Group 1 - The State Council issued a plan to improve the credit repair system, focusing on ten aspects for comprehensive regulation [1] - The National Development and Reform Commission announced that the third batch of funds for the consumption upgrade program will be distributed in July [2] - The Civil Aviation Administration of China prohibited passengers from carrying non-3C marked or recalled power banks on domestic flights to ensure aviation safety [2] Group 2 - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center in the digital asset field [3] - Several local brokers in Hong Kong have completed the upgrade of their licenses, indicating a growing interest in the digital asset market [3] Group 3 - The domestically developed Loongson 3C6000 processor was launched, matching the performance of mainstream products expected in 2023 or 2024, showcasing China's advancements in independent technology [4]

【博时市场点评6月26日】沪深两市整理，成交仍在高位 每日观点 今日沪深三大指数震荡整理，两市成交仍维持在1.6万亿以上。近日央行等六部门联合印发《关于金融 支持提振和扩大消费的指导意见》，提出推动中长期资金入市，提高居民财产性收入等内容，国内权益 市场风险偏好提升，沪指创年内新高。从近期高频数据来看，国内经济仍在弱修复当中，5月经济数据 体现出经济韧性，但需求不足、投资偏弱的情况仍然存在。当前经济短期目标压力不大的情况下，政策 层面有从短期刺激向长期支持转向的迹象。短期市场或仍维持震荡，配置上或倾向于科技+红利哑铃型 配置，主题轮动速度较快。 消息面 6月26日，国家发展改革委政策研究室副主任李超表示，将于今年7月份下达今年第三批消费品以旧换新 资金。同时，将协调有关方面，坚持更加注重持续性和均衡性原则，分领域制定落实到每个月、每一周 的国补资金使用计划，保障消费品以旧换新政策全年有序实施。 数据来源：同花顺，截至2025年6月26日。基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤 勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证收益。基金的过往业绩并不预示 其未来表现。 MACD金叉信 ...

Group 1: Market and Performance Review - The light industry and textile apparel sectors have outperformed the CSI 300 index, with textile apparel rising by 2.05% and light industry by 2.43% as of June 24, 2025 [21][22] - In Q1 2025, the light industry saw a revenue decline of 0.78% year-on-year, while the textile apparel sector experienced a 13.33% decline in revenue [25][29] - The light industry’s net profit decreased by 18.85% year-on-year in Q1 2025, while the textile apparel sector's net profit fell by 5.56% [25][29] Group 2: Home and Electric Two-Wheeler Industries - The home and electric two-wheeler sectors are expected to benefit from the deepening of the old-for-new policy, which is anticipated to improve demand and sales [37][44] - In the first five months of 2025, the retail sales of furniture increased by 21.40% year-on-year, significantly boosted by the old-for-new policy [43][44] - The electric two-wheeler industry faced challenges, with a projected 10.55% decline in sales for 2024, but the old-for-new policy is expected to support sales recovery [59][65] Group 3: New Consumption Trends - The "谷子" economy, driven by Z generation consumers who value emotional and self-satisfying purchases, is projected to reach a market size of 1,689 billion yuan in 2024, growing by 40.63% year-on-year [7][79] - The pet food market is expected to grow to 3,002 billion yuan by 2024, with a significant increase in consumer preference for domestic brands [97][105] - The sanitary products market is also evolving, with non-leading domestic brands showing potential for growth due to the rise of e-commerce and consumer preferences for single products [7][105]

Domestic News - China and Hungary signed a cooperation document to enhance collaboration in the automotive industry, focusing on autonomous driving technology and charging infrastructure [2] - Beijing will allocate 10,000 oil vehicle quotas for the car license plate lottery on June 26, with a total of 2,563,334 valid applications for family cars and 2,568,088 for personal cars [3] - Guangzhou implemented a policy allowing applicants who have not won the lottery for a long time to directly receive license plates, aiming to ease car purchase restrictions [4] - From June 1 to June 22, the national retail sales of passenger cars reached 1.269 million units, a year-on-year increase of 24%, with new energy vehicles accounting for 690,000 units sold [5] International News - In May, European car sales reached 1.11 million units, showing a year-on-year growth of 1.9%, while Tesla's new car registrations in the EU fell by 40.5% [6] Corporate News - Bosch plans to invest over €2.5 billion in artificial intelligence by the end of 2027 [9] - Nissan expects an operating loss of ¥200 billion (approximately RMB 9.9 billion) for Q2 2025, following a significant restructuring plan [10] - GAC Group applied for a patent to improve vehicle communication stability with parking lots [11] - Seres Automotive completed a strategic capital increase of RMB 5 billion, bringing in strategic investors without affecting its status as a subsidiary [12] - XPeng Motors aims for half of its sales to come from overseas markets by 2027, planning to enter over 60 countries [13] - Tesla's first grid-side energy storage project in mainland China is expected to be operational this year, with a storage capacity of 300 MWh [14] - Four-dimensional Map's SoC chip shipments have reached 90 million units, with MCU chip shipments exceeding 70 million units [15]

Core Viewpoint - The credit rating agency has maintained a stable credit rating for Aima Technology Group Co., Ltd, reflecting its strong market position and operational performance in the electric two-wheeler industry, despite challenges from new regulations and market competition [3][4][8]. Financial Performance - Aima's total assets increased to 242.60 billion yuan in 2024 from 233.19 billion yuan in 2023, while total debt decreased to 74.43 billion yuan from 80.41 billion yuan [4][6]. - The company's operating revenue for 2024 was 216.06 billion yuan, a 2.71% increase from 210.36 billion yuan in 2023, with a net profit of 20.13 billion yuan, up from 18.96 billion yuan [6][15]. - The EBITDA for 2024 was reported at 31.66 billion yuan, indicating strong cash generation capabilities [6][7]. Market Position - Aima ranks second in the electric two-wheeler industry, with its market share narrowing the gap with the industry leader, Yadea Group [4][8]. - The company has effectively responded to the implementation of the new national standards, improving its operational efficiency metrics compared to competitors [7][23]. Production and Capacity - Aima's production capacity increased by 19.28% to 12.64 million units in 2024, although the capacity utilization rate fell to 85.44% due to rapid capacity expansion [7][21]. - The company has ongoing investments in new production bases, with significant capital expenditures planned for 2024 and beyond, totaling an estimated 80.45 billion yuan for various projects [18][19]. Industry Environment - The electric two-wheeler industry is experiencing increased concentration due to new regulations and the implementation of a vehicle replacement policy, which is expected to stimulate demand in 2025 [11][12]. - The new national standards, effective from September 2025, will require companies to enhance product quality and performance, potentially leading to further industry consolidation [13][14]. Research and Development - Aima has increased its R&D investment, with 2024 R&D expenditure amounting to 65.87 million yuan, representing 3.05% of its operating revenue, ranking second among major competitors [21][22]. - The company continues to innovate and adapt to market demands, launching new models that align with consumer preferences and regulatory requirements [21].

Core Viewpoint - The government is intensifying subsidies for the automotive aftermarket, with Tuhu Car Service becoming the sole partner for the 2025 vehicle trade-in program in Zaoyang Economic Development Zone, Hubei [1] Group 1: Government Subsidies and Market Impact - Tuhu Car Service has engaged in a government subsidy project aimed at upgrading consumer spending in the automotive aftermarket, allowing users to enjoy dual benefits of "government subsidies + platform discounts" when purchasing products through the Tuhu app [1] - The automotive aftermarket is experiencing a surge in trade-in activities, with government subsidies driving record-high performance metrics on the Tuhu platform [1] - On June 18, Tuhu Car Service achieved sales exceeding 150 million, with international tire brand sales increasing by over 82% year-on-year, and engine oil sales ranking first nationally [1] Group 2: Service Network and Standardization - Tuhu Car Service operates over 7,000 service centers across more than 300 cities and 1,700 counties in mainland China, providing a robust network for the effective implementation of subsidies [3] - The company has established a standardized service system to ensure consistent quality and efficiency across all service centers, enhancing user experience regardless of location [3] - Tuhu's after-sales service, including lifetime warranties on tires, aims to safeguard the entire consumer experience throughout the service process [3] Group 3: Future Development - The government subsidy project is expected to further reduce vehicle maintenance costs, allowing more users to benefit from integrated online and offline automotive services, while promoting digitalization, transparency, and standardization in the automotive aftermarket [3]

Group 1: Policy Initiatives - The Chinese government has implemented a series of policies to promote the "trade-in" program for consumer goods, including automobiles, home appliances, and home renovations, aiming to create an effective mechanism for easier old-for-new exchanges [1] - Local governments are customizing implementation plans to expand the benefits of the trade-in policies, resulting in significant effectiveness [1] Group 2: Electric Bicycle Trade-in in Hebei - Hebei province has actively promoted the electric bicycle trade-in program, with 6,032 sales outlets participating and a total of 1.25 million old and new bicycles exchanged, utilizing 605 million yuan in subsidies and generating 3.473 billion yuan in new bicycle sales [3] - The program has streamlined processes, allowing consumers to complete the trade-in in about 30 minutes, significantly increasing store traffic and sales [4][5] Group 3: Home Renovation Trade-in in Guizhou - Guizhou has expanded its trade-in subsidies to cover home renovation materials and smart home products, with 6,626 participating merchants and over 218,990 subsidized products [7][8] - The program has successfully utilized over 68 million yuan in subsidies, encouraging the exchange of 50,500 items and generating 460 million yuan in consumption [9] Group 4: Automotive Trade-in in Liaoning - Liaoning province has focused on stimulating automotive consumption through trade-in subsidies, with a reported retail sales figure of 39.17 billion yuan for automotive goods, a 5.1% increase year-on-year [10][11] - The province has organized numerous promotional events to boost automotive sales, including a major event featuring over 30 car brands and significant combined discounts [12]

Group 1 - In May, Jiangsu's total retail sales of consumer goods increased by 6.3% year-on-year, accelerating by 1.3 percentage points compared to April [1] - From January to May, the total retail sales of consumer goods in Jiangsu grew by 5.6%, with a slight acceleration of 0.1 percentage points compared to the previous four months [1] - The "trade-in" policy has shown significant effects, with related categories such as automobiles, home appliances, 3C digital products, and home goods achieving retail sales of 67.22 billion yuan in May, a year-on-year increase of 18.6% [1] Group 2 - Green and smart products maintained rapid growth, with retail sales of new energy vehicles, smartphones, and energy-efficient products increasing by 47.9%, 28.8%, and 91.3% respectively in May [2] - Online retail sales through public networks reached 48.71 billion yuan in May, accounting for 30.9% of total retail sales, with a year-on-year growth of 33.5% [2] - From January to May, online retail sales increased by 29.4%, with a growth acceleration of 1.1 percentage points compared to the previous four months [2]

Core Viewpoint - Guangdong Province is accelerating the promotion of trade-in programs for automobiles, home appliances, digital devices, and other consumer goods to enhance domestic circulation and stimulate economic growth [1] Group 1: Policy Implementation - The Guangdong Provincial Government has issued a work plan to promote economic sustainability and strengthen domestic circulation [1] - The plan emphasizes the optimization of work processes and the smoothening of recycling channels for trade-in programs [1] - There is a focus on expediting the financial settlement process related to trade-in programs [1] Group 2: Scope of Trade-in Programs - The trade-in initiatives will cover various sectors including automobiles, home appliances, home decoration, electric bicycles, and digital devices [1] - The policy aims to expand the trade-in approach into the service consumption sector as per national directives [1]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The e-commerce sales during the "618" shopping festival saw a significant increase, with total online retail sales reaching nearly 2 trillion yuan, a year-on-year growth of approximately 9.8% [4][5] - The "old-for-new" subsidy program is expected to see a decline in funding in certain regions, with central government funds being allocated in the third and fourth quarters [6] - South Korea's exports rebounded significantly in the first 20 days of June, with a year-on-year growth of 8.3%, driven mainly by semiconductor exports [9] - The real estate market shows weak performance in both new and second-hand housing transactions, with second-hand housing sales becoming the dominant force [11] - Rising tensions in the Middle East have led to a continuous increase in crude oil prices, reaching $78.9 per barrel, a 24.5% increase since the end of May [14] Summary by Sections E-commerce Growth - The "618" shopping festival in 2025 began on May 13, one week earlier than in 2024, leading to a notable increase in sales driven by government subsidies [4] - Total e-commerce sales during the event reached 855.6 billion yuan, a 15.2% increase year-on-year, with significant growth in categories like home appliances and 3C digital products [5] Old-for-New Subsidy Program - The central government plans to allocate approximately 138 billion yuan for the "old-for-new" program in the second half of the year, with an average monthly usage of around 23 billion yuan [6] South Korea's Export Performance - South Korea's exports in June showed a strong recovery, particularly in semiconductors, which accounted for 22.9% of total exports [9] - Exports to the EU increased by 23.5%, while exports to China saw a slight decline of 1.0% [10] Real Estate Market Trends - The transaction volume for new and second-hand homes remains weak, with second-hand homes accounting for 58.2% of sales in major cities [11] - The average weekly transaction area for new homes in major cities was 300,000 square meters, reflecting a year-on-year decline of 1.5% [11] Crude Oil Price Trends - Crude oil prices have risen significantly due to geopolitical tensions, with a direct impact on domestic inflation indicators [14]