【光大研究每日速递】20250724

Real Estate - In the first half of 2025, the transaction area of residential land in 30 core cities increased by 22.6% year-on-year, totaling 48.63 million square meters, accounting for 52.1% of the total residential land transaction area in 100 cities [3] - The average floor price of residential land reached 12,009 yuan per square meter, reflecting a year-on-year increase of 22.8% [3] - The overall premium rate for the core 30 cities was 13.5%, up by 8.4 percentage points year-on-year [3] Petrochemical Industry - The government is expected to introduce a work plan to stabilize growth in the petrochemical industry, which may lead to the elimination of outdated production capacity and promote healthy industry development [3] - The assessment phase for the elimination of old production capacity in the chemical industry is currently underway, which is anticipated to optimize supply-side dynamics [3] - A significant proportion of outdated refining facilities in China suggests that their elimination could enhance industry competitiveness [3] High-end Manufacturing - Exports to North America continued to decline in June, while the export of engineering machinery maintained a high level of prosperity [3] - From January to June, exports of electric tools and lawn mowers to North America decreased by 7% and 4% year-on-year, respectively [3] - The cumulative export growth rate for major engineering machinery categories remained in double digits, with excavators, tractors, and mining machinery showing growth rates of 22%, 26%, and 23% respectively [3] Company Insights: Visionox - Visionox has maintained its leading position in the global liquid crystal TV main control board market, with shipments of 67.22 million, 56.23 million, and 67.32 million units for the years 2022, 2023, and 2024 respectively [4] - The company's market share in global liquid crystal TV main control boards was 33.01%, 28.19%, and 32.72% for the same years [4] Company Insights: Bilibili - Bilibili's revenue for Q2 2025 is expected to reach 7.33 billion yuan, representing a year-on-year increase of 19.7% [4] - The revenue breakdown for major business segments includes gaming at 1.61 billion yuan (up 60% year-on-year), VAS at 2.82 billion yuan (up 10%), advertising at 2.42 billion yuan (up 19%), and e-commerce at 480 million yuan (down 8%) [4] - The expected gross profit for Q2 2025 is 2.68 billion yuan, with a gross margin of 36.5% [4] Company Insights: Haier Smart Home - Haier is expected to benefit from climate change as Europe experiences increasingly frequent and intense heatwaves [5] - The report from the European Medium-Range Weather Forecast Centre indicates that June 2025 may be one of the hottest on record for Europe [5] Company Insights: Zhou Hei Ya - Zhou Hei Ya is projected to achieve revenue of 1.2 to 1.24 billion yuan for H1 2025, reflecting a year-on-year decline of 1.5% to 4.7% [6] - The company expects a profit of 90 to 113 million yuan, marking a year-on-year increase of 55.2% to 94.8% [6] - The management mechanism of Zhou Hei Ya is noted for its flexibility, with a clear and prioritized strategy that is expected to lead to ongoing operational improvements [6]