Core Viewpoint - The People's Bank of China and six other departments have jointly released guidelines to enhance financial support for consumption, aiming to stimulate economic growth through a series of 19 key measures focused on various aspects of consumer finance [1][3]. Group 1: Financial Support Measures - The guidelines propose a comprehensive support system for consumption through financial innovation, creating a virtuous cycle of "policy guidance - financial supply - consumption upgrade" [1]. - Key measures include enhancing consumer capacity, expanding financial supply in consumption sectors, and optimizing the consumption environment [1][3]. - A specific focus is placed on providing 500 billion yuan in low-interest loans (1.5%) to stimulate credit investment in service consumption and elderly care [1][3]. Group 2: Financing Channels - The guidelines emphasize the need to solidify the macroeconomic financial foundation by supporting employment and optimizing insurance coverage [3]. - Financial institutions are encouraged to issue loans to key service sectors such as retail, hospitality, and education, enhancing the quality and efficiency of service consumption [3][4]. - The guidelines also promote diversified financing channels, including bond and equity financing for qualified enterprises in the consumption sector [4]. Group 3: Consumer Potential Release - The new policies are seen as crucial for stabilizing economic growth amid global uncertainties and domestic economic pressures, with consumption being a key driver [5][6]. - Specific areas of focus for financial support include goods consumption, service consumption, and new consumption models [6][7]. - The guidelines advocate for personalized financial products tailored to the unique characteristics of service consumption [7]. Group 4: Strengthening Financial Services - The guidelines call for the optimization of payment services to enhance consumer experience across various payment methods [9]. - A robust credit system is to be established, leveraging national credit information platforms to improve the identification of consumer credit status [9]. - Consumer rights protection mechanisms will be strengthened to ensure transparency and compliance in financial services [9]. Group 5: Long-term Economic Impact - The policies aim to create a synergistic relationship between government guidance and market mechanisms, addressing supply-demand mismatches while facilitating industrial transformation [10]. - The anticipated outcome is a dual upgrade in supply and demand within the consumption market, contributing to high-quality economic development and improved living standards [10].

[Table_Title] 研究报告 Research Report 24 Jun 2025 东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚见闻之越南：消费出海正当时 Vietnam Tracking：Consumer Expansion to Vietnam is Timely 经济高速增长。当前越南政府将经济发展放在中心位置；加之，越南具有丰富资源、人口红利以及地理优势等， 越南经济进入高速发展阶段。外资和外贸的发展推动了越南经济的不断抬升，尤其是 2018 年中美贸易摩擦后，越 南得到进一步发展。 制造机遇在升级。中资制造在越南的布局，经历了纺织服装、太阳能光伏、家电、消费电子、新能源汽车等的出 海历程。当前越南制造业正处于不断升级的发展阶段，而中资制造的综合优势依然较为显著未来的发展前景依然 可观。 rebecca.jl.hu@htisec.com q.song@htisec.com liting.wang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please ...

Market Overview - The US stock market has shown positive performance recently, with all three major indices rising over 1%, and the Dow Jones reaching its highest level since early March [3] - The Nasdaq China Golden Dragon Index surged by 3.31%, marking its largest single-day gain since May 13, driven by expectations of liquidity easing following signals from Federal Reserve Chairman Jerome Powell [3] Technical Analysis - The Shanghai Composite Index broke through the 3400-point level on June 24, with a trading volume of 1.41 trillion yuan, indicating a positive market signal [3] - Technical indicators such as RSI rising above 50, narrowing MACD bars, and KDJ golden cross suggest improving market sentiment [3] - However, significant selling pressure exists around the 3400-point mark, with historical failures to break through due to insufficient volume and trapped positions [3] Capital Flow - Northbound capital recorded a net sell of 6.304 billion yuan on June 24, with significant sell-offs in electronics, utilities, and home appliances, while sectors like non-ferrous metals, pharmaceuticals, and food and beverage saw net inflows [4] - Main capital flows indicate net inflows in banking, industrial metals, and real estate development, while sectors like semiconductors and computer applications experienced net outflows, reflecting a shift in capital between high and low-performing sectors [4] Policy Support - The People's Bank of China conducted a reverse repurchase operation of 406.5 billion yuan on June 24, releasing liquidity into the market [4] - A joint initiative from six departments introduced a 500 billion yuan loan program to support service consumption and the elderly care industry, which is expected to benefit related sectors in the long term [4] - The China Securities Regulatory Commission emphasized the role of the Sci-Tech Innovation Board in supporting technological innovation, potentially boosting confidence in the tech sector [4] Geopolitical Context - High-level trade talks between China and the US have resumed, which may help ease trade tensions [4] - The ceasefire agreement in the Middle East is in effect, but ongoing conflicts warrant attention to geopolitical risks that could impact the market [4] Investment Strategy - A-shares are expected to continue an upward trend on June 25, but attention is needed around the 3400-point resistance level [5] - Long-term investors are advised to focus on sectors supported by policy, such as consumption, technology, and elderly care, which have strong growth potential [5] - Short-term investors should monitor volume changes, with a sustained increase to 1.5 trillion yuan or more indicating potential for further market breakthroughs [5]

Core Viewpoint - The recent successful IPO of Insta360 marks a significant milestone in the imaging industry, highlighting the potential for growth in the smart imaging market driven by the rise of Vlog culture and consumer demand for innovative imaging solutions [1][2]. Company Overview - Insta360, founded in 2015, has rapidly grown to dominate the panoramic camera market with a 67.2% global market share as of 2023, surpassing established competitors like Ricoh [2][4]. - The company achieved remarkable revenue growth from 1.59 billion yuan in 2017 to 55.74 billion yuan in 2024, with a compound annual growth rate of 65.3% [4][6]. Market Dynamics - The rise of user-generated content platforms like YouTube has significantly influenced the demand for innovative imaging devices, leading to a shift from traditional cameras to more versatile options like Insta360's products [4][6]. - Insta360's international sales accounted for over 76% of its revenue in 2024, indicating a strong global presence despite challenges in the domestic market [6][7]. Competitive Landscape - The competitive environment is intensifying with the entry of major players like DJI and GoPro, both of which pose significant threats to Insta360's market position [8][9]. - DJI's upcoming launch of the Osmo 360 is expected to directly compete with Insta360's offerings, while GoPro has initiated legal actions against Insta360, indicating a fierce rivalry [9][10]. Product Development and Innovation - Insta360 has invested heavily in research and development, with a total expenditure of 1.48 billion yuan from 2022 to 2024, representing 13.16% of its cumulative revenue [10]. - The company is diversifying its product line by venturing into action cameras and exploring new markets such as VR real estate viewing and AI video conferencing [10][11]. Future Outlook - Despite its current success, Insta360 must continue to innovate and enhance its product offerings to maintain its competitive edge in a rapidly evolving market [11].

Core Viewpoint - Goldman Sachs has identified the "Ten Giants" of the Hong Kong stock market, which includes Tencent, Alibaba, BYD, Xiaomi, Meituan, Midea, NetEase, Ctrip, Anta, and Heng Rui Pharmaceutical, with a total market capitalization of approximately $1.6 trillion. Notably, Baidu and JD.com are excluded from this list [3]. Group 1: Market Overview - The global home appliance market is projected to reach a sales volume of 3.9 trillion RMB in 2024, with China, Europe, and North America accounting for 66.8% of the total sales [4]. - In 2023, Midea, Haier, and Gree's combined sales (excluding commercial) reached 670 billion RMB, representing 70% of China's home appliance sales, indicating a high market concentration [4]. Group 2: Business Segmentation - Midea has transitioned to a new business segmentation focusing on To C (Consumer) and To B (Business) models, with To C representing smart home products and To B covering commercial and industrial solutions [6]. - In 2023, Midea's smart home revenue was 246.35 billion RMB, accounting for 66% of total revenue, while commercial/industrial revenue was 104.5 billion RMB, making up 25.7% [7][9]. Group 3: Competitive Landscape - Midea's air conditioning sales have recently surpassed Gree's, with the "Gree-Midea ratio" dropping to 76.8% in the first half of 2024, indicating Midea's growing market share [12]. - Midea's decision to stop disclosing detailed smart home revenue may be strategic, aiming to avoid direct competition with Gree and to focus on broader business goals [14][16]. Group 4: International Expansion - Midea's overseas revenue has shown consistent growth, with a 7.7% annual increase from 2019 to 2024, resulting in a projected overseas revenue of 169 billion RMB in 2024, which is 41.5% of total revenue [18]. - In 2024, Midea's domestic and international gross profit margins are projected to be 26.2% and 26.8%, respectively, indicating a competitive edge in international markets [23]. Group 5: E-commerce Performance - Midea's online sales have stabilized at over 20% of total revenue, with online revenue reaching 856.2 billion RMB in 2024, reflecting a growing importance of e-commerce in its business model [26][31]. - The gross profit margin for online sales is significantly higher than that of offline sales, with online gross profit margin reaching 31% in 2024 compared to 25.2% for offline [29]. Group 6: Consumer Trends - The home appliance market in China is experiencing a consumption upgrade, with a shift towards higher quality and more advanced products, as consumers increasingly prioritize features and performance [34]. - Despite the high sales of air conditioners in China, the overall home appliance penetration remains low compared to developed markets, suggesting significant growth potential for companies like Midea [36].

Group 1 - Goldman Sachs has identified ten major Hong Kong stocks, referred to as the "Ten Giants," which include Tencent, Alibaba, BYD, Xiaomi, Meituan, Midea, NetEase, Ctrip, Anta, and Hansoh Pharmaceutical, with a total market capitalization of approximately $1.6 trillion [1] - Among the "Ten Giants," 50% are involved in manufacturing, highlighting a unique characteristic of the Chinese market, although BYD and Xiaomi are classified as technology stocks [2] - Midea's H-shares were issued at HKD 54.8, raising over HKD 35 billion, and saw a peak price of HKD 96.73, representing a 76.5% increase from the issue price [3] Group 2 - Midea's H-shares have not seen significant growth over the past year, closing at HKD 74.6 on June 20, 2025, with a market capitalization of approximately HKD 560 billion [4] - The average price-to-earnings ratio of the "Ten Giants" is around 16 times, while Midea's is below 14 times, indicating potential concerns among investors regarding its growth prospects [5] Group 3 - The global home appliance market is projected to reach CNY 3.9 trillion in 2024, with China, Europe, and North America accounting for 66.8% of total sales [6] - In 2023, Midea, Haier, and Gree collectively achieved sales of CNY 670 billion, representing 70% of China's home appliance sales, indicating a high market concentration [7] Group 4 - Midea's revenue structure is transitioning to a new classification of To C (consumer) and To B (business) segments, with To C comprising smart home products and To B covering commercial and industrial solutions [8] - In 2023, Midea's smart home revenue was CNY 246.35 billion, accounting for 66% of total revenue, while commercial/industrial revenue was CNY 104.5 billion, making up 25.7% [9] Group 5 - Midea's air conditioning segment has seen a shift in market leadership, with its sales surpassing Gree's in recent years, although Gree remains the leader in household air conditioning [10][13] - Midea's To B revenue from air conditioning is significant, with 30% of its revenue coming from this segment [13] Group 6 - Midea's international revenue has been growing, with overseas sales accounting for 41.5% of total revenue in 2024, reflecting a strong international presence [18] - The company has seen a steady increase in overseas revenue, with a 7.7% annual growth rate from 2019 to 2024 [18] Group 7 - Midea's online sales have stabilized at over 20% of total revenue, with online gross profit margins significantly higher than offline [26] - In 2024, online sales accounted for 21% of total revenue, with online gross profit margins reaching 31% compared to 25.2% for offline sales [26] Group 8 - The home appliance industry in China is experiencing a consumption upgrade, with increasing consumer demand for high-quality products [31] - The structure of home appliance sales in China differs significantly from that in Europe and North America, with air conditioning sales making up 40% of total sales in China [32] Group 9 - Midea is focusing on high-end products, international expansion, and online marketing strategies to drive growth [36] - The company is navigating challenges in its IoT and robotics divisions, indicating a strategic pivot towards core competencies [35]

这意味着，越来越多的经营主体将参与到消费经济中，运用首贷打破创业困局，借助信用贷助力轻资产 企业更好发展，利用续贷和中长期贷款获得稳定可持续的资金支持。 在指导意见中，这样的利好政策还有很多：比如，增加对批发零售、餐饮住宿、家政服务、养老托育等 领域信贷投放；加大对报废机动车回收拆解、废旧家电回收及家电以旧换新、家装厨卫"焕新"、生活必 需品保供相关企业信贷支持力度；丰富居民购车消费信贷产品供给…… 新华社北京6月24日电 题：19条新举措！金融促消费明确"路线图" 新华社记者吴雨 24日，中国人民银行等6部门联合对外发布《关于金融支持提振和扩大消费的指导意见》，推出19条重 点举措，明确了金融促消费的"路线图"，更好满足消费领域金融服务需求。 手机上申请，消费贷款秒到账；使用信用卡买单，餐费可打折；"国补"叠加分期免息，消费品以旧换新 优惠多……围绕提振消费，金融机构积极行动，金融"活水"正源源不断流向消费领域。 为进一步支持提振和扩大消费，6部门推出了19条重点举措，从支持增强消费能力、扩大消费领域金融 供给、挖掘释放居民消费潜力、促进提升消费供给效能、优化消费环境和政策支撑保障等六个方面，明 确了当前金 ...

Core Viewpoint - The People's Bank of China and five other departments have issued guidelines to enhance consumer spending through financial support, focusing on three key areas: goods consumption, service consumption, and new consumption types [1][2][3]. Group 1: Financial Support for Consumption - The guidelines propose 19 key measures to enhance consumer capacity and expand financial supply, aiming to create a multi-layered financial service system to support consumption [1][2]. - The focus is on utilizing credit, bonds, and equity financing to stimulate consumption growth potential [1][2]. - The measures are designed to meet diverse financing needs of businesses and consumers, fostering a cycle where financial empowerment drives consumption, which in turn stimulates economic growth [1][2]. Group 2: Key Areas of Consumption - The guidelines emphasize three main areas for financial support: goods consumption, service consumption, and new consumption types [3][4]. - For goods consumption, the focus is on innovative credit products tailored to consumer needs and enhancing support for trade enterprises transitioning to domestic sales [3]. - In service consumption, increased financing support is directed towards sectors like retail, hospitality, and elder care, with a specific emphasis on cultural, tourism, and educational services [3][4]. Group 3: New Consumption Types - The guidelines encourage the exploration of financial support channels for digital, green, and health-related consumption, promoting financial innovation to cater to these emerging markets [4][6]. - The establishment of a robust multi-tiered consumer finance service system is highlighted, with credit support playing a crucial role alongside bond and equity financing [6]. Group 4: Enhancing Consumer Capacity - Improving residents' income levels is identified as a key factor in stimulating consumption potential, with measures to support employment and wealth management [7]. - The guidelines also address the need for improved consumption infrastructure, particularly in logistics and supply chain efficiency, to enhance market expansion [7]. Group 5: Optimizing Consumption Environment - The guidelines propose optimizing payment services, building a credit system in the consumption sector, and enhancing consumer rights protection to create a better consumption environment [7].

Core Viewpoint - The article discusses the evolution of business competition from price-cutting to concerns about low-price competition, emphasizing the need for value creation beyond just lowering costs [3][4]. Group 1: Price and Value Dynamics - The article argues that the continuous lowering of prices leads to a cycle where factories cannot improve product quality, businesses lack profits, and employee incomes fail to meet consumption needs [5][6]. - It highlights that price reductions are often a result of large-scale standardized production, which dilutes production costs but does not necessarily correlate with product quality [10][11]. - The concept of the "idiot index" is introduced, which measures the ratio of production costs to raw material costs, indicating that high production costs can be a sign of inefficiency [8][9]. Group 2: Market Competition and Consumer Behavior - The article notes that price drops are typically accompanied by market scale growth and a fragmented market structure, leading to increased price sensitivity among consumers [12][14]. - It provides examples of various products, such as air purifiers and coffee machines, where increased market demand has led to lower average prices while production volumes have risen significantly [12][13]. - The article emphasizes that in a competitive market, low prices are a common strategy, driven by consumer demand rather than a decline in product quality [14][16]. Group 3: The Role of Additional Value - The article questions where the additional value comes from when prices rise, suggesting that without improvements in product attributes or production processes, prices will revert to fair market levels [23][24]. - It argues that true consumption upgrades occur when previously unaffordable products become accessible to a broader audience, rather than merely shifting from one expensive brand to another [25]. - The article asserts that the creation of new additional value beyond raw materials and production is essential for social wealth creation and purchasing power enhancement [28][30]. Group 4: The Importance of Human Capital - The article posits that the value of high-quality goods often derives from human knowledge and skills rather than just production processes, highlighting the importance of design, innovation, and branding [35][36]. - It discusses how the success of companies like NVIDIA and Prada is rooted in their ability to create value through intellectual property and design rather than just manufacturing [29][30]. - The article concludes that improving human value is crucial to escaping the cycle of low-price competition, advocating for a shift in focus from mere production to enhancing individual skills and creativity [45][46].

Group 1 - The retail sales of home appliance products are expected to maintain double-digit growth for eight consecutive months from September 2024 to April 2025, reflecting a trend of consumption recovery and demand changes in the market [1][3] - Bosch Comfort Technology opened its first i-Hybrid Comfort System flagship store in Shanghai, symbolizing multinational companies increasing their investments in China [1] - The rapid development of the heat pump market is attributed to rising consumer spending levels and the guidance of national "dual carbon" policies, which provide subsidies and incentives for real estate developers using heat pumps and green energy solutions [1][2] Group 2 - There is a notable increase in high-end consumer groups in China, leading to the establishment of a comfort home experience center in Shanghai, which drives the upgrade of HVAC product consumption in the region [2] - The trend of consumption stratification in China is evident, with a growing share of designers in the interior decoration field, reflecting a more rational approach to high-end consumption where consumers are willing to pay for design services and environmentally friendly materials [2] - Despite a contraction in project volume due to the real estate downturn, Bosch Comfort Technology achieved double-digit retail growth last year and maintained this growth in the first five months of this year, with plans to add over 300 new stores [2][3] Group 3 - The offline store experience is crucial for home brands, especially in high-end consumption, as it enhances customer engagement and increases the likelihood of sales [3] - In the first five months of this year, the total retail sales of consumer goods reached 20.32 trillion yuan, with a year-on-year growth of 5%, indicating a recovery in the domestic consumption market [3] - The effectiveness of the trade-in program is evident, with over 34 million consumers participating in the program from January to April this year, purchasing over 51 million units of 12 categories of home appliances, generating sales of 174.5 billion yuan [3]