and management, with leading companies likely to maintain their advantage through operational excellence [3] - Two investment themes are proposed: focusing on product iteration and breakthroughs, and emphasizing the comprehensive capabilities of leading medical aesthetics companies [3]
美联储或有望于10月重启降息；我国医美行业市场空间大| 券商晨会